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The IKN Weekly
Week 882, week of April 19th 2026
Contents
This Week: Trade heads-up, In today’s edition, Social media groupthink.
Fundamental Analysis: Aurion Resources (AU.v) bought by Agnico Eagle, Adding BP Silver (BPAG.v) to the
Watch List
Stocks to Follow: Overview, Aurion Resources (AU.v), Rio2 Ltd (RIO.to), Arizona Metals (AMC.to), Orecap
Inv (OCI.v), West Red Lake Gold (WRLG.v): Xali Gold (XGC.v): Amerigo Resources (ARG.to), Gold Royalty
Corp (GROY), Wesdome Gold (WDO.to).
The Copper Basket: Overview, Andina Copper (ANDC.v), Fitzroy Minerals (FTZ.v), Algo Grande (ALGR.v).
The Producer Basket: Overview, Eldorado Gold (EGO) (ELD.to), Americas Gold and Silver (USAS) (USA.to),
B2Gold (BTG) (BTO.to), Agnico Eagle (AEM).
The TinyCaps Basket: Overview, Viva Gold (VAU.v).
Regional Politics: CESCO Week 2026: Permits, supply and the “Copper Triangle”, Peru elections: The round
one result is still in doubt, More Peru: Tia Maria unsuspended, The Colombia Presidential election: Brief
update.
Market Watching: Orla Mining (ORLA) (OLA.to) is in trouble, Wesdome Gold (WDO.to) 1q26 production
numbers.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
With the news today Monday that Aurion Resources (AU.v) is being bought out by Agnico Eagle (AEM), I’m a
seller of Aurion in the days to come as explained in today’s main fundies section. Also, though not a purchase
yet we are adding BP Silver (BPAG.v) to our Watch List as from next weekend, that gets an introductory
write-up in today’s main fundies section as well.
In today’s edition
 Very happy about the way the Aurion (AU.v) trade has worked. Taking profits.
 I’m half expecting some sort of “You, Mark? Silver? And in Bolivia? Really???” feedback from today’s
intro note on BP Silver (BPAG.v), but neither the metal nor the location is enough to put me off
following a company with the potential to discover a serious silver resource. It’s early days, I’m not
buying yet but after last week’s unintentional tease, it’s only fair to lay out the basics.
 The Wesdome Gold (WDO.to) 1q26 production numbers are more than reasonable, without being
anyone’s idea of a massive market-moving blowout. We go over what we know in Market Watching
though somehow, the less impressive 1q26 producitno numbers from Americas Gold and Silver (USAS)
caught the market’s imagination far more. Those get the once-over in Producer Basket.
 The Peru elections are a total mess, but things are not as bad as they seem and I expect the second
round to be fought between Keiko and Porky. Governments of either of those will be acceptable to
outside money and the mining world.
 Other things as well. There are always other things.
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Social media groupthink
All the prophets of doom can always find room
in a world full of worry and fear
Tipped cigarettes and chemistry sets
and Rudolph, the Red-Nosed Reindeer
So I'm goin' back to my little ol' shack
and drink me a bottle of wine
That was mis en bouteille before my birthday
and have me a f****** good time
Neil Innes, Protest Song, 1976
Perhaps it’s just me (or perhaps I spent a little too much time on social media last week), but for reasons
worth discussing I happened to come across this meme/cartoon
on at least half a dozen occasions, certainly more than enough
times for it to register as interesting. And it wasn’t a case of seeing
the same post on multiple occasions, instead it was at different
times, different people and different platforms. As for the cartoon,
its message is a straightforward bearish warning about the
markets today, admonishment for those who blithely assume bad
news gets priced into the market.
Permabears really bore me, to be honest. It may surprise this
audience, but I consider myself to be an optimist and while I know
I have (even cultivate) a surface impression that comes across as
otherwise, gallows humour, sardonic takes and all, I’d meekly
opine that long-term survival in junior mining is impossible without outsized levels of optimism that
sometimes borders on masochism.. However, I’m also clear on the importance of risk management, an
important factor in any business sector but when it comes to junior mining stocks, it trumps all other
disciplines. We all know how share prices of juniors, no matter how good, bad or indifferent the company
might be, rise and fall on the same tide of metals prices. That’s simply the way it is in junior world and as
such, there’s a lot to be said for ignoring stock picking fools like me, steering well clear of advisory services
and just playing the sector from a top-down macro level via issues such as GDX, GDXJ, COPX, SIL etc. But
risk management matters, as the good companies run by good people are far less prone to a sudden
negative event than the sketchy juniors run by the used car salespeople of the mining world. However, the
meteor and dinosaurs reminded me how the prophets of doom pipe up with one voice when bad news is
being overplayed or…yes indeed, it’s already baked in. We’ve seen the rise of this sentiment around the
overriding geopolitical issue of Iran, Strait of Hormuz, rockets, destruction, death and connected badness and
the way the market has tempered its reactions to the switchback newsflow from the conflict. It’s important to
take on all opinions (of course), but when every social media Tom Dick and Harriet thinks it’s edgy
commentary to use the same meme at the same time, it tells me more about the current groupthink among
the flock than anything else. We noted last week how 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”, add to that the way the market rallied with
a rocket on Friday on the back of a single POTUS tweet. The bears may not like it, but this market is now
actively looking for reasons to go higher and that means downside shocks will be also be limited.
I now need to start deploying the cash accumulating in the portfolio account, which is about to grow
significantly thanks to the next company mentioned.
Fundamental Analysis of Mining Stocks
Aurion Resources (AU.v) bought by Agnico Eagle
If this note, a late addition to IKN882 written from scratch on Monday, comes across as a lap of honour then
I beg some forgiveness. From the start of this trade, germinated in IKN848 and IKN849, mooted as a trade in
IKN850, but officially started in IKN853 dated September 21st 2025 in the main Fundamentals note “Aurion
Resources (AU.v): To do what Agnico would do”, we’ve been clear about the trade thesis. The reason to buy
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Aurion Resources (AU.v) has always been Agnico Eagle (AEM), the high likelihood it would make the Central
Lapland Greenstone Belt (CLGB) region of Finland its next major mining camp and would do so by buying out
the major land players in the zone. The central prize in pure gold ounce resource terms was Rupert
Resources (RUP.to) but the concessions held by AU.v were strategically vital, not only for the development of
the RUP Ikkari mine but also for exploration and development of the most prospective targets around that
focal point. Since the main fundies note on AE.v in IKN853, most of our commentary on AU.v has been
confined to the ‘Stocks to Follow section’ of The IKN Weekly, not least because there hasn’t been much more
to say. That’s something else we were clear about from the start, as for example this piece of the IN853
discussion/conclusion paragraph shows:
“The company (AU.v) is notably, almost infamously low key in its promotion and marketing, you’ll
never see it pushed as a hot trade idea by social media influencers, it’s rarely even mentioned on a
day-to-day basis. And that’s deliberate, it’s exactly the way its main player Dave Lotan likes to
operate and it also means that come the day of a deal, there will be that much more uplift in the
stock price.”
However, every week has included the note “Agnico will buy more Finland” next to the Stocks to Follow line
item and the last mention of AU.v, two weeks ago in IKN880, reiterated the point even though the stock had
just put in a nice price pop:
That lack of noise on the airwaves is one of the angles we expected from this trade, it was always likely we
heard nothing, then nothing, then nothing and then suddenly some sort of deal is reached that changes
everything. There’s the potential to hook up with Rupert Resources, there’s B2Gold around there somewhere,
there’s also our default scenario that Agnico swoops in and scoops it all up, RUP and AU and all.
Nothing and nothing and nothing and then….which brings us to the news pre-open today, Monday April 20th.
Here’s the Agnico Eagle NR (1) and its top paragraph…
TORONTO, April 20, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the
"Company") announced today a plan to complete a comprehensive consolidation of properties in the Central
Lapland Greenstone Belt ("CLGB") of Northern Finland, pursuant to which Agnico Eagle has entered into definitive
agreements in respect of three separate transactions: (i) the acquisition of all of the issued and outstanding shares
of Rupert Resources Ltd. ("Rupert"); (ii) the acquisition of all of the issued and outstanding shares of Aurion
Resources Ltd. ("Aurion"); and (iii) the acquisition of a 70% interest in Fingold Ventures Ltd. (the "Fingold JV") held
by B2Gold Corp. ("B2Gold"), which together with the 30% interest held by Aurion, would result in Agnico Eagle
owning a 100% ownership interest in the Fingold JV. The Company currently owns 13.9% of Rupert on a non-
diluted basis and 9.9% of Aurion on a partially diluted basis.
…that gives the 30,000ft view of the entire planned transaction, and here’s the Aurion Resources NR (2) and
the three bullet points at the top have the bits that matter to us:
 Aurion shareholders to receive all-cash consideration of C$2.60 per Aurion Share
 Purchase price represents premium of approximately 46% to the closing price as of April 17, 2026
 Aurion board unanimously recommends Aurion shareholders vote in FAVOUR of the Transaction
And here’s what that news did to Aurion stock today, via a 12-month chart that also notes our interest in the
stock, as well as the addition made in late October that got our cost average down to C$1.07:
At tonight’s close of C$2.55, that’s a pre-commissions 138.3% win and good enough for a seven month
trade. As for the personal plan from here, there are at least eight reasons…
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1) It’s an all-cash deal
2) It’s a friendly deal with management and large shareholders fully supportive: They include AEM
itself, plus Adrian Day Asset Management (well done sir) plus insiders that aggregate to around
25% of stock
3) There’s a large break fee
4) There are no obvious competitors for these assets outside of AEM, especially as B2Gold is part of
the selling group
5) This type of three-cornered deal would have taken plenty of time to get right, so AEM would not
have gone into this without clearly defined criteria
6) The deal is set to close in Q3, quite a wait
7) Tonight’s closing price is just 5c (approx 2%) from a deal price that’s unlikely to need
sweetening or face a competitive counterbid
8) I’m a retail grunt
…that point in the same direction. It would be different for RUP.to holders who can consider the good paper
of AEM and what it might do between now and then, but for AU.v and that tight arb on an all-but done deal,
I’m happy about cashing in immediately. So the decision is to take my retail grunt money and run and I am a
seller of Aurion Resources (AU.v) this week.
Bottom line: Congrats to Davis Lotan of Aurion Resources (AU.v), who has landed another big deal to add to
his impressive CV (and bank account). This has been a pleasing trade, as it’s always nice to get one right for
the right reasons. We identified the likely strategy at Agnico in those “WWAD” notes and thoughts in the
summer of 2025 when gold started running hard, we zeroed in on its Finland operations and clear aspirations
for growth in the region via its strategic purchases of both RUP.to and AU.v shares, we got in at a good price
before the ramp-up started in earnest, we then remained calm and collected through the expected radio
silence from AU.v. It was indeed “…nothing, then nothing, then nothing, then deal…” and all in a more than
acceptable period of time. Your author will be able to look back on this trade fondly, but in the end it’s about
the money and taking profits early, padding treasury and building for the next round of purchases in the
junior sector is the way forward. Good trade, good print, onward.
Adding BP Silver (BPAG.v) to the Watch List
It wasn’t supposed to be a tease or anything of that ilk, but on reflection it may have read that way. Last
week’s edition, IKN881 made mention that I’ve been considering a “new company with an interesting
exploration stage project” but still couldn’t get comfortable enough to mention it, reco it, buy shares or even
add it to the Watch List of potential purchases in the future. Those couple of lines elicited feedback from
more than one of you (too many to be comfortable, frankly) and on further consideration, even though I’m
still not a buyer the only fair thing is to mention the company today and why it’s caught my attention so here
follows an introduction to the company along with the reasons it’s now firmly on my radar.
BP Silver (BPAG.v) (website found here (3)) is a fairly new entity
which IPO’d at the end of 3q25. It is an exploration stage
company with two projects in Bolivia, the current flagship
Cosuño and second string Titiri, both silver targets with potential
base metals and/or gold by-product credit metals. This map
(right) taken from the company’s 2025 43-101 complaint
technical report (available on SEDAR) shows the location of the
main Cosuño project on a relief map of Bolivia (Titiri is a little to
the North in roughly the same area, part of the Potosi region of
South Bolivia), while the second map (below) shows a close-up
of the zone and local towns. Cosuño is located 55km northeast
of the small city of Uyuni, (40,000 pop) which has all logistics
including an airport and is best known as the town next to the
world famous Uyuni salt flats, West of the city. Cosuño itself is
located in a remote and sparsely populated zone, the small
village of Thola Pampa some 16km to its East (the company has
a 5 year exploration agreement with local communities)
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Here’s our basic corporate structure box on the company:
Shares out: 63.385m
Options: 3.59m
Warrants: 15.432m
Fully diluted: 82.407m
Share price: C$1.00
Market Cap: C$63.385m
Approx cash per S/O: C$0.17
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.73
The Friday close of exactly one Loonie makes the market cap easy to calculate. As for the share count, that
was recently boosted by a placement that wanted to raise C$8m and ended up raising a little over C$10m in
gross proceeds, the units (share + ½ warrant priced at C$1.30 with a two year shelf life) being offered at
just the right time for a market that couldn’t get enough of silver stories for a brief window of time. That
means that treasury has an IKN-estimated C$11m and that’s more than enough to fund its 2026 budget,
which stands at a minimum spend of C$6.5m including an expected Phase 2 drill program at Cosuño.
This price chart (below) shows the evolution of the stock since it began trading at the very end of 3q25.
It’s been a successful launch for the company, trading in its first couple of months around the 40c level, then
moving to the 60c bracket around Christmas, then getting popular along with plenty of other silver names in
the first weeks of 2026. But the big move came at the end of February when BPAG announced (4) results
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from its first-pass drill program from Cosuño, including the headline cut from hole CO-0008 of 5m at 600.4
g/t silver (which included 1m of 1655 g/t silver). BPAG shares took off and the company took advantage of
the timing and the hot market for silver by running the aforementioned placement. Since then the stock price
action has cooled somewhat, firstly due to the placement news, then we saw silver prices drop from the
hyped-up peak of over U$100/oz, finally because the other holes put into Cosuño in its Phase 1 program and
announced recently weren’t quite as spectacular as hole 8 (and hole 9). Still good, but the word “bonanza”
only showed up in the first, February 27th NR.
This drill map shows the Cosuño project and its main target area, with the nine drill holes of Phase 1
scattered over the four chosen targets. Some notes below:
1) Cosuño has been known as a potential silver resource for many years and has been marketed since to
foreign explorecos for at least 15 years. Up to recently, the combination of the hostile political environment
(Evo Morales governments and low silver prices meant it didn’t get any takers, but the winds of political
change have arrived in Bolivia (the end of MAS governments, President Rodrigo Paz, etc) and it was finally
poicked up in 2025 by the current group. The optioning in deal is a fairly standard staged payment/work deal,
with the heaviest payments at the end of the period. Nothing particularly onerous.
2) The broken white line running left to right on the above map is an important part of the project, as the
area of interest and current generated targets cover a span of 2.7km. This is a big system.
3) With that in mind, when you consider all nine holes hit silver mineralization to a greater or lesser extent, it
shows the scale and potential of what they have.
4) The best drill assays came from the area on the map left, known as Pocañita Chica that saw two holes:
 CO-0008 hit 38m of 116.4 g/t Ag, including the previously noted 5m of 600.4 g/t Ag
 CO-0009 hit 58m of 46.2 g/t Ag, including 1m of 526 g/t Ag
5) Importantly, mineralization from those holes began at 11m and 19m respectively, which is early into the
holes and not predicted by the geological model. Those hits came from the lithocap zone which, in similar
deposits in the same Bolivia region that have been made into mines, tend not to be mineralized. Instead, the
big grade thicknesses and numbers in similar deposits come from lower down in the system were ultra high
grades and thicknesses have been discovered. Indeed, Cosuño is of the same theoretical type as the world
renowned Potosi mine location of the richest silver deposit ever discovered and the single reason why Spain
became a world power in the 16th and 17th centuries. Now, neither the company nor this desk is trying to
present Cosuño as “the next Potosi”, that orebody is one of a kind and is extremely unlikely to ever see a
6

