IKN #881Premium

The IKN Weekly
Week 881, week of April 12th 2026
Contents
This Week: In today’s edition, Gold and the new bizarre normal.
Fundamental Analysis: Amerigo Resources (ARG.to) 1q26 production numbers…and a dividend.
Stocks to Follow: Overview, Tiernan Gold (TNGD.v), Rio2 Ltd (RIO.to), Mayfair Gold (MFG.v), Arizona
Metals Corp (AMC.to), West Red Lake Gold (WRLG.v), Xali Gold (XGC.v), Orecap Inv (OCI.v), Gold Royalty
Corp (GROY), Wesdome Gold (WDO.to).
The Copper Basket: Overview, Argentina copper stocks, Aldebaran (ALDE.v), Pecoy Copper (PCU.v),
Kobrea Exploration (KBX.cn), Element 29 (ECU.v).
The Producer Basket: Overview, Eldorado Gold (EGO) (ELD.to), Americas Gold and Silver (USAS) (USA.to),
IAMGOLD (IAG) (IMG.to), Lundin Gold (LUG.to), Barrick Mining (B) (ABX.to).
The TinyCaps Basket: Overview, Precore Gold (PRCG.cn), Sranan Gold (SRAN.cn).
Regional Politics: Peru elections: The round one result, More Peru: Tia Maria suspended, Argentina passes
its Glacier Law amendment, Colombia presidential election: The latest Atlas-Intel poll, Expect more Donroe
Doctrine, Venezuela: Mining potential and elections potential.
Market Watching: Vizsla Silver (VZLA.to) (VZLA) and Ivanhoe Mines (IVN.to) redux.
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
 The Peru Presidential election SNAFU is bad even by the low standards set by that most disorganized
of counties. The abject logistics failures caused voting to be carried over to a second day, then we add
in the snail’s pace of vote counting means it’s now 2am and there’s still over 25% of the votes left to
be counted. This wouldn’t be such an issue if the result weren’t in doubt, but the race for the all-
important second spot looks like going down to the wire and will greatly influence how the second
round run-off goes, as well as what it all might mean for the mining sector in Peru. At some point I’m
going to have to draw a line on this edition and send it without the final result known, it seems.
 Amerigo Resources (ARG.to) has delivered an excellent 1q26 production report and the performance
dividend declared was the reason the stock rallied the way it did today Monday. We look at the
numbers in today’s main Fundies section.
 On the back of last weekend’s note on Tiernan Gold (TNGD.v), we tackle a point arising in today’s
Stocks to Follow notes, though we should point out that the +8.6% week-over-week performance from
the stock indicates that the market isn’t concerned about this potential red flag. I’m not, either.
 Aside the glacially slow Peru election result, in Regional Politics we check in on the fallout from the
Argentina Glacier Law approval last week, the way the Donroe Doctrine may continue to affect LatAm
as 2026 rolls out and we also offer an example from Peru as to why Roberto Sánchez would be bad
news for the mining sector if he makes it to the run-off.
 Other things, too. There are always other things.
Gold and the new bizarre normal
Two weeks ago in IKN879, we wrote this about gold and the wider market for both metals and miners:
1

“…at some point the market gets used to the new volatility and takes it with less drama and by its very
nature, gold is one of the first financial devices that shows a return to calm. Call it War Fatigue, perhaps,
or Crisis Fatigue if you like but markets always adapt to changing circumstances and in this case, “World”
was upset by “Iran War” but once “World Plus Iran War” becomes the new paradigm we’ll need a new
Major development to shake gold away from what has become a new baseline price.”
Since then, that has come to pass. This two-month spot gold chart (below) maps it well enough (we’ll stick
with gold, the other metals will eventually follow where the Top Dog leads), it shows the pre-fun prices
solidly above U$5,000/oz, the waterfall moment when gold sold off as hard as anything else when the
financial world ran for cover, then once a week of very choppy and violent moves were done it’s been
relatively smooth sailing, gold moving in an upward that’s also (dare we say it?) relatively calm and rational.
So what’s going on? It’s not for the lack of surprises or world-level shocks to the market, as anyone who
woke up last Monday morning to read how Iran’s civilization would end at 8pm that evening (and I don’t care
what side of the political fence you prefer or what “he really meant”, with or without a nudge and a wink,
headlines such as this one in Investing Dot Com on Tuesday morning (1), “White House denies plans for
nuclear strike on Iran” should not exist under any circumstance, not even some sort of “negotiation tactic”
(and yes, I’ve read chapter 4 of The Art of the Deal and you can bet your house the Iranians have as well).
It’s not for the lack of present financial shock either, or the threat of bad things down the line as oil runs
hard, the futures market tries to bake in an exit ramp but immediate delivery oil sells at U$150/bill. Or away
from the theater of war, note how “…preliminary April consumer sentiment index slumped to 47.6 from 53.3
in March, according to University of Michigan data” (2) that reading last week the worst for The USA since
February 1978. Yes, worse than in the Covid crisis, worse than post-911 and worse than post Black Friday. All
on the back of a 21.2% hike in fuel price in the USA on a month-over-month basis. Why stop at stagflation,
America, when full on depression is within your grasp?
All those events weren’t a cause of the waterfall sell-off, instead they’ve shown up while gold has been in
recovery mode and maybe at first sight, it doesn’t make sense but once the role of gold in the integrated
market is understood, it is. What we see in gold (and therefore metals) is a market that’s took its shock,
called on its financial reserves, liquidated and put gold’s status as a reserve currency to the test, covered
whatever suddenly expensive obligation it might have had (e.g. a ship filled with fuel) and once the panic
was done, was allowed to get back to being what it is, a reserves and not an active part of day-to-day
financial activities. That’s why gold has remained popular, it’s also why it’s not quite as high as it was
because the market is now risk-off, speculators are keeping their heads down the buying community isn’t
quite as large, but there still are enough central bankers or funds with serious, long-term intentions to make
sure the trade remains popular.
The shocks and geopolitical moments of drama since then have not had the same effect on the price of gold,
because the market is now expecting the unexpected, beefed up its buffers and has cash left undeployed. As
for State Central Banks, they won’t need to drain gold reserves because the high price of oil is now a known
factor, they’ll just import less of the stuff because that’s what supply and demand does when prices move
higher (that old saw about “the cure for high commodities prices is high commodities prices” comes to mind).
It also explains why gold isn’t doing what the hardcore goldbug preppers and doom scenario fans expect it to
2

do under these circumstances: They expect a rush to buy gold if the world goes to hell in a handbasket, in
fact the opposite happens; these days gold gets sold when things go wrong in the wider fianancial markets,
gold gets popular when the pressing issues are financial and not geopolitical. So those of you who want gold
higher (count me in) should hope for peace to break out in and around Iran, rather than a continuation or
worsening of hostilities and come to think of it, more peace in the world along with higher gold is my idea of
a double win.
Fundamental Analysis of Mining Stocks
Amerigo Resources (ARG.to) 1q26 production numbers…and a dividend
Up to today Monday morning, I was in two minds (even three) on what to do with this week’s main fundies
section. I’ve been working for a while on a new company with an interesting exploration stage project and
this week slated a report on the stock, either as a new purchase or making it a Watch List stock with a view
to monitoring its progress, but as things stand this weekend I’m still not confident enough about the
company and its project to put it forward, even as a possible trade. So that one remains a work in progress,
which left the option to defer this section for a week, as occasionally happens (I have no shame). Then on
Monday morning this news (3) dropped and the contents of the 1q26 production NR from our main copper
producer trade, Amerigo Resources (ARG.to) was so good enough it was an easy call to dedicate today’s
fundies space to its contents So here we are, with an overview of the 1q26 numbers out of ARG.to instead of
a blank space and here we go (all prices in USD unless stated).
We begin with the basics, with both production and sales of copper in Q1 reported at 14.31m lbs. As seen in
this chart, that’s the lowest since the same quarter of last year and was anticipated as such, with the
programmed maintenance shutdown scheduled during the quarter (which apparently went off without a
hitch, according to the NR).
ARG.to: Copper sales
3
11.51 31.51 9.61 298.61 92.61 68.41 81.61 97.61 94.61 966.31
779.01
80.61 169.51 33.41 84.61 42.81 29.21 75.51 20.51 40.91 13.41
22
20
18
16
14
12
10 8
6
4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings
rtq/uC
sblM
ARG confirmed it was on course for its 2026 guidance of 63.8m lbs copper, as well as 1.5m lbs of moly by-
product. That means ARG will have to produce at an
average of 16.5m lbs copper for the next three
ARG: Molybdenum production, per qtr
quarters to make guidance, which looks eminently
gettable when considering that chart and its track
record. On the subject of moly, here’s the production
tracking chart for ARG’s second metal:
As moly added over $26.5m in revenues and nearly
$12m in operating profits in 2025, the cash generated
by this byproduct should not be underestimated;
never mind the copper, that Mo operating margin gets
close to paying the quarterly dividend. We’re going to
pay more attention to the ARG Mo revenues stream in
2026, it’s no longer a simple minor extra.
53.0 73.0
5.0
63.0 33.0 43.0
3.0 42.0
81.0
82.0 72.0 3.0 3.0 22.0
33.0 23.0
3.0
33.0 33.0
42.0
93.0 53.0
5.0
23.0
0.55
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Mlbs Mo
source: company filings

