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The IKN Weekly
Week 879, week of March 29th 2026
Contents
This Week: Trade heads-up, In today’s edition, They took our jerbs, Bomb Iran, Gold looks calmer.
Fundamental Analysis: Buying Arizona Metals Corp (AMC.to): A second bite at this speculative trade.
Stocks to Follow: Overview, Tiernan Gold (TNGD.v), Rio2 Ltd (RIO.to), Marimaca Copper (MARI.to),
Mayfair Gold (MFG.v), West Red Lake Gold (WRLG.v), Xali Gold (XGC.v), Orecap Inv (OCI.v), Gold Royalty
Corp (GROY), Latin Metals (LMS.v), Wesdome Gold (WDO.to).
The Copper Basket: Overview, Two weeks of copper exploreco price action, Algo Grande Copper (ALGR.v),
Surge Copper (SURG.v).
The Producer Basket: Overview, Eldorado Gold (EGO), Barrick (B), Americas Gold and Silver (USAS).
The TinyCaps Basket: Overview, Viva Gold (VAU.v), Auriginal (AUME.v).
Regional Politics: Chile: The price of fuel, Peru elections: Two weeks to go, Argentina: Selling copper to
locals.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’m a buyer of Arizona Metals (AMC.to) in the days ahead, the explanation in today’s main Fundamental
Analysis section. Far from a riskless trade, but the price is right and timing for a near-term flip is attractive.
Our standard heads-up complete, plenty more on the stock and the trade set-up below.
In today’s edition
 They tell us to “buy hate” and while the metals sectors has been near-total lovefest for the past year
there are still pockets of bitter, twisted rancor ripe for the picking. One of them is Arizona Metals Corp
(AMC.to), these days a piñata stock on social media but the combo of its price drop and upcoming
newsflow, plus the math behind our original decision to trade the stock last year, frames it as a near-
term turnaround story. I think AMC.to is about to deliver a PEA that will impress the market and before
it does, I’m going to own some shares. That’s today’s main fundies section.
 Last week it was “Don’t Panic”, we didn’t panic and the ensuing relief rally was welcomed with open
arms. Today’s theme is a continuation of that and while gold stocks did better than copper (and other
BM) companies, there’s every reason to maintain longs and wait a while before making any big
decisions.
 However, we’re not saying the oil market isn’t affecting our tiny subsector of the wider financial world,
we are saying that it’s easy to over blow the effects or imagine monsters under the bed. The 62% hike
in diesel prices announced by the brand new Kast government in Chile made for heavy headlines, but
as long as metals prices hold where they are the miners will be able to absorb the cost and still
impress with earnings.
 Once upon a time I was hot and bullish about Eldorado Gold (EGO) and it duly underperformed peers.
These days the narrative is less robust and last week’s news casts new doubt on the management
team at the company from a couple of obvious angles. So maybe now that I’m a doubter the stock will
go and beat the market into a cocked hat and catch up the lost ground.

1

They took our jerbs
This week in macro doings and goings on includes a war, another war, US retail sales and the one that
matters most to interest rate watchers, the US BLS Employment Report for the month of March and we once
again lean on Bill McBride for our preview (1)
The consensus is for 50,000 jobs added, and for the unemployment rate to increased to 4.5%.
So now you know. It probably goes without saying, but if the jobs number comes in weak for a second
month running it will offer a bigger window for rates cuts.
Bomb Iran
Barbara Ann (bar, bar, bar, bar, Barbara Ann)
You got me rockin' and a rollin', rockin' and a reelin'
Barbara Ann, bar, bar, bar, Barbara Ann
Barbara Ann, The Regents (1961), The Beach Boys (1965)
For the record I liked John McCain a lot, but whatever your opinion of him, those of us of a certain age all
remember this (2):
“That old, eh, that old Beach Boys song, ‘Bomb Iran,”’ McCain joked and then added: “Bomb, bomb, bomb, bomb
... anyway, ah ...” The audience responded with laughter.
The Arizona Republican was asked for his reaction to any negative response to the joke when he arrived in Las
Vegas for a fundraiser Thursday night.
“Please, I was talking to some of my old veterans friends,” he told reporters. “My response is, Lighten up and get a
life.”
When reporters asked if the joke was insensitive, McCain said: “Insensitive to what? The Iranians?”
So far so good, but I chose to excerpt this particular report because of what followed, further down the page:
McCain’s joke, which was circulating on the Internet, was prompted by an audience question in Murrells Inlet,
S.C., about whether he believes the United States should send Iran “an airmail message to Tehran.”
After his joke, McCain turned serious and said that he agrees with President Bush that the United States must
protect Israel from Iran and work to prevent Iran from acquiring nuclear weapons. McCain has long said that the
military option should not be taken off the table but that it should be used only as a last resort.
Kind of ironic how a certain person, now in power and keen to execute on a defined agenda, who labeled
McCain as a “loser” because he got caught by the enemy would wholeheartedly agree with that line of
thinking today.
As for Mr. Market, his week was dominated by trading that continued to moved from headline to headline.
That’s not a healthy situation, not even a little bit, but there are signs the headless chicken trade sentiment is
calm somewhat. The defining moment of another volatile and nerve-wracked trading week came on Thursday
afternoon, when President Trump informed the world that he/his country wouldn’t bomb the merry begorrah
out of Iran’s energy infrastructure that weekend, delaying any decision on the offensive threat until April 8th.
Say what you like about the admin and its decision to take on Iran, but you cannot fault POTUS47’s sense of
what’s driving the market. That Thursday saw most things down during the day and then bearish sentiment
increasing into the close, with the market already anticipating the now standard pattern of this WH Admin
making its big military moves as from Friday evening, once most major markets have closed for the weekend.
His blatant attempt to get ahead of the curve this time didn’t get him that far, Friday turned into another
selling day, but today Monday wasn’t so bad (as long as you don’t stare at WTI over U$100/bbl for too long),
the market seems to have settled into a “expect the unexpected” pattern and isn’t ready to rally hard, but by
the same token the broad market discounts we see today compared to a couple of weeks ago don’t seem to
be ready to dive into full bear or panic levels and as next weekend is Easter, there’s less likelihood of
something particularly violent for a few days (Peter Hegseth literally has the tattoos to prove it), no matter
the rhetoric.
Gold looks calmer
As for gold, the most important moment came early week when the liquidity suck pushed Asia overnight spot
down as low as U$4,100/oz before the world came to its senses. Bullion found plenty of bids, popped back as
high as U$4,600/oz and while still volatile (U$50/oz moves were common in either direction), come the end
of the week it turned into one of the corners of calm in the market. That was enough to allow a decent relief
rally in the beaten down precious metals miners sector and for evidence see today’s Producer Basket.
2

Last week’s intro chewed over the factors moving gold and focused on the big two, namely 1) The Fed’s
indication of no changes to the base rates and 2) the geopolitical mess (and in that order of importance). The
Iran conflict continued to weigh on the market last week, but the Fed position is now largely baked in and
from here, I’d vouch that any risk will be to the upside. Jay Powell can warn us about inflation til he’s blue in
the face from here, the message was understood and incorporated the first time but if the nomination
scenario changes for the better (e.g. Trump drops any investigation against Powell in exchange for his
leaving), a quicker takeover by Warsh will be viewed as bullish for those trades that want Fed base rates
lower (e.g gold). Along with the big two above, we mentioned two other influences on the price of gold…
1) Central Banks likely liquidating reserves in order to cover fuel costs for newly expensive barrels of oil
2) The rush to the door of gold speculators who decided the game was up, creating a snowball effect.
…and sure enough, we got evidence for both. Speculators left and once they had, they did what any self-
respecting egomaniac does and claimed gold would go even lower. It didn’t and the worst bearish noise died
down once gold found a new level at U$4.500/oz or so, a sure sign specs were out. Then there was this (3):
“TURKEY’S CENTRAL BANK GOLD RESERVES SEE BIGGEST WEEKLY DROP SINCE AUG
2018, SELL ABOUT 22 TONNES LAST WEEK: BANKERS”
In old money, 22 metric tonnes (mt) 707,315 troy ounces. Along with that outright sale of gold, Turkey was
also rumoured to have entered into a swap (i.e. eventual sale at agreed price) of another 36mt (1.157m ozt)
of the stuff. Turkey (or however I’m supposed to spell it these days) is not going to be the only CB selling its
gold to cover its bills. There’s nothing nefarious going on and the true believer goldbugs can snort about
weak handed puppets of Davos and the IMF until they’re blue in the face if they like, as we mentioned last
week, this is exactly why countries hold currency reserves. So among the influences of Jerome Powell, The
Strait of Hormuz, speculators doing what speculators do and Central Bank heads doing what they’re paid to
do, gold came off its negative three weeks and finally found a level at which buyers and sellers can agree, at
least for a while. Now, I’m not saying the market macro backdrop isn’t volatile or liable to be choppy for gold
going forward. I’m not saying that oil prices may shoot higher or that queues at gas stations for the privilege
to pumped $10 gallons isn’t in our future, either. I am saying that at some point the market gets used to the
new volatility and takes it with less drama and by its very nature, gold is one of the first financial devices that
shows a return to calm. Call it War Fatigue, perhaps, or Crisis Fatigue if you like but markets always adapt to
changing circumstances and in this case, “World” was upset by “Iran War” but once “World Plus Iran War
becomes the new paradigm we’ll need a new Major development to shake gold away from what has become
a new baseline price. This isn’t about oil, or silver, or copper and it’s most certainly not about the near-term
of junior mining stocks, our vehicles of speculative choice in this publication for the last 17 year. I’m used to
the chop, it’s par for the course in this most volatile of sectors but when it comes to a signal for what the
future may behold after the period of market revolution, there’s no better place to look than gold bullion.
Bottom line: Calm will prevail and this market will get back on to its bullish course. That said, I’m still keen on
holding more cash on the sidelines than at nearly any point in 2025 but there’s enough room for a speculative
fliptrade or two, pitching risk against reward. Which is why today’s main fundies section exists, below.
Fundamental Analysis of Mining Stocks
Buying Arizona Metals Corp (AMC.to): A second bite at this speculative trade
It’s going to be a near-term trade, it’s not without risk in this current market backdrop, it won’t be a big
position compared to the core investments in the portfolio. That said, the price drop seen in Arizona Metals
Corp (AMC.to) recently combined with the timing and the high likelihood that the new metals price deck will
put some real sparkle in what is, essentially a “Leveraged To” trade make for the right combination and we
wouldn’t even need the stock to approach old trading levels to make a decent profit. So here we go.
Background
Of all the filings dropped onto SEDAR last week, the one that most interested this desk was the 4q25 and
2025 year-end financials from Arizona Metals Corp (AMC.to), the explorer/developer play we briefly traded for
a small loss in over the last two quarters. That trade began with a somewhat basic buy call in IKN854 dated
3

