IKN #883Premium

The IKN Weekly
Week 883, week of April 26th 2026
Contents
This Week: Trade heads-up, In today’s edition, Another FOMC.
Fundamental Analysis: West Red Lake Gold (WRLG.v): Buying more.
Stocks to Follow: Overview, Aurion Resources (AU.v), West Red Lake Gold (WRLG.v), Arizona Metals
(AMC.to), Tiernan Gold (TNGD.v), BP Silver Corp (BPAG.v), Gold Royalty Corp (GROY), Orecap Inv (OCI.v),
Wesdome Gold (WDO.to), Salazar Resources (SRL.v), Mene Inc (MENE.v).
The Copper Basket: Overview, Los Andes Copper (LA.v), Surge Copper (SURG.v).
The Producer Basket: Overview, Newmont (NEM), B2Gold (BTG) (BTO.to), Agnico Eagle (AEM).
The TinyCaps Basket: Overview, Enduro Metals (ENDR.v), Viva Gold (VAU.v).
Regional Politics: Peru: The election mess, Argentina: Milei’s approval dropping, Colombia Presidential
election: Another brief update.
Market Watching: Orla Mining Redux (ORLA) (OLA.to).
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
Three trades planned for the week ahead:
 Adding West Red Lake Gold (WRLG.v) for the reasons set out in today’s main fundies section.
 Adding Arizona Metals (AMC.to) because I’m feeling lucky. Seriously.
 Adding Tiernan Gold (TNGD.v) as long as the price is still under the C$9.00 line,
That’s most of the money raised from the sale of Aurion (AU.v) churned back into a market that refuses to
move out of bull mode.
In today’s edition
 Even before the sale of Aurion Resources (AU.v) into its buyout offer, your author’s portfolio had a
decent slug of cash, dry powder ready to deploy. Now that cash position is simply too big for comfort
and in this bullish market for precious metals, the word that comes to mind is “inefficient”. Hence the
decision to deploy, via at least two and potentially three additions to currently open trades.
 I’m comfortable about adding to West Red Lake Gold (WRLG.v) at this newly discounted price. The
numbers make sense, the company is not in the same position as the ill-fated Pure Gold, the current
negativity is a signal opportunity to buy the hate.
 Adding Arizona Metals (AMC.to) is my idea of a calculated risk, but the timing and likely proximity to its
PEA announcement on Kay pulls risk lower. This is not a Tiernan Gold (TNGD.v) however, give me a
nice win on this speculative trade and I’ll sell them back to the world happily.
Another FOMC
This desk kind of expected US President Jerome Powell and Federal Reserve Chair Jerome Powell would come
to some sort of backroom deal, the former dropping the rather tenuous corruption investigation that would
allow the latter to step aside on schedule, with the expected change at the top of the Fed going ahead as
originally planned. So unless more weirdness happens (and you never know in 2026), Tuesday/Wednesday
will be Jay Powell’s last FOMC before he steps aside and Trump’s pick, Kevin Warsh, takes up the role.
1

With that as context, I liked seeing these two reports stacked on each other last week, while Mr. Warsh sat at
his Senate confirmation hearing:
All the rhetoric and false falg statements we’ve had on interest rates in the last few days are either
unimportant or a whole bunch of phooey: Be in no doubt:
 Trump will get his rate cut under a Warsh-led Fed
 The USA will “run it hot” to reduce its debt burden, exactly the way Trump’s wanted it for
at least a year
 Gold is going to like the upcoming environment a lot
The Iran war will continue to grab headlines and there’s a wall of worry to climb, what with the apparent
collapse of oil stocks worldwide and Iran oil forcibly shut in at any moment. But be in no doubt and
remember the lesson we learned in 2022 when Russia’s invasion of Ukraine shot gold higher, only to go into
freefall when the Fed changed its policy position on inflation. This time it’s different and the rates will unwind,
but it’s still The Economy, Stupid and the Fed outguns all geopolitical influences on gold and all its friends. Do
not complicate your life, apply Occam’s Razor, remove the lesser influences on the price of gold, focus on the
single factor that is going to re-start gold’s momentum: The Warsh Fed will cut rates and that is gold bullish.