But back to the real deal metal and the next good news, ARG reported a preliminary average copper price of
U$5.83/lb for the quarter (chart below left) and once we combine that with the sales above, we get a gross
copper value (below right) of $83.43m:
That’s a remarkable number if it turns out to be so, what with Q1 set up to be the softest quarter of the year.
We estimate ARG will add a $3.2m adjustment to its revenues for 1q26, bringing the total gross to $86.63m.
ARG: Gross Cu value, Cu revs and Revs total, per qtr
4
582.16 787.26 129.44 379.26 448.96 206.15 397.86 341.66 834.54 519.57 63.37 218.05 989.45 9.95
281.44
729.66 676.76
648.05
312.76 5.86
284.25
710.69
733.901
8.97
34.38 36.68
31.26
120
100
80
60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
ARG: Average Cu price for MVC
(NB: Cut-down y-axis)
U$m
Cu gross value Cu revs Revs total
On that score, in the NR ARG included this visual explainer (below) on how its “M+3” payments system
works, with the last quarter shown as an example of how the change in copper spot price between copper
delivery and payment can (and does) alter revenues. As a result, ARG includes an adjustment for each
quarter based on the change since their last quarter provisional revenue as filed and what they actually
received.
I have a feeling this diagram is fruit of the conversation your author had with the company after its 2025 YE
financials, but even if so it’s a minor detail. Now for deductions, with the main one being the royalty paid to
El Teniente (DET) for the feed. We still don’t know the new ratio for the royalty at these copper prices, but if
they use the same stepped payout schedule as before and we extrapolate, it comes to around U$26m so
that’s our guesstimate for this quarter, we’ll know more no April 29th when ARG reports its financials.
80.4 44.4 32.4 23.4 46.4 01.4 05.3 08.3 20.4 08.3 67.3 28.3 79.3 93.4 22.4 60.4 24.4 24.4 45.4 53.5
38.5
6
5.5
5
4.5
4 3.5
3
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$/lb Cu ARG: Cu gross value, per qtr
source: Company data/IKN ests
1.85 6.66 0.27 6.27 8.37 7.36 8.65 1.16 8.66 8.25 6.14 5.95 3.16 0.36 8.86 9.57 0.55 9.66 2.76
0.69
4.38
120
100
80
60
40 20
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
source: company filings, IKN ests

ARG: Charges to Cu revs
5
626.51
834.81
799.31
336.01
477.51 86.61
674.81 361.91 450.12
560.61
298.91 95.02
32.23
62
40
35
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
Transport
smelting/refining
DET royalties
source: company filings, IKN ests
The final job is to add back the Moly credit, which we guesstimate at $6m this quarter (though as we point
out regularly, that varies a great deal depending on shipment timings).
ARG: Mo credits
930.8
958.2
85.4 478.3 454.5
993.6
142.5 267.5 765.3
320.7 633.8 545.7
6
9
8
7
6
5 4
3
2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
source: company filings, IKN ests
With that, we get to our top-line revenues estimate for 1q26 at U$62.13m as seen in the “Revs Total” chart
columns above, also seen here in our P+L tracking chart:
ARG.to: Quarterly Earnings overview
846.25 874.31 630.23 503.3- 923.03 420.2- 744.24 200.6 129.44 508.7 206.15 394.61 834.54 573.7 218.05
837.31
281.44 96.9 648.05 941.21
284.25
759.21
118.97
483.23
26
62
80
70
60
50
40
30 20
10
0
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
revenues
COGS
Gross profit
source: company filings
ARG told us in today’s NR that cash costs came in at a very competitive $1.82/lb for the quarter, which when
added to the DET royalty and the smelting/refining headwind gives us a main costs total of U$3.92/lb (chart
below left) and when your average received price for copper is U$5.83/lb, makes for excellent margin/lb
(below right).
ARG: Main costs per Lb Cu
09.1
73.1
10.2
32.1
39.1
88.0
01.2
39.0
19.1
21.1
73.2
20.1
44.2
79.0
60.2
89.0
69.1
50.1
69.1
92.1
39.1
61.1
37.1
51.1
22.2
42.1
28.1
82.1
08.1
73.1
39.1
86.1
28.1
28.1
4.50
4.00
3
3
.
.
0
5
0
0 0.390.39
0.37 0.360.40
0.420.41
0.400.39
0.42
0.39 0.37
0.23
0.230.23
0.220.28
2.50 2.00
1.50 1.00 0.50
0.00
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
smelt/refine/lb ARG: Estimated margin/Lb Cu
U$/lb cash cost/lb
DET royalty/lb
source: ARG data, IKN calcs
62.0 01.0 16.0 16.0 30.0- 44.0 85.0 90.1 38.0 79.0 70.1 40.1 99.0 74.0 23.0 14.0 95.0
10.0-
60.0- 83.0 75.0 27.0 47.0 08.0 37.0 90.1 41.1
25.1 19.1
2.00
1.80
1.60
1.40
1.20
1.00 0.80
0.60 0.40
0.20
0.00
-0.20 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$/lb Cu
source: ARG data, IKN calcs

But back to the above chart and we estimate COGs for the quarter at $36m (4q25 was stacked with one-time
extras, it won’t be anywhere near that high this time) and that gives an estimated gross profit of U$26m and
an operating profit of $24.1m. Very good money
ARG.to: Gross, operating and net profits, per qtr
6
44.31
72.3- 72.6- 19.3 84.6
07.51
0.7
2.51
23.8
16.01 15.11
99.82
01.42
40
35
30
25
20
15
10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
U$m
Gross profit
op profit
Net Income
source: ARG data
ARG.to: operating profit
9.4- 3.3-
1.8
4.31
0.61 1.81
6.21
5.71
0.12
5.1- 1.5- 0.1-
4.31
3.3- 3.6-
9.3
5.6
7.51
0.7
2.51
3.8
6.01 5.11
0.92
1.42 30
25
20
15
10
5
0
-5 -10
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
$m
source: company filings
That’s the figure which allowed ARG to do this today:
“Consistent with Amerigo’s Capital Return Strategy (“CRS”), the Board of Directors
approved a Cdn$0.16 per share performance dividend. This is the highest performance
dividend declared in the Company’s history and is equivalent to the total of four regular
quarterly dividends.”
I don’t think many people were expecting a performance dividend this early in the year, and certainly not one
that chunky. It came as a very pleasant surprise and was the main reason the stock did this today:
Up 9.6% to close at C$6.37 today on excellent traded volume, that extra divi for shareholders of record as at
April 13th (i.e. today) and set to be paid on April 20th made all the difference. To see why, we dial up our
dividend tracking table and adjust for the new price decks:

Amerigo (ARG.to): Dividend Yield Percentage Spread Table
Share Dividend per year (Cad Dollar Cents)
price CAD$ 16 18 26 32 36 40
4.00 4.00 4.50 6.50 8.00 9.00 10.00
4.50 3.56 4.00 5.78 7.11 8.00 8.89
5.00 3.20 3.60 5.20 6.40 7.20 8.00
5.50 2.91 3.27 4.73 5.82 6.55 7.27
6.00 2.67 3.00 4.33 5.33 6.00 6.67
6.50 2.46 2.77 4.00 4.92 5.54 6.15
7.00 2.29 2.57 3.71 4.57 5.14 5.71
7.50 2.13 2.40 3.47 4.27 4.80 5.33
8.00 2.00 2.25 3.25 4.00 4.50 5.00
source: ARG data, IKN estimates
Two notes:
1) Since the last review (IKN869) we have upped the assumed share price (left column) to between C$4.00
and C$8.00
2) Since the last review, we have upped the assumed annual dividends to represent current scenarios:
 16c is the basic quarterly 4c dividend
 18c is the total payments in 2025
 26c is a lowball annual including assumed performance bonus dividends
 32c is the current 2026 payment, including the 4x quarters + today’s 16c payment
 36c is our most likely scenario for 2026, which assumes one further 4c performance payment in
the year
 40c is another possible scenario, assuming 2x extra 4c performance dividends before the end of
the year
Overall, these scenario show how the share price rally today is fully justified and at a C$7.00 share price, our
best fit 36c dividend assumption for the calendar year indicates a dividend yield of 5.14%, perfectly
reasonable in today’s market
Bottom line: This 16c performance dividend is above and beyond the 4c that is bound to be declared when
ARG files its 1q26 financials on April 29th and is testament to the impeccable way this company is run- Not
only is it firing on all cylinders at the right time in the copper market, but its clean balance sheet and stated
policy of returned cash to shareholders means this is one of those rare juniors that is truly aligned to the
people who own it (i.e. you and me), not just to the insiders and management. Today’s NR from aRG was a
breath of fresh air and I’ll enjoy adding that 16c, then the other 4c, to the portfolio dry powder in the near
future.
Stocks to Follow
A good-not-great week for our Stocks to Follow list, which ended up but probably didn’t keep up with the
market medians such as GDX or GDXJ which both improved by 5.4%. The six winners (RIO.to, ARG.to,
TNGD.v, WDO.to, MFG.v, XGC.v) versus six losers (MARI..to, GROY, WRLG.v, AU.v, LMS.v, MENE.v) with four
UNCH stocks making up the tally (AMC.to, SRL.v, OCI.v, MIRL.cn), the count is nothing to write home about,
fortunately there were no big losers among the latter list and some of the biggest trade positions were good
winners, such as Amerigo (ARG.to up 10.5%), Wesdome (WDO.to up 8.8%) and Tiernan (TNGD.v up 8.6%),
which made the difference. No real complaints and on paper I’m wealthier this weekend than last, but I
wouldn’t want to have too many weeks of moderate underperformance like this one.
There are currently 16 stocks on our current list, four fewer than our self-imposed maximum. Fourteen are in
the green, two are in the red.
7