repeat, instead it’s mentioned as the geology and creation is supposed the same. The main takeaway from
that little word salad is “early stage assays were very encouraging, they found better grades than expected
for this first pass, all holes being mineralized is a great signal, so if they drill Phase 2 and find what they
suspect they’ll find further down the system we’d be onto something special.
6) That’s backed up by the declarations of the main geologist on the BPAG team, Dr. Stewart Redwood and
this quote (below) has found its way onto company NRs and its latest corporate presentation:
“Our recent drill program has delivered compelling high-grade silver results, highlighted by an
intersection of 5 metres at 600.40 g/t silver and 1 meter grading 1,655.00 g/t silver — equivalent to an
exceptional 1.65 kilograms of silver per tonne over that interval. These results validate the discovery
of a potentially economic deposit within the large 10.5 km² alteration zone that remains largely
covered and only minimally tested, underscoring the significant exploration upside. The next phase of
exploration will advance the project through extensive geophysical surveys to better define the size
and continuity of the four drilled targets, refine Phase II drill planning, and identify additional targets
concealed beneath thin surface cover, positioning the project for continued growth.”
7) This quote also brings another reason I am interested in BPAG, as those with a memory fro names may
recall that Stewart Redwood was part of the team that developed the AntaKori deposit at Regulus Resources
(REG.v). Even though you get to hear from supporters of company X, Y or Z that their geologist is “the best
in the business”, this time it really is true. Dr. Redwood was brought into REG after being the head geologist
at the massive Antamina mine in Peru and is a world expert on Andean mineral deposits. He’s the type of
geol who cares far more about rocks than money, his level of success means he gets to pick and choose
where he works (or works at all) and seeing him somebody of his stature this enthusiastic about a deposit is
all a non-geologist grunt like your author needs to know: Long story short; If Redwood likes this deposit, it is
indeed special.
Which is basically where we are today. The Phase 1 drill program was a resounding success, the company
has recently raised the money it needs to enact all its plans for 2026, including an upcoming geophysics
survey followed by a more extensive Phase 2 drill program, the early results mean the company has come up
on the radars of several people, the share price has reacted accordingly.. This explains my interest in the
project and the company, but it also lays out why I’m not in a hurry to own the stock, as interesting and
prospective as the rocks are:
 We have a while to wait for the next serious price catalyst, the next drill holes
 The recent placement has stopped the speculative momentum at market
 Silver prices are no longer making daily headlines in generalist financial media
This set-up looks right for a trade closer to the time of the next drill program. Between now and then, we’re
likely to get a quiet period and a market that forgets about BPAG. The recent placement was well-timed from
a corporate point of view, but it also means we could see the price drift lower before any momentum returns.
The bottom line: It might be a surprise to this audience to see me interested in a combination of silver and
Bolivia, a volatile and difficult metal in a volatile and difficult jurisdiction.
 Regarding Bolivia, after a somewhat rocky start for President Rodrigo Paz we’ve seen calm break out in the
country as we move through his first year of his presidency. The country has started to open for FDI and
while still not stable in the way of a first world country, things are certainly less volatile than even three
months ago. For example, this weekend saw the run-off elections to decide the governors of nine regions
(States) and while the Paz government party only won 2 of the 9 governorships, most went to parties that
are natural allies of his administration and the process went off calmly (unlike neighbour Peru).
 Regarding silver, we all know the metal is well off its recent hyperbole peak for U$120/oz, and the
speculative sheen has come off its market, but even at U$70/oz or U$80/oz silver mining companies are
making serious money and as the weeks turn to months, there’s growing evidence that even if demand
drops we’re not going back to anywhere near the previous U$30/oz and U$40/oz levels.
 As for BPAG, its potential was obvious even before the first drill holes came back and largely confirmed the
geological models proposed by its highly regarded geological team. Whether of not now is the moment to
buy and take a position is up for debate (and I am going to sit it out a while longer), but the trade here will
be to own stock on the day the company announces assay results from Phase 2 holes that go deeper into
the Cosuño system where Redwood et al believe the best grades and widths are located. However, the #1
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reason I have to pay close attention to BPAG.v is Redwood himself; there’s no better judge of Andean rocks
and if he likes what he sees, it means I do, too.
Those of you with a higher risk tolerance may want to buy now and see how 2026 pans out, personally I
prefer to wait on the sidelines, see if the silver market allows a cheaper entry point at a time closer to its
proposed Phase 2 drill program and then ride the drill play luck. This type of company is always going to be
very high risk and dependent on what the Truth Machine returns, but with the brains trust involved and the
geological theory suggesting there may be a big and high grading deposit under the lithocap at Cosuño, the
potential reward will outweigh any eventual risk. BP Silver (BPAG.v) will be on the Stock ton Follow Watch
List as from next weekend, which will allow us to keep a close eye on its development as 2026 rolls out.
Stocks to Follow
Of our 16 open positions on the Stocks to Follow list, eight were winners on the week (RIO.to, ARG.to,
MARI.to, GROY, WRLG.v, AMC.to, OCI.v, MENE.v), six were losers (TNGD.v, WDO.to, AU.v, MFG.v, XGC.v,
LMS.v) and two were unchanged (SRL.v, MIRL.cn) and while the basic headcount was moderately positive,
the actual results were better in real terms. For one, all the losers were small losses except arguably the
6.8% drop in Latin Metals (LMS.v), for another the winners included pleasant moves to report in West Red
Lake Gold (WRLG.v up 15.2%), Amerigo Resources (ARG.to up 14.5%) and Orecap Inv (OCI.v up 14.3%),
thirdly a couple of the losers are actively welcome in my eyes as I’d be happy to buy more TNGD.v and XGC.v
at lower prices if possible, lastly all big trade except TNGD were winners on the week. So I’ll take a few more
weeks like this one, and happily too.
There are currently 16 stocks on our current list, four fewer than our self-imposed maximum. Thirteen are in
the green, three are in the red, one is unchanged.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$2.91 263.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.65 331.8% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.07 29-Dec-25 C$9.50 17.7% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$9.11 198.7% Quality Cu dev, M&A tgt
Gold Royalty Co GROY hold/buy U$1.40 9-Mar-25 U$3.82 172.9% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.88 20-Jul-25 C$1.14 29.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$28.28 26.1% 2026 M&A tgt, added Mar'26
Aurion Res AU.v SELLING C$1.07 21-Sep-25 C$1.78 66.4% Agnico will buy more Finland
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.35 -0.9% starter position taken
Arizona Metals AMC.to SPEC BUY C$0.525 31-Mar-26 C$0.60 14.3% return, NT trade flip April'26
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.28 0.0% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.19 137.5% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.205 7.9% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.12 50.0% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
none at present
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.195 -56.7% LT bet, adding slowly
8