October 5th, but the main analysis of the company came two weeks later in the main Fundamental Analysis
note of IKN856, dated October 19th 2025. Entitled “Arizona Metals Corp (AMC.to): Why we own a loser”, the
IKN856 note went over the basics of the company and its main Kay project, considered the contents of its
recently published MRE on the Kay project, ran some conservatively pitched numbers and made the long case
for the recently discounted stock as we entered the period in which it was supposed due to deliver its 43-101
compliant PEA on its project.
Back in October AMC was a 63c stock when first signaled and my purchase turned out to be at 69c. On
closing my trade in February this year as part of a portfolio rebalance move, it was a 66c stock so the trade
didn’t live up to expectations and was a modest loss in absolute terms, though rather more expensive if we
consider the opportunity cost of not using the money in AMC in a better place (gold was U$4,350/oz the day
I bought AMC and would run to well over U$5,000 during the trade period). In other words a failed trade. My
failed trade; not the company, not the world, it was me. I sometimes back losers, you may have noticed .
The sell call came in IKN871 dated February 1st 2026, but we were also clear that there may still be a trade
left in AMC. And stated that “If the Kay PEA comes out well and the stock rallies, there will be a window in
which to buy back.” In almost the same breath, the sell decision that day noted the AMC trade was planned
as a near-term flip around the PEA news that didn’t show on time, it was always going to be a “…speculative
trade and one that was never planned to be a longer-term hold in the first place.”
In a nutshell, the trade idea behind the trade that kicked off in IKN856 was to buy cheap shares, hold them
into the PEA announcement scheduled for 4q25, and then sell into the new interest generated by a PEA that
was bound to be “optimized” on costs etc in a market begging for USA-located critical metals stories. Great
plan, scuppered by the way AMC promptly delayed the publication of the PEA until 1q26 and left the stock
wide open to tax loss selling tides as November became December. Frankly I should have sold my AMC
shares there are then when the news of the delay came out, that was November 11th and the publication of
its 3q25 financials and MD&A, but the 59c price that day looked too cheap already and I decided to hang on
a while longer which was stupid of me (should have found a better place for the cash even though I got out
at 66c in Feb’26).
Which brings us to last week and the AMC.to 4q25 filings, which quietly announced another delay to the PEA.
Instead of delivering in 1q26 they quietly altered the plan again and here’s the relevant section from the
MD&A, your author adding some bold type):
This work anticipates the following milestones for the Kay Mine Project in 2026:
1) Complete and file a PEA report, now anticipated in April 2026.
2) Receive approval for the project’s Exploration Plan of Operations to facilitate additional exploration
drilling on the project.
3) Conduct comprehensive drill targeting using artificial intelligence studies and all available project data.
In other words, no final rush to get the PEA NR
out in the next couple of days, they’ve
developed the taste for annoying shareholders
to such an extent that another month doesn’t
matter any more. Which is bad for those that
have held on and watched the stock price slip
further and further to the C$0.495 close on
Friday, but here on the outside of the trade
looking in, that suits me fine (the five year chart
shows the pain better than most visuals):
And with that we’re up to date and ready to lay
out the plan for today’s return foray into Arizona
Metals (AMC.to) and the job today is threefold:
1) Check out the updated financials at AMC, as filed last week
2) Revisit the project model for the Kay project
3) Make the case for what I plan to do next week, i.e. buy the stock again for a near-term trade
So without further ado…
4

Updating the AMC financials
We start with the easy stuff and an update to our standard corporate structure top box:
Shares out: 137.757m
Options: 3.118m
Warrants: Zero
RSU/DSUs: 0.768m
Fully diluted: 141.643m
Current share price: C$0.495
Market Cap: C$68.19m
Approx cash per S/O: 11c
All prices are in Canadian Dollars unless stated, forex CAD$1 = USD 0.73
There have been some minor changes to the share counts since our opening coverage note, with a bigger
change to the market cap that was just over C$100m in IKN856 and is down to C$68.19m this weekend,
product of the continued share price slump. Moving to the tracking charts and sticking with the easy parts of
today’s note, we’re deliberately not projecting out to future 2026 quarters and keeping the focus on the
reported numbers to end 2025 for two reasons:
1) The planned trade is near-term and I don’t really care what the company does as 2026 becomes
2027
2) It’s a reminder of one of the strong points of this corporate story
The overview assets and liabilities charts offer 90% of this story, a company with squeaky clean balance
sheet (check the Y-axis on the liabilities chart) and while the treasury is dropping as AMC spends on its
projects, there’s still plenty of cash there for the next couple of quarters.
AMC.to: Liabilities per qtr
2.2
2
1.8 1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
The charts updated to 4q25 also remind us of the efficient way AMC spends its money, with most of it in
interest-bearing accounts while cash&eq is kept as low as possible while ensuring liquidity. Frankly, I wonder
why more juniors don’t do the same (then again I don’t wonder very long, as most explorecos are run by lazy
and stupid people) because the C$122k interest generated by this policy may not be a king’s ransom, but it
certainly helps in the quest to keep things lean and mean.
5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
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AMC.to: Assets
60
55
50
45 40
35
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
$m Fixed
invest
other current
cash
source: company filings
AMC.to: Investment cash, per qtr
722.54 746.54 430.24 744.83 745.92 978.42 398.91
70.41
367.33 624.92 426.42 138.02
459.51
50
45
40
35
30
25 20 15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source: company filings
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AMC: Interest earned, per qtr
24.0 683.0 414.0 995.0 223.0
462.0
771.0 141.0 361.0 561.0 211.0 221.0
C$m
0.6
0.5
0.4
0.3 0.2
0.1
0
1q232q233q234q231q242q243q244q241q252q253q254q25
source: company filings

[Sidebar: I’ll be looking out for more of this in other juniors this year, what with a whole bunch of explorecos
having recently used the January hype to place shares and raise working capital]
55 AMC.to: Working Capital per qtr
50
45
40
35
30
25
20 15
10
5
0
As at 4q25, working capital stood at C$15.477m, down C$5.2m in the quarter and C$17.3m from this time
last year, just after its last raise. AMC burns at around C$5m/qtr, it means the company will need to raise
more capital at some point this year and I'm not going to second-guess timing here, instead we posit that
there's the obvious and classic September financing window as a possible moment. We'd also expect the
company will want to see how its upcoming PEA is received before nailing down its strategy (they may even
attract strategic capita or go for non-share financing methods). All that's for the future and we'll see how the
cards fall first, but what we do know is that they have enough cash for the time being.
As for shares out, this weekend's 137.757m means AMC has kept dilution to a minimum and indeed, not just
over 2025. The 4q21 number at the left of this chart is coming on for five years ago, there aren't many
juniors without cash flow that have kept their share counts to +35% since Covid. There are some obvious
doubts about the way a couple of high-profile and big mouthed AMC backers have vociferously thrown in the
towel recently, selling while throwing their public tantrums and demonstrating the losers' mentality for all to
see. This desk doesn't care about their bruised egos, it doesn't care about their trade strategy either (as this
is a near-term trade set-up), but there are obvious headwinds to consider about the tight-handed nature of
shareholders and whether any price pop will be greeted by a wall of share sales. That's part of the risk I'm
willing to take on, but you too must be clear-eyed about this angle if you decide to join in.
While on the subject of share, a slight aside and a few words on shareholders are due as there are a couple
of clear negatives to consider. Firstly, management and insiders hold very few shares in AMC.to as, since the
exit of the previous management team headed by ex-chair Paul Reid and ex-CEO Marc Pais, the current
board roster holds very few shares of AMC and the situation is questionable on “skin-in-the-game” terms. The
previous Reid (3.3m shares) Pais (3.1m shares) and others held an aggregate of around 8.5m shares, these
days the current board holds less than half a million total between them. They’re obviously aware of the
criticism as in October, current main players Jacques Perron (Chair) and CEO Duncan Middlemiss added
69,500 and 100,000 shares respectively to their holdings, but that only means their total shares in AMC have
moved to 128k and 265k respectively. The four other directors own a paltry total of 30k shares between
them and, while insiders are bound to tell us they've been restricted in recent times by extended blackout
periods, that's weak and a tiny total exposure of this board to the company's future well being.
At the same time, we've had a couple of well documented and public shareholder rebellions. First up, in the
last 12 months the newsletter writer, paid pumper and erstwhile AMC cheerleader Peter Grandich has loudly
fallen out of love with AMC. His large following has sold out and taken their losses and to make sure his fans
understand that it wasn’t his fault, he continues to publicly kvetch about the stock to this day. Secondly, large
and established mining investor Michael Gentile has also retreated from his large shareholding that was, once
upon a time, over 9m shares with most bought at much higher prices. Gentile has also been openly critical
about the performance at AMC and the bad blood flows to this day. If there’s one thing that won’t bother
current CEO and central player at AMC these days, Duncan Middlemiss, it’s the position taken by Gentile.
Those with sufficient memory will recall the way Middlemiss arrived at Wesdome Gold back in 2016 after a
boardroom battle that saw the nomination of him and his team opposed by a current big shareholder at the
6
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
source company filings
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AMC.to: Shares Out
0.501 5.801 8.111 1.511 0.611 0.611 0.611 0.611 5.611 8.811 8.911 4.021 7.631 7.631 7.731 7.731 7.731 8.731
200
180
160
140
120
100
80 60
40
20
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
source: company filings
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time, Tom Stanley of Resolute Performance Fund. When the Middlemiss-led slate won the day, Stanley duly
threw his toys out the pram and loudly and publicly sold down his position at prices between C$3 and C$1.50
(or so) and once he was gone, WDO went on the famous run we remember it for under Middlemiss’s tenure,
your author personally selling shares bought at C$2.37 for C$14.82. That was fun. Gentile enjoys the activist
role and is a well-known sponsors of early stage risk plays in the mining space and he's bound to have his
fans, but frankly I'm happier when he's not involved in the trades I identify and he also has a habit of selling
outsized positions into stocks that can't handle the excess liquidity well. So the bottom line to this slight aside
on shares held by insiders and backers is that there is obvious weakness at board level and I’d really like to
know why management and insiders aren’t filling their boots at these levels, but Gentile and Grandich crying
their losers’ tears in public is for me a net positive, not a negative. Embrace the hate.
Moving on, we look at how AMC has been spending its cash with this op-ex overview chart:
C$m AMC.to: Operating expenses other exp
share payments
11 prof fees
10 G&A
salaries&benefits
9
other explore&eval
8 Kay drilling
7
6
5
4
3
2
1
0
-1 1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings
Kay may not be the most exciting project out there, but you cannot fault the company for not focusing its
efforts and its money on its assets. Most of its approx $5m/qtr goes into the exploration and evaluation and
with the exception of Q4, most of that is the Kay drill program. These next two charts take a closer look at
E+ E spend and the focus on Kay, with money spend below left and metres drilled at Kay only on the right.
AMC.to: Exploration and Evaluation Expends, per qtr
The only change to the recent E+E expenditure rhythm came last quarter, 4q25, when AMC stuck 1,300
metres of reverse circulation drilling into its second string Sugarloaf Peak project. The final assay results from
that limited program came back at the start of this month and while not blowing the doors off in terms of
grade or discovering something that changed the game for the project or company, it hit mineralization in 22
of the 25 holes drilled and to quote the March 2nd NR (4) did enough to, “…confirm excellent continuity of
mineralization within an increasingly large gold deposit.” Sugarloaf Peak isn’t the reason to be long AMC and
best considered as a second string that would benefit from somebody sticking a lot of metres of drilling into
the known mineralized zone as well as the best targets next to the 43-101 compliant resource to find out
what’s there. It’s crying out for a JV partner or perhaps a sale to the 3rd party that could take it more
seriously, but for the time being it’s a fourth level reason to consider AMC a cheap stock, not a headline
reason to buy shares.
Anyway, back to the charts above and the right-hand chart shows the metres drilled into Kay and the
adjoining “Kay 2” target. The last two quarters have seen resource drilling cut back to the bare minimum at
Kay, with the company aiming the drills at exploration targets around the known resource. That’s
understandable, what with the upcoming PEA being based firmly on the maiden Mineral Resource Estimate
(MRE) of last year that used a date cut-off of June 17th 2025, i.e. before the start of Q3. This does raise the
7
28.2 38.2 38.3 43.5 18.3 10.4 15.4 94.3 83.3 47.2 85.2 66.1
C$m AMC: Kay metres drilled, per qtr
10 10000
9 9000 Exploration drilling
8 all other E+E 8000 2300 Resource drilling
7 Kay Drilling 7000
6 6000
5 5000 1612
4 4000
6700 2516 5667 3 3000 2 2000 4259 4614 1856 1 1000 2064
0 0 453 638
1q232q233q234q231q242q243q244q241q252q253q254q25 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings source: company filings

