IKN #880Premium

The IKN Weekly
Week 880, week of April 5th 2026
Contents
This Week: In today’s edition, Inflationary macro dates, Plus ça change, plus c'est la même chose.
Fundamental Analysis: Running the numbers on Tiernan Gold (TNGD.v).
Stocks to Follow: Overview, Arizona Metals Corp (AMC.to), 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), Aurion (AU.v),
Amerigo Resources (ARG.to).
The Copper Basket: Overview, Q1 review, Aldebaran (ALDE.v), Algo Grande (ALGR.v).
The Producer Basket: Overview, Q1 review, Eldorado Gold (EGO) (ELD.to), Americas Gold and Silver
(USAS) (USA.to), Barrick Mining (B).
The TinyCaps Basket: Overview, Sranan Gold (SRAN.cn), Precore Gold (PRCG.cn).
Regional Politics: Peru elections: Game on, Venezuela: Mining potential and elections potential, Argentina:
Wednesday for the Glacier Law.
Market Watching: Vizsla Silver (VZLA.to) (VZLA) shuffled down the pack, Ivanhoe Mines (IVN.to) resets
toward reality.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 Today’s main fundies section catches up on a subject I’ve been meaning to cover for several weeks.
I’ve bought, Tiernan Gold (TNGD.v), added, added and added again because I’m clear on what the
Volcan project can achieve financially and that’s what you have below.
 It’s the end of the first quarter (amazingly fast, no?) and we do our standard review of Copper and
Producer basket component performances.
 Regional politics updates on what may become the next frontier for mining company conquest, as
good old Venezuela has been quietly getting on with the job of reforming and turning its business
sector into something to attract FDI. That and the likelihood of elections in the medium term require
comment for the first time since just after the Maduro operation.
 Market Watching gets negative and kvetchy about a couple of erstwhile star names.
 Other things, too. There are always other things.
Inflationary macro dates
The geopolitical noise may drown out the week to come (again), there’s also Artemis II to cheer on and that’s
good, but we learned on March 18th and the last FOMC that the Fed’s influence is still the greater on the
market (it’s the economy, stupid) so those looking to trade the hot mess would do well to note how much
inflation-related data is cued up in the days to come:
 Wednesday April 8th: The March FOMC meeting minutes are released, which could be one of the more
entertaining reads in what’s normally a dust dry series, what with the looming clash of Jerome and
Donald over inflation and interest rates
 Thursday April 9th: It may be a cliché, but even Fed websites tell us that the “PCE Price index is the
Federal Reserve's preferred measure of inflation” and Thursday sees the dataset for February (not March)
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released and according to the estimable Bill McBride Core PCE price index is forecast at 0.4% and “Core
PCE prices are expected to be up 3.0% YoY.”
 Friday, April 10th: The main price event of the week, when the US BLS gives us the March CPI reading,
so back to Mr. McBride for the forecast as at this weekend: “The consensus is for a 0.9% increase in CPI,
and a 0.3% increase in core CPI. The consensus is for CPI to be up 3.4% Year-over-year (YoY), and core
CPI to be up 2.7% YoY.” With other data coming before these numbers, that consensus may move
before Friday.
So now you know. As for gold and all that, with Easter behind us we may see the threatened uptick in the
ordinance being dropped on Iran and that known-unknown seems to be getting baked into the price already.
Plus ça change, plus c'est la même chose
I’m going to desist from another long-winded rant on the interplay betweem POTUS47, the mullahs of Iran,
Jerome Powell, the market for oil, the stock market, copper demand changes in China from a war-induced
recession, the gold market, what gold might do to the mining stocks and all that jazz. The volatility remains
and the market is still trading from headline to headline, but there’s nothing really new to add to
commentaries from the last couple of weeks (unless you want to get specific on which piece of Iranian
infrastructure is being vaporized, etc). And in the same way you don’t want to hear the star sports player
explain who you should vote for or the music legend lecture you on social evils, this humble publication has
no right to start pontificating on the rights and wrongs of world geopolitics. We’re just a small, backwater rag
that covers a niche corner of the stock market with no aspirations to change the world. The only observation
I’d add to previous op-eds is that the war backdrop is starting to become the new normal. The market is still
volatile, but less panicky or dramatic. Not every Trump declaration moves the market (also true for the Iran
government mouthpiece moments). Drama fatigue is showing and the “expect the unexpected” comment
from IKN879 is taking hold, so even if war doesn’t abate (it may even intensify) at some point the market will
just stop caring. Capitalism is like that; nothing personal, strictly business.
Fundamental Analysis of Mining Stocks
Running the numbers on Tiernan Gold (TNGD.v)
Not a long note today, but one that’s been pending for some time and today is a good day to use an edition
to catch up. Since opening coverage on Tiernan Gold (TNGD.v), a stock that has quickly become my #1 gold
exploreco position, in IKN865 dated December 21st 2025, I’ve been meaning to run some numbers on its
Volcan project in Chile and offer framework of what this trade is capable of achieving in the medium-term
(i.e. the next 12 months). It’s something I’ve done back office for a while, but I’ve been somewhat leery
about going to print on TNGD as for a bunch of semi-connected reasons:
 First and foremost, an internal debate on how to present the numbers because the amount of information
on offer, centered on the December 2025 PEA, makes it possible to build up a detailed model on the
project. That’s all good fun, but at this stage it’s more important to show a best-fit ballpark than precise
estimates. The job is to show the robust economics, not assume the grade fluctuations of the current
mining sequence are exact or the annual payable ounce numbers as seen for the 14 years of the current
economic model are on the nose.
 Also, I’ve found that using standard methods and plugging in contemporary gold prices generates price
target that look way too high to be taken seriously. So it’s been a question of creating a best fit, but
conservatively pitched model that shows the way this project stands up to scrutiny and will offer excellent
economics at a range of gold prices.
 And in the mix somewhere, I’ve been busy buying shares of TNGD and with the buy call clearly stated and
reiterated, somewhere in the rationale I’ve wanted to keep the profile low and not overhype the stock or
what Volcan could achieve.
However, I haven’t been backward about the narrative and you out there should know by now my
enthusiasm for the future of this project and company, so today we put some numerical criteria into the
world. We begin with a revised structure topbox:
2

Shares out: 48.0m
Options: 0.2m
Warrants: 5.9m
Fully diluted: 54.1m
Share price: C$9.06
F/D Market Cap: C$490.15m
Approx cash per S/O: C$1.05
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.72
The share number that matters most is the Fully Diluted total of 54.1m, as the warrants making up nearly all
the difference are well in the money and are bound to become whole.
Now for a quick re-cap of TNGD (please see IKN865 for a more detailed summary) and its Volcan project,
located in the Maricunga region of North Chile (sometimes called the “Maricunga gold belt” by companies in
the zone, something TNGD is bound to adopt). It was bought by Peruvian silver mining Hochschild (HOC.l) 14
years ago and was left fallow in the company for many years and with gold moving the way it has, HOC
decided to reactivate the project and decided to spin it out and create a new standalone company, into which
they could bring outside brains trust. That process was completed late last year and that’s what we have
today. It’s a sulphide gold deposit with a small copper kicker, amenable to open pit mining. Here’s the
resource table from the December 2025 43-101…
…that shows how a cut-off of 0.29 g/t for the main areas (the Central zone is small), Volcan has an M+I
resource of 9.8m oz gold grading 0.658 g/t, plus a further 1.25m oz or so inferred gold. That makes for over
11m oz contained and that’s a big deposit by any standards. The PEA last year assumed a 60,000 tonnes per
day (tpd) machine on top, which makes for a mine plan that takes around half the total mineralized tonnage
and, at assumed head grades (that average around 0.7 g/t gold) and recovery rates that revolve around 65%
depending on the year, produce over 300,000 oz per year over the 14 year mine life.
The capex is estimated at just over U$1Bn, which will probably go up as cost inflation hits (and it’s a PEA),
but the staged nature of the project and the realistic price inputs mean that number won’t be a million miles
away under all but the worst of circumstances. Opex as advertised by the company is U$1,096/oz AISC,
which would put Volcan in the bottom quartile of large scale gold mines and is almost certainly already out of
date, knowing what we know now. In the model below we pitch this a lot higher. To the plus side for
revenues, there’s a small copper by-product credit while to the minus, there’s also 1.5% NSR on the property
held by Franco-Nevada (FNV), which can expand to 4% under certain circumstances with 1% of that able to
be bought back.
Those criteria and others from the PEA form the basis of our valuation model, but we adapt and veer to the
conservative side as well, as the gold price allows us to do just that.
A ballpark valuation
The PEA is our baseline until the PFS arrives around this time next year and to be fair, this PEA looks one of
the more serious first-pass economic studies out there. It uses a gold price assumption of just U$2,400/oz
and manages to return decent margins at that level, so with gold where it is, there’s plenty of width to
assume a higher cost deck. We assume the following major inputs:
3