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:
Aurion Resources (AU.v): SELLING. A quick line to confirm the call made in today’s main funides section,
we’re happy about the price Agnico (AEM) is paying and will leave the arbitrageurs with the last couple of
percentage points of the win.
Rio2 Ltd (RIO.to): Awaiting the production NR. Stock trading well enough. Still a raging bargain at any
number under C$3 and still the house Top Pick for very good reasons. Going a lot higher.
Arizona Metals (AMC.to): A bit of interest in the stock last week, which makes a pleasant change. We
remind readers of the reason we’re long this stock, the pending PEA due to be delivered to market by the end
of April. And we’re 2/3rd through April so, if you feel like joining your author on this risk/reward speculation,
it’s time to position.
Orecap Inv (OCI.v): A significant move in the value of OCI’s share portfolio:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.19 12.76 5.1
ARIC.v 7.39 0.95 7.02 2.8
ARIC warrant 4.17 0.75 3.13 1.3
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.07 2.78 1.2
MERG.v 1.025 0.93 0.95 0.4
MERG warrant 0.5125 0.48 0.25 0.1
ZIGY.cse 4.942 0.46 2.27 0.9
KLDC.v 40.040 0.365 14.61 5.9
subtotal 46.60 18.9
Est.cash 0.70 0.3
Total 47.30 19.1c
At 248.332 S/O
The liquid-ish assets are now worth 19.1c/share, which means a whole lotta arbitrage to the 12c close of last
week. The main reason for the move is its holding in Kirkland Lake Discovery (KLDC.v), which more than
doubled on the week (17c to 36.5c) thanks to the news of its first hole in Mirado (5), the project OCI sold to
KLDC in exchange for those 40.04m shares you see listed above. They’re now worth C$14.61m and cover
5.9c/share. The headline read: “KLDC Intersects 103 m of Continuous Gold Mineralization including 5.66 g/t
Au over 18.2 m, 3.30 g/t Au over 18.7 m and 1.78 g/t Au over 23.9 m in First Drill Hole at Mirado” and while
the 103m is a bit of a stretch (there are anomalous grade zones, there’s no doubting the impressive nature of
5.66 g/t gold over 18.2m and it’s that part of the hole which set the stock price on fire.
Thing is, KLDC didn’t do much more than put a drill where they knew they’d find good grade at Mirado,
twinning holes previously cut way back when. So if we go back and check on the data known at the project,
the 2013 inferred resource estimate of 0.442moz Au at an average grade of 1.29 g/t also included high
grading intercepts of 12 g/t and up to 46 g/t gold in zones.I’m not hwere to throw shade on KLDC and its
results last week, in fact I’ll be happy to see it do well and improve my OCI share price, but we need to
recognize that last week was more confirmation of promise, less new discovery.
9

The OCI price chart shows last week’s spike isn’t
uncharted territories and we’ve been here before, but
never when its stock portfolio was at 19c. That’s a
serious amount of arb lag now and OCI could easily
pop higher once the market digests the Mirado news
and considers other angles.
Monday update: KLDC continued shooting higher
today Monday, closing at 48.5c and valuing the OCI
holding at 7.8c/share. The overall portfolio liquid-ish
assets value is now over 21c/share and the gap
between that and its market price (12.5c close today)
isn’t just wide, it’s yawning.
West Red Lake Gold (WRLG.v): We finally got a reaction out of WRLG and the 15% it added on the week
is better late than never, but there’s still plenty of catch-up to do. After that, we can talk about the
production re-rate this stock owes its (over?) loyal sponsors. Now a few dates, for your consideration:
 3q25 production was announced on October 7th, one week after the quarter closed
 4q25 production was announced on January 12th, less than two weeks after the quarter closed
And now, the company has taken three weeks (and counting) to announced its first quarter of official
commercial production. We even had a NR from WRLG last week (6), dated April 13th with more deep drill
assay results and while another example of the outstanding grades they’ve been finding in the pocket known
as Austin 904, all it seemed to do was give the company the opportunity to talk up its long-term prospects:
“Will Robinson, Vice President of Exploration, stated, “The 904 Complex in lower Austin is steadily
growing into a very important part of the future at Madsen.”
Anyone who’s been around the block in this weird and wonderful sector of ours knows that “good news
travels fast, bad news slowly” and if WRLG isn’t aware that its entire audience is waiting on its 1q26
production numbers as well as its promised (then delayed) 2026 guidance, its people are dumb as a sack of
rocks. Sadly, writing that last sentence reminded me that this company is paying Peter Schiff C$1.25m to
pump it to an audience that doesn’t care about juniors.
Bottom line: Sorry Mr. Williams, a 15% rally will not cover up for the tardy Q1 numbers and the projections
we expect for the rest of 2026.
Xali Gold (XGC.v): Last week “propped at 28c”. This week…
…yup, propped at 28c. That’s all, aside the now regular mention that while news will surely flow, we’re still a
long way from getting drill rigs onto the site and I’m expecting XGC to go to market and raise more capital. I
want to own more, I see no reason to pay the current price.
Amerigo Resources (ARG.to): Another superlative week at market for this stock, we have very little to
add to last week’s commentary, but one thing to subtract. I made a date error last week, stating that the
performance dividend was for shareholders of record as at April 14th and that’s wrong, here’s the real data
as per the 1q26 production NR:
10

On April 13, 2026, Amerigo’s Board of Directors declared a performance dividend in the amount of
Cdn$0.16 per share, payable on May 13, 2026, to shareholders of record as of April 20, 20261.
Amerigo designates the entire amount of this taxable dividend to be an “eligible dividend” for
purposes of the Income Tax Act (Canada), as amended from time to time.
That’s important as from Tuesday, there’s less reason to buy into ARG and we may see less enthusiasm to
own new ARG shares that recent rush to own.
Still, it’s very difficult to complain about the way ARG has taken off and run with the copper rebound. Holding
and happy, but this rapid move won’t continue forever and the moment will come when trimming this
matured position and deploying cash elsewhere makes sense. No need to rush that decision, though.
Gold Royalty Corp (GROY): The company is “Celebrating 5 Years” in its latest corporate literature, with
visuals such as this one from the new corporate presentation (7) offering a highly massaged version of its
past history. Notice how every step is a step up, from 2021 to the present day?
Very cute when you compare it to the GROY price chart over the same five years, as all those who
participated in that IPO or piled on when trading opened are still underwater to this day:
There’s very little to be proud about in that chart, Mr. Garofalo.
11