intriguing possibility that AMC decides to incorporate metres drilled since the MRE publication into the PEA by
updating the MRE at the same time as publishing the PEA. It’s certainly possible, PEAs only need inferred
ounces for their resources and it’s one way the company can improve one of the more disappointing metrics
announced last year, that of overall resource tonnage (we’ll get to that in a moment). There’s close to
8,500m in the project since the MRE cut-off and it’s also fair to assume AMC drilled those holes while
consulting with the PEA compilers, the respected G Mining (that by coincidence is mentioned Eldorado Gold
(EGO) note in today’s Producer Basket, see below). Overall, for our purposes of valuation today we use the
resource number as published in the MRE, but I wouldn’t be shocked to learn that tonnage has grown when
the PEA comes out.
The bottom line to the updated financials is that the 4q25 numbers came in–line with expectations. AMC will
need to raise cash this year but it’s not in a rush, there’s nothing that changes AMC’s image as financially
solid and well run at a corporate financial level, we continue to applaud the way the company spends the vast
majority of its cash on its projects instead of frittering it away on whatever at office level. The insider
holdings remain an obvious weak point and we’ll see how that develops and the latest delay to the PEA
smacks of a company that can’t keep even its revised promises, but what matters to us is that AMC is going
to publish the long-delayed document soon and when it does, we think it’s going to be enough to move its
shares back up…at least a little.
The upcoming Kay PEA
We now get to the point of today’s report, the reason to buy and own some shares of AMC as March 2026
becomes April 2026 and the company is set to finally announce its PEA findings. We now lean heavily on the
data previously published in the original fundies report of IKN856 dated October 19th 2025 and those of you
interested in this trade are advised to dial up that edition and check out the similarities and difference to
today’s financial framework (because there are significant differences). We begin by reminding readers of the
Kay 43-101 compliant resource:
As we noted in IKN856, that’s not a bad resource and with an indicated grade of 3.18% CuEq using a 1.0%
CuEq cut-off, likely to be robustly economic. But at the time of the publication it sank the stock hard, as it
didn’t manage to live up to expectations. Mainly about grade, as people were looking for something closer to
its historic resource numbers first published in the 1980s that ran 2.2% Cu, 2.8 g/t Au, 3.03% Zn, and 55 g/t
Ag." The size (or lack of it) also matters, as even though tonnage at 9.28mt indicated was some 60% larger
than the aforementioned historic resource it didn’t grow as much as expected. Just a few weeks before the
MRE the assumption from outside observers was that there would be enough rock to feed a mill running at
between 3,000mt and 5,000mt per day and while CEO Middlemiss thought 5kmt was too big, he agreed that
3,000mt/day from long-hole stoping to feed a mill was viable (5).
So let’s be clear before we get to the business end of this note, the Kay resource isn’t big enough to make it
an exciting, top level project. There’s reason to believe the drilling at Kay2 hasn’t lived up to expectations and
while you can argue a 3,000tpd machine on top of the resource as stands, it would make for a mine life of
less than nine years, which is borderline. There is the potential for a pleasant surprise if extra Kay or Kay2
rock gets put into the PEA and the model also shows that 3,000tpd would be far more robust than 2,500tpd,
but at least on this metric we’re going to keep it to the conservative side. We also stick to the assumptions
for metallurgy (they’ll be able to run a multi-circuit mill to recover all metals to a payable level) and grades
and recoveries as per the MRE assumptions, namely:
 Copper grade of 0.97% and recoveries of 92%, as per the recent MRE parameters
 Gold grade of 1.39 g/t and recoveries of 76%, as per the recent MRE parameters.
 Zinc grade of 2.39% and recoveries of 85%, as per the recent MRE parameters.
 Silver grade of 27.6 g/t and recoveries of 75%, as per the recent MRE parameters.
8

 Lead grade of 0.33% and recoveries of 76%, as per the recent MRE parameters.
Metals price assumptions are up: However, there are two major changes to the proposed model, namely
input metals prices and costs. We first cover the change in the metals price decks, as “Stress”, “Base”,
“Today” and “Blue Sky” use prices in line with today’s spot numbers and as we all know, it may be only six
months ago but things have changed greatly in the metals world since October. The names should are self-
explanatory, the updated price inputs are offered and in italics you can see the price changes since IKN856:
1) Stress test case:
 Copper U$4.00/lb (up 30c/lb)
 Gold U$3,500/oz (up U$300/oz)
 Zinc U$1.00/lb (unchanged)
 Silver U$50/oz (up U$15/oz)
 Lead U$0.80/lb (down 10c/lb)
2) Base case:
 Copper U$4.50/lb (up 50c/lb)
 Gold U$4,000/oz (up U$500/oz)
 Zinc U$1.20/lb (unchanged)
 Silver U$60/oz (up U$20/oz)
 Lead U$0.80/lb (down 10c/lb)
3) Today case:
 Copper U$5.25/lb (up 25c/lb)
 Gold U$4,500/oz (up U$500/oz)
 Zinc U$1.40/lb (unchanged)
 Silver U$70/oz (up U$20/oz)
 Lead U$0.90/lb (down 10c/lb)
Blue sky case:
 Copper U$6.00/lb (up 50c/lb)
 Gold U$5,000/oz (up U$500/oz)
 Zinc U$1.60/lb (unchanged)
 Silver U$80/oz (up U$20/oz)
 Lead U$1.00/lb (down 20c/lb)
In broad stoke terms, the main payables of gold and copper are up, zinc is unchanged, the minor silver
payable gets a significant boost from the record run in that metal, the minor lead credits see lower assumed
prices but they hardly matter. The last six months have also confirmed gold as the most valuable metal on
the per-tonne basis at Kay, even though it’s ostensibly marketed as a copper VMS play. That’s testament to
what precious metals have done recently.
So by combining the 2,500tpd throughput, the grades, recoveries and prices decks, we get this:
AMC at Kay: Model Year Revenues & Op Income (U$m)
Price Deck Stress Base Today Blue Sky
gold (Oz) 30571 30571 30571 30571
U$/oz 3500 4000 4500 5000
gold revs 107.0 122.3 137.6 152.9
copper tonnes 8032 8032 8032 8032
copper Mlbs 17.7 17.7 17.7 17.7
U$/lb 4.00 4.50 5.25 6.00
copper revs 70.8 79.6 92.9 106.2
zinc tonnes 18284 18284 18284 18284
zinc Mlbs 40.3 40.3 40.3 40.3
U$/lb 1.00 1.20 1.40 1.60
9