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$2.82 252.5% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$5.81 277.3% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.07 29-Dec-25 C$9.84 21.9% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.60 182.0% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.65 160.7% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$0.99 12.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$28.40 26.7% 2026 M&A tgt, added Mar'26
Aurion Res AU.v BUY C$1.07 21-Sep-25 C$1.80 68.2% Agnico will buy more Finland
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.41 0.5% 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$0.29 3.6% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.19 137.5% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.22 15.8% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.105 31.3% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
none at present
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.19 -57.8% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on some of our covered stocks:
Tiernan Gold (TNGD.v): TNGD improved by 8.6% and is back in touching distance of the $10 line again.
Early last week I had a conversation with a subscriber regarding the Volcan project, in which he voiced
doubts regarding the water supply issue for any eventual mine. His doubts arose after a previous
conversation with “an experienced sector professional” (let’s say, no names no packdrill) and the basic doubt
is whether TNGD at Volcan will be able to supply its high-altitude mine.
So let’s state three things clearly:
 There are problems to solve on water supply
 TNGD isn’t trying to hide this potential weakness
 It’s not a red flag
The first place to go for information on this is the 2025 PEA and if you do, you’ll notice “the water issue”
approached and discussed from several angles. As I told my counterpart last week, start at section 18.7 on
page 190, then go to section 20-1 and 20.5, then pay particular attention to the conclusion and
8

recommendation sections published by 43-101 compilers Ausenco. However, to start you off and give a fair
high-level view of the information, this section does it well and succinctly:
Long story short, the project has the rights to more than enough water for its needs but as the world has
changed since the project changed hands 15 years ago, it makes sense to sign on to desal water supply to
get the mine through permitting. We should also note that the Tiernan in 2026 to 2030 will have to apply to a
Kast-driven government, not a Boric-driven government and we’ve already seen Kast’s willingness to offer
quicker and easier permitting tracks so, as the company owns legit and fair water rights, there’s no reason
we should suppose the project be disqualified for something within the law.
Bottom line: While I’d agree that eventual water supply is one of the weaker points of this story, it’s not an
outright weak point and certainly not a red flag issue in the way it was laid out to my subscriber friend by
that “experienced sector professional”. One of the traits of the winning junior exploreco is the way they don’t
try to hide the weaker parts of their story, instead they are open about the questions and doubts, then work
on them to turn weaknesses into strengths. Just as one topical and somewhat similar example, many reading
these words will remember the howls of derision when Rio2 announced it would truck water to its mine site in
order to make Fenix work, all the calls of “You can’t do that!” and “It’ll never work!”, but here we are today.
For sure Volcan isn’t Fenix and its larger size and more remote location would make the same solution more
difficult( and probably impractical), but the point is that good companies find solutions for issues. And no
mine project is born from an optimum mix of circumstances. The Water issue is something I considered
carefully before entering this trade and I’m 100% comfortable about it.
Rio2 Ltd (RIO.to): The recovery continues, with our Top Pick up a modest but acceptable 10c on the week.
Still under the C43 line, we’re pending the first quarterly production number from Fenix along with the first
official quarter from Condestable and that NR should show at any given moment.
Mayfair Gold (MFG.v): Top of the “Things That Must Be Disclosed And Do Not Move Stock Prices” list is the
appointment of a new CFO…nearly anything connected to a junior exploreco CFO outside of fraud or
embezzlement, in fact. However, the appointment of Kevin Annett as new CFO last week is worthy of a
couple of lines, due mostly to this part of the NR (4):
Kevin Annett, CPA, is a seasoned mining finance executive with over 15 years of experience
spanning project construction, operations, and corporate leadership. He most recently served as
Chief Financial Officer, North America at Barrick Mining Corporation…
One of the executives let go during the post-Bristow purge of Barrick, he’s coming from a serious
numbercrunchers’ role as he used to cover the NGM accounts. That’s a decent hire for a small junior
developer and speaks well of the view of Fenn-Gib inside the mining world. In ttrading, MFG has managed to
crawl back into the green for my personal trade, no biggie in the great scheme of things but it’s a start.
Arizona Metals Corp (AMC.to): This traded like a backwater stock all week, down to the low-50s again on
thin volume before catching a bid or three on Friday and closing UNCH on the week. At least the radio silence
from the company can be construed as “nearly there” on the PEA and as that is why we’re here and long, it’s
fair to assume the news on that will drop at any given April moment.
West Red Lake Gold (WRLG.v): I’ve been somewhat uneasy about the way WRLG has traded in previous
weeks but to be fair, if we ignore the fact that it should show positive leverage to peers at this first-
9

production-re-rate moment up to this week it hasn’t done any worse or better than the rest, trading in close
step with GDXJ. Up to this week, that is:
Considering the timing, we expect the production numbers at any moment for its first quarter of commercial
production any day now, that chart pattern does not inspire confidence. I’m going to stick to the plan and
wait for the two numbers that matter most, i.e 1q26 production and then 2026 guidance, before making any
further decisions but for the time being, this is the open trade that most concerns me most. It’s the one
that’s pushing my “good night’s sleep” window a little too hard
and if it doesn’t live up to expectations in the next couple of
weeks, I may end up putting this one down to experience. We
shall see, for the moment it’s a hold.
Xali Gold (XGC.v): After five weeks of this fun, I think we can
safely say “propped at 28c”. It’s being held at this line in the
sand for its own sweet reasons and we on the outside find out
for sure later, but I’d wager money on it being an upcoming
placement.
Orecap Inv (OCI.v): Hardly any change to the liquid-ish asset value of investments held by OCI this week:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.19 12.76 5.1
ARIC.v 7.39 0.89 6.58 2.6
ARIC warrant 4.17 0.69 2.88 1.2
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.08 3.42 1.4
MERG.v 1.025 0.88 0.90 0.4
MERG warrant 0.5125 0.43 0.22 0.1
ZIGY.cse 4.942 0.50 2.47 1.0
KLDC.v 40.040 0.17 6.81 2.7
subtotal 38.86 15.7
Est.cash 0.70 0.3
Total 39.56 15.9c
At 248.332 S/O
So the 10.5c asking price for shares still offers plenty of asset backbone. Easy to hold, great value here.
Gold Royalty Corp (GROY): The bit that caught my eye
GROY: Est. revs from Vares copper stream, per qtr
about the DPM Metals (DPM.to, ex-Dundee) 1q26 production U$m
4
NR last week (5) was the second part of the headline,
3.5
“…Ramp-up of Vareš Proceeding Well”, what with GROY
3
owning an interesting royalty on the mine, i.e. its right to
2.5
30% of the spot price on 100% of copper production. The 2
Vareš mine only resumed production in January and is still 1.5 3 3 3 3 3 3
2.25
1
10
0.5 1.2 0.8 0
0
3q25 4q25 1q26 2q26 3q26 4q26 1q27 2q27 3q27 4q27
source: GROY & DPM filings, IKN estscalcs

getting its act together, 1q26 wasn’t full production but it was an indication of things to come and the
important point is that DPM confirmed Vareš on track to meet guidance by DPM and that means 5m to 6m lbs
copper produced this year.
The table above right tracks the revenues received by GROY from its Vareš copper stream, along with our
best guesses for future quarters. The timing of shipments mean we shouldn’t expect anything from the NSR
this quaerter 1q26, but 2q26 should see revenues double up as the mine continues its ramp-up. From there
and assuming a flat U$4.50/lb copper price, we should quickly return to a stram that pays GROY U$3m/qtr
over an extended perios (we go to 2027, a good start). In other words, just this small stream should cover
2/3rds of the revenues GROY brought in last quarter.
Wesdome Gold (WDO.to): A good week for WDO, which picked up plenty of bids early week and while it
didn’t carrying through the whole week, there’s clearly accumulation going on and the timing seems to stem
from that highly informative livestreamed Investor Day presentation headed by CEO Bath ten days ago
Having watched the presentation a second time all the way through last week, the thing that struck me was
the clear and logical path laid out by WDO to becoming a 500koz/year operator now, something I previously
thought sounded good but was difficult to envisage. This company doesn’t need to buy another project or
mine, it can expand with Eagle, Kiena and Dubuisson alone.
The Copper Basket
After fourteen weeks of 2026, The Copper Basket shows a gain of 23.26% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 278.326 1269.17 4.56 67.0%
2 Aldebaran Res. ALDE.v 3.67 185.338 511.53 2.76 -24.8%
3 Pecoy Copper PCU.v 1.32 209.489 389.65 1.86 40.9%
4 Los Andes Copper LA.v 9.20 29.573 337.13 11.40 23.9%
5 Hot Chili HCH.v 1.33 177.47 269.75 1.52 14.3%
6 Element 29 Res ECU.v 1.20 187.873 240.48 1.28 6.7%
7 American Eagle AE.v 0.56 192.621 229.22 1.19 112.5%
8 Surge Copper SURG.v 0.475 377.754 222.87 0.59 24.2%
9 Andina Copper ANDC.v 0.56 267.638 211.43 0.79 41.1%
10 Hercules Metals BIG.v 0.74 289.41 193.90 0.67 -9.5%
11 Copper Giant CGNT.v 0.49 203.927 142.75 0.70 42.9%
12 Fitzroy Min FTZ.v 0.48 327.178 122.69 0.375 -21.9%
13 Metal Energy MERG.v 0.64 45.2 39.78 0.88 37.5%
14 Algo Grande Copper ALGR.v 0.53 42.159 30.35 0.72 35.8%
15 Kobrea Exp KBX.cse 0.51 35.622 17.10 0.48 -5.9%
NB: All stocks in CAD$ Portfolio avg 23.26%
11