Wesdome Gold (WDO.to): We use today’s Market Watching section to expand on the WDO 1q26
production numbers out last week (8) as they need more space than a brief notes and jotting section allow,
so here we consider trading in the stock over the last few days and move on:
Down slightly on the week, a better benchmark is the ten-day period in which WDO has slightly out-
performed GDX. The company may have got a little unlucky with the timing of the NR, as it hit the market at
the same time as the 24 hour downturn in commodities on Thursday, but such effects tend to be short-lived
and if the news is good enough, momentum will return. Overall, the chart says that Q1 was good enough and
in-line with expectations and as you’ll see below in Market Watching, for me it was a slight beat (as long as
the costs angle holds up, we’ll find out about that on May 12th when WDO reports its quarter financials.
The Copper Basket
After fifteen weeks of 2026, The Copper Basket shows a gain of 30.09% 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 1361.01 4.89 79.1%
2 Aldebaran Res. ALDE.v 3.67 185.338 517.09 2.79 -24.0%
3 Pecoy Copper PCU.v 1.32 209.489 385.46 1.84 39.4%
4 Los Andes Copper LA.v 9.20 29.573 341.57 11.55 25.5%
5 Hot Chili HCH.v 1.33 177.47 287.50 1.62 21.8%
6 Andina Copper ANDC.v 0.56 267.638 267.64 1.00 78.6%
7 Element 29 Res ECU.v 1.20 187.873 251.75 1.34 11.7%
8 Surge Copper SURG.v 0.475 377.754 245.54 0.65 36.8%
9 American Eagle AE.v 0.56 192.621 229.22 1.19 112.5%
10 Hercules Metals BIG.v 0.74 289.41 205.48 0.71 -4.1%
11 Copper Giant CGNT.v 0.49 203.927 148.87 0.73 49.0%
12 Fitzroy Min FTZ.v 0.48 327.178 137.41 0.42 -12.5%
13 Metal Energy MERG.v 0.64 45.2 42.04 0.93 45.3%
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 16.74 0.47 -7.8%
NB: All stocks in CAD$ Portfolio avg 30.09%
The Copper Basket had a strong week, adding another 6.83% and making it back above the 30% line for
2026 YTD, all those worries about wars and suchlike
seem a distant memory. The improvements were 45% The Copper Basket 2026, weekly evolution
across the board too, with just two week-over-week 40%
losers (PCU.v, KBX.cn) and two unchanged stocks 35%
(AE.v, ALGR.v). Which means eleven winners to I’m 30%
25%
not listing them all, instead we raise a cheer for the
20%
big percentage moves in Andina Copper (ANDC.v up
15%
12 10%
5%
0%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91
source: IKN calcs

26.6%), Fitzroy Minerals (FTZ.v up 12.0%) and Surge Copper (SURG.v up 10.2%). Those are your winners,
ladies and gents.
It won’t surprise this audience to learn that a new bullish impulse for copper was the driver of last week’s
gains, the chart (right) of the July Comex
contract (May is now approaching delivery and
the rollover is 80% complete) showing how the
metal re-took the U$6.00/lb line with relative
ease and all the bearishness of the Hormuz
Hoedown is a thing of the past. It would seem.
Until the next time. Perhaps. Who knows?
Anyway, data out of China supported the better
outlook for demand at last week’s price levels
(see the inventory tracker section below), which
of course meant that the market pushed prices
even higher because that’s what markets do.
We’re now at a likely near-term ceiling level and
I’d be surprised to see copper move much
higher than this in the days to come, especially
as The Hormuz Strait still seems to be a little
more contested than POTUS47 made it out to be last Friday morning, but on the other hand copper
companies don’t need metals prices to go higher in order to make serious money or see their projects valued
a lot higher. For further information, on that, please see Amerigo Resources (ARG.to) share price.
Moving to copper fundies and this report (9) from Chile’s Cochilco was likely timed to coincide with the big
CRU/CESCO conference in Santiago de Chile last week (more on that gig in Regional Politics, below). The title
explains the contents well, so the translation goes (deep breath) "Forecast of Consumption of Electrical
Energy in Chilean Copper Mining in the Context of Energy
Transition, 2025 to 2034" (breathe out). And Cochilco does its
normal thorough job, the gathered data presented via 37 pages of
bone dry business Spanish, but no need to suffer too much, we
can glean the most pertinent information in far less time by
focusing on a couple of their visual aids.
This chart (right) offers is the report’s #1 takeaway, that electricity
demand is set to rise from the preliminary 27.6 terawatt hours
(TWh) of last year to 33.2TWh in 2034, representing an increase
of 20.2% over the period. For the record (and for those who recall
its forecast paper of late last year), in the same period Chilean
copper production is set to increase by 8.3%. Copper production
is, therefore, about to get more energy intensive and close read of
the breakdown in demand shows exactly why. The big electricity
demand items in copper mining are concentrates mills and SX/EW
facilities, then come smelters and underground operations. Less
onerous are open pit operations (which rely more on diesel to
move trucks around), refining and general services (camps, canteens, etc). Finally, the new large comes from
seawater supply via the operation of desal plants and pipelines to mines. Here’s a list of the expected
percentage change in demand for each of those inputs for the same period, 2025 to 2034:
 Concentrates Mill: +3.2%
 SX/EW: +3.7%
 Smelting: +9.5%
 Underground: +1.8%
 Open Pit : +2%
 Refining: +1.0%
 Services: +10.6%
 Seawater supply: +58.8%
13

While it’s fair to mention in passing how smelters are expected to increase above the average rate and is a
big user of electricity, there’s only one line item that stands
out like a sore thumb. This chart shows the electricity demand
for the “use of sea water”, be that saltwater or desalinated
water supply, which accounted for 3.4TWh in 2025, or around
12.3% of the total energy demand from large-scale mining
operations. By 2034 that will be 5.4TWh, or 16.3% of a total
that in and of itself will rise by 20.3%. And as the chart also
shows, it’s mostly about the pipelines as water pumping
makes most of the difference.
In other Chilean copper news, we turn to Codelco and before
you read these words but after they’re written, i.e. Monday
April 20th, Chile’s State owned copper company is holding its
AGM. With the change of government in Chile, its board is
under pressure to say and do crowd-pleasing things which is
probably why we suddenly got a bunch of forecasts for
improving production out of the company last week, Codelco
attempting to fix people’s eyes on 2027 (and beyond) rather
than this year (10) (11). Here’s the quick rundown of last year’s total copper production out of Codelco in
millions of metric tonnes (mmt), along with the new guidance figures proposed by the board:
 Reported 2025: 1.328mmt
 Reported 2025: 1.334mmt
 Forecast 2026: 1.344mmt
 Forecast 2027: 1.37mmt
 Forecast 2030: 1.7mmt
A couple of notes:
 The numbers are for the Codelco mines and do not include the mines at which it is a minority shareholder
(i.e. El Abra, American Sur, Quebrada Blanca). For context, if you add those into the mix the 2025
production number reaches 1.44mmt.
 The 2025 result wasn’t that bad considering the issues caused by the underground seismic event at El
Teniente which caused the death of six workers, closed the entire mine for a number of days and has
seen production cut back since then as the mine addresses the ensuing issues.
 In 1q26 Codelco was behind the 2025 production cadence by a couple of hundred thousand tonnes (as
Robert Friedland will gleefully inform you), but that’s partly El Teniente and partly programmed
maintenance at some of its main assets. The company maintains 2026 guidance and there’s no real
reason to doubt the 2026 guidance yet.
 However, file its longer-term forecast of 1.7mmt in 2030 under “seeing is believing”, don’t put much trust
in that exercise in arm-waving.
Bottom line: The forecast for 2027 isn’t some random number, instead it’s chosen because it would put
Codelco back as the #1 world producer of copper and above the expected production of both Freeport and
BHP. More thoughts on increasing copper supply in the CESCO/CRU conference notes below, as it was one of
the main topics of the week in Santiago.
We move to our regular weekly world copper inventories update, data from Cochilco:
 The world copper stocks aggregate took another leg down last week, dropping by 19,395 metric
tonnes (mt) and closing at 1,178,310mt.
 Once again, the difference was made by Shanghai Futures Exchange (SHFE) stocks which
continue to act according to normal seasonality and dropped another 26,028mt to close at
240,456mt.
 However this time, LME wasn’t a yin/yang show with Shanghai. A subdued European market kept
LME movements to a minimum and smelter exports from China dropped away, the result being
that the LME warehouse system added just 1,075mt to close the week at 400,225mt.
14

 Finally, the Comex stocks continue to fiddle around this 500kmt+ level, but this time added
5,558mt back instead of registering another small drop. The 537,629mt isn’t a record, but it’s
close to the top of a couple of months ago as North America tries to work out what it wants to do
with its excess and stored copper tonnages.
Just one dedicated SHFE chart this week, as the thick black 2026 line continues to cut through the lines of
previous years as it heads toward the 200kmt line. There’s never been a bigger pop than the Lunar New Year
high this year, now we’re witnessing a record steep drop.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
15
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for some notes on a couple of basket component stocks
Andina Copper (ANDC.v): This week’s winning drill NR, this on Tuesday April 14th (12) delivered a good
headline from its Cobrasco copper project in Northwestern Colombia, “Andina Copper Reports 232m at 0.68%
Cu, 75ppm Mo from 38m” but quite honestly, the lede was buried somewhat because the entirety of the
same hole CDH006, 486m @ 0.42% Cu, 51ppm Mo, 1.20g/t Ag, is more impressive in this desk’s opinion. It’s
also worth checking out the drill maps included in the NR, this one (right) is the most telling and you’d do
well to use this link (13) and check out the big version to get the full picture, as the correlation between
geochem (mostly soil samples) and drill core is nothing short of optimum…so far at least. A study of both the
main drill maps also point toward hole 008, currently in the labs because if that comes back with good
numbers the footprint of Cobrasco enlarges significantly.
Said this before and I’ll say it again, the quality of rocks at Cobrasco has never been in doubt, what the
company has done by way of community relations and getting access to a particularly risky and unstable

jurisdiction is the real feat and for that they should
be applauded. I was interested in this project way
back when it was in the inertia-affected Rugby
Mining, the Colombia angle still puts me off but
there’s no denying that it’s another missed winner.
Another one…there will be more.
As for trading, up it shot on this news and ANDC has
a hot hand among retail copper speculators, so
plenty of noise and volume ensued. The two-month
chart shows ANDC has been here before with that
Feb 25th spike being the all-time high.
Fitzroy Minerals (FTZ.v): The Spanish expression “Vendehúmos”, or “Vendedor de humo”, “Vender Humo”
(to sell smoke) comes to mind when considering FTZ, which offers the opportunity of a quick language lesson
for this esteemed audience:
Up 12% due to the timing of the previous week’s low, it’s worth considering the last few days of price action
in FTZ compared to the main copper ETF, COPX, to show how much substance there is compared to
presumed style. Notes below:
16