 Gold grade of 0.7 g/t, recovery at 65%, throughput 60,000tpd (21.5m tpy). Any or all of those may turn
out to be better once the mine starts working; grade tends to be skewed higher in the early years,
throughput could go up once the PFS works out better logistics, recoveries reaching 70% average wouldn’t
surprise anyone.
 A range of gold prices: Stress case U$3,500/oz, Baseline case U$4,000/oz, Preferred case U$4,500/oz, Bull
case U$5,000/oz.
 The minor copper kicker that produces around 3.4m lbs copper payable per year and is sold at a flat rate of
U$4.50/lb. This is included as much to show it’s very minor influence as anything else.
 The total NSR at 3%, which is an obvious worst case and is unlikely to be that high in reality
 TC/RC at 10% of gross. As Volcan would either produce a clean conc or maybe doré, the middlemen
wouldn’t take as much as from other projects we’ve considered recently.
Those get us this far:
TNGD: LoM model year revenues by metal type (U$m)
item stress baseline preferred bull
gold (ozt) 314,550 314,550 314,550 314,550
U$/oz 3500 4000 4500 5000
gold revs 1,100.9 1,258.2 1,415.5 1,572.7
copper Mlbs 3.4 3.4 3.4 3.4
U$/lb 4.50 4.50 4.50 4.50
copper revs 15.3 15.3 15.3 15.3
gross revs (U$m) 1116.2 1273.5 1430.8 1588.0
Total NSR 30.1 34.4 38.6 42.9
TC/RC (U$m) 111.6 127.3 143.1 158.8
Net sales(U$m) 974.5 1111.8 1249.1 1386.4
Sources: TNGD.v data, IKN calcs and ests
We’re going to focus on the “Preferred” pricing scenario (the name is the clue) and estimate annual top line
revenues of just under U$1.25Bn. Now we move to the costs items:
 Capex at U$1.1Bn, raised in a classic 50/50 debt/equity balance. We assume 150m shares out at first gold
pour.
 A cash cost assumption of U$1,300/oz which, on a like-for-like basis, puts estimated AISC at U$1,850/oz.
That’s much higher than the company assumption of U$1,096/oz because 1) we know costs will be higher
2) a reasonable AISC would be comparable to that of the Tier 1 operations in Chile today, around
U$1,500/oz and 3) we add another U$350/oz to the mix to be well on the safe side. To the U$1,300/oz
mine cash costs we add DD&A, averaged at U$90m/year over the 14 year mine life, G&A guesstimated at
U$20m/year and interest servicing at U$60m/year.
 Other inputs include a forex of C$1.00 = U$0.72 and a tax rate of 22%. Chile offers tax breaks for FDI that
drops the burden lower than the official corporate rate for nearly all mines in the country, so this 22% is
probably too conservative and they may end up paying 18% net. There are also some minor adjustments in
the model, but what matters are the main drags and that’s what you have here:
TNGD: Condensed income statement (U$m)
price deck stress baseline preferred bull
Sales (U$m) 974.5 1,111.8 1,249.1 1,386.4
Cash COGS 408.9 408.9 408.9 408.9
Depreciation 90.0 90.0 90.0 90.0
G&A 25.0 20.0 20.0 20.0
fin. Costs 60.0 60.0 60.0 60.0
Op income 390.5 532.9 670.2 807.5
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Exploration 16.0 16.0 16.0 16.0
Tax 82.4 113.7 143.9 174.1
Net income 292.1 403.1 510.2 617.3
Shares out (m) 150 150 150 150
EPS 1.95 2.69 3.40 4.12
Sust capex 12 12 12 12
FCF 2.63 3.37 4.08 4.80
Sources: TNGD data, IKN estimates
That mix offers a mine that averages U$3.40/share EPS over its 14 year mine. That’s robust by any
standards, even with our highly conservative opex assumption and as a result, here’s how we value the
shares today:
Sales & earnings model U$/oz Au prices Target price & valuation data for TNGD based on
Au avg (U$) 3,500 4,000 4,500 5,000 14 years avg production at 315k oz/yr gold
Sales (U$m) 974.5 1111.8 1249.1 1386.4 12-month price tgt $18.90 based on 4x EPS
Upside to target 109% and U$4,500/oz Au
EPS 1.95 2.69 3.40 4.12 Mkt cap (CAD$m) $487 Enterprise value (C$) $461
FCF 2.63 3.37 4.08 4.80 P/sales (3500) 0.44 EV/sales (3500) 1.0
P/E (3500) 4.7 EV/EBITDA (3500) 1.0
P/E (4000) 3.4 EV/EBITDA (4000) 0.7
P/E (4500) 2.7 EV/EBITDA (4500) 0.6
That EPS multiple will climb for sure as the project re-rates while moving from drawing board to reality
(assuming success of course) and once in production, could reasonably command 12X, or triple our current
multiple. But even at this early stage, the spreadsheet U$3.40/share is enough to point us at a double to the
current share price.
The bottom line: This has been gnawing at me for several weeks and today, with a lull in the macro fundy
world of our covered stocks and a mining market that continues to run on outside influences more than
internal valuation factors, is a good time to take advantage. I thought about getting deep and detailed with
this model, but on due consideration the most important thing at this stage is the most basic; show the
Volcan project has strong economics at reasonable inputs thanks to the gold price and get done. That’s what
we have above, a stripped down cash flow valuation that demonstrates the type of cash a 300k oz gold mine
with competitive costs can throw off at this new gold price deck, compare it to current market cap and let
common sense do the rest. Back in IKN865 when TNGD was a C$5.00 pro forma price, we mentioned in
passing that the share price could triple and nobody would bat an eyelid. Here today, with TNGD at C$9,
we’re still in almost the same situation and a double from here would be easy to swallow} for a stock valued
at C$450m (U$350m) and a clear path to a 300k oz/year gold mine. Tiernan Gold (TNGD.v) hasn’t even
started a concerted marketing campaign yet, either and it’s been encouraging for me to hear “what’s that
company?” or “never heard of it” when floating the name to friends and acquaintances in the mining world,
then “ah yes, that’s the Hochschild thing right!” as the recognition begins. TNGD has a long way to go and
while the C$5 and C$7 prices are now a thing of the past, this stock has only juts started its run higher.
Stocks to Follow
The Stocks to Follow list had another good week, with just two losers from our list of 16 stocks (WRLG.v,
XGC.v), three others unchanged (SRL.v, OCI.v, MIRL.cn) down at the bottom of the list and the other eleven
stocks registered week-over-week wins and five of those making double figure percentage moves, so the
good news starts with Wesdome Gold (WDO.to up 14.8%) and continues with Arizona Metals (AMC.to up
13.1%), Gold Royalty Corp (GROY up 10.8%), Marimaca Copper (MARI.to up 10.5%) and Amerigo Resources
(ARG.to up 10.04%, to be accurate to the hundredths). Overall, West Red Lake continues to concern me as it
stubbornly refuses to move up in what should be a germane market for such a stock, but with that said any
week in which only stock from 16 causes grief is a good week.
5