Period.
Fundamental Analysis of Mining Stocks
West Red Lake Gold (WRLG.v): Buying more
The Spanish expression ¡Zapatero, a tus zapatos! Translates literally as “Shoemaker, to your
shoes!” or more figuratively, “Stick to your knitting”. It’s something CEO Shane Williams,
highly experienced, peer-respected miner and central figure at West Red Lake Gold
(WRLG.v), would to well to meditate upon.
It took me until today Monday morning for the penny to drop on West Red Lake Gold (WRLG.v). As usual,
Sunday was dedicated to writing up notes on this week’s main subject and that was indeed WRLG, but
however much I tried I couldn’t get comfortable with the analysis, the pieces didn’t fit together. Re-reading
notes, re-watching the conference call more times than is healthy for one person, re-reading the company
NRs, re-reading my own reports and updates on the stock in 2025 and this year, nothing seemed to help.
Then this Monday morning I woke up early, laid in bed and sure enough, my neurotic brain quickly returned
to the gnawing issue. Suddenly, this section of last week’s NR…
Subsequent to achieving commercial production, the Company made the decision to prioritize
essential development activities, including advancing key infrastructure and establishing access to
additional mining areas. This resulted in a revised sequencing of mining activities, with access to the
4447 complex in South Austin occurring in early second quarter (“Q2”) rather than mid first quarter
(“Q1”) as initially planned.
…came to mind and the penny dropped, it was the hinge point for the whole affair. That realization has
caused a heavily edit and re-write to today’s coverage note on WRLG.v and what was a fairly run-of-mill
numbercrunch is now all about strategy, trying to make sense of the conflicting data and information we’ve
2

had from the company in 2026. It’s also the reason why I’m a buyer of this stock in the days to come and will
happily load up on cheap share at this end of the year, because by the time the back end of 2026 is with us
I’m now confident they will be worth a lot more. In other words, today’s main fundies note isn’t your normal
fare, it’s an explanation why WRLG has messed up in 2026 and why that’s good news for people looking to
buy shares low and sell them high. We begin.
The communications mess: In 2025, one of the stronger points of the WRLG story was always its IR and
outreach. All through 2025 I thought WRLG ran an exemplary level IR desk, I even heard from several
shareholders who were somewhat tired of the sheer number of updates from the company via mailshots,
corporate videos, interviews, etc. Rare indeed. Then came 2026 and the declaration of Commercial
Production. The IR fire hose continued with mailers and snappy videos but then, for reasons unknown at the
time, suddenly stopped. The promise of 2026
production guidance coming during Q1 was quietly
rolled back, PDAC came and went with very little
from the company. It was rather strange, certainly
a downgrade for the quantity of information we’d
enjoyed in the pre-commercial period and it began
to reflect on the share price; instead of the out-
performance we’d looked for as WRLG enjoyed
the “re-rate into production” purple patch, the
stock tracked the sector median and then started
to fall behind its peers. Then, after several weeks
of quiet and without any formal announcement,
we on the outside learned unofficially that VP
Investor Relations, Gwen Preston, (who had given
up her gig as a newsletter writer to take the WRLG job) had left the company. Clearly, when she left she took
with her the slick IR model that WRLG had used during her time there and there was anyone who could fill
her role. Also, note there was no announcement of her departure, no acknowledgement of a good job done,
no wishes for continued success in any new role. It was odd, but in light of what we learned last week about
WRLG changing its Q1 plan there was finally some sense to it all.