First up note the thin volume, this company isn’t attracting much interest from anyone outside of the Crux
Investor True Believer clique. Second up, that ramp into the NR is what happens to companies that like to
“pre-warn” a small, inner circle (often on the social media influencer payroll). Thirdly, the reaction to the
news included a pump at the opening bell that was immediately sold down, that’s all you really need to know
about the over-hyped news. Finally, FTZ was pimped on Friday at the opening bell on the back of the
generalized positivism and copper metal price pop, up 14.8% in the first seconds (on low volume) and a
move that, once again, was sold immediately as reality reared its ugly head. That pattern you see above,
large spikes on thin volume and immediate sellers, is a classic of the pumpo exploreco and these days, there
must be opportunists looking to lighten bags on any spike (and as they often show at the opening bells,
there’s even an easy time window to use).
As for the actual news content from the NR, that centers on the drill assays from its main Buen Retiro project
(14) as seen in the headline “…92.5 m at 0.53% Cu from 3.5 m…” for hole 048, one of four reported…
 BRT-DDH046: 80.5m of 0.44% Cu
 BRT-DDH047: 93.5m of 0.28% Cu
 BRT-DDH048: 92.5m of 0.53% Cu
 BRT-DDH049: 83.0m of 0.57% Cu
…but if you care to check the map, you’ll see there’s nothing particularly new about the zone drilled, these
holes are more about confirmation infill with a view to the eventual MRE and PEA. They’re not that impressive
either, for that grade you want a disseminated orebody (skarn, porphyry) and not a long, thin shear zone
(and certainly not one that’s been known for years and recently picked up by a highly promotional outfit that
cares more about mining the market than it does mining) But the way that headline information is cushioned
in a whole bunch of headline guff, the full title being, “Fitzroy Minerals Continues with 2-Rig Definition
Drilling, Intercepting 92.5 m at 0.53% Cu from 3.5 m, as it Moves Toward a Maiden Mineral Resource
Estimate and Initial Economic Study at the Buen Retiro Copper Project, Chile”, is indicative of the “some
salesman” aspect of this company.
FTZ is a company going through the gruntwork period before a PFS that’s still one year away and when that
arrives, it will describe a small copper project. The numbers will look good because six dollar copper lipsticks
all pigs, but it won’t change the small size of Buen Retiro and the obvious issues in capital intensity. How this
project commands an equity of C$137m is beyond my ken, take the one hundred away from that market cap
and I’d still consider it fully valued.
Algo Grande (ALGR.v): On the subject of heavily pumped copper juniors, ALGR announced this week that
it had started the prep work for its phase 2 drill program
at Adelita (15), with drill company hired and earthworks
started for a 30 pad program, and that’s a lot of pads. We
also remind readers that with a reported C$8.5m treasury
as at end February, ALGR probably has enough cash keep
going until the first results start coming back, but it’s
unlikely to have enough to fund an entire 30 pads’ worth
of drilling and at some point, it’s going to go back to
market and raise capital. Considering the timing of Phase
2, then when the drills are likely to start turning, then the
lab turnaround time, then sticking a finger in the air put
my best guess down for post-Labor Day and the classic
financing window as Q3 becomes Q4.
This two-month chart serves as a reminder that there’s a small army of pumpers and social media influencers
on the ALGR payroll, with that spike on March 24th/25th coming on no news and the drop on April 2nd when
the Phase 1 drill assays were published. Sometimes they’re cheap for a reason.
The Producer Basket
After fifteen weeks of 2026, the Producer Basket shows a gain of 15.84% to level stakes:
17

company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 125.81 116.50 16.7%
2 Agnico Eagle AEM 169.53 500.989 110.27 220.10 29.8%
3 Barrick B 43.55 1705.994 73.87 43.30 -0.6%
4 Wheaton PM WPM 117.52 454.037 69.19 152.38 29.7%
5 Alamos Gold AGI 38.58 419.947 20.72 49.35 27.9%
6 Lundin Gold LUG.to 114.02 241.808 20.44 117.43 3.0%
7 IAMGOLD IAG 16.49 588.8 11.33 19.25 16.7%
8 Eldorado Gold EGO 35.92 198.571 6.85 34.52 -3.9%
9 B2Gold Corp BTG 4.51 1343.243 6.72 5.00 10.9%
10 Americas G & S USAS 5.11 318.26 2.08 6.55 28.2%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 15.84%
The Copper Basket average improved by 1.36% on the week, though it was a mixed bag of results with five
winners (AEM, WPM, AGI, BTG, USAS) and five losers (NEM, B, LUG.to, IAG, EGO). Most of the moves were
small, the larger improvement in Wheaton Precious Metals (WPM up 5.2%) was cancelled out by the larger
loss in Eldorado (EGO down 5.3%) and the one stock that made the difference was, once again, our 2026
diceroll Americas Gold and Silver (USAS), which moved up by a handsome 16.8% and got its mojo back. We
look at why below.
We’re still 1.15% behind the GDX benchmark for the year and I blame Eldorado Gold (EGO, which is teaching
me its lesson every week. Meanwhile Wheaton Precious Metals (WPM) is less than U$5Bn behind Barrick (B)
now. Just saying.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
Eldorado Gold (EGO) (ELD.to): The biggest loser of the week seems to have induced a round of larger
insto selling and I’d bet cornflakes to dollars that the high-profile dissenters to the now consummated merger
with Foran, L1 Capital, was in the front rank of those sellers.
Americas Gold and Silver (USAS) (USA.to): Thursday brought the USAS 1q26 production NR (16),
entitled “Americas Gold and Silver Corporation Announces New Record Quarterly Silver Production and Sales,
including 787,000 Ounces Produced and 830,000 Ounces Sold” and while those totals were in fact 786,925oz
and 829,887oz respectively, that's just me splitting
hairs. Here's the updated production chart (right)
which shows the record in comparison, not a blowout
compared to 4q25 but the trend is the friend, all right.
Once the copper, lead and antimony credits are taken
into consideration, USAS produced 908,842 AgEq and
sold 957,404oz AgEq. The company also reported it
was "...on track to deliver full-year 2026 silver
guidance of between 3.2 to 3.6 million ounces at all-in
sustaining costs2 of US$30-US$35 per ounce" and
quite right too, there'd be serious questions if they
changed guidance after just one quarter.
18
ts1naJ ht11 ht52 ht8 dn22 ht8 dn22 ht5rpA ht91
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
ikn
3%
gdx control
2%
1%
0%
-1%
-2%
-3%
-4%
-5%
source: IKN calcs -6%
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91
source: IKN calcs
USAS: Silver production
029384 239505 485583 658363 702644
366886 757467 666647 529687
Oz Ag
900000
800000
700000
600000
500000
400000
300000
200000
100000
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
source: company filings

On the money side, we were told the cash balance stood at U$122.6m as at March 31st, some U$7.2m lower
than at end 4q25. The company reported progress on its 2026 capital spending program and, with
growth+sustaining capital budgeted at between U$90m and U$120m, that makes sense and with over $100m
at bank there’s no issue with straight liquidity. So when the 1q26 financials come out, it’ll make more sense
to watch the working capital number, which stood at U$67.5m as at end 2025 and is therefore estimated at
U$60m for end 1q25. How that number moves will probably drive the company decision on exactly how much
of the 90m-120m budget they deploy this year.
As for the reaction, USAS jumped 8% on Thursday
morning on the news but as this ten-day comparative
to GDX shows, it had already put in a bump the day
before the NR that was against the grain of the sector
that day (not the first time this stock had shown leaky
boat characteristics). For a moment on Friday and the
Hormuz buying frenzy, USAS was even higher before
profit-takers moved in.
If you were to ask for a personal opinion, I’d probably
say USAS looked a little overbought last week and the
market reaction was over-exuberant compared to the
hard numbers in the NR. However, my opinion
focused on last week only counts for naught, we’ve already seen how volatile and momentum-dependent
USAS is in 2026 and it wouldn’t be a massive surprise to see the overbuying continue this coming week…or
even the entire month. This is a stock for chartists and near-term traders, I’m neither of those (not good
enough at either discipline), its fundies won’t be a factor until the 1q26 financials are filed, which should be
May week 2.
B2Gold (BTG) (BTO.to): Meanwhile, more problems at Goose (17):
VANCOUVER, British Columbia, April 17, 2026 (GLOBE NEWSWIRE) -- B2Gold Corp. (TSX: BTO,
NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) announced today that a fire
occurred in certain areas of the crushing circuit at the Goose Mine in the evening on April 16, 2026.
On-site emergency responders were deployed and immediately initiated response procedures, and
the fire was fully extinguished. No injuries were reported, no medical treatment was required, and
mining operations are continuing on plan. The Company has been in contact with the relevant
regulatory authorities.
That NR came out Friday evening we then got an update on Sunday (18) that gave more details (including no
injuries to personnel, which is good) that included these words:
Due to the impact to the crushing circuit related to the fire, the Company now forecasts gold
production in the second quarter of 2026 of 18,000 to 20,000 ounces, a reduction of approximately
10,000 ounces.
While 10k oz isn’t good, there’s the distinct impression of “could have been worse”. BTG reiterated its 2026
guidance for the Goose mine, but as that was already on a wide range of 170k to 230k oz gold, it doesn’t
mean that much. When it comes to Goose, BTG can’t seem to get out of its own way and this incident is
another to add to the pile of build delays, serious cost overruns, and commissioning glitches. The news didn’t
figure in last week’s price action but it would be no surprise to see BTG trading weak in the days to come.
[EDIT: BTG was saved from any dip by the news of the Agnico Finland deal and the U$325m cash coming its
way for what is, essentially for BTG, a non-core asset]
Agnico Eagle (AEM): A quick Monday update on AEM is in order here, what with its move to buy Rupert,
Aurion and B2Gold land in Finland as seen in today’s main fundies section. Ours is not the place for a deep
dive into AEM, but at a high level this deal makes a lot of sense for Agnico and that reflects in the way its
shares traded today:
19