With the addition of Arizona Metals Corp (AMC.to),we move to 16 stocks on our current list, that’s four fewer
than our self-imposed maximum. Thirteen 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$2.72 240.0% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$5.26 241.6% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.07 29-Dec-25 C$9.06 12.4% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.76 187.2% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.68 162.9% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.00 13.6% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$26.11 16.5% 2026 M&A tgt, added Mar'26
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.87 74.8% Agnico will buy more Finland
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.36 -0.7% starter position taken
Arizona Metals AMC.to SPEC BUY C$0.525 31-Mar-26 C$0.56 6.7% return, NT trade flip April'26
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.285 1.8% 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$0.225 18.4% 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 -55.6% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on some of our covered stocks:
Arizona Metals Corp (AMC.to): POSITION OPENED. As per last week’s main fundies note, “A second
bite at this speculative trade” I opened on AMC last week and slightly annoyed when paying 52.5c average,
then felt happy about the price when it kept on moving and got to 58c, felt less happy when it dropped on
Thursday morning, but buyers showed up again and it did better than I expected for the second time in the
week, closing at 56c. So be it, trade opened, we start on the right side of the trade which is rarely a bad
thing.
Tiernan Gold (TNGD.v): Back over C$9 and trading around the $9.50 range before the Thursday dump,
TNGD clearly has plenty of people who look at it with the same eyes as your author. The rest, above.
Rio2 Ltd (RIO.to): Nice job. Recovered the way good stocks do, including a Thursday that saw it drop with
all the other at the opening bell as Iran jitters spread, only to rally a full 10% before midday as bargain
6

hunters moved in and placed RIO.to at the forefront of the recovery. Not C$2.72 and up over 15% from the
low of two Thursdays ago (i.e. reality week-over-week), I want to take a line or three to remind readers that
this…not Tiernan or Amerigo or any other recommended stock, as good as they are, is the Top Pick here at
The IKN Weekly for very good reasons, not just out of habit or laziness. For sure buy and own some TNGD,
or AMC, or ARG or GROY or whatever else, but put RIO.to above all of them on your shopping list, decide
what would be your idea of a full position and then take it. Sub-C$3 is a raging bargain.
Marimaca Copper (MARI.to): Good to see this one rally, adding 10% after a prolonged period of slow drip
selling. Two piece of news from MARI with the first, regarding board and managerial changes, mostly good
but with one item causing a little doubt. Here’s the top paragraph (1):
Vancouver, British Columbia, March 30th, 2026 – Marimaca Copper Corp. (“Marimaca Copper” or the
“Company”) (TSX:MARI, ASX:MC2) is pleased to announce the appointment of Zenon Wozniak,
formerly Director, Projects at First Quantum Minerals Ltd, as an Independent Non-Executive Director,
effective March 27th, 2026. The Company also announces that Giancarlo Bruno Lagomarsino has
been appointed as Independent Non-Executive Chair, succeeding Michael Haworth who will remain
as a Non-Executive Director. In addition, Non-Executive Directors Alan Stephens and Clive Newall
have announced their retirement from the Board effective March 27th, 2026.
It’s normal to see a board refresh and expand; it’s also good to see the quality of mining brains MARI can
now attract. There’s nothing wrong here, except for seeing Alan Stephens step down at this point. Mr.
Stephens is one of the founders of what was Coro Mining and when the forced move from Argentina to Chile
took place, it was Stephens who held the company together and turned it around. His departure at virtually
the same time as the recent sales by Greenstone point to a company that does not expect a buyout to
happen in the near future, though they are not in control of that and the news could come out the blue at
any given moment. I’m not going to read too much into Stephens’ retirement from the BoD, but it’s one piece
of a jigsaw that will stay in my mind.
Meanwhile, the second NR announced the company last week (2) had it doing what it previously said it would
do, re-assayed its Pampa Medina drills for silver (not done previously). The results were good, there are too
many data points to provide a fair sample here, please check the NR but the top bullet point summed it up
well:
Completion of the ICP assaying on all drilling completed to date at Pampa Medina indicates
consistent, high-grade silver mineralization with the potential to be a predictable by-product credit at
scale
Do not be confused, Pampa Medina is and will always be a copper story but the silver credits may turn out to
be more than useful, as VPEx Sergio Rivera points out:
“Precious metal by-products in large primary copper deposits can surface exceptional value for
builders and operators of these deposits as we have seen in recent and past transactions.”
Translation: “Sell the ounces to Wheaton on a streaming deal, get some serous upfront capital to build your
copper mine.” Anyway, the market liked the silver credits idea as much as this desk and the rally was timely.
Mayfair Gold (MFG.v): Some interesting news Thursday, when MFG announced (3) it was paying C$2.5m
to secure some moose pasture around its Fenn-Gib project. Maybe not the biggest deal, but securing land
rights around one’s focal point is what the serious end of the junior spectrum and the concessions located
some 40km to the East may turn out to be an exploration target, some time down the line. We’re in MFG for
the clear plan to move the project through the gears, to fund and permit and build a mine on a fast track (or
fast for Canada, at least). I may not own enough of these at this price, don’t be surprised if I add the next
time I go shopping.
West Red Lake Gold (WRLG.v): Continues to underperform, down on a week in which most other sector
names were either up or up a lot and I have to state, it doesn’t augur well for the Q1 production number
we’re due to get from the company at any moment in the next week (or two). By way of reminder, we’re not
after a 50k oz annual run rate yet (i.e. 12,500oz/qtr) but the “incremental gains” seen in the 2025 quarters
should see a leg up as Madsen is now officially in commercial production and a lot of the infrastructure
required to scale up has been in place since last December (scoops etc). Our current forecast is for 10,500 oz
gold this quarter (see right) and while it’s not a hard forecast and wriggle room on that number is allowed as
long as guidance for the rest of the year is good, I wouldn’t want to see a big miss.
7

WRLG: GEO production, per quarter
8
894
0625
5507 9737
00501 00011 00011
Oz Au
12000
10000
8000
6000
4000
2000
0
1q25 2q25 3q25 4q25 1q26est 2q26est 3q26est
source: company filings, IKN ests and calcs
As for its recent U$900,000 “investment in marketing”, Peter Schiff managed to dedicate a minute and a half
to WRLG in his latest market chat video, about half way through a one hour rant and sandwiched between
his thoughts on Trump and Iran (see minute 28:30 onward, here (8)). This is the dumbest way I’ve seen a
junior spend its marketing budget for quite some time and what’s more, while fact-checking Schiff’s claim
that Madsen is aiming to produce 50,000 oz gold in 2027, noticed the company is happy to spend on this slop
but hasn’t updated its own corporate presentation since January 20th. That’s nothing short of wild, the entire
Q1 conference season without updating on one of the key periods in the company’s history and instead of
doing the basics right, WRLG dumps C$1.25m on a channel that thinks a minute’s worth of pumping half way
thru an hour long rant that probably got seen by 20% of the people who started the YouTube running and
was registered by 10% of those.
We await the 1q26 production report and the 2025 YE financials that will come with 2026 guidance. At that
point, it will be time to make a proactive buy/hold/sell decision on this laggard trade.
Xali Gold (XGC.v): The other the two stocks down on the week, but this time it’s good news and not bad.
My own complaint is that it didn’t drop more than half a penny and the sooner it’s down to a reasonable
level, the better.
Orecap Inv (OCI.v): The rally came to OCI holdings as well, with 1.3c/share added to its portfolio value on
the week even as the stock price remained at 10.5c (though it did trade at 11c most of the week).
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.20 12.86 5.2
ARIC.v 7.39 0.90 6.65 2.7
ARIC warrant 4.17 0.70 2.92 1.2
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.07 2.99 1.2
MERG.v 1.025 0.83 0.85 0.3
MERG warrant 0.5125 0.38 0.19 0.1
ZIGY.cse 4.942 0.47 2.32 0.9
KLDC.v 40.040 0.185 7.41 3.0
subtotal 39.04 15.7
Est.cash 0.70 0.3
Total 39.74 16.0c
At 248.332 S/O
We should expect some arbitrage, we shouldn’t expect it to be as wide as 50%+ and once again, we point to
OCI as a smart and cheap way to play a bunch of active tinycaps. American Eagle (AE.v) is currently the
flavour of the month and is leading the valuation stakes, but there are a lot of others bubbling under and it
wouldn’t take too much to see one of the small contributors price higher and drag OCI with it. At the
moment, your author’s thoughts turn to Auriginal (AUME.v) as it starts its drill program at Roger, or maybe
ZIGY what with Gold Candle now moving to buy up land around its project (McGarry is literally next door, it’s
on strike and with significant infrastructure to offer its neighbour).
Gold Royalty Corp (GROY): The great entry point we noted last week lasted exactly one day:

We’re not quite back from whence we came, but the biggest part of the mid-March waterfall drop has been
clawed back but I’d like to be clear on this, this weekend’s U$3.64 is still a tremendous bargain compared to
where GROY is going as its next set of streams come online.
Latin Metals (LMS.v): I’m not going to cover the spin-off Latin Explore (LXE.v) on these pages, but it gets
a mention today as it started trading and while thin, gave us a 22.5c close to mark a start. LXE also got a
new CEO in Mike Basha, an industry veteran who knows his Andean Cordillera and wouldn’t have taken this
post for nothing else to do.
Wesdome Gold (WDO.to): I really appreciated the Exploration Teach-In run by Wesdome on Monday,
which made its way to the public realm via this YouTube (4) a couple of days later. Here’s the blurb on that
presents the video, which does a good and succinct job of its contents:
On March 30, 2026, Wesdome hosted an exploration teach-in in Toronto for sell-side analysts,
featuring presentations from Anthea Bath, President and Chief Executive Officer, and Jono Lawrence,
Senior Vice President, Exploration and Resources. The session highlighted Wesdome’s evolving
exploration strategy and growing pipeline of targets across its portfolio, including opportunities for
high-grade resource expansion, bulk tonnage upside, and the discovery of new mineralized systems
beyond historically defined zones. The presentation also included the results of a new airborne
magnetic survey of Kiena.
The company separated the talk into 7 parts but for me, there were four segments of note. After the intros
and the meet-the-team we got an outline of the company’s exploration strategy. Then came a block on Eagle
River (which is well worth your time, above all showing how this mature mine still has a lot of clear and even
exciting exploration potential to offer), then came a block on Kiena geology and exploration, then a wrap up
they entitle “Building a Mid-Tier Gold Producer” which outlines its corporate vision. However, those of you
who don’t want to do the whole 100 minutes of the gig will probable want to focus on the section that
obviously pleased the market and caused WDO stock to rally the way it did…
[NB: UPDATED TO INCLUDE MONDAY APRIL 6TH]
…that’s the Kiena exploration segment, which went into what WDO geologists think they’ve found in recent
drilling that suggests a whole new resource body on the other side of one of the major faults that, if turns
out to be true, may mean Kiena has a mirror orebody that reaches to surface and to date is untouched. VPEx
Jono Lawrence also revealed the in-house excitement forn the new Dubuisson target, which hasn’t made
9

much of an impact on the company share price to date but is obviously held in very high esteem by the WDO
team. Finally, CEO Bath mentioned the wide-ranging corporate update due in June on several occasions,
including in her wrap up. It’s clearly an important milestone point for the company and will lay out near and
long-term guidance on both mines, including high level production and costs estimates and the way in which
the NR and accompanying 43-101 was framed, we retail minnows will do well to play close attention that day
because the vibe was “WDO changes that day”. Finally, the way WDO traded last week [edit: and today
Monday] smacked of smart money moving in.
Aurion (AU.v): You have to go back to before Covid for a higher closing price in Aurion Resources (AU.v)
than the C$1.87 registered this weekend, all done on radio silence from the company (last NR mid-January).
That lack of noise on the airwaves is one of the angles we expected from this trade, it was always likely we
heard nothing, then nothing, then nothing and then suddenly some sort of deal is reached that changes
everything. There’s the potential to hook up with Rupert Resources, there’s B2Gold around there somewhere,
there’s also our default scenario tat Agnico swoops in and scoops it all up, RUP and AU and all.
Amerigo Resources (ARG.to): Happy to report that ARG returned to the market to buy back shares,
buying a total of 570,203 in March at an average price of C$5.43 and bringing the shares out total down to
161.8m. This compares to a S/O total of 161.741m as at December 31st 2025 and in other words, ARG has
mopped up nearly all the derivatives exercised in Q1. This desk strongly encourages ARG to continue the
buybacks in this current copper price environment and to prefer this method of returning shareholder capital
to that of the performance (bonus) dividends occasionally awarded. Buybacks are the most tax efficient route
and that's the most appealing to big desk instos looking to build dividend yield portfolios and hold for years
on end. In trading, ARG did exceptionally well (I thought) to add over 10% and get back firmly into the 5-
handle world.
The Copper Basket
After thirteen weeks of 2026, The Copper Basket shows a gain of 19.% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 278.326 1191.24 4.28 56.8%
2 Aldebaran Res. ALDE.v 3.67 185.338 422.57 2.28 -37.9%
3 Pecoy Copper PCU.v 1.32 209.489 372.89 1.78 34.8%
4 Los Andes Copper LA.v 9.20 29.573 340.09 11.50 25.0%
5 Hot Chili HCH.v 1.33 177.47 236.04 1.33 0.0%
6 American Eagle AE.v 0.56 192.621 231.15 1.20 114.3%
7 Surge Copper SURG.v 0.475 377.754 222.87 0.59 24.2%
8 Andina Copper ANDC.v 0.56 267.638 214.11 0.80 42.9%
9 Hercules Metals BIG.v 0.74 289.41 188.12 0.65 -12.2%
10 Element 29 Res ECU.v 1.20 155.51 175.73 1.13 -5.8%
11 Copper Giant CGNT.v 0.49 203.927 140.71 0.69 40.8%
12 Fitzroy Min FTZ.v 0.48 327.178 132.51 0.405 -15.6%
13 Metal Energy MERG.v 0.64 45.2 37.52 0.83 29.7%
14 Algo Grande Copper ALGR.v 0.53 42.159 27.40 0.65 22.6%
15 Kobrea Exp KBX.cse 0.51 35.622 17.10 0.48 -5.9%
NB: All stocks in CAD$ Portfolio avg 19.41%
The Copper Basket improved by 9.5% last week, all-but doubling its YTD performance in the process, thanks
to a headcount of three losers (LA.v, FTZ.v, ALGR.v)
that included a hefty drop taken by Algo Grande (ALGR.v 45% The Copper Basket 2026, weekly evolution
down 23.5%) versus twelve winners and even though 40%
35%
we’re not listing them all, we’re obliged to name eight of
30%
the 12 as all these put in double figure percentage
25%
gains: Pecoy Copper (PCU.v up 19.5%), Surge Copper 20%
(SURG.v up 19.2%), Faraday Copper (FDY.to up 15%
10%
15.1%), Andina Copper (ANDC.v up 14.3%), Hot Chili
5%
10
0%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA
source: IKN calcs

(HCH.v up 13.7%), Hercules Metals (BIG.v up 12.1%), Kobrea Exploration (KBX.cn up 11.6%), American
Eagle (AE.v up 11.1%). Quite the merry list.
The impulse came from the way copper-the-metal
traded last week and while the coast isn’t yet
clear, the market seems to have decided that the
mess in Iran isn’t the existential risk to copper
demand that some would have had you believe a
couple of weeks ago.
Believe it or not (it took me a few minutes to
adjust to the fact), but one quarter of 2026 is
already behind us and that means today includes
the first of our end-quarter snapshots of relative
component performances. Here’s the chart:
The 2026 Copper Basket after 13 weeks
11
%3.411 %8.65
%9.24 %8.04 %8.43
%7.92 %0.52 %2.42 %6.22
%0.0
%8.5- %9.5- %2.21- %6.51- %9.73-
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
v.EA ot.YDF v.CDNA v.TNGC v.UCP v.GREM v.AL v.GRUS v.RGLA v.HCH v.UCE nc.XBK v.GIB v.ZTF v.EDLA
source:TSX, CSE, IKN calcs
Applause, whoops, cheers and laurels for American Eagle (AE.v), up 114.3% after the first thirteen weeks of
the year and way out in front of the others so far. That doesn’t mean to say its fellow component stocks have
been slackers, quite the contrary in fact as four other stocks are up over a third already, with Faraday Copper
(FDY.to) making a particularly impressive move from what was already a developed market cap. It’s enjoyed
the Lundin Connection to the full so far and will keep me sighing about the one that got away for a while
longer. Andina Copper (ANDC.v) delivered good early assays from Cobrasco in South Colombia and has the
hype on its side, as does Copper Giant (CGNT.v), but the less said about the real chances of either of those
projects becoming mines the better.
Meanwhile at the bottom end of the pile, I’m surprised Aldebaran (ALDE.v) has been this weak. Perhaps it’s a
case of a small free float being affected by a few weaker hands, we know the big backers are not in the
market and playing the price but still, that’s a big drop. Fitzroy’s (FTZ.v) poor performance is less of a
surprise though, pure smoke and mirros guff and nonsense that has a lot further to fall. I still have my eye on
Kobrea (KBX.cn) and think it could wake up, and of course Hercules Metals (BIG.v) would only need one
decent drill assay for its legion of paid pumpers to swing into action and make all the noise.
It’s also the end of the month so we take in our long-term copper inventory trackers, with the main story this
time the near-equal amount of worldwide stock compared to one month ago:
Key Cu inventory aggregate, 2012 to date
1400000
1200000
1000000
800000
600000
400000
200000
0
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von 62naj ram
Mt Cu
Comex
Shanghai
LME
source: Cochilco