zinc revs 40.3 48.3 56.4 64.4
silver (Oz) 599035 599035 599035 599035
U$/oz 50 60 70 80
silver revs 30.0 35.9 41.9 47.9
lead tonnes 2257 2257 2257 2257
lead Mlbs 5.0 5.0 5.0 5.0
U$/lb 0.80 0.80 0.90 1.00
lead revs 4.0 4.0 4.5 5.0
Metals subtotal 252.0 U$290.2m 333.3 376.4
TC/RC etc 50.4 58.0 66.7 75.3
Revenue total 201.6 U$232.1m 266.6 301.1
Sources: AMC data, IKN calcs and estimates
Middlemen costs are put at a hefty 20% of gross metal value (polymetallic operations tend to pay more to
the smelter guys) which leaves us with the revenues totals as seen. For the record, we’ll be using the “Base”
price deck for our eventual target price so we carry forward that U$232.1m per annum over ten years of
mine life. And yes, before you say it that’s a lot of money per year for a U$50m market capper that will need
about half a billion to build its mine.
Costs pitched lower: We now get to the second major change to the model, as in IKN856 we went ultra-
conservative on running costs The AMC MRE last year assumed a total cash cost of U$78/mt, whereas we
went a very conservative route with a total burden of U$167mt, well over double. That total included the
TC/RC charges as seen above, a corporate G&A assumption of U$20/mt and a mine cash cost of U$80/mt,
which accounted for cost inflation since the MRE price deck was put together but also added a lot more, in
order to stress-test the economics. This time we take a different route and while we recognize costs are
bound to be higher than the MRE assumption of U$78/mt all-in, this time we assume corporate G&A at
U$18/mt and mine site costs at U$55/mt. We do this because our trade strategy is based around the
upcoming PEA, not around what may eventually be the cruel reality at Kay and you can bet your bottom
dollar AMC is going to put its best foot forward next month in the document. It's a bit silly to assume the MRE
costs case, but they're not going to input the high numbers I used in IKN856 and as such, they'll be able to
show the world a highly attractive set of numbers.
Our other model assumptions remain either the same or with only minor differences to IKN856. They include
a guesstimate on capex that we assume AMC builds its mine by raising capital 50/50 debt equity giving an
eventual share count of 300m S/O and annual interest servicing charges of U$30m, then R&D of
U$15m/year, forex at CAD$ = USD 0.73, an effective tax rate of 18%, a 4% State royalty (Arizona State
charges a minimum 2% NSR, but it can go to 6% and depends on the project, we take a rough guess),
worker's participation bonus of 8% EBIT, depreciation at U$25m per annum (up $5m from last time) and a
modest U$10m in average annual sustaining capital.
So when you mix those ingredients and place in a pre-heated oven, you get this:
AMC at Kay: Condensed Income statement model (U$m)
item Stress Base Today Blue Sky
Sales (U$m) 201.6 232.1 266.6 301.1
COGS 49.5 49.5 49.5 49.5
Depreciation 25.0 25.0 25.0 25.0
SGA+R&D 31.2 31.2 31.2 31.2
NSR 8.1 9.3 10.7 12.0
Op income 87.9 117.1 150.2 183.3
Interest 35.0 35.0 35.0 35.0
Workers Part. 4.2 6.6 9.2 11.9
Tax 8.8 13.6 19.1 24.6
10

Net income 39.9 62.0 86.9 111.9
Shares out 300 300 300 300
EPS 0.13 0.21 0.29 0.37
Sust. Capex 15 15 15 15
FCF 0.27 0.34 0.42 0.51
Sources: AMC data, IKN calcs & estimates
Thanks to the higher metals prices and the assumption that AMC will “optimize the merry hell out of its costs
assumptions, the “Base” price deck operating income jumps for U$75.5m in IKN856 to the U$117.1m as seen
above. That’s the magic of the PEA in action and I’ll be clear, we could tweak things a lot more and show
some amazing numbers, not just very good ones. We’ll see if AMC tries the same very soon.
Anyway, once BTL items and tax are paid the “Base” scenario returns an EPS od 21c/share, which then offers
this as our target price:
Sales and earnings Target price & valuation data for AMC.to based on
Year stress base today bluesky Kay and the "Base" price deck
Sales (U$m) 202 232 267 301 price target C$1.13 based on 4x EPS
Sales growth 15% 15% 13% Upside to target 129%
EPS 0.13 0.21 0.29 0.37 Mkt cap (CAD$m) $68 Enterprise value $50
FCF 0.27 0.34 0.42 0.51 P/sales (stress) 0.29 EV/sales (stress) 0.22
P/E (stress) 3.7 EV/EBITDA (stress) 0.4
P/E (base) 2.4 EV/EBITDA (base) 0.4
P/E (today) 1.7 EV/EBITDA (today) 0.3
Our final tweak compared to IKN856 is to drop the multiple to annual EPS from 6X to 4x, which gives a price
target of C$1.13. The other benefit this time around is the share price, which at 49.5c this weekend [edit
Monday: and 48.5c this evening, even better] means we don’t need a massive rally to return a good trade
profit. And indeed, we should underscore that it would be very easy to pimp that target even further and just
as one example, if we kept all other inputs as seen and increase the throughput assumption to 3,000tpd, the
price target jumps to C$1.56 (+223% from this evening’s price).
Discussion and conclusion: This pone is not a riskless trade, ladies and gents. The macro backdrop is
tough, the PEA is unknown, AMC may decide to aim conservatively, the dissenters and haters may be waiting
for the liquidity window it creates to dump a few million shares on us, they could ruin all plans by slapping a
discounted placement on the market at the same time, gold prices could drop suddenly, all those and more.
However, even when adjusted for risk the current set-up at AMC is highly attractive for a near-term flip trade
and here’s a list of reasons:
 We expect the PEA to show very good economics at the new metals price deck
 The recent price drop allows a good trade win if the price recovers even moderately compared to
2025
 It’s in a great location, both geographically and geopolitically in 2026.
 It has the “gold plus critical metals” mix that will endear itself to the USA
 We think AMC will aim low on PEA costs inputs in order to optimize optics
 The company has been hated on for months, going contrary to the haters is an feature not a bug
 Corporate financials are tight and in great shape, the share count hasn’t ballooned
 Duncan Middlemiss is nobody’s fool
All those and more. The delay to the PEA last year screwed my original trade plan in good and proper style
and 20/20 hindsight tells me I should have sold a lot earlier than I did, but luckily the damage was minimal.
This time around, we have a significantly cheaper share price, timing on a PEA that’s bound to happen in
April (they wouldn’t have asked for one solitary extra month just for fun) and a project that’s still likely to
offer a pleasant financial surprise to the market. What’s more, seeing the stock rocket without Gentile and
Grandich on board would be a bona fide cherry on the cake. I’m a buyer of Arizona Metals (AMC.to) this
coming week and it will be on our Stocks to Follow list as from next weekend. The plan is to run a near-term
11

trade and benefit from a bounce on the other side of the
PEA, then find a spot to sell and take profits. Nothing
elaborate or nuanced, this one is buy-low-sell-high. What
could possibly go wrong?
Stocks to Follow
The Stocks to Follow list had a good week, with only one of our 15 stocks down on the week (MARI.to) and
two others unchanged (MIRL.cn, MENE.v). The other twelve were winners and among the throng we have
the double figure percentage moves from Aurion (AU.v up 12.9%), Latin Metals (LMS.v up 12.8%) and
Tiernan (TNGD.v up 11.5%).
There are 15 stocks on our current list, five under the self-imposed maximum and that’ll be four this time
next week. Twelve of the fifteen are in the green, three are in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$2.55 218.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$4.78 210.4% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.07 29-Dec-25 C$8.80 9.0% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.93 137.4% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.32 137.1% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.02 15.9% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$22.74 1.4% 2026 M&A tgt, added Mar'26
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.75 63.6% Agnico will buy more Finland
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.22 -3.9% starter position taken
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.30 7.1% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.19 137.5% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.22 15.8% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.105 31.3% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
none at present
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.195 -57.8% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
12

Now for a few notes on some of our covered stocks, but in the same vein as last week we’re keeping this one
as brief as possible. The whole market is up, moves were not company specific, we didn’t have a great deal
to say on the big drops last weekend so it’s bad form not to start rah-rahing the covered and owned
companies just because they’ve recovered a little. Except for Wesdome.
Tiernan Gold (TNGD.v): A very nice move, more please. I may not be 100% full with my position, but it’s
still a big one and grown substantially via several additions during Q1. If I have to pay up for the final
purchase, then so be it.
Rio2 Ltd (RIO.to): Shook off any headwinds from the Chile fuel price hike (see Regional Politics, below)
and did okay without blowing the doors off or ever threatening to get back over the C$3 line. All the time in
the world for this stock, very cheap and you’ll remember this sub-3 buying opportunity in years to come.
Marimaca Copper (MARI.to): Continues to trade weakly, perhaps due to the Chile fuel issues (see below).
Mayfair Gold (MFG.v): Happy to see it back in the 4s, but sellers did show up and take profits.
West Red Lake Gold (WRLG.v): Continues to trade poorly. We await the key 1q26 production report and
the thought of Peter Schiff creaming 75k a month from these guys still sticks in the craw.
Xali Gold (XGC.v): Still too expensive, still won’t buy more until it goes back into the low-20s. No point
rushing this trade, people will soon realize there’s a long distance between us and drilling.
Orecap Inv (OCI.v): The component holdings add up to 14.7c/share this weekend, thanks to a generalized
rally in nearly everything except MERG.v.
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.08 11.58 4.7
ARIC.v 7.39 0.79 5.84 2.4
ARIC warrant 4.17 0.59 2.46 1.0
XXIX.v 23.637 0.115 2.72 1.1
AUME.v 42.75 0.065 2.78 1.1
MERG.v 1.025 0.76 0.78 0.3
MERG warrant 0.5125 0.31 0.16 0.1
ZIGY.cse 4.942 0.45 2.22 0.9
KLDC.v 40.040 0.18 7.21 2.9
subtotal 35.74 14.4
Est.cash 0.70 0.3
Total 36.44 14.7c
At 248.332 S/O
Gold Royalty Corp (GROY): Thanks for the feedback from last week’s main note. I agree with reader FL’s
assessment of GROY being a “go fishing” stock at current prices. Buy some and then forget about it for a
while, come back and be nicely in the green. Great entry point.
Latin Metals (LMS.v): Five weeks ago in IKN874 we noted the creation of spin-out company Latin Explore
(LXE.v), fruit of the recently closed transaction with parent company Latin Metals (LMS.v), our small current
holding, and along the way wondered why the shares hadn’t arrived in my account. I then promptly forgot to
chase up an answer, so Friday’s NR from LMS explains a lot and came as a reminder of the small windfall (6):
Vancouver, British Columbia – Latin Explore Inc. ("Latin Explore" or the "Company"), is pleased to announce that it
has received final approval from the TSX Venture Exchange ("TSXV") to list its common shares on the TSXV. The
Company's common shares will commence trading on the TSXV under the symbol "LXE", effective market open
on March 30, 2026.
NR continues with admin details. So the “free shares” (akin to the fabled free lunch) are on the way at the
ratio laid out in IKN874, i.e. you get 100 LXE shares for every 1,250 LMS.v shares owned. It’s unlikely to
change your world, but something is better than nothing and we’re clear that the assets moved from LMS to
LXE in this deal, namely the Para copper project and Auquis copper project, both located in Central/South
Peru and large-scale, early stage copper targets with the potential for porphyry/skarn or even IOCG
mineralization.
13