There aren’t many mining companies that could spend U$2.78Bn in one fell swoop (C$2,871m + C$481m +
U$325m) as well as committing to the capex required to bring Ikkari online (plus the inevitable expansions
down the line) and see the market react like that, hardly a dent in its share price. The full AEM NR is worth
careful reading so find it here (19) and reading through the company’s view of the deal(s) on a step-by-step
basis, it’s difficult to fault the rationale. From the start of our trade in AU.v, we saw the CLGB as a logical step
in the AEM way of doing things, their planning from cycle to cycle is established and with this deal, they have
another multi-decade asset in a jurisdiction they know and like. Finland wins, AEM wins and the purchased
companies win as well.
The TinyCaps List
After fifteen weeks of 2026, the TinyCaps show a loss of 3.60% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 18.52 0.07 0.0%
Canex Metals CANX.v 0.215 208.63 47.98 0.23 7.0%
Sranan Gold SRAN.cn 0.30 60.42 9.67 0.16 -46.7%
Enduro Metals ENDR.v 0.155 76.04 12.93 0.17 9.7%
Latin Metals LMS.v 0.21 138 28.29 0.205 -2.4%
Precore Gold PRCG.cn 0.26 32.093 8.50 0.265 1.9%
Radius Gold RDU.v 0.14 115.7 15.62 0.135 -3.6%
Silver Wolf SWLF.v 0.135 62.18 8.71 0.14 3.7%
Trifecta Gold TG.v 0.195 47.7 10.73 0.225 15.4%
Viva Gold VAU.v 0.19 182.0 27.30 0.15 -21.1%
Prices in CAD$, data from TSXV basket avg -3.60%
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.
20

The TinyCaps list remains underwater for the year, the
average dropping very slightly on the week thanks to a TinyCaps, 2026 weekly tracker
20%
score of three losers (AUME.v, CANX.v, LMS.v) versus four
15%
winners (SRAN.cn, PRCG.cn, TG.v, VAU.v) with three
10%
unchanged stocks (ENDR.v, RDU.v, SWLF.v) making up
5%
the numbers. Overall, a quiet week for thse smallfry
0%
stocks.
-5%
-10%
Viva Gold (VAU.v): On the one hand, half a million -15%
ounces of gold that’s waiting for a PFS at the end of this
year doesn’t exactly scream “Own Me Now”. On the other,
controlling half a million ounces of gold that has a PEA to
back them up, show robust economics (at this stage) and with a clear path to becoming a small but profitable
operation in a top jurisdiction, with enough treasury cash to get them to the end of the year if necessary and
all that for U$20m market cap…that’s not bad “leverage to gold”, as they say.
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
CESCO Week 2026: Permits, supply and the “Copper Triangle”
The great and the good of the copper world were under the same roof last week at CESCO Week 2026
(including the CRU sub-conference) and while the atmosphere was reportedly bullish and celebratory, what
with copper priced where it is these days, three major themes emerged from the conference.
Permitting: While we’re used to company CEOs and mining bigwigs complain about the amount of time and
paperwork required to move through a country’s permitting track, this time it was Chile’s new dual Minister of
the Economy and of Mines, Daniel Mas, who drove the subject during a keynote speech that was wrmaly
received by those present (20).
The Minister is looking to improve the lot of mining companies in Chile on three fronts: Firstly, improving and
speeding up the environmental permitting process (and notably, President Kast has already fired the Boric-
appointed executive of the main enviro agency, SEA, and installed his own people), secondly, promoted FDI
via a suite of business-friendly measures including long-term tax stability guarantees and new laws that allow
easier start-ups for local explorecos, as well as a more general promise to “modernize state bureau”, which
seems to include Codelco (as Señor Mas is on collision course with the current Codleco executive).
Supply: The other main thread that ran through CESCO last week was the way delegates, speckers and
round-tables all took demand for copper in the years to come as read and all concern was on how to raise
supply to meet that expected demand. This took many forms, but the Chielan vision is obviously looking to
other countries to increase production in the near-term. Related to this subject, there was a general
recognition that Chile needs to forment more exploration stage operations and to change the country’s
mentality from its current attitude, making exploration for th next generation of mines as key budget
component rather than a luxury item.
“The Copper Triangle” may finally become a thing. This was the most interesting theme to emerge from
CESCO 2026, the idea that the world’s two biggest producer countries of copper, Chile and Peru (sorry DRC,
keep trying) join forces to create a larger macro-region of copper production has been bandied about for
many years. Then around the time that Milei took over as President of Argentina and the Vicuña district
became a serious development project thanks to the formal arrival of BHP, that macro-regional idea became
a mooted “Copper Triangle” of Chile, Peru and Argentina but up to now, it’s been mostly marketing talk with
little in the way of action. That might be changing, as Cesco Week devoted plenty of space and even its own
round table debate to discussion of how The Copper Triangle could develop. In simple terms:
 It suits Chile, as they could bring plenty of expertise on board and get meaningful stakes in new
projects in the other countries
21
ts1naJ ht11 ht52 ht8 dn22 ht8 dn22 ht5rpA ht91
source: IKN calcs, TSX data

 It suits Argentina as the new copper boys on the block, ready with projects and enthusiasm to
grow in the copper space, but lacking the headcount of experts required.
 It may suit Peru, which has been stuck in its own inertia due to community oppositions to large-
scale projects and a political mess of international standards.
The timing is also right, with the right wing pro-capitalist Milei government in Argentina and the newly
installed right wing Kast government in Chile. The political scene in Peru is the incognito at the moment, but
that is likely to resolve to the right wing as well (see below) and if so, we’ll have three governments in the
same corner of the world with the same plans towards copper, all of them recognizing copper’s increasingly
important role in glob al economic development. So the idea to get The Copper Triangle out of the discussion
groups and into the real world is there, whether or not something happens depends on South American
politics and that’s always been more difficult to predict, but there’s not doubt of the protagonist role played
by the idea of The Copper Triangle at Cesco last week.
At present, there is no meaningful copper production out of Argentina, while Chile and Peru combine to
produce around 8.1mmt annually, around a third of world copper. This chart (21) lays out where The Copper
Triangle sees itself going and aims to bring production up to 14mmt per year from the region by 2040.
Peru elections: The round one result is still in doubt
I don’t know how much you know about the levels of incompetence and stupidity we’ve seen swirling around
the Peru Presidential election this week (and for your own mental health, it’s probably best not to care too
much), but we need to cover the facts of the matter as stand today so without diving too far into the mud
and muck, here we go and as at this Sunday afternoon here’s how the results look via a screenshot of the
front page of Peru’s biggest news radio channel, RPP (8):
Four basic facts:
22

1. The official result total stands at 93.484% voted counted
2. Keiko Fujimori, with 17.056% of valid votes, will be in the second round run-off.
3. It’s extremely tight for the all-important second place and a spot in the run-off between the left
wing Roberto Sánchez and the right wing Rafael López Aliaga (aka Porky), with 13,500 votes
between them.
4. The 4th (Nieto) and 5th (Belmont) placed candidates have a mathematical chance of coming
second, but in reality it’s night-on impossible.
[UPDATE Monday evening: the number of votes counted has moved up to 93.628%, with hardly any change
in gaps between the main players, e.g. Sánchez leads Porky by 13,423 votes]
Now for some colour, an idea of when we can expect a result and a prediction or two:
Some colour: This time last week, your author looked at the early results that had Keiko on 16.9%, Porky on
13.1%, then a pack of others which included Sánchez on 9.5% and forecast it would be Keiko versus either
Porky or Sánchez, due to the way in which votes are tallied in Peru and how the stronghold provincial regions
for Sánchez (upland Andean) return their results later than the big cities that favour Porky. That indeed came
to pass and with around 85% of the votes counted last week, Sánchez had moved into second place and
looked as though he would make it. But then the provincial vote tallies dried up and what’s now left of the
6.5% of votes left to be counted are a mix of three buckets: Firstly, the late votes on Monday in urban zones,
secondly the votes cast overseas and thirdly the vote results that have been suspended on appeal from one-
or-other of the parties, pending investigation into their legality and appeal. It so happens that the 1)
latecomer urban votes are highly likely to favour Porky and the overseas votes are widely expected to favour
Porky as well, especially over Sánchez, which leaves the contested ballots and at least some of those are
being contested by the Porky camp in locations where Sánchez or the left wing would typically poll well (e.g.
100 polling groups in the Cajamarca locality). To cut a long story short, we’re currently stopped at 93.484%
of votes counted but when that tally starts to move again (the next big shift is when the overseas votes
arrive physically in Peru and are added to te official total) it’s highly likely to favour Porky. To this we have to
add the legal challenges being made to certain specific votes along with the now widespread allegations of
voter fraud that have rarefied the atmosphere in Peru to such an extent that there are now serious calls to
annul the entire election process and run it all again (which would be hilarious, but in a dry and horrific way).
Result timing: Now for the next bit of hilarity: The Peruvian election people (JNE and ONPE) estimate that we
will get that definitive result with 100% of votes counted around May 15th, i.e. three and a bit weeks from
now and a full month from the election day and even by Peru’s normal piss-up-in-brewery standards of
organization, that’s astoundingly poor and even that date may not be definitive, as challenges to the election
result from any given losing side are likely and may add significant delay to a timeline for the run-off vote
that’s already under pressure (currently scheduled for June 7th).
A prediction: It’s still uncertain, it’s going to be a razor thin result whoever gets the nod for that crucial
second place, there are several moving parts and to all that, legal challenges and all, there’s the rule in Peru
elections that if a national vote is won by less than 25,000 votes the losing candidate can demand a full and
physical recount of every ballot paper (which would put the hilarity at a whole different level). So with those
caveats understood, here’s a prediction:
It’s going to be Keiko Fujimori versus Rafael López Aliaga in the run-off
Up to around Thursday last week I was increasingly convinced that Roberto Sánchez was going to come from
behind ands snatch second place (and even posted as much on X) but, the combination of 1) the
demographics of the as-yet uncounted overseas votes that are bound to favour Porky considerably, plus the
clear irregularities that have shown up in the voting system since the count began (nothing big, but enough
to cast doubt in a very tight election) that also seem to favour Porky will probably be enough. Probably.
If that turns out to be the case, it’s the end of any particular worry or concern that FDI on the outside looking
in (i.e. most of this audience) might have about this election. You can have your own personal preferences
on the eventual winner between Keiko and Porky, but in general macroeconomic and political terms they are
cut from the same right wing, orthodox, neoliberal, pro-market cloth and their presidencies will be welcomed
by the business community. There are differences (of course) and I could write a few thousand words on
23