Copper inventories: percentage held per exchange
90
80
70
60
50
40
30
20
10
0
12
21.naJ ram yam luj pes von 31.naJ ram yam luj pes von 41.naj ram yam luj pes von 51.naj ram yam luj pes von 61.naj ram yam luj pes von 71.naj ram yam luj pes von 81
naj
ram yam luj pes von 91
naj
ram yam luj pes von 02
naj
ram yam luj pes von 12
naj
ram yam luj pes von 22
naj
ram yam luj pes von 32naj ram yam luj pes von 42naj ram yam luj pes von 52naj ram yam luj pes von 62naj ram
LME Shanghai Comex source: Cochilco
LMS has added stock to virtually the same amount as SHFE has shed its copper, so with Comex now treading
water at over 500kmt we’re still at record levels of copper in the world’s warehouses, but no major changes.
Comex month-end copper stocks, 2025 to date
25988 86558 30558
849231
847361 695881
779332 186942 987492 926223
009873
338154
257125 262545 522335
600000
550000
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
52naj bef ram rpa yam nuj luj gua pes tco von ced 62naj bef ram
mt Cu source: Comex
We move to our regular weekly world copper inventories update, data directly from the three exhanges this
week as Chile took Thursday and Friday off for the Easter celebrations. We’ll be back leaning on the Cochilco
data this time next week.
 The aggregate of the world copper stocks dropped again last week, the total this weekend
1,196,238 metric tonnes (mt) and down 58,128mt since IKN879. We’re still over a million metric
tonnes stored away and that record level should not be taken for granted, but the top now
seems to be in at both Comex and SHFE. Details coming up.
 At the Shanghai Futures Exchange (SHFE), copper inventories closed the week down a chunky
58,047mt at 301,088mt, that move accounting for basically all the aggregate change. Still
hanging on to the 300kmt line, but the trend is now friendly for copper bulls who want evidence
of demand in the world’s biggest copper market. This seasonal drop is right on time, it’s looking
sharper than the average as well.
 LME warehouses copper stocks saw another add to keep their trend running, but this time a far
more modest 1,675mt compared to the last couple of weeks. The total is now 361,925mt and
Asia warehouses continue to hold most of that, being as they are the new dump point of choice
for Chinese smelters.
 Finally the Comex, where we saw a modest drop of 1,756mt to its copper stocks, with a weekend
total of 533,225mt added a small 917mt to total held copper to finish the week at 534,981mt.
Once again, all signs are that Comex stocks have finally topped out.
Our dedicated SHFE chart shows what a drawdown of 132kmt in three weeks does for the squiggly line:
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data

The Lunar New Year spike top was a new record in 2026, but since the year of the horse kicked in and
started to gallop (see what I did there?) the draw down has also been a record pace. If the next 100kmt
leaves SHFE storage as fast as the last 100kmt, it will be time to sit up and take real notice.
Now for some notes on a couple of basket component
stocks
Aldebaran (ALDE.v): Something happened last
week to ALDE. Ever since the last January prioe peak,
ALDE has sold down but only at same rate as its sister
stock, Regulus. However, when last week REG
reversed and put on a spurt to close the gap against
copper peers (COPX proxy in this chart), ALDE
stubbornly refused to budge and as this chart shows,
the sideways action came on elevated volume:
The best guess is a bigger seller of ALDE and, as the
market isn’t particularly liquid for the stock it wouldn’t
take too much to create the 15% gap seen to REG.
Algo Grande Copper (ALGR.v): We pointed to the pumpo in this stock in IKN879, it promptly unwound:
And to such an extent that the 35% gain last week is now a 3% loss, underperforming the good old COPX
ETF along the way. Don’t believe the hype.
The Producer Basket
After thirteen weeks of 2026, the Producer Basket shows a gain of 9.35% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 123.17 114.05 14.2%
2 Agnico Eagle AEM 169.53 500.989 104.48 208.54 23.0%
3 Barrick B 43.55 1705.994 71.04 41.64 -4.4%
4 Wheaton PM WPM 117.52 454.037 61.55 135.56 15.4%
5 Lundin Gold LUG.to 114.02 241.808 19.40 111.41 -2.3%
6 Alamos Gold AGI 38.58 419.947 19.32 46.01 19.3%
7 IAMGOLD IAG 16.49 588.8 11.24 19.09 15.8%
8 Eldorado Gold EGO 35.92 198.571 7.11 35.81 -0.3%
9 B2Gold Corp BTG 4.51 1343.243 6.35 4.73 4.9%
10 Americas G & S USAS 5.11 318.26 1.76 5.52 8.0%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 9.35%
A strong week for the producers and while GDX (+9.9%) performed better than our list of ten by a couple of
points, it’s hard to be overly critical. All ten of our list were winners as even the heavy dump taken by
13

Americas Gold & Silver (USAS) early turned into a thin 2c win come Thursday afternoon, such was the power
of the continued relief rally and while the #1 best move was in Lundin Gold (LUG.to up 13.6%), the real
applause goes to Newmont (NEM up 11.7%) which performed its sector leadership role to perfection. A
podium position for B2Gold (BTG up 11.3%) as well, good to see buyers return there.
It’s the end of the first quarter, so let’s check on the comparative performance of our ten stocks in our
normal and traditional way, this snapshot chart:
The 2026 Producer Basket components after 13 weeks
14
%0.32
%3.91 %8.51 %4.51 %2.41
%0.8
%9.4 %3.0-
%3.2- %4.4-
25%
20%
15%
10%
5%
0%
-5%
MEA IGA GAI MPW MEN SASU GTB OGE ot.GUL B
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
3%
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
-6%
source: NYSE, TSX, IKN calcs
 Newmont (NEM) may have won the week, but the quarter belongs firmly to Agnico Eagle (AEM), up over
twice as much as the market benchmark GDX and justifying our faith in the stock after a somewhat
lackluster 2025. Alamos Gold (AFGI up 19.3%) also deserves applause for its #2 spot but to be fair, all the
top five have out-performed GDX and should be satisfied with the YTD.
 Then come the underachievers, starting with the wild and whacky performance we saw in Americas’s Gold
& Silver (USAS) this quarter. Included as our risk/reward play, the first two months were vertical and the
stock almost doubled, before hitting turbocharged reverse gear and almost going into the red as the PM
sector came back down in March. Its relatively small size, exposure to silver and reliance on delivering on a
turnaround story in progress make for a heady cocktail and at this point, at least we know which stock to
watch if silver and gold get jiggy again in Q2.
 Next up, Eldorado Gold (EGO) once again disappointed with the main issue its move to buy Foran (FOM.to),
a buyout that has hit headwinds as seen in IKN879 last week (with a word or three extra below today).
Then comes my biggest mistake in the 2026 list, as Lundin Gold (LUG.to) showed how much it had got
overbought in 4q25 by re-tracing last quarter and ending down.
 We close with tail-end Charlie and while Barrick’s quarter wasn’t quite bad enough to be called a nightmare,
it doesn’t seem able to get out of its own way and scored own goal after own goal in 1q26, including 1)
deferring on Reko Diq (an update last week on that subject is considered below 2) failing to wow the
market with a lackluster 2026 production guidance 3) falling foul to a potential failure to adhere to the NGM
JV agreement with Newmont (to the point where NEM has got the lawyers active) and finally failing to
disclose the large royalty on its big Fourmile development project before the market got wind of it a couple
of weeks ago (see IKN878). Of all the issues, the Nevada Gold Mines spat with JV partner Newmont is
probably to most damaging as it casts a long shadow over B’s plans to split into two parts in the near
future.
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA
The 2026 Producer Basket: Weekly performance and
40% comparative to GDX control
35%
30%
25%
20%
15%
10%
5%
0%
-5%
source: IKN calcs
-10%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA
ikn
gdx control
source: IKN calcs