The Copper Basket improved by another 3.85% last
week as the rebound from the Iranian-induced lows 45% The Copper Basket 2026, weekly evolution
continues in the copper space. In our corner of the 40%
35%
market, there were just four week-over-week losers
30%
from the 15 components (LA.v, FTZ.v, ANDC.v, AE.v),
25%
with two others unchanged (SURG.v, KBX.cn), which 20%
means nine winners (FDY.to, ALDE.v, PCU.v, HCH.v, 15%
BIG.v, ECU.v, CGNT.v, MERG.v, ALGR.v) and among 10%
5%
those, some notable moves with big improvements
0%
seen in Aldebaran (ALDE.v up 21.1%), Hot Chili
(HCH.v up 14.3%), Element 29 (ECU.v up 13.3%) and
Algo Grande (ALGR.v up 10.8%).
Moving to the market for copper-the-metal and
you won’t be shocked to read that the support
for the copper stocks last week came from the
continued recovery in metal prices at market.
With the rollover beginning from the near-dated
contract (HGK26, May’26) to the July contract,
today’s chart checks on how the near-dated
contracts in 2026 year-to-date have priced so
far and the main visual message is simple:
Copper went through a wobble at the peak of
the Iran war surprise, but aside that U$5.80/lb
has been a regular number and we’re back at
that level now. Also, the similarity between the
shape of this YTD chart and the copper basket
evolution chart above is not a coincidence. In a
complicated world, at least the relationship between copper and the Middle East conflict is straightforward:
Cease Fire = Good for Copper Prices
No Cease Fire = Bad for Copper Prices
Not everything has to be complicated in 2026. Switching gears, for our clean and crisply curated copper
commentary this week we go with Investing Dot Com and Vampire Squid (6):
Goldman Sachs has trimmed its 2026 copper price forecast to an average of $12,650 per tonne from
$12,850 previously, citing softer demand expectations amid weaker global economic growth, though it
maintained a bullish long-term outlook driven by electrification.
In old money, that’s U$5.74/lb average for the year (from U$5.83/lb) and a little further down the report, we
find out why:
The bank now expects the global copper market to run a surplus of 490,000 tonnes this year, up from
its prior estimate of 380,000 tonnes, after cutting its global refined copper demand growth forecast to
1.6% year-on-year from 2%.
A couple of comments; Firstly, you can agree with the GS take or consider them a fade, both positions are
valid, but please understand that a lot of the suited&booted of Wall St. consider the GS as gospel, so it’s
going to move the market whether you like it or not. Secondly, GS was already a little less bullish than the
consensus on copper (after cheerleading it hard late last year) so seeing it cut an annual average price but a
few pennies isn’t a cause for great concerns. Thirdly, you get to read a lot of market hype about copper
demand and there are no end of internet warriors insisting that it’s already in net deficit, no need to wait for
2027 or beyond. It’s not and on this score I fully agree with the Goldman position. Copper isn’t destined to
drop like a stone just because more supply hits the market than required in 2026, but it is a factor that we
need to take into account.
Next up a heads-up, as this week in Santiago de Chile we have the CESCO Conference (today Monday 13th to
Wednesday 15th), with the first two days also hosting the concurrent CRU World Copper Conference. This
CRU/Cesco April conference is the biggest and most important copper gathering of the year and brings
together all the hoi polloi of the industrial metals world (along with several of their precious metals friends)
12
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21
source: IKN calcs

and always generates headlines. With copper flying at record levels this year the gatherings and parties are
likely to be fully stocked with creature comforts, as well. We’ll cover the best of the event happenings in
IKN882, next week
We move to our regular weekly world copper inventories update, data from Cochilco:
 The aggregate of the world copper stocks dropped very slightly this week, the big add at the LME
all-but balancing out the drop in SHFE stock and when the dust had settled, the aggregate was
down by a modest 4,931 metric tonnes (mt) at 1,191,307mt. That’s still a lot of copper in stock
around the world and we’ve never sent all three official futures systems stuffed like this at the
same time, but the roach motel stocks in North America aren’t showing much in the way of price
discovery and what’s happening in SHFE seems to be driving the market.
 Copper stocks at the Shanghai Futures Exchange (SHFE) put in another timely drop, down
34,604mt on the week to close at 266,484mt. See the dedicated SHFE tracking charts below for
the best visual clue and a few more thoughts, but SHFE is now the Yin for LME’s Yang.
 LME warehouses copper stocks continue to rise fast, this week adding 30,825mt and closing
Friday at 392,750mt. The trend continues of smelters exporting their finished copper to either
Taiwan or Singapore, where LME warehouses are the storage entity of choise.
 Another small drop in copper stocks at Comex, down 1,152mt to close at 532,073mt. It’s the
same “we’ve topped out but lack new direction” message seen in the last couple of months.
Our dedicated SHFE charts show how its stocks have dropped quickly from that record high last month and
while 266kmt is still a lot of copper, it’s no longer an abnormal amount for the time of year. What’s more it’s
dropping fast…
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
13
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
…as this second tracking chart that goes back to 2013 shows. This year’s spike/drop is sharpest of any in the
modern era of SHFE futures trading (before 2012 its copper contract was very much a backwater compared
to LME).
Shanghai Futures Exchange Warehouse Stocks, 2013 to date
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
31'13ceD dr32 ht51 ht7 ht03 dn22 ht71 ht9 ts1von ht42 ht71 ht01 dn2tcO 7102ts1naJ ht62 ht81 ht01 dr3ced ht52 102ht72rpa ht91 ht11 9102
dr3bef
102ht82rpa ts12 ht31 0202ht5naj 202ht92ram ts12 ht31 0202ht6ced ht82 dr32 ht51 ht7 2202ht03naj 22ht42rpA ht71 22ht9tco 3202
naJ
ht62 ht81 ht01peS dr3ceD ht52beF ht91 ht11 42'dr3von ht62 ht02 ht31 ht5tcO 202ht82ceD dn22
Mt Cu
3|
source: Cochilco
Now for some notes on a couple of basket component stocks

Argentina copper stocks: The two stocks on our 2026 fully exposed to Argentina are Aldebaran and
Kobrea. Then Andina Copper is partially exposed (its projects are Argentina, Colombia and Chile) and
arguably, the mostly- Chile Fitzroy Minerals has some exposure to Argentina as well. None of them reacted
in any great way to the news on Thursday morning that Argentina's Congress had passed its so-called Glacier
Law (see Regional Politics below) which is testament to the way the result was expected. Instead, the stocks
moved (or didn't) for their own sweet reasons, as we're about to see.
Aldebaran (ALDE.v): If we ran such a thing, ALDE would win the “Hole of the Week” award for its headline
cut, as announced on Thursday morning pre-bell (7)…
“Aldebaran Reports 936 m of 0.66% CuEq (0.62% Cu, 0.09 g/t Au and 1.16 g/t Ag),
including 194 m of 0.99% CuEq (0.92% Cu, 0.19 g/t Au and 1.02 g/t Ag) at the Altar
Copper-Gold Project in San Juan Argentina”
…a real mouthful of a headline but with really good numbers as 0.62% Cu (not CuEq) is about the best long
cut we’ve seen from the resource. This drill map shows the location of all the holes reported in last week’s NR
(see the NR for a bigger version that’s easier to examine), with most of them going into Altar East and
coming up with reasonable responses, while the headline hole ALD049 (extension) was the only one put in
Altar Central, to the left of the schematic:
This sectional (right) focuses on ALD049 and as seen, it was a seep hole designed to hit what the company
believed was the sweet spot of Altar Central. The theory was borne out in spades,
And the way it mimicked and confirmed the strong grades at depth recovered by the previously cut deep
hole, ALD109, allows the company (and any eventual owner/operator of Altar) plenty of confidence about the
long-term mineable resource. The NR had a dose of lucky timing too, coming a day after copper put in a leg-
up move and had the world looking for feel-good copper stories, but the reaction to the news was strong and
I’d go as far as to say justified, particularly when we consider how ALDE has under-performed in the first
months of 2026.
14