why I don’t like Porky very much but would take him a thousand times over any member of the poisonous
Fujimori family and Keiko in particular, but those differences are for another time (e.g. when mining
companies find they have to pay bribes to Fujimorista lackeys in public office to get the permits they require).
As for the less likely scenario in which Keiko is in the run-off against Roberto Sánchez, we can cross that path
when we come to it (and those who remember this desk’s repeated words of warning in 2025 regarding the
reappearance of Antauro Humala on the Peru political scene will be interested to learn how he’s become one
of the key figures in the Sánchez campaign), but for the time being we’ll leave it as a hypothetical. However,
Keiko is likely on her knees praying that Sánchez gets to the run-off, because he’s the only candidate that will
convince enough Peruvians to “swallow a toad” (as they say) and vote for her in the amount required for
victory and this weekend, I’d handicap a Sánchez/Keiko run-off at 20% Sánchez, 80% Keiko. All that means,
of course, that it isn’t impossible to see the left wing Roberto Sánchez, running on a platform very similar to
that of Pedro Castillo in 2021, as the next President and if that happens, it would send negative shockwaves
through any company stock with exposure to Peru. That’s a latent threat and something this desk will
continue to monitor but, for the time being, the threat isn’t one that requires action.
Bottom line: Peru is the worst organized country in South America, proved it last week and will continue to
prove it for the next three weeks until an official result is declared. We then expect Keiko to go into the run-
off against Porky and while I have my clear preference on that race*, for outside cash looking in both options
will be acceptable. Meanwhile, if Sánchez defies expectations and the welter of lawsuits and calls for open
insurrection on the streets of Lima that Porky would emit, he’s still up against a Keiko Fujimori that would
probably beat him to the big job and if need be (hopefully not), we’ll explain that call.
*It’s an “AIDS vs Hepatitis” choice, but I’d take Porky over seeing Los Fujimori in power again, all day every day and twice on Sundays.
More Peru: Tia Maria unsuspended
Last week in “Tia Maria suspended”, we reported on the suspension of early stage construction work at the
Southern Copper (SCCO) Tia Maria copper project in Peru. We explained that the project was under
suspension, it had NOT been revoked as was widely reported in English language media, that the case would
see prompt attention from the relevant authorities and that the reasons behind the suspension were almost
certainly connected with the way the interim presidency of left-wing Jose Maria Balcazar was trying to boost
the chances of Roberto Sánchez.
This weekend, we learn this (22) (translated):
The Ministry of Energy and Mines (Minem) has authorized Southern Peru Copper Corporation
(SPCC) to begin the first phase of operations at the Tía María mining project in Arequipa. The
measure was formalized through Ministerial Resolution No. 0194-2026-MINEM/DGM, issued on April
17, after the authority verified compliance with the requirements established in the Mining Procedures
Regulations. According to the document, SPCC may begin mining operations at the La Tapada open
pit, located in Islay.
Indeed, the Mining Ministry desks were true to their word, quickly dealt with the largely administrative
objection brought by the local municipality against the project and on Friday evening announced that the first
phase of Tia Maria, the smaller, higher grading “La Tapada” deposit (located closer to the agricultural valley
than the main deposit, for what that’s worth) could go ahead. So now you know.
The Colombia Presidential election: Brief update
The country’s best independent political news channel, La Silla Vacia, has started to run a “poll of polls” on
the 2026 Presidential election (23) and being indy, it doesn’t have to stick to the normal rigmarole. Instead, it
recognizes the basic facts that 1) there will be a second round run-off and 2) Ivan Cepeda will be one of the
two candidates that makes it to the final lap, it therefore is most concerned about the models for the run-off
between Cepeda and either Paloma Valencia or Abelardo De La Espriella, the two righties fighting for the
other spot in the final.
La Silla Vacia has aggregated 23 polls taken by reputable companies, including six taken since the Colombian
primaries shot Paloma into a protagonist role, here’s how the righties match up against Cepeda:
 Paloma Valencia: 43%
 Iván Cepeda: 42%
 "Vote in White": 13%
24

 Abelardo De La Espriella: 42%
 Iván Cepeda: 43%
 "Vote in White": 11%
Those results say “technical dead heat” and while that looks less certain for the right than recent comments
made on these pages, it’s the first time Paloma has been level with Cepeda in the poll-of-polls and speaks of
growing momentum for her campaign.
Market Watching
Orla Mining (ORLA) (OLA.to) is in trouble
We start on Monday April 13th (not the 14th as signaled in the chart below, my mistake) when, at her regular
Monday morning live press conference, President Sheinbaum was asked about the brewing story around
alleged strong-arm tactics used against unions at the Orla Mining (OLA.to) ORLA) Camino Rojo mine,
Zacatecas State and from the start be clear, these questions do not come up at her pressers by pure chance;
there’s a dainty tango danced between friendly reporters and the President in Mexico at these pressers (be it
Claudia or AMLO before her) and the question was only asked because the President wanted to go on record
about it. Notably, not much happened to the OLA share price on Monday or Tuesday as English language
media seemed to miss the importance of what was said on Monday morning, it was only
when…..errr…..somebody mentioned it online Tuesday evening that the issue gained traction (24).
“This is a story worth watching, Orla Mining $OLA.to $ORLA is being investigated for allegedly hiring
narco gang members to threaten unionized workers at their Camino Rojo mine. This morning,
President Sheinbaum confirmed she was aware of the ongoing investigation.”
Again I got the press conference date wrong and reiterate, the Q&A happened on Monday morning, not
Tuesday. Anyway, here’s a comparative price chart:
Now for details and at the risk of antagonizing this audience, we choose the “commie liberal rag” CBC to tell
the story, not for any particular political ideology but simply because this report is thorough and it’s in
English, which saves me a job of translating any one of the dozen or so Spanish language versions. It’s well
worth reading the whole report (25) as it goes into plenty of detail, here’s how it kicks off:
A labour panel, triggered by the U.S. under the Canada-U.S.-Mexico Agreement (CUSMA), recently
determined that management at the Vancouver-based, Orla Mining-owned Camino Rojo gold mine
violated the rights of its workers by allowing them to face threats and coercion in the lead-up to a
November 2024 vote on union representation.
This week, Mexican President Claudia Sheinbaum said her security cabinet was now reviewing
allegations that a faction of the Sinaloa cartel— a designated terrorist organization in Canada —
strong-armed Camino Rojo workers so they would vote for management’s preferred union.
Further down CBC offers details of the investigation process, which is where we see how much trouble the
company could be in:
25

In February, a three-member CUSMA rapid response labour panel concluded that workers at the
Camino Rojo mine faced a “severe” denial of labour rights.
The panel said management engaged in "employer interference," and that it was "acquiescent to the
acts of pressure and intimidation” against workers so they would vote for its chosen labour
organization, the National Union of Exploration, Exploitation and Processing Mine Workers (Beneficio
de Minas).
While Camino Rojo management negotiated a collective bargaining agreement in early 2024 with the
Mineros Union, it began planning to displace them with Beneficio de Minas, said the panel.
Management hired a member of the Operativa Flechas faction of the Sinaloa cartel on contract who
then threatened workers during a months-long battle between union organizations, according to
filings by the Office of the U.S. Trade Representative.
There’s more where that came from in the report, and it’s worth paying particular attention to the evidence
heard by the CUSMA labour panel. All this begs the question as to how much trouble is trouble and the
answer is, or seems to be, “a lot”. Just for starters the company could face a fine, large-scale compensation
claims, the rollback of its union vote in 2024, but the real risk is the suspension or total rescinding of its
operating permit. That final option is laid out in a report published by the regional newspaper “El Sol de
Zacatecas” in its print version (26), entitled "The Orla Camino Rojo Concession Under Threat" and sub-
headed "The President said she was looking into the case, after "serious denials" of workers' rights were
uncovered." But perhaps more salient, ORLA is now at the mercy of Mexican national political whims which is
probably why Claudia Sheinbaum wanted that carefully staged Q&A on Monday. We know her environmental
credentials and ambivalence toward the mining industry, as well as that of her Morena party. In this case,
OLA has gifted a perfect weapon, to use if she so chooses, against the horrible and rapacious gringo mining
companies that can be painted with this same brush if required. It’s hardly the first case of a Canadian listed
mining company using underhand tactics against its own workforce, as anyone who followed the case of
Americas Gold and Silver (USA.to) (USAS) at the Cosalá mine during the time of Darren Blasutti.
Bottom line: Orla Mining (OLA.to) (ORLA) didn’t move on Monday or Tuesday, then lost around 10%
compared to the benchmark GDX when the news started to do the rounds in the North. I think that’s an
under reaction that does not take into account the potential severity of the punishment Mexico may choose to
mete out. Make no mistake, ORLA has been accused of very serious crimes and the investigations to date
have corroborated the accusations. If Sheinbaum decides to make an example of ORLA pour encourager les
autres, there’s an awful lot of downside left to happen from this weekend’s share price and U$5.6Bn
(C$7.8Bn) market cap.
Wesdome Gold (WDO.to) 1q26 production numbers
Post-close Tuesday April 14th, Wesdome Gold (WDO.to) reported its 1q26 production numbers and here come
seven visuals and a bunch of words to explain why it’s a slightly better quarter than expected (27), so far at
least. We begin with the most important data, with overall production coming in at 45,303 oz gold and sales
slightly higher, at 45,600 oz. That beat our house estimate for the quarter of 43,000 oz by 2,600 oz (in sales)
and at the current gold prices, that difference represents a not-insubstantial C$17.4m of estimated extra
sales.
WDO: Gold production vs sales, per qtr
26
22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474 83664 03494 30354 00654
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Ozt Au Production
Sales
source: company filings
Here’s the breakdown of production by mine, which goes back plenty of quarters to show the evolution of the
WDO production mix from the days when Kiena was a mine under re-construction and refurbishment and
WDO still leant on the Mishi open pit for extra feed. Those days are long gone and with Kiena moving
through the gears as from 2024, it’s a different company these days with different prospects.