And that was the quarter that was: Agnico wins the spoils, Wheaton is now less than $10m away from taking
third place off Barrick, USAS provided a real rollercoaster ride and Barrick had one to forget. On to 2q26.
Eldorado Gold (EGO) (ELD.to): The big day for the FOM/EGO merger is tomorrow April 7th, when EGO
shareholders meet to decide whether to allow the deal to go ahead despite the opposition from L1 Capital
and, rather impressively, a negative opinion from the proxy people at Glass Lewis (see IKN879 last week for
the write-up). EGO seems to be felling the pressure, as on April 1st it reminded holders to submit their votes
before the deadline (5) of Thursday 2nd and the continued weak trading in the stock strongly suggests the
deal will be passed (if it fell apart, the share price would bounce back from whence it came on the deal date).
Americas Gold and Silver (USAS) (USA.to): Last week in IKN879 we noted how USAS traded weakly
compared to peers, as well as the way major backer Eric Sprott block sold 5m shares to GDXJ. Just one day
after publication, we found out the major reason behind the weak price action (8). USAS put a upbeat face
on its 4q25 earnings (of course), making sure words such as “growth” and “strong” made the headline…
Americas Gold and Silver Announces Strong Full-Year 2025 Results and 2026 Guidance with ~30%
Annual Production Growth
…and we knew production wasn’t going to be a wild number because that had been pre-disclosed in January,
so all eyes were on the money and most of all, costs. Here’s how the numbers went down with the market:
Long story short, USAS Q4 went down like a lead
balloon and the company’s week was saved by the
USAS: Silver production macro backdrop, up 2c while peers stocks added 10%
and more. As stated, production was already known to
be somewhat light, lower than 3q25:
The issues start with AISC (chart below left), which
added U$4.30/oz compared to Q3 but more specifically
mine cash costs, which on a per-ounce basis rose
11.3% compared to 3q25. We knew USAS was still
spending on its producing assets so AISC could have
come in at any price, but the way mine cash costs
jumped hard took the market by surprise…and the
market tends not to like surprises.
15
029384 239505 485583 658363 702644
366886 757467 666647
Oz Ag
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings
USAS: Mine cash costs and AISC
40.03
75.02 85.91
24.21
83.52
88.61
83.04
86.02
76.53 40.52 98.23 46.62 60.03 11.42 63.43 38.62
U$/oz Ag
45
40
35
AISC
30 Cash costs USAS: Revenues and net loss
25
20 15
10
5
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25
source: company filings
9.02
9.21-
2.33
7.2-
3.22
8.71-
8.32
8.7-
5.32
1.12-
72
2.61-
6.03
2.41-
8.63
9.53-
U$m
50
revs 40 net loss
30
20
10
0
-10
-20
-30
source: company filings
-40
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25

As for revenues (above right), they were under estimates at U$36.8m and while the market expected a
modest loss, the U$35.9m bottom line loss was far heavier than expected and caused the early traders to run
for cover. Perhaps those who know net earnings is not the right metric for a growth PM story were the dip
buyers that day, but even so the quarter wasn’t anyone’s idea of a success (aside Paul Huet and his
adjectives). My, Eric Sprott timed his 5m share block sale fortunately.
Barrick Mining (B): We got this from B after the close on Thursday, giving the market a long weekend to
get a feel of how much Thornton hates Bristow for going all-in on Reko Diq (6):
Barrick continues to believe in the long-term value of Reko Diq. Following the preliminary findings of the review
and the further escalation of security issues in Pakistan and the region, the Company considers it necessary to
slow the development activity and continue the project review until mid-2027. The continued review will allow the
Company to assess in a comprehensive manner the evolving security situation, capital requirements, project
financing, project scope and timeline.
The NR goes on to state that budget for Reko Diq and that at this preliminary stage, B expects capex to
increase markedly. Your second quote from the NR:
It is anticipated that there could be significant increases to the previously disclosed total estimated capital budget
and timeline for the project. The previously disclosed total estimated capital cost of Phase 1 was between $5.6
billion and $6.0 billion (100% basis, exclusive of capitalization of financing costs) and of Phase 2 was between
$3.3 billion and $3.6 billion (100% basis, exclusive of capitalization of financing costs), with first production
targeted by the end of 2028.
And be clear “significant increases” at this level of mining does not mean 10% or 20% extra on capex. In
trading, B did reasonably well, but underperformed GDX and was nearly 4% off the pace set by NEM.
The TinyCaps List
After thirteen weeks of 2026, the TinyCaps show a loss of 4.40% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 18.52 0.070 0.0%
Canex Metals CANX.v 0.215 208.63 47.98 0.23 7.0%
Sranan Gold SRAN.cn 0.30 60.42 9.37 0.155 -48.3%
Enduro Metals ENDR.v 0.155 76.04 12.93 0.17 9.7%
Latin Metals LMS.v 0.21 138 31.05 0.225 7.1%
Precore Gold PRCG.cn 0.26 32.093 8.67 0.27 3.8%
Radius Gold RDU.v 0.14 115.7 14.46 0.125 -14.3%
Silver Wolf SWLF.v 0.135 62.18 9.33 0.15 11.1%
Trifecta Gold TG.v 0.195 47.7 9.54 0.20 2.6%
Viva Gold VAU.v 0.19 171.677 24.03 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -4.40%
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. TinyCaps, 2026 weekly tracker
20%
The TinyCaps average is still underwater for the year, but 15%
eight winners (AUME.v, CANX.v, ENDR.v, LMS.v, PRCG.cn, 10%
RDU.v, SWLF.v, TG.v) versus just two losers (SRAN.cn, 5%
VAU.v) means it had a positive week, even though the 0%
16 -5%
-10%
-15%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA
source: IKN calcs, TSX data

only big move was one of those losers, Sranan Gold (SRAN.cn down 16.2%).
Sranan Gold (SRAN.CN): We remind readers that The TinyCaps List is not a list of recos, it’s built to
represent the tinycap end of the sub-sector, warts and all (hopefully, anyway) and as such, SRAN is
interesting to watch as it continues to pay the price for failing to live up to the hype and pump of 2025 and
the first weeks of 2026. If we hadn’t brought it in as a late replacement to the list, we wouldn’t have an
example of how badly wrong you can go when playing with these companies and that’s a good thing,
especially as I don’t own any and have no plans to do so. Aside from reporting ho-hum drill intercepts from
its Tapanahony project in Suriname (a lot depended on them hitting decent grades and widths at depth,
they’ve failed so far), the corporate disorder has been on full display after late filing its annuals and having to
go into Management Cease Trade while trying to fix the mess. Trade vehicles such as this rely on trust as
much as any promised results, fail on both scores and the result is a near-50% drop YTD while most peers
are in the green for 2026. Add in the social media pumpo around this stock, with some of the seedier
characters in the pump world promoting the name, and it’s a case study worth following.
Precore Gold (PRCG.cn): We’re keeping an eye on this tinycap as it holds the rights on the Arikepay
copper project in South Peru, so a word or two on its 2q26 financials are due, the RegFs filed to SEDAR on
Tuesday March 31st for the quarter ending Jan 31st. As seen on the balance sheet, PRCG has C$0.95m left of
the C$1.3m net proceeds raised in its Q1 placement:
That fits with the C$0.365m spent on operating activities in Q2, with most of that spend on exploration and
evaluation activities. It hasn’t started work on Arikepay yet and once that happens its minimal burn rate will
ramp up, so at some point we’re going to see this company move to raise capital and if I had to guess, it will
be when they have Peru government papers and the official blessing of the community around the project
(which shouldn’t be too difficult in this case, it’s a desert area and the 2026 work program won’t be
particularly intrusive). The company said as much in the MD&A…
“The Company had a working capital of $889,727 and an accumulated deficit of $1,026,195 as at
January 31 2026, which has been funded by the issuance of equity. Management has assessed that
cash on hand as at year-end is not sufficient to fund operations for the next 12 months in the absence
of additional financing.”
…and the information is duly acknowledged. This trade set-up reminds me of Xali Gold and not just because
of the Joey Freeze connection (Precore is optioning Arikepay out of Candente/Alta, now Fortescue), as there’s
no reason to chase the stock price until it’s added necessary treasury. Also in this case, more information on
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
I’m trying to stay away from commenting on the Colombia election every week, fascinating as it is for your
author (we all have our bad habits, South American party politics is one of mine). Let’s get the Peru round
17