Pecoy Copper (PCU.v): Another strong move on drill assay result here, as PCU delivered this NR (8) on
April 8th with this headline:
Pecoy Copper Intersects 1,020.50 m of 0.43% Cu and 0.09 g/t Au from 48 m in Follow-Up Hole, a
Second Consecutive Kilometre-Scale Intercept within South Breccia
Anytime you can publish a 1,000m+ assay from a porphyry copper project you get plaudits and eyeballs, PCU
went with this angle despite there being a fairly tenuous hold on the claims for a full kilometer of mining from
this hole, as the real resource and reason to like the
Pecoy project starts at 358m downhole. That’s the
orebody (we can use that word, they can’t) which
makes Pecoy attractive, not the intermittent stuff
closer to surface.
PCU did well on the news, but not as well as ALDE on
the back of its NR. That’s a fair reflection of the
relative levels in the two NRs, as while both run with
similar overall grades (they’re not so high grading, but
in this price environment they work) Pecoy is earlier
on its track and Altar is a more obvious mine in the
making at this point.
Kobrea Exploration (KBX.cn): The update NR from KBX last week (9), “Kobrea Provides Update on Drill
Program at El Perdido Porphyry Copper-Gold-Molybdenum System - Mendoza Province, Argentina”elicited this
response from the market…
…and to be honest, I didn’t expect even that slight bump on reading it before the market opened. It couldn’t
hold that small improvement into the Friday close and that wasn’t a surprise, as if you read between the
lines, what you have is a company that’s getting its audience ready for a set of ho-hum first assays. Here’s
the main body of the NR, your author adds highlights:
The initial three diamond drill holes at the El Perdido porphyry copper-gold-molybdenum prospect had target
depths of 500 metres each. Drill holes DD26ELP001, DD26ELP002 and DD26ELP003 were drilled to depths of
603 metres, 474 metres and 662 metres, respectively. Drill hole DD26ELP004 had a target depth of 600 metres
but was abandoned at a depth of 200 metres due to technical complications related to unstable rock conditions
associated with a significant fault zone. All core samples from drill holes DD26ELP001 through DD26ELP004 have
been shipped to Alex Stewart International's laboratory in Mendoza City and the Company is awaiting analytical
results.
"Despite complications associated with the drilling of hole DD26ELP004, drilling continues at the El Perdido
porphyry system," stated James Hedalen, CEO. "We have intersected a copper bearing porphyry system in the
first regional target tested. We intend to drill as much as we can before the winter season sets in."
Drill hole DD26ELP004 drilled through 128 metres of leached intrusive rock before intersecting intermittent
chalcocite enrichment coating, and in cases, replacing primary sulphides comprised dominantly of pyrite with
lesser chalcopyrite. Chalcocite enrichment was observed to 168 metres where a large gougy to rubbly fault zone
persisted until 200 metres where the hole was abandoned.
"The presence of chalcocite as observed in drill hole DD26ELP004 confirms the presence of a chalcocite
enrichment zone preserved at El Perdido," comments Rory Ritchie, Vice-President of Exploration. "Given the
degree of leaching in the upper portions of the system, that was originally hypothesized but not certain. Drill hole
DD26ELP004 has confirmed our target model. As we continue in the early phases of a diamond drilling program,
15

with the goal of qualifying the porphyry system at El Perdido, we are confident we will observe chalcocite in
other areas, beneath the leached capping, enriching hypogene sulphide mineralization beneath."
Let’s count ‘em up:
“…a copper bearing porphyry system…” If it was big or continuous, they’d tell us
“…intermittent chalcocite enrichment coating…” See above
“…the presence of a chalcocite enrichment zone…” Again, vague on size
“…the early phases…” Better to come, folks
“…we are confident we will observe chalcocite in other areas…” That’s good. Confidence is good.
That’s a company setting up for “there’s a long way to go” messaging when these first assay numbers come
back from the labs. They’re also changing the drill company (to the highly experienced Andean drillers, Major
Drilling) which tells us something about the holes already at the lab and the rigs they were using to get
though those fault zones. For what it’s worth, I fully agree KBX has a long way to go and they are under no
duty or obligation to hit it out the park on the first holes onward. However, I’m sat on the outside of this
company looking in for the simple reason of price, looking for a cheap entry point that helps de-risk the trade
from Day 1. If my hunch is right and these first four holes come back without an assay that makes the world
sit up and take notice, that entry point comes come along.
Element 29 (ECU.v): I expected some sort of placement or capital raising from ECU.v, I didn’t expect one
this big (10):
Vancouver, British Columbia, April 9, 2026 – Element 29 Resources Inc. (TSXV: ECU | OTCQB:
EMTRF | BVL: ECU) (“Element 29” or the “Company”) announces that it intends to complete a non-
brokered private placement (the “Financing”) of up to 32,272,727 common shares (each a “Share”) of
the Company at a price of $1.10 per Share for aggregate gross proceeds to the Company of up to
$35,500,000.
That’s a serious raise. What’s more, ECU share trading promptly ignore d the C$1.10 ticket price and rallied
on the news, as seen here (right). In other words, ECU has all the backers it needs to fill this placement at
this price, something retail took heed of immediately. We’ll see if they go for an upsizing in the days ahead.
The Producer Basket
After fourteen weeks of 2026, the Producer Basket shows a gain of 14.48% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 130.56 120.90 21.1%
2 Agnico Eagle AEM 169.53 500.989 109.59 218.75 29.0%
3 Barrick B 43.55 1705.994 74.30 43.55 0.0%
4 Wheaton PM WPM 117.52 454.037 65.76 144.84 23.2%
5 Lundin Gold LUG.to 114.02 241.808 20.60 118.32 3.8%
6 Alamos Gold AGI 38.58 419.947 20.36 48.48 25.7%
7 IAMGOLD IAG 16.49 588.8 11.79 20.02 21.4%
8 Eldorado Gold EGO 35.92 198.571 7.24 36.46 1.5%
9 B2Gold Corp BTG 4.51 1343.243 6.62 4.93 9.3%
10 Americas G & S USAS 5.11 318.26 1.79 5.61 9.8%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 14.48%
Q2 began well for PM producer stocks, with all ten of our Producer Basket picks for 2026 up and general
goodwill in the sector. However, there was a notable preference for the large cap stocks last week and that
usually means top-down money entering the biggest and most liquid names first. Hence stocks such as
Wheaton (WPM up 6.9%) and Newmont (NEM up 6.0%) were two of the three best performers on the week
(Lundin Gold (LUG.to up 6.2) the other), all those doing better than the benchmark (GDX up 5.4%).
Meanwhile, at the Tier 2 level things weren’t quite as peppy, with stocks such as Americas Gold and Silver
(USAS up 1.6%), Eldorado Gold (EGO up 1.8%) and B2Gold (BTG up 4.2%) underperforming peers.
16

Eldorado Gold (EGO) (ELD.to): As expected and anticipated, the shareholder rebellion and opposition
voiced by Glass Lewis to the merger with Foran came to naught and by a wide, though not unanimous,
margin of 84.21% in favour the deal was passed by shareholders (11) and while nobody’s idea of a surprise,
it was enough to keep the bad vibes going for the stock and EGO under-performed once again.
Americas Gold and Silver (USAS) (USA.to): We chewed over the uninspiring 4q25 out of USAS last
week, so it wasn’t a massive surprise to see the market’s new-found disdain for the stock continue into this
week as well. The least best performance of the 10 basket stocks on the week, we’re a long way from the all-
conquering “leverage to silver” USAS offered in the first weeks of the year.
IAMGOLD (IAG) (IMG.to): One of the producers that doesn’t pre-announce quarterly production, IAG
gave us this NR on Friday (12):
Toronto, Ontario--(Newsfile Corp. - April 10, 2026) - IAMGOLD Corporation (TSX: IMG) (NYSE: IAG) ("IAMGOLD"
or the "Company") is pleased to announce it plans to release its first quarter 2026 operating and financial results
after market hours on Tuesday, May 5, 2026. Senior management will host a conference call to discuss the
operating performance and financial results on Wednesday, May 6, 2026, at 8:30 a.m. (Eastern Time).
The NR has details on how to join the ConfCall, with the normal offer phone numbers and a webcast link.
Lundin Gold (LUG.to): Meanwhile, LUG is one of those that does pre-announce production and on
Thursday we got its 1q26 numbers in this NR (13).
LUG.to: Gold produced & sold, per qtr
17
06126
091601
50818
214521 506111 674801 282911
19269
046431 098911 196431 859821 117211
50089
619801 693921 788521 571131 146711 737631 119421 140421 803511
160000
140000
120000
100000
80000
60000
40000
20000
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Oz Au
gold prod
gold sold
source: company filings
The headline production number came in at 119,742 oz gold, 250 oz more than in 4q25 and testament to the
stability and regularity of this now-mature operation. Sales came slightly lower at 115,308 oz gold, but that's
not an issue and with the Q1 average gold price in play we're sure to get another new record revenue when
the company reports its quarter on May 6th (again, links to the ConfCall in the NR).
On the one hand, production was in-line with expectations or arguably even a little light, what with 2026
guidance is 475koz-525koz. On the other, we shouldn't ignore the absolute number of ounces coming out of
Fruta del Norte and the impressive totals it runs every quarter. As for how LUG got to its total, these charts
(below) offer the Pareto Principle information. LUG expanded its mill operations because it knew average
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
ikn
3%
gdx control
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
source: IKN calcs -6%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21
source: IKN calcs