Wesdome Gold (WDO.to): I really liked the NR out of WDO on Thursday (8), updating on exploration and
drilling results mainly at its Kiena Deeps targets with a suitable mouthful of words in the title:
“Wesdome Gold Mines Reports Multiple New High-Grade Lenses at
Kiena, Demonstrating Resource Expansion Potential”
All you’re getting here is an outline on what the NR contains, there’s way too much data to get it all down in
a stock notes update, so you’re strongly urged to read the whole thing and spend time meditating on all the
drill maps offered and how they interrelate (not just the single example below), but we are doing a potted
summary and for that, we duly note that WDO ran 14,000m of expansion and exploration drilling in 4q25
(part of the 72km drilled last year) and the juiciest results have come from three adjoining zones in the high
grading Kiena Deep, the zone that revitalized the mothballed Kiena mine way back when and got us
interested in the stock in the first place (your author has fond memories of the purchases made in 2017 and
2018). We’ve always known Kiena is one of the region’s typical greenstone orogenic deposits and a common
trait of those are the way high grade vein systems tend to cluster in lenses and essentially, that’s WDO
reported this week; while perhaps not a stunningly surprising discovery, they’ve hit and outlined three areas
adjacent to known gold resources with the same type of high grade quartz-hosted gold vein systems. Here’s
the whole of CEO Andrea Bath’s comment in the NR, as it tells the story succinctly
"Our drilling program in the Kiena Deep A and Footwall Zones continues to yield exceptional results
that validate our geological models," stated Anthea Bath, President and Chief Executive Officer.
"Within a single year, we've successfully expanded both the main Kiena Deep A Zone and the A1
lenses through refined modeling and strategic drilling, extending their footprint both laterally and at
depth."
"We've identified six new lenses across the deposit, including three high-grade discoveries in Kiena
Deep - one within the A2 structure, which has the potential to increase the number of ounces per
level in Kiena Deep, and two lenses in the Footwall Zone. Additionally, updated modeling has
revealed three new lenses in the B Zone located near existing Kiena Deep infrastructure -
quadrupling our count from the previous model."
"These six newly discovered lenses highlight the substantial exploration upside in our mine's deeper
zones and strengthen our confidence in continuing to extend Kiena's mine life well into the future."
This (right) is one of several visuals in the NR and to get
the clearest picture of where the new rock is located and
what it means, you really need to see how the visuals
work in series (we again exhort you to open your own
copy of the NR and read it thru), with the A-2 zone an
extension of the current known resource, the B-Zone an
expanded area that was one of its main drill targets in
2025 (i.e. it was highly likely to expand the way it did) and
then further down, the deeper extension of the Footwall
zone that shows there’s plenty more to come yet. The NR
went with these holes…
 Hole N127-7058 returns 161.3 g/t Au uncapped over
5.2 m core length in A Zone
 Hole N134-7192 returns 33.1 g/t Au uncapped over 2.2
m core length in B Zone with visible gold present
…as its bullet point headliners, but there are no end of
strong grading hits from the vein system and the global
impression from the NR is that of a resource that has a lot
more to give.
The Copper Basket
After twelve weeks of 2026, The Copper Basket shows a gain of 9.96% to level stakes:
14

company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 278.326 1035.37 3.72 36.3%
2 Aldebaran Res. ALDE.v 3.67 185.338 411.45 2.22 -39.5%
3 Los Andes Copper LA.v 9.20 29.573 364.64 12.33 34.0%
4 Pecoy Copper PCU.v 1.32 209.489 312.14 1.49 12.9%
5 American Eagle AE.v 0.56 192.621 208.03 1.08 92.9%
6 Hot Chili HCH.v 1.33 177.47 207.64 1.17 -12.0%
7 Surge Copper SURG.v 0.475 377.754 186.99 0.495 4.2%
8 Andina Copper ANDC.v 0.56 267.638 187.35 0.70 25.0%
9 Element 29 Res ECU.v 1.20 155.51 167.95 1.08 -10.0%
10 Hercules Metals BIG.v 0.74 289.41 167.86 0.58 -21.6%
11 Copper Giant CGNT.v 0.49 203.927 138.67 0.68 38.8%
12 Fitzroy Min FTZ.v 0.48 327.178 134.14 0.41 -14.6%
13 Algo Grande Copper ALGR.v 0.53 42.159 35.84 0.85 60.4%
14 Metal Energy MERG.v 0.64 45.2 34.35 0.76 18.8%
15 Kobrea Exp KBX.cse 0.51 35.622 15.32 0.43 -15.7%
NB: All stocks in CAD$ Portfolio avg 9.96%
The Copper Basket average added 2.36% on the week, a 45% The Copper Basket 2026, weekly evolution
decent-not-amazing recovery after the shellacking of the 40%
35%
week before that saw eleven winners (not listing them
30%
all) with a typical price move of “modestly higher”, so the
25%
big wins from Algo Grande (ALGR.v up 30.8%), 20%
Aldebaran (ALDE.v up 15.0%) and Andina (ANDC.v up 15%
14.8%), and potentially American Eagle (AE.v up 8.0%) 10%
5%
and Pecoy (PCU.v up 8.0%) made most of the
0%
difference. To the downside were the four losers (LA.v,
HCH.v, CGNT.v, MERG.v) with Metal Energy (MERG.v
down 7.3%) left holding the wooden spoon.
Overall, the copper miners’ space didn’t enjoy as powerful rebound as its precious metals cousins (see
Producer Basket below for evidence) but it could have been a lot worse than the week we had. The rebound
had already started Monday before IKN878 went out and while it had its peak (Weds) and weak days
(Thurs/Fri) later on most of the rally held firm.
One of the main reasons for that was copper-the-
metal, which jumped back on the arrival of real
buyers and sailed thru otherwise choppy market
waters Thursday and Friday trading at a sustained
U$5.40/lb to U$5.50/lb on our preferred tracked,
the highly liquid near-term Comex futures contract
(currently HGK26 with a May’26 expiry. The chart
(right) shows the relative calm after its waterfall
drop after breaking support the week before last
and in this market, UNCH is the new bull marker.
Moving on, our considerable and carefully curated
copper cognoscenti content for the week checks
out the potential for supply chain shocks in the copper market, via this Platts report authored by Kip Keen (I’d
wondered where he’d gone, ex-Kitco guy) (8). One quote this desk agrees with is this, garnered by Mr Keen
from ING analyst Ewa Manthey:
"Copper is highly energy-intensive, and disruptions to associated inputs, including sulfuric acid supply
chains, could add cost pressure and create friction in parts of the value chain if disruptions persist,"
ING's Manthey told Platts.
15
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92
source: IKN calcs

That’s true, so while the world frets about the chances of a copper price slump if the Iran conflict becomes a
medium/long-term factor (oil shortage slowing down the world economy, Strait of Hormuz and all that), we
might also see copper get scarce over the same timeline as its own manufacture is hit by shortages (Strait of
Hormuz and all that). However, Platts over-eggs the pudding by adding this to its supposedly serious
business report directly after:
Industry veterans predicted early in the war that an extended conflict could push some copper
production offline.
Should "the disruption last longer than ~3 weeks, copper oxide operations will have to close as
they've run out of acid," Robert Friedland, executive co-chairman of copper-producer Ivanhoe Mines,
said in a March 4 social media post.
If demand holds on, supply cuts could boost metals like copper. But the support could prove short-
lived.
Friedland shilling his own book on X isn’t report-worthy material, as for his three weeks forecast? Errr,
no…sorry. There is a risk of severe disruption of both
copper supply and copper demand, but those telling
you to count it in days or fingers-on-one-hand weeks
are layering on too much fear in their
pronouncements. Also, if the Strait of Hormuz remains
shuttered for the next three months you’ll have far
more to worry about than 50c or a dollar here or there
on the price of copper.
Meanwhile and in more serious commentary, this
week’s Cochilco weekly report included this useful little
visual (right) showing the spot price line, but more
interestingly the contango/backwardation balance over
the last year. As you can (probably) make out, the
copper market went into backwardation (blue shaded
zones) just before Christmas and stayed that way to
the end of January, but since then has been in a
reasonably standard contango. In other words, there’s plenty of copper available for immediate delivery and
no market panic about securing supply from end-users (e.g. at Friday's close, the LME spot price was
U$71/tonne lower than the three-month contract). That’s normal.
We move to our regular weekly world copper inventories update, data from Cochilco:
 The aggregate of the world copper stocks dropped significantly last week, down 38,294 metric
tonnes (mt) to close Friday at 1,254,366 mt.
 The drop was all about the drop in Shanghai Futures Exchange (SHFE) copper inventory, which
did exactly what bulls wanted and put in a sharp drawdown of 51,986mt on the week, right on
time and the move required by a normal Asia market for copper (whatever normal means these
days). The total held at SHFE come the Friday close was still up there at 359,135mt, but as the
tracking chart (below) shows it’s the pattern required. And that’s good.
 However, the adds at LME warehouses continue unabated and for the same dynamic reported
last weekend, China’s smelters are still net exporting large lumps of copper that are landing in
Taiwan and Singapore (mostly). This week saw a net increase of 12,775mt in LME copper stock,
the total Friday at 360,250mt and until that peaks out, the China demand bears will have a valid
talking point.
 At the Comex, copper stocks added a small 917mt to total held copper to finish the week at
534,981mt. That makes close to two months at roughly the same levels as this clear topping-out
pattern consolidates. What’s left now is significant outflows.
Our dedicated SHFE chart shows what that 51kmt drop has done for the health of the squiggly line:
16

SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
17
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
This time last weekend we noted the topping-out of the SHFE stocks tracker for 2026, the unknown was
whether we were “… looking at another 2025 (green line) or whether buyers stay away from copper at these
prices and the line turns into another 2024 (orange) that flatlined at over 300kmt for months and defied
normal expectations.” Here we are just one week later and the big bite taken out of copper stocks definitely
looks more like 2025 than the abnormal 2024, which is good news for the market in general and for those
long copper stocks in particular. This week’s Cochilco market report (8) had a neat summary of this in its
write-up, as after talking over the inevitable geopolitical turbulence and the sharp price moves it caused on a
day-to-day basis, commented that (translated), “…at the same time, Shanghai Futures (SHFE) inventories
registered their first drop since December (5.15% week-over-week), consistent with greater metals
withdrawals after the drop in prices.” In other words, end-users are doing what we wanted them to do,
they’re stepping up and willing to buy now that prices are off by 50c to 80c per pound. However, the flipside
of that same coin is worthy of note, as it goes a long way to confirming the fears we voiced from December
through January and February, that buyers were not ready to step up and pay U$6.00/lb.
Now for notes on a couple of the basket component stocks, but this week’s notes start with something
different.
Two weeks of copper exploreco price action: Last week’s Copper Basket intro laid out the pain and
suffering in visual form via a chart showing the week-over-week losses, so with the relief rally I thought it
would be useful to follow up and show the two-week performance of our 15 components to gauge how well
(or otherwise) they’ve done since copper took its downturn:
Copper Basket: Two week percentage change, wks 10 to 12
3.82- 1.62-
9.02- 0.02- 3.71- 0.71-
6.31- 6.31- 4.31- 9.21-
2.11- 1.9-
1.1
9.7
0.52
25
20
15
10
5
0
-5
-10
-15
-20
-25
-30
v.GREM v.GRUS v.TNGC ot.YDF nc.XBK v.HCH v.UCE v.EA v.GIB v.UCP v.EDLA v.CDNA v.AL v.ZTF v.RGLA
source: TSX/V, IKN calcs
The biggest one week loser last week was Surge Copper (SURG.v) and while that hasn’t rebounded by much,
it’s now in second-worst spot as Metal Energy is the aggregate loser over the fortnight. There are still four
20%+ losers to report and while some have made better progress (ANDC.v 11.7% improvement) than others
(Copper Giant down another 2.3%), the same three that were least worst last week have led the recovery
(LA.v, FTZ.v, ALGR.v) and Algo Grande (ALGR up 25% over the two weeks) is the only obvious and clear
winner in what has been a tough couple of weeks for this sub-sector.
The moral of this story? A decent week that steadied the copper boat, but there’s still a lot of cash that ran
away and hasn’t come back. Not yet, anyway.
Algo Grande Copper (ALGR.v): Quite a move on no news:

Some exploreco stocks steer clear of the paid promo world while others rush into its arms and embrace it,
ALGR.v is most certainly one of the latter. It only takes five minutes poking around social media to realize
that of the 1,500 or so juniors on the TSXV, somehow or other a whole bunch of paid promo channels and
shillers/influencers have discovered this stock, all at the same time. These paid-for channels include the usual
suspects on YouTube, CEOca and TwitterX, but also the infomercial type write-up in places such as BN
Americas and here’s an extract of this puffball interview (8) that hit the wires Friday:
Algo Grande is advancing exploration at its Adelita copper project in Mexico’s Sonora state, targeting a high-grade
skarn system with expansion potential and positioning the asset for future growth, partnerships or consolidation
amid favorable permitting and exploration upside.
The project was introduced to the company by geologist Peter Megaw and acquired after identifying untapped
potential in existing data, CEO Enrico Gay Di Napoli told BNamericas.
"The project was originally introduced to us by Dr. Peter Megaw… It’s a high-grade copper, gold, silver skarn
deposit, which is unusual in this region of Mexico," Gay Di Napoli said.
He noted that Sonora is typically known for lower-grade porphyry copper deposits, making a high-grade discovery
particularly attractive.
"When we looked at the data… we recognized there were significant gaps in the way it was developed… it was
never drilled with an oriented core… and we saw those gaps as an opportunity to buy the project and ultimately to
grow it," he added.
Last week’s triple/quadruple team concerted effort from a bunch of pumpers managed to add 50% to the
price of these shares without a single official word published, no assays, nothing more than promises form
the company of a second phase drill program that’s set to kick off “in Q2”. For what it’s worth, I think Adelita
is a valid exploration target and we should also tip our hat to the relatively tight share structure at ALGR, that
helps move the price when the pumpos begin, but there’s no reason why this should be where it is and a
company such as Auriginal (AUME.v) is doing the same thing on a tighter timeline and is priced at 50% its
market cap
Surge Copper (SURG.v): Another social media favourite of recent times, SURG has come back to its field
recently.
Here laid against the main copper producer ETF (COPX) and offered as a reminder that there is money to be
made by speculating in these promo pump jobs, but you have to be ready to take profits. And don’t kid
yourself into thinking you can second-guess every movement, either.
18

The Producer Basket
After twelve weeks of 2026, the Producer Basket shows a gain of 1.09% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 110.26 102.10 2.3%
2 Agnico Eagle AEM 169.53 500.989 96.89 193.40 14.1%
3 Barrick B 43.55 1705.994 65.83 38.59 -11.4%
4 Wheaton PM WPM 117.52 454.037 56.62 124.70 6.1%
5 Alamos Gold AGI 38.58 419.947 17.86 42.54 10.3%
6 Lundin Gold LUG.to 114.02 241.807 17.32 98.11 -14.0%
7 IAMGOLD IAG 16.49 588.8 10.45 17.74 7.6%
8 Eldorado Gold EGO 35.92 198.571 6.71 33.80 -5.9%
9 B2Gold Corp BTG 4.51 1343.243 5.71 4.25 -5.8%
10 Americas G & S USAS 5.11 318.26 1.75 5.50 7.6%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 1.09%
If anyone ever asks you what a relief rally looks like in the precious metals producers’ space, point them to
week 12 of 2026. All ten components of our Producer Basket returned week-over-week wins, from the low
end Americas Gold & Silver (USAS up 2.2%) and Lundin Gold (LUG.to up 3.3%) to the best wins from Alamos
Gold (AGI up 11.2%) and IAMGOLD (IAG up 10.4%). Overall, our ten out-performed the benchmark (GDX up
7.1%) by a thin slice and that’s okay, back on track and with the ego massage of being back in the green for
the year after just one week underwater. Sic transit gloria mundi.
The 2026 Producer Basket: Weekly performance and
40% comparative to GDX control
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Eldorado Gold (EGO): Plenty of intrigue and games at EGO this week, with activist shareholder opposition
to the Foran purchase emerging and a NR from the company which we can only suppose was a reaction to
the brewing vote fight, but in and of itself raises another set of questions about the delayed and over-budget
Skouries. We begin with the activist shareholder friction with Australia’s L1 Capital, holder of around 5% of
EGO shares (its fund’s biggest position, we note) who on March 21st send a letter of objection to the Ego
board regarding its pending buyout of Foran Mining, a missive we mortals got to find out about on Thursday
March 26th via this Globe&Mail scoopette (9) entitled, in fine bizenglish style, “Eldorado shareholder L1
Capital urges board to call off Foran deal, says it will vote against it”. Here are a couple of extracts from the
report, starting with a direct quote from the mail sent by L1 to EGO:
“We request that the Eldorado board terminate the arrangement agreement to acquire Foran,”
Raphael Lamm, co-chief investment officer at L1, wrote in the letter. “If this is not respected, currently
we intend to vote our shares against the transaction.”
Further down, we get to read about L1’s two major objections to the deal. Firstly, according to L1 it’s
throwing undervalued paper after overvalued paper and secondly, L1 thinks that with the arrival of Foran and
its McIlvenna Bay mine project, currently in advanced construction, will spread the EGO brains trust too
thinly:
In the letter, Mr. Lamm said that Eldorado is overpaying for Foran by using its discounted stock to buy
a company that was trading at a premium.
“Eldorado is inflicting material value destruction on its shareholders issuing undervalued shares to
purchase a theoretically overvalued business,” he wrote.
19
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92
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
source: IKN calcs

L1 is also deeply concerned about execution risk at Eldorado, which will be juggling two major
projects at once if it buys Foran. Eldorado’s Skouries gold project in Greece is slated for commercial
production in the fourth quarter. The startup had already been delayed and its capital cost increased
on several occasions. By buying Foran, Eldorado will take over the responsibility for ramping up
McIlvenna Bay. That mine is slated to start commercial production in the middle of this year.
“With this challenging track record at Skouries, we believe it is inconceivable to take on another late-
stage construction asset,” Mr. Lamm wrote, “further exposing investors to additional ramp-up and
construction risk, with a leadership team and board that will have focus split between assets on other
sides of the world, and at the mercy of contractors.”
Add to that the “battle of the proxy advisors”, as on Friday Glass Lewis announced it was opposed to the
merger as well and here’s Mining Dot Com with the scuttlebutt (10):
A key proxy adviser firm recommended Eldorado Gold Corp. investors vote against its C$3.8 billion
($2.7 billion) bid for Foran Mining Corp., the latest roadblock after Eldorado’s third-largest
shareholder called the takeover too expensive.
Glass Lewis & Co. said Eldorado shareholders would end up with a smaller stake in the combined
company than the value it’s contributing under the stock-and-cash deal, according to its report
published Thursday.
The recommendation contrasts with a report from advisory firm Institutional Shareholder Services,
which earlier this week urged investors in both Eldorado and Foran to back the takeover.
Seeing a proxy firm recommending against a merger is a rarity, when its opinions conflict with the other
major proxy advisory firm it’s Hen’s Teeth time and you may not be surprised to learn EGO announced on the
ISS decision, but somehow forgot to mention the Glass Lewis call. One wonders what Pierre Lassonde thinks
of the people at both L1 Capital and Glass Lewis this weekend, trying to ruin his carefully laid plans. Anyway,
with all that in mind we can now read the NR EGO published to the world on March 25th (11), one day before
the L1 mail was leaked, to consider its implications:
VANCOUVER, British Columbia, March 25, 2026 (GLOBE NEWSWIRE) -- Eldorado Gold
Corporation (TSX: ELD, NYSE American: EGO) (“Eldorado” or the “Company”) today announced that
it has entered into a project alliance in the form of a Memorandum of Understanding (“MoU”) with G
Mining Services Inc. (“G Mining”), establishing a strategic engineering and construction alliance to
support project delivery across Eldorado’s portfolio.
Obviously a pre-emptive move to counter L1’s complaints about spreading the EGO technical team too
thinkly, G Mining’s high reputation in the sector is well known and the timing on this NR is no coincidence.
However, even before the L1 and Glass Lewis kerfuffle kicked off one thing stuck out in the announcement to
your author like the proverbial sore thumb. Here’s the G Mining “To Do” list as per the NR, with a little
highlighting added:
The agreement is intended to enhance project readiness, delivery certainty, and capital efficiency
across a range of current and future projects, including:
 Perama Hill;
 the Lamaque Complex, including the Sigma Mill expansion;
 Skouries, including construction support to complete mill start-up and ramp up,
as well as underground project infrastructure;
 Olympias, including the mill filtration modernization project and supporting facility
upgrades; and
 McIlvenna Bay, including studies and potential implementation of projects to increase
throughput, improve value, and optimize materials handling (subject to completion of the
proposed acquisition of Foran Mining).
Skouries? Really? If EGO needs G Mining in to get its key growth project over the finish line at this late stage,
after all its previous timeline and cost overruns, there may be more issues than meet the eye. I get the other
parts, particularly the Canadian end of the EGO growth pipeline (Lamaque expansion, McIlvenna Bay) but
just how much firefighting is needed at Skouries if EGO thinks it necessary to bring G Mining into a
geographical zone where they have far less experience?
Bottom line: EGO traded in-line with peers last week, despite the mini-drama created by L1 and then franked
by Glass Lewis, because when push comes to shove the dissidents will need to collect more votes than L1’s
5% in order to overcome the Pierre Lassonde-driven deal terms as they stand today. However, over the
medium-term we’ve been given a couple of good reasons to be wary about EGO in the next few months, one
20