one behind first before resuming coverage on that, but feel free to mail in with questions on Colombia if you
want an opinion or three. I have opinions.
Peru elections: Game on
By the time the next edition of The IKN Weekly comes out, we’ll know who has come in the top two positions
in this coming Sunday’s Presidential election and made it to the all-important run-off to decide Peru’s next
President, supposedly for the next five years but in this bananas-loco country that may turn out to be five
months…or five weeks (a quick reminder: There have been seven Presidents since the word “Covid” was
added to the dictionaries of the world).
The craziness extends to the first round vote next Sunday, as voter intention is severely fractured and even
the long-standing front-runner candidates Keiko Fujimori and Rafael López-Aliaga, each polling around 11%
of total vote and 17% of valid votes and vying for the lead in most polls, cannot be sure of making the run-
off as it wouldn’t be a massive shock to see one or even two other candidates make a late surge and change
the whole deal. Indeed, the last day slew of voter intention polls that dropped on the world before polling
goes prohibited inside Peru (they’ll still do last minute polling “for an international audience” this coming
week) shows a mix of Keiko and Porky still leading as per (e.g. Datum) or Porky dropping and the
comedian/impersonator-turned-politico Carlos Álvarez taking second spot by a whisker (e.g. IPSOS and fwiw,
there’s a clear pro-Álvarez trend in some quarters of the Peruvian media world; he seems to have picked up a
high-powered backer or two). If you put a gun to my head and forced me into one prediction, I’d say that the
Fujimori hardcore fanbase should be enough to see Keiko make the run-off and I’d pick her to be in the final
round. Force me into two and I could not pick the candidate to reach the run-off with her, as of this weekend
Carlos Álvarez is getting a lot of rah-rah and two of the four major pollsters now have him in second place by
a percentage point or so, but if Keiko makes the run-off whoever gets 2nd spot has a favourite’s chance of
being the next President (and be clear, the Porky supporters will hear no talk of defeat), but I must stress
that neither are confident forecasts and any of the others could upset the applecart. Names to consider aside
Keiko, Porky and Álvarez include Alfonso López Chau. Jorge Nieto or Roberto Sánchez (who may pick up a big
vote in the South and upland regions) but even that little list may miss the eventual late springer from the
pack.
Anyway, IKN881 is sure to have a segment on the result and be in a better position to handicap the run-off
and who has the best chance of becoming next President. I’ll be watching my screen, popcorn in hand,
Sunday evening though Peru’s election people only expect around 60% or results by midnight. It could be a
long one.
Venezuela: Mining potential and elections potential
Since Nicolas Maduro was captured by US armed forces in that daring and impressive mission raid in the first
days of January, we’ve made a couple of quick mentions of Venezuela on these pages but the strict focus on
mining means we’ve kept things to a minimum. However, it’s time to float a few thoughts on the unfolding
situation in the country as there are a couple of disparate developments that are converging on what may be
a moment in the near future when mining exploration and eventually operation becomes a thing for outside
FDI (e.g. this audience). Some bullet points:
 Interim President Delcy Rodríguez continues to play ball with The USA
 The Venezuela government is pushing through wholesale changes to its mining laws that should allow
FDI to enter and develop its large and potentially very lucrative open pit gold mine zones in the South
and Southeast of the country
 According to the country’s constitution, the moment is approaching when new Presidential elections
must be called
We start with our focus subject and the quick method is to lean on this recent BN Americas report (7) that
covers the main business and lawmaking angles of the changes coming to the rules for mining in Venezuela.
Here’s the top half of the report for your consideration, please click through for the rest:
The National Assembly of Venezuela is moving forward with the approval of an amendment to the
Mining Law to open the sector to private investment, in a context of partial easing of gold sanctions by
the United States.
So far, lawmakers have approved 55 of the 130 articles of the bill and plan to resume the debate in
the second week of April to discuss the remaining ones.
18

Among the articles already approved, the creation of a National Mining Fund and a National
Superintendency of Mining Activity stands out, which will be responsible for overseeing the sector and
managing taxes and royalties, still to be defined in the pending articles.
The project establishes that the State reserves the exploitation of strategic minerals and rare earths
for reasons of national security, while the Central Bank of Venezuela maintains the preferential right
to purchase the gold produced in the country.
In terms of concessions, the maximum duration will be 30 years, with the possibility of two successive
extensions of up to 10 years each, which in practice extends the investment horizon.
Companies will be required to fully repair environmental damage and pay severe fines in the event of
violations, strengthening the environmental component of the regulation.
Another key point is the incorporation of dispute resolution mechanisms in international courts, which
constitutes an unprecedented guarantee for foreign investment in the Venezuelan mining sector.
The bill was sent to Parliament a few days after the visit to Caracas by the US Secretary of the
Interior, Doug Burgum, who met with interim president Delcy Rodríguez and with representatives of
US mining companies.
In those meetings, US companies expressed interest in developing projects in Venezuela, conditional
on progress in regulatory changes.
This comes at the same time U.S. Embassy in Caracas re-opened, last Monday March 30th (8) (one of our
laundry list of things to look out for back in IKN867 dated January 4th, when commenting on Maduro’s
capture) along with obvious interest growing among North American firms for a piece of the mining world in
Venezuela. A simple Google search will show you that but as AA HACK, your author recommends reading this
report entitled, “Trump Administration Issues New Licenses Opening Venezuela Mining to Western Firms” (9)
or this report in the long-established English language blog-turned-media-channel Caracas Chronicles (10),
dated March 16th and headlined “Could Mining Help Rebuild Venezuela’s Future?”, with this as a sub-header:
“Now that the US is pressuring for a mining sector reform, there’s a chance to turn the hell
of the Orinoco Mining Arc into a real industry”
No arguments here. The other matter we need to consider is how Venezuela’s Constitution, when read as
per, states that the country will need to call new Presidential elections if the status quo continues. In a
nutshell, Delcy Rodríguez as Vice-President has the right to run that country as Interim President for 90 days
(now lapsed) which can and has been extended for one other 90 day period. That would take us to July by
which time, if Maduro isn’t back as President in the country (looking extremely unlikely) the calls for an
election are bound to grow, particularly as The USA is clearly behind the scenes and calling the shots. The
Delcy government is bound to point to the ruling made by the Constitutional Chamber just days after
Maduro’s forced overseas flight, which ruled his absence as “temporary”. In theory, that allows Delcy to
remain as Interim President indefinitely but if Maduro’s return becomes obviously more than a temporary
hold-up the protests will grow. And indeed, we’re already seeing a more emboldened opposition to the Delcy
government and protest marches on the streets of Caracas that would have been stamped on hard in the
Maduro years. So far the issues are mostly internal matters, such as unions demanding better pay terms and
conditions, but we’re also seeing opposition parties re-open their HQs and that’s not a small thing.
Bottom line: It’s way too early to declare a road to real democracy and I fully expect the Delcy government to
drag its heels as much as it can on any reform, but change is happening in Venezuela and so far at least, the
Rubio’s strategy has moved the country closer to real representative democracy with very little social
upheaval or shed blood. Despite the inevitable entrenchment tactics the sitting government with employ,
there is a clear path to elections in the medium-term and with The USA calling the shots Delcy will come
under international pressure to do the right thing and if I had to guess, I’d say Venezuela will see a new
Presidential vote in 2027 but this time, it’s going to be far harder to fix the result the way Maduro did in
2024. So as from now, Venezuela should be watched as a potential investment destination and while risk is
still sky high, if the companies that first-foot do well they will open the door to one of the richest geological
endowments in South America currently untouched by formal mining development. Watch this space.
Argentina: Wednesday for the Glacier Law
We covered the big step made by the so-called “Glacier Law Reform” last month when Argentina’s Upper
House (Senate) approved the law as stands. We’re now about to get the moment of truth, as on Wednesday
the government has cleared the legislature decks for debate and vote by the lower house (Deputies). Now
being framed as one of the key laws for the Milei government in this legislature, the way the rather odd world
of the Argentine Camara de Diputados works is first to gain quorum for any given law project, then allow all
who want to speak to have the floor, then a vote. In this case, quorum is set at 129 members of Congress
19