head grade would decline slowly as the known orebody matures. That's where we are today, with the
improved mill throughput of 496,798mt balancing the drop in average head grade, to 8.4 g/t in 1q26.
LUG.to: FDN avg gold head grade, per qtr
Barrick Mining (B): The lowkey hatefest between Chair John Thornton and ex-CEO Mark Bristow (recipient
of a U$20m exit package) continued last week when Chair Thornton laid out the forward strategy to
shareholders in his cover letter to the Management Information Circular for the upcoming AGM anmd to get
the gist, two paragraphs from this Bloomberg report (14) covering the mailer and its contents do the job
nicely. First the pay dirt from the MIC cover letter:
“For many years, we have viewed our shares as undervalued,” Thornton wrote in a letter to
shareholders Wednesday. “North American Barrick will be the most attractive pure gold company in
the world, located in the most attractive jurisdiction, with the strongest proven growth pipeline.”
A few paragraphs down, Bloomie adds context:
The company last week warned of significant cost increases at a project in Pakistan, after previously
slowing development amid escalating security risks in the region. Barrick is now scaling back work at
the project, which had been a priority under Bristow as he sought to expand the company’s exposure
to copper.
The selling point of this corporate split? Combine “pure gold company” with “undervalued” and you get the
thinking, Thornton sees stock price multiple at Nevada Gold Mines (and perhaps Pueblo Viejo) being dragged
down by all that Bristow-championed, non-PM, third world nonsense and in Thornton’s vision, the split will
create a premium investment vehicle in precious metals. Presumably, the cast-offs get thrown to the dogs
and “Sketchy Barrick” (the bits that won’t be North American Barrick) will have to fight hard for capex
allocation. There’s a future where Barrick’s ownership of Reko Diq drops to 20%, not difficult to see that one.
In trading Barrick improved by 4.6% on the week, slightly under the sector median and plenty less than
Wheaton Precious Metals (WPM), which closed the gap to the #3 spot by a billion to $8.54Bn this weekend.
Just saying.
The TinyCaps List
After fourteen weeks of 2026, the TinyCaps show a loss of 2.56% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 21.16 0.08 14.3%
Canex Metals CANX.v 0.215 208.63 54.24 0.26 20.9%
Sranan Gold SRAN.cn 0.30 60.42 8.76 0.145 -51.7%
Enduro Metals ENDR.v 0.155 76.04 12.93 0.17 9.7%
Latin Metals LMS.v 0.21 138 30.36 0.22 4.8%
Precore Gold PRCG.cn 0.26 32.093 8.34 0.26 0.0%
Radius Gold RDU.v 0.14 115.7 15.62 0.135 -3.6%
Silver Wolf SWLF.v 0.135 62.18 8.71 0.14 3.7%
Trifecta Gold TG.v 0.195 47.7 9.54 0.20 2.6%
Viva Gold VAU.v 0.19 171.677 24.03 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -2.56%
18
4.01 1.01 4.11 1.11 3.01 9.9 2.11 3.01 0.11 0.01 3.21 0.11 7.9 2.8 5.9 0.11 3.01 3.11 4.01 4.01 9.8 7.8 4.8
14
12
10
8
6 4
2
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
LUG.to: FDN tonnes milled, per qtr g/t Au
550000
500000
450000
400000
350000
300000
250000 200000 150000
100000
50000
0
source: company filings
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
mt/qtr
source: company filings

This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In one cases I’ve stretched the window a little and allowed
sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2026. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The TinyCaps scraped another two points of recovery together on the back of a count of three winners
(AUME.v, CANX.v, RDU.v) against four losers (SRAN.cn,
TinyCaps, 2026 weekly tracker
LMS.v, PRCG.cn, SWLF.v) and three unchanged (ENDR.v,
20%
TG.v, VAU.v) on the week, managing the slight 15%
improvement despite the negative headcount thanks to two 10%
moderately large sized winners in Auriginal (AUME.v up 5%
14.3%) and Canex (CANX.v up 13.0%), the only two stocks 0%
that managed a double figure percentage move in either -5%
direction. In other words a quiet week down at this end of -10%
the mining market, with scant interest for deploying high -15%
risk capital on show. Unlike the larger cousins seen above,
tiny caps have taken a long time to get even close to
breakeven on the year after the March system shocks
Precore Gold (PRCG.cn): We continue to keep our eye on PRCG and two things to note this weekend.
First, trading got very thin last week and the 26c finish (a penny down on the week) would have looked
worse if it weren’t for a bit of tape painting on Friday that got the closing price up from the 23.5c and 24.5c
level. Secondly, on Wednesday we got a new corporate presentation from the company. Find that here (15)
and the most important page is 18, where the company lays out its plans for the 2026 development program
for Arikepay. Here are the bullet points:
 Historical data compilation.
 Set up base camp in nearby town of El Toro to support work at site and community outreach.
 Refresh access road to the project; removal of wind drift sand for ease of access.
 Conduct an airborne magnetic survey and an IP (induced polarization) geophysical survey.
 Drill permitting in progress
That’s fair enough. If you care enough to get your own copy of the PDF, you’ll see that page 19 goes into
what the drill permit process requires and while straightforward, Precore still ahs to go through Peru’
notoriously stodgy permitting bureaucracy. They’ll do it for sure, but we cannot guarantee a timeline and with
the election process in full swing, your author knows for a fact that government offices tend to slow to a
crawl until more is known about who will form the next government. So for the time being, we continue to
watch.
Sranan Gold (SRAN.cn): This tinycap gets too much coverage on a week-by-week basis, but it’s the
morbid fascination of rubbernecking the car crash. Here’s the April 7th NR (16):
EDMONTON, AB, CANADA – April 7, 2026 – Sranan Gold Corp. (CSE: SRAN) (OTCQB: SRANF) (FSE &
Tradegate: P84) (“Sranan” or the “Company”) is pleased to announce that Mr. Jonathan Yan, CPA, CA has been
appointed as Chief Financial Officer and Company Secretary, replacing John Alcock who has resigned as Chief
Financial Officer and Director of Sranan. Mr. Alcock will continue to assist the Company during the transition.
Mr. Yan brings over 13 years of experience in financial reporting, including a decade in public accounting. He
specializes in management advisory services and the financial disclosure needs of public companies. In addition
to his role with Sranan, Mr. Yan serves as CFO for several TSXV and CSE-listed companies.
Sranan welcomes Mr. Yan to the role and looks forward to his contributions to Sranan’s continued growth and
success.
It’s less the change of CFA that matters (Mr. Yan is one of those rent-an-accountant CFAs that gets hired by
multiple smallcaps with supposedly uncomplicated books and saves the company a salary), more that fact
19
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21
source: IKN calcs, TSX data

that a director has resigned, so expect Mr Allcock’s 200,000 to become part of the free float (they may be
already). The ship is sinking fast and prescient crewmembers are doing what they tend to do.
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
Peru elections: The round one result
In this specific case, the advantage of moving the publication date of The IKN Weekly is patent. Even with
the irregular way in which the election went on Sunday and the unprecedented decision by the electoral
authorities to extend voting to Monday in a few voting stations…
[long story very short, Peru can’t organize anything. Long story short, nobody noticed that the company that won the
tender to distribute the vote ballot papers to the voting stations didn’t have enough vehicles or personnel to do the
job correctly]
…all signs were pointed to a tight, multi-way race to get the second of the two run-off spots. As Sunday
turned to Monday, we had an obvious first place tied up but it was still anyone’s guess who would join her in
the run-off and it didn’t help at all when different polling companies came out with different fast count
forecasts that had the second spot going to different people. Then came the snail’s pace of vote counting and
up to 2:30am local time on Tuesday, we were still at only 70% of votes counted according to the official
ONPE website (17). We’re going to have to go to print now, it’s getting way too late and the way things
stand, we’re not likely to know even a provisional 2nd place until well into tomorrow so here’s how things
stand with exactly 70.498% of votes tallied and at the head of the race, the part of the list that matters:
 Keiko Fujimori: 16.906%
 Rafael López Aliaga: 13.13%
 Jorge Nieto: 12.077%
 Ricardo Belmont: 9.941%
 Roberto Sánchez: 9.582%
 Carlos Álvarez: 8.262%
To nobody’s surprise, Keiko Fujimori is up for her third shot at a second round victory and here position is
basically assured in the run-off. What matters now is the person who joins here and we can at least discard
Belmot and Álvarez, they are too far behind and with demographics against them (will explain in a moment).
That leaves three names for the prized second spot:
 Rafael López Aliaga: AKA “Porky” is currently in 2nd spot and while his lead is being slowly whittled .down,
he is still favourite to the 2nd place.
 Jorge Nieto: One of the surprise packages of the election, a centrist politico from the city of Arequipa, his
“serious” demeanor appealed to enough voters in a field of populists and clowns. He has a chance to bridge
the gap, but I’d put him 3rd fave at this point.
 Roberto Sánchez: Although lying considerably back on 9.5% compared to Porky’s 13.5%, he’s the
candidate who has the best chance of upsetting the applecart. A hard left winger and ally of ousted (and
jailed) ex-President Pedro Castillo, Sánchez has strong support in the rural southern uplands zones and as
they are typically the slowest to report their votes to the authorities, there’s a chance he could pick up the
numbers required and zoom past them all except Keiko.
As for mining, of all the candidates there’s only one that would be bad for our sector and that is, yes you
guessed it, Roberto Sánchez. For an example of that, please see the nore below “Tia Maria suspended” as
that event is almost certainly connected to Sánchez and part of the reason for his late surge in the polls.
As for the eventual second round, we’re going to have to see who gets the nods (and even then, the chances
of the losing candidate lodging an appeal or screaming blue murder about fraud is very high) but I’d offer this
as an initial handicap of the possible head-to-head:
20