being the apparent expense of the Foran deal and another the return of doubts that EGO will be able to
deliver Skouries on the current, much revised, terms in 2026.
Americas Gold and Silver (USAS) (USA.to): A couple of price charts, then a comment on its recent
trading action, starting with this 2026 YTD chart of USAS because even in the bananas year that’s 2026 so
far, this stock performance stands out as wild:
From the start of the year to end February, USAS was a near double but, since touching the U$10 line (and a
brief market cap of U$3.2Bn) it’s been in near
freefall and the U$5.50 close this Friday represents a
YTD gain of 7.6%. That’s not bad in absolute terms
and it’s better than GDX, but that’s surely a painful
ride for longs.
The second chart pits GDX against USAS over the
last ten days and tries to pinpoint why this more
leveraged trade on PMs underperformed last week,
despite being the type of stock profile that would
normally outperform in a relief rally. The key
moment seems to be the Thursday and Friday
before last, which saw USAS drop much harder than
the median in an already soft market (Iran and all
that) before closing Friday with a large block trade.
Hardly the first time we’ve seen a mining stock trade lower into a block trade, in fact it’s often the case, but
this time the parties involved are interesting to note. First, this (12):
TORONTO, ONTARIO - March 20, 2026 - Americas Gold and Silver Corporation (TSX: USA) (NYSE American:
USAS) (“Americas” or the “Company”), a growing North American precious metals and antimony producer, is
pleased to announce that the Company will be added to the Van Eck Junior Gold Miners ETF (“GDXJ®”) effective
at the market close on March 20, 2026.
Ostensibly good news of course, getting on the GDX or GDXJ is a milestone in the trajectory of any mining
company. However in this case, there are a couple of factors that dilute the positives. Firstly, at U$28m or so
compared to the GDXJ NAV of over U$12Bn, this position is one of the tiny ones at the bottom of its holdings
list and we on the outside must be careful about these holding sizes and the way they sometimes get deleted
as quickly as they’re added. The second factor was filed to SEDAR on Thursday:
Turns out Eric Sprott sold 5m shares of his block on the same day and is clearly the major counterparty to
the GDXJ purchase. We know “Uncle Eric” isn’t averse to taking partial profits on his most profitable trades
(he’s recently done it at DSV.to as well), but it’s difficult to escape the minor negative optics his sale creates
and it balances out any modest positive USAS achieved by entering GDXJ.
21

Barrick (B): With the ouster of Bristow last year and the newsflow since then, what we learned at an official
level last week about Reko Diq was already taken for granted by close watchers of the stock (13):
Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the review
announced on February 5, 2026, and the more recent escalation in security issues in Pakistan and the Middle
East, the Company considers it necessary to extend the review period by 12 months from July to continue to
assess the potential impacts and delivery strategy of the project. During that period, development activity will be
slowed but remain under active management.
It is anticipated that the extended review and reduced pace of development is likely to impact previously stated
budgets and timelines. The Company will provide a further update to the market when it is appropriate.
As it’s carried at U$1.725Bn as at December 31st 2025, you can bet your sweet tush Barrick will tell the world
how it “continues to believe in the long-term value of Reko Diq.” The rest is the sound of a company
backpedaling as hard as it can from the Bristow vision for this company, now confined to the dustbin of
history. The precious metals mining company that makes Newmont look efficient and well-run.
The TinyCaps List
After twelve weeks of 2026, the TinyCaps show a loss of 6.87% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 17.19 0.065 -7.1%
Canex Metals CANX.v 0.215 208.63 45.90 0.22 2.3%
Sranan Gold SRAN.cn 0.30 60.42 11.18 0.185 -38.3%
Enduro Metals ENDR.v 0.155 76.04 12.55 0.165 6.5%
Latin Metals LMS.v 0.21 138 30.36 0.22 4.8%
Precore Gold PRCG.cn 0.26 32.003 8.32 0.26 0.0%
Radius Gold RDU.v 0.14 115.7 13.88 0.12 -14.3%
Silver Wolf SWLF.v 0.135 62.18 8.71 0.14 3.7%
Trifecta Gold TG.v 0.195 47.7 8.82 0.185 -5.1%
Viva Gold VAU.v 0.19 171.677 25.75 0.15 -21.1%
Prices in CAD$, data from TSXV basket avg -6.87%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In one cases I’ve stretched the window a little and allowed
sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2026. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The TinyCaps List was a mixed bag, but as the three
TinyCaps, 2026 weekly tracker
winners (AUME.v, LMS.v, VAU.v) were all double figure 20%
percent moves they had enough to beat out the three 15%
losers (CANX.v, SRAN.cn, RDU.v) and move the basket 10%
average up a little and back toward breakeven for the 5%
year. The other four stocks remained unchanged on the 0%
week (ENDR.v, PRCG.cn, SWLF.v, TG.v). With all that said, -5%
-10%
it’s fair to say the action last week was in the larger PM
-15%
miners and the tinycap stocks were mostly an
afterthought.
22
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92
source: IKN calcs, TSX data

Viva Gold (VAU.v): Its Tonopah project is small but a valid open-pitter that, with around 0.5m oz at 0.7 g/t,
would probably work as a standalone mine but isn’t really big enough to attract the financial attention it
requires these days to build a mine in NV USA. That said,
there’s enough to give VAU a true and honest asset value
and that means, in a market like ours, it can offer the
(in)famous “leverage to gold” that spec players look for in
their vehicles.
This chart runs VAU.v against the main gold bullion ETF
(GLD) and the red ink with “5c” inside represents the gap
VAU is likely to fill to today’s 15c price if gold trading stops
being so volatile. We probably wouldn’t even need a
return to U$5k/oz gold for VAU to rally that 33% or so,
but if it does the 10% or so rally in the metal price shows
the 3X leverage you get from tinycappers such as VAU.
Auriginal Mining (AUME.v): The NR from last Thursday (8), “Auriginal Commences 5,200 metre Drill
Program on its Roger Project”, marks the start of the reason to be interested in this tinycapper. We should
expect mostly 500m or so holes and while they have a variety of targets, what matters here is whether the
geological theory inside AUME, that Roger is a much larger copper/gold resource than currently understood
with VMS zones that connect known resource zones at depth, holds weight. So for the next eight (ten?)
weeks AUME is a speculative drill play with all the sky high risk vs reward balances we expect from tinycap
stocks at these moments.
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
Chile: The price of fuel
The main intro rant three weeks ago in IKN876 dated March 8th, “The price of power”, looked into the
potential for cost increases in the mining industry due to the Iran war with a focus on fuel input costs. Along
the way we picked on house Top Pïck Rio2 Ltd as an example of a mining company particularly exposed to a
potential price hike for fuel, as its flagship Fenix gold mine is an open pit operation that needs more trucks to
operate than your average U/G mine and is located in Chile, a country that’s particularly sensitive to world oil
prices. Looks like I got those words in just in time, here’s Reuters last Thursday (14) reporting on the what
the Chilean mining industry thinks of the new Kast government’s decision to slap a 32% price rise on regular
gasoline prices would rise 32% and 62% on diesel 62%, as per last week:
Chile's government's temporary tax adjustment on diesel, intended to mitigate rising fuel prices,
poses a threat to the country's mining sector competitiveness, as reported by the top mining body.
The measure reduces the recovery of a specific diesel tax, affecting companies, including industry
giants like Codelco, BHP, and Glencore.
The Chilean Mining Council has expressed concerns over the $100 million cost within six months
from this tax modification. The mining sector, accounting for 74% of the measure's total cost, could be
unfairly impacted without any increase in fiscal spending to mitigate this burden.
Amid existing operational and bureaucratic challenges, this development could further strain the
mining industry. Chile has taken steps such as freezing public transport fares and lowering kerosene
prices to offset rising fuel prices while lacking its domestic oil production.
By the way, what’s the betting that “temporary” tax is left on the books far longer than most image? This
Spanish language report (15) adds detail, ending with this paragraph (translated):
“With this (measure), the new addition to taxes on diesel opens a new focal point of tension between
the government and the moining industry, at a time when the country is trying to advance its
economic stability, price controls and to strengthen its productive sectors simultaneously.”
23