and 134 votes to win the day, so the fact Milei has cleared the agenda means they are confident of raising
quorum and if so, five more votes will be enough (but that won’t stop the debate for going on for hours and
hours, the eventual vote could end up happening in the wee small hours).
Market Watching
Vizsla Silver (VZLA.to) (VZLA) shuffled down the pack
The first mention of Vizsla Silver (VZLA.to) (VZLA) on these pages in a long time came in IKN871 dated
February 1st in the Regional Politics note “Ten kidnapped workers” and we haven’t made mention of the
terrible situation in Sinaloa since IKN873 dated week of February 15th and the note “Sinaloa is a dangerous
place”. This publication tries hard not gloat, gawk or lapse into episodes of ‘toldyaso’ and as the worst fears
around the kidnapped workers have been realized, there was no desire for a blow-by-blow commentary on
what VZLA was or wasn’t doing in response. We do, however, offer our sincere condolences to the families of
the murdered and missing.
As hard-nosed as it seems, The IKN Weekly tries to keep things market-related, which is why this update
exists as two months have now passed and there’s something to mention about VZLA trading, as seen in this
chart of the last two weeks in VZLA compared to GDX and the main silver miners’ ETF (SIL):
Once upon a three-months-ago, VZLA was up in the first ranks of silver trades and in the vanguard of any
move in the metal and its miners but as the recent recovery from lows shows, it’s now a laggard and runs
behind the pack. There was no need to kick the stock while down or mention its new multi-year low during
the March sell-off (all miners dropped), but the reaction since then is telling and while up 2% over the last
two weeks, is now well off the pace of even the median silver companies, let alone market leaders.
That’s understandable. A notable absentee from PDAC, VZLA began to roll out its damage limitation strategy
in this NR (11), just after Canada’s big mining gig, the CEO comment showing its planned roadmap (bold type
added):
Mr. Konnert added, “Mexico has a long and proud mining tradition, and we continue to believe
strongly in the long-term potential of the Panuco project. In the face of such a painful and tragic
moment, we have seen the strength and resilience of our people and the Concordia community. As
we work collaboratively with the community and authorities to ensure a safe and responsible path
forward, we will do so with our people, our lost colleagues and their families front of mind.”
VZLA has been quiet since then, the low profile obviously part of the strategy put together by the crisis
management team hired by this bloated management team (lay-offs are coming, guys). Sadly for VZLA,
trying to include its image with that of the entire nation’s mining industry simply isn’t going to wash. The cat
is out the bag, the disaster event won’t be erased from the sector’s collective memory that easily and it’s
simple; Sinaloa is not Zacatecas, or Sonora, or part of the miner-friendly clusters of a large country with
regions that have stark cultural and social differences. In the case of Sinaloa, narco gangs have ruled the
roost for decades (at least 50 years and arguably much longer, the cultural traits that created it existed even
before North America got hooked on heroin, cocaine or marijuana). These people are not going anywhere,
20

Mexico’s own armed forces isn’t stupid enough to waltz in and try to erase the people running the region,
their only desire is containment and not to allow the bad people’s ways to infect other regions. And be
absolutely clear, the narco gangs and families that run Sinaloa are not stupid, they know exactly who is in
their fiefdom and how to best use them. Up to January 2026 VZLA had managed to keep its ongoing issues
off the world’s radar because classic (though 100% illegal) protection racket payments were enough, but the
acceleration was inevitable and this issue will never go away, no matter what Michael Konnert would have
you believe. As we put it in the original coverage note in IKN871:
“Why shake down a company with $10m in the bank when you can wait a while and shake it down when
there’s $200m in cash hanging around? Why attack an exploration camp with a drill rig crew of 12 people
when you can wait until the project is under construction and target 200 people?”
Those of you looking to trade and/or invest in silver should look elsewhere than VZLA, this company is
destined to wither and die on the vine. And yes, this is also true for any other exploreco in this specific
region.
UPDATE MONDAY: As luck would have it, VZLA came out with a new NR post-close today Monday (12),
announcing that nine of the ten kidnapped workers have now been found dead, with one still missing (and
we have to fear the worst). It also reiterated the same message from the corporate level, via the CEO quote:
“We will always carry this loss with us. We will honour our colleagues through the work we do every
day and our ongoing commitment to their families, our community in Sinaloa, and the values that
define us.”
A reminder that the “values that define them” include paying protection money to narco gangs, with the
consequences as seen. Avoid.
Ivanhoe Mines (IVN.to) resets toward reality
Can you spot the moment when Ivanhoe Mines (IVN.to) announced its guidance revision for its Kamoa-
Kakula copper mine complex in the DRC last week?
If you guessed post–close March 31st, give yourself a bonus point. Here’s Northern Miner (13):
Ivanhoe Mines (TSX: IVN) has slashed near-term production guidance for its flagship Kamoa-Kakula
copper complex in the Democratic Republic of Congo, surprising analysts and resetting investor
expectations.
Notably, you have to do a lot of scrolling down the company’s own 14 page NR (14) on the announcement,
passing no end of guff and soft-soap about the bright future for the mine, for IVN, for copper and therefore
humanity from the pen of Chair Robert Friedland before you get to the hard facts (salesman is as salesman
does) but when you do, you see how there’s
ample reason for last week’s price drop. Here’s
the table from the NR that shows the change in
guidance at the mine (right). Its 2026 guidance
has dropped by 90,000mt copper produced and
its 2027 guidance has dropped by 120,000 mt
copper produced. At U5.50/lb copper, that’s
21

around U$2.5Bn of missing earnings and that’s down from the original production rhythm set before the mine
hit its underground stability issues. As a reminder, Kamoa-Kakula was expected to produce 520,000 to
580,000mt copper in 2025 that turned into a revised 2025 guidance of 370,000-420,000mt Cu, so the
388,841mt eventually was set to the lower end of revised guidance. It’s also worth noting that the share
price weakness began when IVN.to reported its final 2025 and YE numbers on February 17th…
…as well as the original guidance numbers for 2026 and 2027, as seen above and last week may have been a
surprise for analysts and a reset for investors, but it’s little more than a continuation of the bad news. Or if
you prefer, it took just six weeks for IVN.to to shift expectations down even further and that has one
doubting how much they’re slow-playing the reality on the ground, but despite that we’re supposed to believe
its 2027 numbers will be better and the long-term well-being of the mine.
The bottom line: IVN ran its new mine too hard and has paid a heavy price for playing it fast and loose with
geology and instead of producing upwards of 1.65Bn tonnes of copper between 2025 and 2027, it’s now
looking at around 1.1Bn if we take the median of guidance. Its stock price dumped to a weekend close of
C$10.44, 50% down from the levels at which it traded in mid-2024 (when copper was U$4.20/lb to
U$4.40/lb) but even this current share price looks vulnerable and a drop into single figures this coming week
would not surprise this desk in the slightest. But not only is that copper production shortfall a big number off
the IVN top line, it’s around 2% of projected world supply over the period that isn’t going to make it to
market and in the projected tight market for copper to come, that number matters to all the industry, not just
IVN. This one matters and produces a wry smile when remembering how much Friedland has barracked Chile
over the years for its failure to grow production.
Conclusion
IKN880 is done, we end with a couple of bullet points:
 Before signing off, I need to voice just one word of warning about the mess in Iran as Presidetn Trump
has been threatening the country with “hell” for days if they don’t play ball. I fear we’re going to see
what that hell means and the escalation of aggression, if big enough, could snap us back into near-
panic markets.
 Tiernan Gold (TNGD.v) is cheap on all matrics and still largely under the radar. It won’t stay like that
forever, this one ticks all the right boxes for becoming a real mine.
 I’m now long Arizona Metals (AMC.to), so bring on that PEA, Mr. Middlemiss.
 But please be clear, Rio2 Ltd (RIO.to) is still the best thing out there and should be owned above all
other ideas in this publication.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
22

Footnotes, appendices, references, disclaimer
(1) https://marimaca.com/marimaca-announces-the-appointment-of-zenon-wozniak-to-its-board-of-directors-giancarlo-bruno-appointed-
independent-non-executive-chair-board-changes/
(2) https://marimaca.com/marimaca-reports-additional-high-grade-silver-assays-from-consolidated-drill-results-at-pampa-medina/
(3) https://mayfairgold.ca/wp-content/uploads/2026/04/MFGNR-Apr22026.pdf
(4) https://www.youtube.com/watch?v=iVLFUOPxxj8
(5) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reminds-shareholders-vote-share-issuance-resolution-and-
foran
(6) https://www.globenewswire.com/news-release/2026/04/02/3267868/0/en/Barrick-Provides-an-Update-on-Reko-Diq.html
(9) https://www.bnamericas.com/en/features/venezuela-advances-in-mining-reform-to-attract-private-investment
(10) https://www.state.gov/releases/office-of-the-spokesperson/2026/03/resumption-of-operations-at-u-s-embassy-caracas
(11) https://venezuelanalysis.com/news/trump-administration-issues-new-licenses-opening-venezuela-mining-to-western-firms/
(12) https://www.caracaschronicles.com/2026/03/16/mining-could-help-rebuild-venezuelas-future/
(13) https://www.northernminer.com/news/ivanhoe-stuns-market-with-deep-drc-copper-output-cut/1003889581/
(14) https://www.ivanhoemines.com/wp-content/uploads/20260331-Kamoa-Kakula-Technical-Report-ABF.pdf
(15) https://vizslasilvercorp.com/vizsla-silver-provides-update-on-situation-in-concordia/
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
23

SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
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
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Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
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
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Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
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
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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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