 Keiko vs Porky: Porky wins. Do not underestimate the hatred felt toward Keiko by the
majority of rank and file Peruvians, in many people’s eyes she is the personification of
corruption
 Keiko vs Sánchez: Keiko wins. The hatred is still there, but even Peru wouldn’t be so dumb
as to vote in a second Pedro Castillo. This is the one scenario in which Keiko wins and
tonight she must be on her kn}ees, raying Roberto Sánchez gets that second spot.
 Keiko vs Nieto: the least likely of the three, but still possible and if it happens, Nieto wins.
In IKN882 next week we’ll have a better idea of the second round, but it’s now 02.44am and I need to send
this report before I fall asleep at my desk.
More Peru: Tia Maria suspended
The news of a permit suspension and construction halt at the ever-contentious Southern Copper (SCCO) Tia
Maria copper project in Islay region, Arequipa province, South coastal Peru last week was reported badly in
the English language press:
Be clear, “revoke” is plain wrong. Here’s what happened:
 The local municipality, still strongly opposed to the project, has a stack of legal suits open and pending
against the mine project that’s now in the early stages of production. Long story short, they’re trying any
angle to halt or delay the project.
 One of them concerns certain technical aspects of the tailings facility, mostly its exact location and the
ground studies done in the zone. This claim was upheld last week by the State oversight body, the Council
of Mining, which duly suspended the permits (and suspended” is a long way from evoked) until further
studies are conducted. To be strict with the wording, the Council of Mining “declared nul the authorization”
but whichever way you cut it, that’s a permit suspension and not a revocation.
 Those further studies will happen very quickly, according to Peru’s Vice-Minister of Mines, Mayra Figueroa
in this interview (18) (19) conducted with Peru’s #1 news radio channel on Friday. She said that the issue
is more about paperwork than the need for new technical inspections/reports, there’s a specific timeline to
deal with the issue, the government bureaux in question must wait six days to compile all paperwork after
which they can act, a resolution should happen in a few days after that.
And now what REALLY happened: The whole episode is party political and connected with the candidature or
the left wing Roberto Sánchez for the presidency, as well as supporting left wing candidates for Congress in
the Arequipa and wider South Andean region. There’s no way this technical doubt would have made it to the
Environment oversight committee if it weren’t for the left-wing Jose Maria Balcazar being the current interim
President. Interim President Balcazar is a natural ally of Roberto Sánchez, who has been campaining on a “no
Tia Maria” platform in the South of the country (20), the timing of this suspension is obviously about
21

drumming up support for the anti-mine, lefty Sánchez campaign that has gained late momentum in this tight
race. Time will tell whether it comes to anything, but the episode this week is best understood as Interim
President Balcazar sticking his oar in and trying to influence the result of the election. It’s not a permit
revocation, it’s a suspension that will quickly end as long as the election goes the way of the sane. However,
it can be construed as a shot across the bows for what Sánchez might do to the Peru mining sector if he
progresses in the election, or if the left wing does better than expected in the Congressional voting this
weekend.
Argentina passes its Glacier Law amendment
This one was not a surprise. As previewed last week in IKN880, Wednesday did indeed see the debate and
vote in Argentina’s lower house (Deputies) on the Milei law project to amend the country’s so-called Glacier
Law, the show went on until midnight and come the moment of truth, passed by 137 votes to 111 (with nine
no-shows) which, in Argentine Congressional terms, is a fairly comfortable passage. The upvote was cause
for plenty of headlines around the mining press and even the international generalist wires, with a good
portion lot of hand-wringing over the influence of the evil mining lobby and how Argentina is about to run out
of water included in the messaging. Fair enough. Here’s an excerpt of this Reuters report (21) entitled
“Argentina passes reform to ease mining activity in glacier regions”:
Governors of major mining provinces and companies say the reform clarifies rules for investment and could
position Argentina as a key copper and lithium ⁠supplier for the energy transition.
Domestic scientists say the reform is driven by economic and political interests, while environmental groups argue
it favors large-scale mining projects over environmental protections.
"Attempts by foreign organizations to interfere failed, and environmentalists determined to block the progress of
the Argentine Republic were defeated once again," Milei said in a statement hailing the approval of the ⁠reform.
The University of Buenos Aires raised concern about the reform in February, urging "unified scientific criteria,
backed by technical expertise."
"Having rules that define environmental protection criteria and evaluation processes helps create the right
conditions for investment and ⁠development," the mining chamber of San Juan province, home to major copper
projects, said Thursday.
We went with a slightly longer excerpt from that Retuers note because it went with the typical “see both
sides” style of reporting but for the reality of the anti-mining resistance in Argentina, it took a comment from
the governor of Chubut to explain one of the basic truths of the change to the Glacier Law, as seen in this
regional mining trade paper (translated) (22):
The Chubut Governor Surprises: "The Glacier Law Will Not Affect Us"
Ignacio Torres addressed the approval of the law reform and said "it will not change the local situation
regarding natural resources."
That’s right. The one takeaway from this law reform is that it hands far more autonomous power to regional
and provincial governments to decide on its own criteria for environmental protection and whether any given
development work (e.g. a large open pit copper porphyry mine) will affect its local glaciers and to permit or
reject said projects for environmental reasons. That means the established pro-mining provinces (e.g. San
Juan, Santa Cruz) will find it easier to permit the mines they want, the provinces that have recent become
pro-mining after years of ambivalence (e.g. Salta/Jujuy, Mendoza, Rio Negro) can do the same if they so
desire (though will probably see a stronger anti-mining lobby along the way), while those that reject mining
development (e.g. Chubut, Tierra del Fuego) will stay that way. Here’s a second excerpt from that Chubut
report:
Speaking from the city of Comodoro Rivadavia, Torres affirmed that the province maintains control
over its resources and that this authority "guarantees environmental protection." In this regard, he
emphasized, "It will not be affected in any way," while basing his position on provincial autonomy.
In Chubut, the provincial law prohibits metals mining, no ifs or buts. That does not change, neither do the
permit laws for any province. What changes in real terms are the chances of a pro-mining province of getting
more mines running, so once again where your project is matters (something else that hasn’t changed).
Now for sure the law reform is being celebrated in mining circles and by the Milei government, as the
industry has got what it wanted. This law reform does indeed open the door to some high-level projects that
were previously stymied by the nature a Glacier Law that was applied equally across the nation. There are
better projects in Argentina (e.g. Pachón, the Vicuña cluster, even the nearby Aldebaran’s Altar is better
quality), but a good example of a project that gets an easier permitting track is McEwen Mining’s (MUX) Los
Azules, which is located in a periglacial zone and while the company never made a big public fuss about the
22

issue, was constantly rejected and opposed by Argentina’s environment ministry due to the damage it would
cause to the water source zones. However, the changes to the law will only matter to places that want
mining and it doesn’t change a thing in provinces such as Chubut.
Bottom line: The law’s passage through the second Argentina chamber last week was not a surprise, it
created international headlines, it makes the permitting of large-scale mining projects in high Andean zones
easier in provinces that have established pro-mining credentials. Fin.
Colombia presidential election: The latest Atlas-Intel poll
There’s more than one polling company in Colombia, pick another to get a different set of figures and
dynamic, but as we’ve used Atlas-Intel on several occasions in 2026 to follow the race to become the
country’s next President it’s only right to dedicate a few lines to this week’s polling result from the company.
The full PDF is available here (23), a report on the findings here (24) and the bits that matter are for the
Round One vote on May 31st and the two most likely run-off scenarios. We start with round one voter
intention, here’s a screenshot with your author doing some title translation:
The rest are nowhere. So according to Atlas-Intel, Iván Cepeda is still a shoo-in to make the run-off but is
highly unlikely to get enough to win in round one (needs 50%+1 of valid votes). That makes the tight race
between very right-wing Abelardo de la Espriella and right wing Paloma Valencia 22.9% almost as important
as the run-off. That’s because when we get to the two most likely run-off scenarios, according to Atlas-Intel…
Cepeda vs. De la Espriella:
 Iván Cepeda: 39.8%
 Abelardo De la Espriella: 48.8%
 Vote In White/Spoil Ballot/Don’t Know: 11.4%
Cepeda vs. Valencia:
 Iván Cepeda: 39.6%
 Paloma Valencia: 47.1%
 Vote In White/Spoil Ballot/Don’t Know: 13.3%
...Iván Cepeda loses in both cases. And that’s why I wanted to add this survey result to IKN881, despite the
first round of voting still being seven weeks away, because the run-off expectations are improving for the
Colombian right wing and Cepeda is going to have to do a lot of movement toward the centre if he wants to
emulate his boss Petro. Our overall house on this election of “right favourite to win” hasn’t changed but we
are a little more confident than before, it’s still not my idea of red-hot fave but put a gun to my head and I’d
now call it an 80/20 race, rather than 70/30.
Expect more Donroe Doctrine
While watching JD Vance pop up this week in Hungary to support sitting President Viktor Orbán in his tight
election race with Péter Magyar [Edit: Orbán loses, Magyar wins], your author’s thoughts turned to the rise of
the Donroe Doctine and the frequency in which The USA is now involving itself in the political events of Latin
America.
23