And be clear, Gwen Preston ran the marketing show, it was her gig entirely. She’d told us that Q1 would be
better than 4q25, she told us there would be 2026 guidance before the end of Q1, she strongly implied that
WRLG would hit the ground running financially and at the gold prices printing in January and February, may
even go free cash flow positive as from its first quarter of commercial production. One has to wonder,
therefore, how she may have reacted when the people at WRLG running the mining show suddenly changed
their plans, that “revised sequencing of mining activities” that now prioritizes stope development with a view
to longer-term production stability over sticking to what she’s been told and had duly told us. And at this
point allow me to be crystal clear, I’m no fan of Ms. Preston’s work on the whole and know (not think, but
know) how many times she led her newsletter readers up the garden path, as well as swearing blind she
wasn’t being paid by mining companies while being sponsored good and proper by them. It’s easy, as in
VERY easy, to see her jumping ship at WRLG at a moment that suits her, without a second thought for the
mess she might leave behind or the information black hole such a decision would create for WRLG
shareholders.
However, I’m also clear about the stupid mistakes made by CEO Williams before, during and after that key
moment described in last week’s NR. As CEO, he should not have fed rose-tinted expectations down the line.
As a mining person, it probably made all the sense in the world to change the plan in 1q26 and re-focus on
mine development over mining rock due to what they were seeing underground. A lot of people criticized
WRLG and its CEO for going in and mining Madsen on the back of a PEA (and I was one of them at the start),
but it’s quite a different kettle of fish once you’re into an orebody. All the drill holes and optimized plans in a
PEA, PFS or FS don’t compare to seeing a stope face, or the comportment of an underground vein system up
close and personal so, with the shaft development facing some minor delays and the desire to open up
multiple productive faces in order to get stable and predictable tonnage to surface over the long-term, a few
extra weeks of underground development over a couple of thousand ounces would have been an easy
decision for a plain vanilla mining guy to make. But not an experienced mining CEO, someone who better
3

understands the damage that bad image can cause, who should have known better than to open his fat
mouth in the first place and create false expectations.
It also makes sense of what happened next, when on March 17th the company announced (1) it had hired
Peter Schiff, well known in gold circles in his role as a “financial influencer” (let’s call it, for want of a better
phrase), to promote WRLG via his social media channels for the princely sum of U$75,000 per month over
the next year in a paragraph stuck way down the page of a NR entitled “West Red Lake Gold Further De-
Risks Fork Satellite Deposit with Successful Infill Drilling”. A development about which this desk has already
made its views crystal clear (e.g. IKN878 dated March 22nd, “You have to wonder what these guys are
smoking”) and a contract is worth C$1.25m to Mr. Schiff, the type of social media promo bill you see either
from well-established companies looking to improve brand recognition or from sketchy pump&dump stories
that hire bucket shops to shout to the naïve. Then hot on the heels of that announcement came the news
WRLG had hired on Jaclyn Ruptash as its new Vice President, Communications. In the announcement NR
dated March 30th (1) we were told among other things that…
Ms. Ruptash will lead all aspects of the Company’s communications and investor relations functions,
with a focus on delivering clear, consistent messaging and expanding engagement with institutional
and retail investors as the Company continues to execute its growth strategy.
…which sounded good, but compares markedly to what we’ve seen from this new IR executive since here
arrival. Not only have we heard nary a peep out of
Ms. Ruptash on the public airwaves as yet, but
several anecdotal reports have reached this desk
from fellow shareholders of WRLG who had their
phone calls to her ignored and no return calls
forthcoming. Again, in light of what looks
increasingly like the sudden and not particularly
amicable exit of Ms Preston at the same time as that
change in the Q1 mining plan both these sub-
optimal March hires look more logical, the moves a
company makes when trying to play marketing
catch-up and fill in the gaps.
Which brings us to last week and on the evening of
Tuesday April 21st, WRLG filed its 2025 year-end
financials. Once again, not a word of the filings from the company; no cover NR, no interviews, no
commentary, nothing. Then finally, on Thursday April 23rd, WRLG released the aforementioned production
and guidance NR which promptly went down like a lead balloon, so by the time CEO Williams was in front of
the ConfCall live camera the damage had already been done.
So, piecing this together:
 Gwen Preston was running her well-organized, professional and somewhat intense IR and outreach
program.
 2025 came and went, commercial production arrived, all was fine
 At some point in either late January or early February, CEO Shane Williams made the executive decision
to prioritize stope development at Madsen in Q1 and focus efforts on the longer-term well-being of the
mine.