WDO: Gold prod/qtr
27
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822
9637
19302
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
77722
16832
75471
64872
00022
00082
00022
00082
00052
00062
55000
50000
45000
40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings
As seen above, Kiena produced 17,457 oz gold, slightly below our house guesstimate of 18k oz, while Eagle
River produced 27,846 oz gold, 10%+ higher than our house guesstimate of 25,000 oz. These next charts
below show tonnage throughput (below left) at Eagle was up to standard (the cold quarter) and Kiena
stepped, back but that was part of the plan and throughput is set to ramp up as the year progresses.
Meanwhile, average head grade at mill rebounded to 12.5g/t at Eagle, while Kiena continued its slow
decrease and averaged 10 g/t. Again, Kiena should see grades improve significantly as more Kiena Deeps
material comes online and for some context, it would have only taken a bump of 0.2 g/t for our 18k forecast
to hit.
WDO: Tonnes milled, per qtr
So overall an acceptable quarter of production, with Eagle River going nicely and Kiena doing what was
expected of it, with planned maintenance downtime and assets aimed toward stope development rather than
standard production.
Moving to the financial side of the equation and WDO
reported cash&eq at C$460m, that’s a close fit with
our model estimate of C$470m and that’s good
(always nice to see the house model working inside
close margins of error). We’ll finds out about the other
bits and pieces of the balance sheet when the
company reports its quarter on May 12th, but there’s
unlikely to be many devils in the details at this stage;
WDO has done a good job in paying down its liabilities
and working capital is now very solid, so with the
revolver facility on standby it has all the funds it needs
to develop its next stage (Presqu'ile, Dubuisson, etc).
As for the P+L, by taking the sales figure, using a best guess average gold price of C$6,700/oz for the
quarter (it’s a very pleasant feeling to write that out), considering Q4 costs (including the one-time chargesit
took last quarter) and sticking a finger in the air, we estimate sales of C$306m, total opex at C$115m and an
ensuing operating earnings of C$191m, representing operating earnings of C$191m, or around C$1.24/share.
44354
23615
96675
25525
12315
48975
12426
85306
09684
01006
99205
32684
74105
57517
03007
04277
05945
13717
mt g/t Au WDO: Average gold grade, per qtr Eagle River
160000 20 Kiena
Kiena
140000 Eagle River 18
16 120000
14 100000 12
80000 10
8
60000
6
40000 4
20000 2
0 0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
source: company filings source: company filings
WDO.to: Cash treasury per qtr
500
450
400
350
300
250
200
150
100
50
0
91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings
DAC
fo
snoillim

WDO.to: Operations overview chart
28
9.001
2.58
347.51 8.721
1.38
707.44
9.641
2.88
66.85 6.281
5.69
841.68
6.781
9.39
457.39
5.802
7.88
48.911
3.032
1.201
51.821 9.782
8.811
21.961
0.603
0.511
191
350
325
300
275
250
225
200
175
150
125
100 75
50
25
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
C$m
revenues
total op expenses
Op earnings
source: company filings, IKN calcs
As the chart shows, using a flat C$6,700/oz gold price we expect operating profit to increase in the quarters
to come thanks to the forecast improvements in production, particularly at Kiena. For context, given this
weekend’s C$28.28 share price, that little lot would
WDO.to: operating earnings per share
represent a forward price/operating earnings ratio of 5.2X
and that leaves plenty of room for share price upside. While
I’m leery about valuing WDO on a classis P/E basis, as
bottom line earnings don’t give a level measurement to any
gold growth story, I see no problem in that ratio moving to
at least 7X which would imply a C$37.80 share price target.
However, please note that I’m not a shareholder of WDO for
its potential long-term price appreciation, this is all about
owning a stock that’s ready to be bought out by the highest
bidder and with the metrics laid out today (along with the
straightforward and logical pathway to 500koz/year
production laid out at its recent Exploration Teach-In event (see IKN881), WDO is in my view ripe for the
picking and still at a price that an eventual buyer can accommodate.
Bottom line: An upbeat 1q26 from WDO, we await its financials next month to see if there are any surprises
on costs. The market reaction (see Stocks to Follow) wasn’t the greatest, but I get the feeling it was more a
case of unlucky timing than anything else. Fundamentally speaking, WDO delivered well in Q1.
Conclusion
IKN882 is done, we end with a couple of bullet points:
 Every week that goes by shows less reason to be nervous about the ongoing Iran conflict.
 My portfolio cash position was reasonable even before the Aurion (AU.v) news this Monday morning.
With the improving macro backdrop, it’s time for me to get off the fence and start buying things again.
Plenty to think about this coming week.
 My trade in Wesdome (WDO.to) didn’t start well and we saw a few false starts, but it seems to have
finally found momentum and is going up through the gears. With Agnico (AEM) moving to buy up the
best gold land in Finland, we may have the required catalyst for more M&A. Alamos, time to make a
move.
 Peru is a political mess, but its mining scene will be just fine down the line. Not so sure about
Colombia, it’s still an easy avoid. Says the guy now getting interested in Bolivia, of all places.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
11.0
03.0 93.0
75.0 26.0 55.0
58.0
21.1
42.1
83.1 73.1 14.1 1.60
1.40
1.20
1.00 0.80
0.60
0.40
0.20
0.00
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
$
source: company financials/IKN calcs

Footnotes, appendices, references, disclaimer
(1) https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-TO-CONSOLIDATE-
FINLANDS-CENTRAL-LAPLAND-GREENSTONE-BELT-IN-THREE-SEPARATE-TRANSACTIONS/default.aspx
(2) https://aurionresources.com/news/2026/agnico-eagle-to-acquire-aurion-resources-in-all-cash-transaction-for-approximately-c-481-
million/
(3) https://bpsilvercorp.com/
(4) https://bpsilvercorp.com/pdf/2026-04-15-bpag-nr.pdf
(5) https://www.kirklandlakediscoveries.com/post/kldc-intersects-103-m-of-continuous-gold-mineralization-including-5-66-g-t-au-over-18-
2-m-3-30-g-t
(6) https://westredlakegold.com/west-red-lake-gold-reports-215-46-g-t-au-over-5-35m-50-34-g-t-au-over-4-05m-and-61-70-g-t-au-over-
3m-in-austin-904-complex-madsen-mine/
(7) https://www.goldroyalty.com/investors/presentations/
(8) https://www.wesdome.com/English/investors/latest-news/news-details/2026/Wesdome-Reports-Solid-First-Quarter-2026-Operating-
Results/default.aspx
(9) https://trackercl1.fidelizador.com/LA9EFD53BG107F4A22H62EA537DJA97CDACAB5KA9EFD53B9DFAFD8CD1F0FFBB6B2C
(10) https://www.reporteminero.cl/noticia/noticias/2026/04/codelco-apunta-elevar-produccion-2027-recuperar-primer-lugar-cobre
(11) https://www.codelco.com/prensa/2026/codelco-cerro-2025-con-un-ebitda-de-us-6-670-millones-una-utilidad
(12) https://andinacopper.com/news/news-2026/andina-copper-reports-232m-at-068-cu-75ppm-mo-from-38m2026-04-14-033003
(13) https://www.thenewswire.com/data/tnw/clients/img/9f884bcce390cc255632fe78c5a48b06.png
(14) https://fitzroyminerals.com/news-releases/fitzroy-minerals-continues-with-2-rig-definition-drilling-intercepting-92.5-m-at-0.53-cu-from-
3.5-m-as-it-moves-toward-a-maid/
(15) https://algo-grande.com/news/algo-grande-begins-earthworks-in-preparation-for-phase-ii-drill-program-at-adelita-and-announces-
grant-of-options-and-restricted-share-units
(16) https://americas-gold.com/news-releases/2026/americas-gold-and-silver-corporation-announces-new-record-quarterly-silver-
production-and-sales-including-787-000-ounces/
(17) https://www.b2gold.com/news-media/news-releases/news-details/2026/B2Gold-Reports-Fire-Related-Incident-to-the-Crushing-
Circuit-at-the-Goose-Mine/default.aspx
(18) https://www.b2gold.com/news-media/news-releases/news-details/2026/B2Gold-Reports-Update-on-Fire-Related-Incident-to-the-
Crushing-Circuit-at-the-Goose-Mine/default.aspx
(19) https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-TO-CONSOLIDATE-
FINLANDS-CENTRAL-LAPLAND-GREENSTONE-BELT-IN-THREE-SEPARATE-TRANSACTIONS/default.aspx
(20) https://g5noticias.cl/2026/04/18/ministro-de-mineria-da-cuenta-a-comision-ad-hoc-de-las-prioridades-del-ejecutivo/
(21) https://discoveryalert.com.au/triangulo-del-cobre-2026-copper-alliance-strategies/
(22) https://gestion.pe/economia/southern-ahora-con-luz-verde-para-iniciar-primera-etapa-de-tia-maria-gobierno-lo-autoriza-noticia/
(23) https://www.lasillavacia.com/silla-nacional/ponderador-de-encuestas-cepeda-pierde-la-ventaja-en-segunda-vuelta/
(24) https://x.com/i/status/2043869825118736650
(25) https://www.cbc.ca/news/world/mine-hotline-ignored-9.7167497
(26) https://www.pressreader.com/mexico/el-sol-de-zacatecas/20260415/281565182335183
(27) https://www.wesdome.com/English/investors/latest-news/news-details/2026/Wesdome-Reports-Solid-First-Quarter-2026-Operating-
Results/default.aspx
29

Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
30

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

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