 Trump is on a sure-fire winner by openly supporting the highly popular Bukele of El Salvador
and the feeling is mutual, the two regularly saying nice things about each other.
 The US support of Argentina’s Milei helped tip the balance and provided the Argentina
President with a big win in last year’s mid-terms.
 Then all that Maduro thing with Venezuela (ongoing)
Etc, but those are in the past and we can expect at least two and possibly three new lines of political support
(or attacks) in the rest of 2026:
Colombia: Once the first round is defined, the Trump admin is bound to come out with strong support
for either Abelardo de la Espriella or Paloma Valencia, whoever makes the run-off against Iván Cepeda.
Not only is Colombia a key strategic piece of the LatAm political world, but there’s plenty of personal
bad blood between Trump and Gustavo Petro so POTUS will be keen to see his lefty dauphin Cepeda
defeated.
Peru: This is the possible venue for US soft intervention and all will depend on who makes the run-off,
but it wouldn’t be a surprise to see The USA voicing a preference for the next President here, as well.
Brazil: But all pales in comparison to The Big One this year and even the Colombia election will be seen
as a mere hors d’oeuvre next to the looming fight to be the next President of Brazil. For one thing,
Trump’s connections to the Bolsonaro family are well known, for another Lula is a sworn enemy but
above all, in Brazil The USA has a unique opportunity to influence the election outcome of one of “the
BRIC letters”. We’re still in the early stages of the Brazil campaign and the two main players, Flavio
Bolsonaro (son of Jair) and Lula, are in warm-up mode for the full-scale grudge match of an election to
come but when the race begins, expect Trump to use help the Bolsonaro camp in any which way.
You can debate the morality or effects of the new Donroe Doctrine amongst yourselves, here we trying to
keep it real and note what’s going on, rather than pass any judgment but, for what it’s worth, I think The
USA is within its rights to voice opinions and preferences on the political goings-on in LatAm and in many
respects, it’s positive to see a US admin caring about what happens in the region for the first time in a very
long time (LatAm was largely ignored by all 21st century US Presidents, be they elephant or donkey). What
we can say with certainty is that the pattern set in recent times is clear, President Trump isn’t shy about
voicing support for “his” candidate and we’re going to see that, first in Colombia and then in quadraphonic
stereo in Brazil.
Venezuela: Mining potential and elections potential
Our feature on Venezuela in IKN880 was well-timed, because 1) the country’s parliament last week
completed to process to pass the country’s new mining laws as outlined this time last week, the final law
package passing unanimously (in good ol’ dictatorship style) and as a result 2) there was a sudden flurry of
English language reports on the approval of the new mining laws. This is what Google returned at the top of
a simple “Venezuela Mining” search prompt:
Three big hitter news services, plus Mongabay for the enviro angle. The news cycle will soon move on and
the land of mining opportunity that is Venezuela won’t stay in the public eye for long, we also reiterate our
opinion of last week that there’s a long, looong way between passing a law and getting off the ground as a
Venezuelan junior miner, but there are sure to be explorecos willing to risk for the undoubted reward
potential here.
24

Market Watching
Minera Alamos (MAI.v): 1q26 production in-line
While we’re on the subject of Monday morning production NRs, I know a fair handful of readers still own
Minera Alamos (MAI.v) shares so let’s cover its 1q26 prodcution NR, out today Monday (25): Here’s the main
news in visual form:
Pan Mine: Gold produced/sold, per qtr
25
9659 53901 48101 92411 57701 02401 4279 97401
1776
5319 9469 4769
6707
5628 64701 2948 4319
14000
12000
10000
8000
6000
4000
2000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au
gold produced
gold sold
source; Calibre/Equinox/MAI filings
The production number of 8,734 oz gold and sales of 9,135 oz gold in Q1 in-line with expectations without
offering a particularly impressive number and the comment of "another consistent quarter" from CEO
Koningen is about right. We're also told "The Company’s unrestricted cash balance (unaudited) increased to
$46 million as of March 31, 2026, compared to $34 million on December 31, 2025."
As that 34m from end 4q25 was USD and MAI is guiding
MAI.v: Cash treasury per qtr
160
us 12m higher for the quarter, here's our best guess on
140
cash treasury for the quarters (we remind readers that the
120
4q25 financials have not yet been filed). This isn't working
100
capital or current assets either, just a guess on basic
80
liquidity so perhaps a basic takeaway is the way forward.
60
So "They have enough money for the time being, but not
40
enough to act on the Copperstone build plans" and we're
20
done.
0
Overall, today's news was in-line with expectations and
the stock traded accordingly, up 1.3% to close at C$6.32.
Vizsla Silver (VZLA.to) (VZLA) and Ivanhoe Mines (IVN.to) redux
A quick update on the two negative notes that appeared in last week’s Market watching section, as so far at
least we’ve got one right and one wrong.
1) In “Vizsla Silver (VZLA.to) (VZLA) shuffled down the pack”, we revisited the problem-strewn company,
emphasized the issues at its project are not going away any time soon and how the market has started to
realize that, backing away from the stock and turning what was one of the vanguard silver trade vehicles into
a second level choice. To sum up the feeling, here’s how the note ended:
“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.”
2) Meanwhile in the second note, “Ivanhoe Mines (IVN.to) resets toward reality”, the representative
soundbite from IKN880 is, “…even this current share price looks vulnerable and a drop into single figures this
coming week would not surprise this desk in the slightest.”
That was then, this is now, here’s how they traded last week starting with VZLA, which lost a penny on the
week while the main silver miners’ ETF, SIL, improved by 4.3%:
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 tse52q4 tse62q1
source: company filings
srallod
fo
snoillim

The dynamic of a market that uses upticks as liquidity events continues and VZLA underperformance is clear.
As for IVN.to, improved by 6.7% on the week while the main copper miners’ ETF, COPX, improved by 8.9%:
If I felt pernickety and was trying hard to be right all the time, I’d point to the slight under-performance of
IVN versus its peers last week but in truth, that’s a minor detail. The fact is that IVN came in for solid support
and we saw a C$16Bn market cap miner become a C$17Bn market capper, never a small feat for any stock
that size. So my call of “single digits” on the stock price was plain wrong….so far at least .
Conclusion
IKN881 is done, we end with a couple of bullet points:
 Buy Tiernan at this price, it’s going a lot higher and thank anyone you come across that starts pointing
at its supposed water supply issues; they are the people who are keeping its price low enough to buy
today.
 Amerigo offered up a storming Q1 production NR today and the 16c dividend was a very pleasant
surprise. More, please. As for the others, Rio2 looks ready to roll and we await the Q1 production NR.
Meanwhile, I haven’t given up on for West Red Lake and will stick to the plan, but the jungledrums
need to be wrong now.
 I’ll explain in detail next week just why Peru’s election was an organizational disaster. That saying
about how a country gets the President it deserves is spot on. Meanwhile, this time next week we’ll
know who’s in the big race against Keiko for the big job. Or we’ll probably know. Possibly. Sigh.
I wish you good trading fortune, ladies and gentlemen. Best wishes, Mark.
26

Footnotes, appendices, references, disclaimer
(1) https://www.investing.com/news/economy-news/white-house-denies--plans-for-nuclear-strike-on-iran-4600941
(2) https://www.youtube.com/watch?v=oGbNm62cOxQ
(3) https://amerigoresources.com/_resources/news/nr-20260413.pdf
(4) https://mayfairgold.ca/wp-content/uploads/2026/04/NR-04-07-2026-Mayfair-Bolsters-Executive-Team-with-Addition-of-Veteran-CFO-
FINAL.pdf
(5) https://dpmmetals.com/news-media/news-releases/dpm-metals-announces-first-quarter-2026-preliminar-13482/
(6) https://www.hellenicshippingnews.com/goldman-cuts-copper-forecast-on-soft-demand-warns-of-potential-price-declines/
(7) https://aldebaranresources.com/aldebaran-reports-936-m-of-0-66-cueq-0-62-cu-0-09-g-t-au-and-1-16-g-t-ag-including-194-m-of-0-99-
cueq-0-92-cu-0-19-g-t-au-and-1-02-g-t-ag-at-the-altar-copper-gold-project-in-san-juan-argentina/
(8) https://www.pecoycopper.com/news/news-releases/pecoy-copper-intersects-102050-m-of-043-cu-and-009-gt-au-from-48-m-in-follow-
up-hole-a-second-consecutive-kilometre-scale-intercept-within-south-breccia
(9) https://www.newsfilecorp.com/release/291715/Kobrea-Provides-Update-on-Drill-Program-at-El-Perdido-Porphyry-
CopperGoldMolybdenum-System-Mendoza-Province-Argentina
(10) https://www.e29copper.com/news/element-29-announces-private-placement-of-up-to-35500000
(11) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reports-voting-results-special-meeting-shareholders
(12) https://www.iamgold.com/English/investors/news-releases/news-releases-details/2026/IAMGOLD-Provides-Notice-of-First-Quarter-
2026-Results-and-Conference-Call/default.aspx
(13) https://lundingold.com/news/lundin-gold-reports-q1-2026-production-of-119-742-122841/
(14) https://www.bloomberg.com/news/articles/2026-04-09/barrick-is-willing-to-shuffle-assets-as-it-eyes-ipo-this-year
(15) https://wp-precoregold-2026.s3.ca-central-1.amazonaws.com/media/2026/01/2026_04_06-PrecoreGold-Deck_FINAL.pdf
(16) https://sranangold.com/news/sranan-gold-announces-senior-leadership-changes/
(17) https://resultadoelectoral.onpe.gob.pe/main/resumen
(18) https://rpp.pe/economia/economia/viceministra-de-minas-sobre-tia-maria-no-hay-una-reevaluacion-tecnica-noticia-1683839
(19) https://www.infobae.com/peru/2026/04/10/tia-maria-no-va-hasta-nueva-evaluacion-gobierno-anula-inicio-de-explotacion-del-
proyecto/
(20) https://revelacion.pe/2026/04/04/roberto-sanchez-en-arequipa-propone-frenar-tia-maria-y-apostar-por-industrializacion-con-control-
estatal/
(21) https://www.reuters.com/sustainability/climate-energy/argentina-passes-mining-reform-spur-investment-near-glaciers-2026-04-09/
(22) https://www.mineriaydesarrollo.com/noticias/2026/04/10/23873-el-gobernador-de-chubut-sorprende-la-ley-de-glaciares-no-nos-va-a-
afectar
(23) https://www.scribd.com/document/1024295197/2026-04-Atlas-Intel-y-Semana-Elecciones-Presidenciales-Colombia-2026
(24) https://www.infobae.com/colombia/2026/04/09/encuesta-atlas-intel-ivan-cepeda-lidera-intencion-de-voto-pero-perderia-en-segunda-
vuelta-con-abelardo-de-la-espriella-y-paloma-valencia/
(25) https://mineraalamos.com/news/2026/minera-alamos-reports-first-quarter-2026-gold-production-of-8-734-ounces/
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
27

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

Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
29

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