In other words, not even a right wing government can have its cake and eat it. Back in the IKN876 intro, I
was stupid enough to assume a “worst case” +50% fuel price increase, so more fool me as the increase on
diesel turned out to be “worse than worst case” at 62%. For what it’s worth, there are tax breaks for mining
companies on fuel taxes when the vehicle is used off-road (e.g. the big CAT dumpers on site) and once you
factor those in, the overall cost increase is likely to be very close to our theoretical -50%. Therefore, the
numbers we ran on the RIO.to Fenix gold mine estimated the cost going from U$175/oz to U$262.50/oz, up
U$87.50/oz, are fairly close to tne new reality in Chile. We went on to suppose that if RIO.to expects an AISC
of U$1,500/oz the current gold price can easily absorb a sudden hike to an overall U$1,587,50/oz. That’s
5.8%. Or if the base is U$1,700/oz, adding another U$97.50/oz is 5%. It so happens that on the back of the
news Codelco estimated this (16)…
Top copper supplier Codelco expects disruptions from the Middle East war to lift its production costs
by about 5%, offering one of the first quantified inflation estimates from a major mining company.
Higher diesel prices, more expensive supplies and the Chilean government’s proposed suspension of
a fuel tax credit would together add roughly 10 cents per pound to Codelco’s cash costs, CFO
Alejandro Sanhueza told reporters in Santiago on Friday. Currently, the cost stands at about $2 a
pound.
“We are closely monitoring this situation,” Sanhueza said during an earnings presentation. “We
haven’t yet been directly affected by the Middle East situation, but we are exposed to international
prices.”
…which fits in closely with our ciggypack calc on RIO.to at Fenix. So our bottom line is very much in-line with
our position three weeks ago: Yes, higher fuel prices will affect profits at mining companies but perspective is
required, as the metals price deck still means any mine worth its salt is making boatloads. It’s also why we
tend to pitch our valuation models to the conservative side (e.g. with Rio2 our cash cost assumptions are
120% those of the company, this news is 5% of that 20% extra…see IKN872 for more details). Therefore,
the market may wince and run away from Chilean mining stocks on this news but any real overselling of
stocks on this event is merely another reason to buy the best stocks. For example, Rio2.
Peru elections: Two weeks to go
We’re just two weeks and counting from Peru’s General Elections to decide its next Congress (upper and
lower houses, the dual chamber system back) and the vote for the next President. That’s all but certain to go
to a second round run-off between the top two candidates, but it’s still anyone’s guess as to who they’ll be.
Last week saw the first round Presidential debates between the candidates (they had to do it in three
separate sessions due to the sheer quantity of candidates, 34 in total) and this weekend, we got the first
opinion poll taken since the debates finished. Conducted by one of Peru’s most reputable pollsters, Ipsos, for
the national daily Peru21 (17), here are two screenshots from the report that sum up the headline finding:
With just two weeks to go, there are 21% of people who have decided to “vote in white” (leave ballot paper
blank), spoil the ballot or simply refuse to vote (and pay the fine). Another 13% are “don’t know” and 12%
are going to vote for the plethora of minor candidates not featured on the list of main players. And then…
 Keiko Fujimori (11%) and Rafael “Porky” López Aliaga (9%) still head the lists
24

 Neither have much of the overall vote and are vulnerable to a late surge from any candidate
below
 We’re starting to see some momentum for Carlos Álvarez and Jorge Nieto. At a pinch, we could
include the hard lefty Roberto Sánchez as a candidate showing some late momentum
 My personal quiet fancy, the centrelefty Alfonso López Chau, seems to be fading
Here’s another visual from the same Peru21 report that’s a bit busy, but by showing previous poll results
gives a better idea of who has momentum and who doesn’t:
By general consensus, the famous national comedian/actor/impersonator-turned-politico Carlos Álvarez
(who’s been on Peru’s TV screens for over 30 years and is a household name in the country), store the show
at the Presidential debates and his performance is probably the reason for his late pick-up in voter intention.
His background suited the occasion and not only was he eloquent, but he also took the opportunity to roll out
his impersonations of other candidates on the stage (particularly Cesar Acuña), using his skills to mock
opponents and making his audience laugh at the same time. Not a bad tactic at the late stage in an uncertain
election with people looking for any old reason to pick a favourite. His 7% poll result is the best he’s hit for
over a year. Meanwhile and also by general consensus, “Porky” is looking tired and his campaign is fading,
he’ll need a late pick-up if he wants to make Round Two. As for Keiko, she continues to be hated by most but
loved by a few and if I had to make just one prediction for April 12th, it would be Keiko making the top two
and going to the run-off (again). Who joins her in the ballotage will probably become President, so there’s
everything to play for in this very unusual Presidential election and while this desk will forecast this-and-that,
it wouldn’t be a shock to see any of the top six moving into the run-off.
Literally anything can happen in this most unpredictable of Presidential elections over the next two weeks,
but we do know a few specific dates: 1) The next three days see the second round of Presidential debates
(again, 34 candidates get their moment in three separate blocks), then 2) next weekend sees the last batch
of voter intention polls before 3) Peru goes into its one week political news blackout period then 4) the
country prohibits the sale of alcoholic drinks as from Friday April 10th until polls close on Sunday April 12th. A
couple of hours later 5) we should get an unofficiual but reasonably accurate flash result on Sunday evening
before the final official tallies a few days later. After that, the inevitable run-off between the two least
unpopular candidates (it’s difficult to call them “most popular”) begins.
Argentina: Selling copper to locals
Go back ten years, even five, and Argentine general public opinion toward mining was very negative and the
image of dirty, corrupt and environmentally noxious mining companies trying to rob the fatherland of its
riches in exchanges for a few beads and shiny things was prevalent, particularly among the chattering classes
of Buenos Aires. Times have changed for the better and this factor should not be underestimated in a country
where image is a crucial factor. “iProfessional” is an established business media channel catering for the
generalist business world in Argentina and on Wednesday March 24th, it ran a report (18) on the rise of
25

copper in the country using the most popular trigger you can use in Buenos Aires: Tell Argentina it is world
class in something. Anything. Here’s the title:
“Argentina’s World Class Copper Potential: Six Megaprojects To Attract U$30Bn Investment”
The subheader then tells us Argentina could produce 1.5m tonnes of copper per year by 2025, which would
represent 6% of the forecast market and worth U$17Bn in exports per year (which, if you care enough,
assumes a U$5.14/lb copper price). Then follows a basic but accurate summary of the world market for
copper, plus an outline on why the sector expects demand to increase sharply in the next few years (AI,
datacenters, EVs etc). We then get the list of the six copper projects it thinks will make the difference,
presented in this order:
 El Pachón (Glencore): U$10.4Bn
 Josemaría (BHP/Lundin, Vicuña District): U$4.06Bn
 Filo del Sol (BHP/Lundin, Vicuña District): U$3Bn initial capex, U$7Bn
construction capex, U$8Bn expansion capex
 Taca Taca (First Quantum): U$5.2Bn
 Los Azules (McEwen Mining): U$3.17Bn
 MARA (Glencore): U$4Bn
Note that Aldebaran’s Altar doesn’t make the list. Those are big ticket projects and will go down well in the
business district of Buenos Aires Capital Federal, where they know what incoming dollars can do for reserves
and financial health. At the same time, we also have survey evidence that the idea of mining is becoming
more acceptable to the Argentine palate, with this new poll
(19) showing that (direct translation) “mining has won social
legitimacy, but under certain conditions” and the main one is
environmental care. A reasonable interpretation of the survey
is that mining is welcome and viewed as an important
potential “motor of development” (another literal translation),
but not at any cost and the not able rise in knowledge about
the so-called “glacier law” shows that. This slide from the
report shows that in the space of a year and since the Milei
government pushed through its reforms, twice as many
members of the public are clued in about the Andean glaciers,
the potential damage high-altitude mining could cause them,
their importance to the environment, etc.
Then this next results visual (below) indicates how rank and
file Argentines are far more likely to trust the opinion of
“scientists and experts” on whether the Glacier Reform law
provides adequate protection for the glacier and periglacier zones against the ravages of the mean old mining
companies.
Notably, the trust in environmental organizations (Greenpeace etc) is at the same level as that of the national
government (8%...not a lot), but even those get a better score than Congress or provincial governments.
26

Which is somewhat ironic, as the new Glacier Law reform has placed most of the power of decision directly
with provincial governments. As is often the case in Argentina, style over substance.
Market Watching
Deferred.
We shouldn’t be champing at the bit to trade this market, anyway. Buy some Rio2 and relax.
Conclusion
IKN879 is done, we end with bullet points:
 Didn’t panic. Keep watching.
 Arizona Metals (AMC.to) looks ready to reward some risk capital, I’m happy to bet on a PEA that’s
ready to surprise a cynical audience. The math is the math.
 Avoid Colombia.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://economicweekly.substack.com/p/economic-weekly-march-27-2026
(2) https://www.nbcnews.com/id/wbna18201844
(3) https://x.com/i/status/2037157608331858425
(4)
https://www.arizonametalscorp.com/arizona-metals-final-sugarloaf-peak-drill-results-demonstrate-robust-expansion-and-continuity
(5)
https://www.youtube.com/watch?v=_Gyk010CYGs
(6) https://mailchi.mp/53c01fc76587/latin-explore-announces-final-approval-for-listing-on-the-tsx-venture-exchange-and-commencement-
of-trading?e=048e15a803
(7) https://www.wesdome.com/English/investors/latest-news/news-details/2026/Wesdome-Reports-Multiple-New-High-Grade-Lenses-at-
Kiena-Demonstrating-Resource-Expansion-Potential/default.aspx
(8) https://www.bnamericas.com/en/features/algo-grande-advances-the-adelita-copper-project-in-mexico-aims-for-partnerships
(9) https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-eldorado-shareholder-l1-capital-urges-board-
to-reject-foran-deal-says/
(10) https://www.mining.com/web/eldorado-gold-plan-to-buy-foran-opposed-by-glass-lewis/
(11) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-enters-project-alliance-g-mining-services
(12) https://americas-gold.com/news-releases/2026/americas-gold-and-silver-announces-major-milestone-with-addition-to-the-gdxj-junior-
gold-miners-index-and-provides-notice-of/
(13) https://www.barrick.com/English/news/news-details/2026/statement-on-reko-diq/default.aspx
(14) https://www.devdiscourse.com/article/headlines/3851705-dollar-surges-as-oil-prices-climb-amid-middle-east-tensions
(15) https://www.reporteminero.cl/noticia/noticias/2026/03/consejo-minero-impuesto-diesel-competitividad-mineria-chile
(16) https://www.miningweekly.com/article/codelco-sees-war-disruptions-adding-5-to-cost-of-making-copper-2026-03-30
(17) https://peru21.pe/politica/elecciones-2026-movidas-en-la-intencion-de-voto-posdebate/
27

(18) https://www.iprofesional.com/energia/450858-contundente-dato-confirma-por-que-argentina-sera-potencia-mundial-mineria-
cobre.amp
(19) https://www.ambito.com/energia/ley-glaciares-mejora-la-imagen-la-mineria-y-la-sociedad-pide-equilibrio-ambiente-e-inversiones-
n6259647
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
28

Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
29

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