 Gwen Preston left at either the same time, or close to the same time. No goodbyes, no public
acknowledgments.
 The IR and marketing aspects at WRLG take an immediate nosedive. The company moves to fill the gap
with a couple of hurried hires, either paying too much for an obviously ineffective social media influencer
campaign or hiring a less effective marketing executive. Or both.
 We on the outside are treated to some mushroom politics and when the Q1 production and 2026
guidance is finally revealed, frustration boils over into rejection. The share price tanks and multiple exits
of retail holder who had reached the end of their tether and quite frankly, I can’t blame them.
This Keystone Kops attitude toward IR and marketing also explains what we saw last week. One of the
reasons to like WRLG and a key part of my decision to buy stock last year is its mining expertise, the team
4

led by CEO Shane Williams. He and the core operating officers have the type of deep experience required for
a deposit and mine re-start such as this. People with the track record of CEO Williams are few and far
between in the mining industry and I for one am still fully confident about his ability to move Madsen
forward. However, CEO Williams is not a master of all trades and with the exit of Gwen Preston plus the
arrival of an inferior replacement, CEO Williams seems to have decided to take on more of the marketing
angle himself and this, ladies and gents, is a prime example of how people good at one thing can be bad at
another. CEO Williams may think (or perhaps thought) promotion and marketing would be easy, but his
inexperience showed in spades during the Friday ConfCall (4) that accompanied the 2026 guidance NR. From
the start, the event came across as an exercise in appeasement instead of addressing the elephant in the
room, i.e. production results that failed to live up to forecasts and 2026 guidance that’s well short of
parameters previously laid out by the company. The ConfCall could have been a positive for the company, it
was the opportunity to come clean, explain issues and inform shareholders of the decisions WRLG had made
to prioritize long-term growth and well-being over near-term gains. But instead of addressing what people
wanted to know, CEO Williams made the base mistake of focusing on what he wanted us to know and as a
result, we got softball questions from the moderator that had obviously been agreed on beforehand, then
long explanations about how mining in the 4447 zone and 960 zone would drive Q2 2026 production, how
production was weighted to the second half of the year (so don’t worry about Q1, my dear retail grunts), how
they were working on access to the 904 zone, how the Fork development would dovetail into the production
schedule in 2027. On and on and on, which may have been interesting and positive if Q1 had gone well,
instead it was intensely annoying to watch as the CEO did all he could to avoid the sticky issues.
The same attitude showed during the Q&A session. For example, in the NR, WRLG had disclosed Q1 gold
sales but not Q1 production and when asked about the production number actively avoided giving out what
would have been useful information for the audience. For sure he didn't have to, but he darned well should
have because it came across as a person who was actively trying to hide information.
Moderator: SF Davies from the chat asked, "What was production in Q1?"
CEO Williams: Are we talking about ounces produced or ounces sold? In the press release we put
out, we used Q1 sales, 6,165 ounces was sold in
Q1.
WRLG.v: Gold oz produced & sold, per qtr
Moderator: Perfect.
No, Mr. Moderator Romeo of 6ix Dot Com, not perfect.
Not even close. It would have been useful to know the
production number, what with 1q26 being the
company’s first quarter in which it starts to pay the
underlying gold royalty (at 425oz/qtr in 2026). We
don’t know whether that sales number is 425oz lower
than the production, or whether WRLG satisfied the
debt with cash or ounces (as is its right) and we’re
going to be left guessing until the end of May. Neither
was that an isolated incident, there are several examples when CEO Williams avoided volunteering
information. Here’s another:
Moderator: Here's one question that I think combines a few, so hopefully it'll tackles a couple of them
at the same time. They want to know what the current cash position is for the company. Is the
company generating sufficient cash to satisfy all relevant financial needs?
CEO Williams: Yeah, so in the end of in the end of Q1, our cash position was $35 million basically at
the end of Q1.
[Five seconds of silence]
Moderator: Perfect.
Answering the half of the question that suits you and “forgetting” the rest? How cute. Again, what would be
the harm in telling people that if cash position as at end 4q25 was C$42m and the cash position as at end
1q26 was C$35m, the company was still in negative free cash flow? This chart shows the comparative cash
position, which also implies a working capital that’s dropped to near zero (we estimate C$2m in our model,
which is unlikely to be exactly right).
5
494
0625
0007 6727
5616
Oz Au
8000
oz Au produced
7000 oz Au sold
6000
5000
4000
3000
2000
1000
0
1q25 2q25 3q25 4q25 1q26
source: company filings, IKN ests

WRLG: Cash treasury & working cap
6
146.1 753.4
580.72 29.61 903.61
848.3
407.74
698.52
88.63
822.81 796.32
987.54
834.24
53
50
45
40
35
30
25
20
15
10
5
0
-5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
C$m
cash&eq
working cap
source: company filings, IKN ests
The answer “no harm at all, it’s obvious” but the way in which CEO Williams backed off and tried to hide
away from anything he didn’t want us grunts on the outside to know is at best evasive and at worst…no, let’s
stick with the “at best”. So while on the subject, if we look a the full information we now have to 4q25 and
then add in the partial information on 1q26 and make a couple of reasonable forecasts, we can take the pulse
of WRLG and its current financial position. We know that in 4q25 WRLG sold 7,726 oz gold and reported a
top line revenue of C$44.538m, that’s an average net received price of C$5,765/oz and sounds reasonable.
COGS came to C$18.73m which therefore gives us a mine operating income of C$24.925m and an operating
income of C$17.406m. Those are good numbers for the final quarter before commercial production
WRLG: Mine ops
Over at the balance sheet there was nothing of great surprise as the company continued to expand its sheets
on both assets and liabilities, product of a company with a mine that was nearly built and about to go into
official production as at December 31st:
To return to operations, that sales number of 6,165oz for 1q26 may be lower than expected (you may recall,
I had 10,500 oz slated and felt pretty ill when first reading the NR last Thursday evening) but like it or not
the gold price covers a multitude of sins and if WRLG managed to sell at the Canadian dollar average for Q1,
they are set to enjoy top line revenues of C$41.3m. COGS are a mystery and as guidance is high for 2026
were using a highly conservative C$23m for the time being but even then, we see C$17.3m in mine operating
earnings.
701.2 682.1 887.0
23.42
3.51 865.8
84.23
7.02 79.01
45.44
37.81
39.42
C$m
50 WRLG: Mine Op Inc versus Op Inc
Revs 45 COGS
40 Mine Op Inc 35
30 25 20
15 0.788 10
5 0
1q25 2q25 3q25 4q25
source: company filings
93.5-
865.8
79.01 891.7 39.42 14.71
C$m
28 26
24 22 Mine Op Inc 20
18 Operating Inc 16 14 12 10 8
6 4.185 4 2
0
-2 - - 6 4 source: company filings
1q25 2q25 3q25 4q25
WRLG: Assets breakdown
300
250
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m WRLG: Liabilities breakdown
cash&eq inventories
other current min prop/plant/equip
other fixed
source: company filings, IKN ests
2.13 1.33
6.73 8.14
2.24 9.94
8.45
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m
other LT liab
credit facility
gold notes
current liab
source: company filings, IKN ests

WRLG: Mine ops
7
701.2 682.1 887.0
23.42
3.51
865.8
84.23
7.02
79.01
45.44
37.81
39.42
3.14
32 3.71
C$m
50
Revs
45 COGS
40 Mine Op Inc
35
30 25
20
15 10
5
0
1q25 2q25 3q25 4q25 1q26est
source: company filings
The disclosure of the C$35m cash position helps triangulate what WRLG is doing with its money, as does the
unofficial gold inventory value of C$7m. Put those together and WRLG only saw a C$1m or so drop in
financial current assets, so even with a poor quarter and still spending hard to get the mine up to scratch,
Madsen is close to breakeven. That takes the pressure off a lot of items, such as that thin working capital
position. Somewhere n the background, I’m sure CEO
Williams would like to see the C$1m warrants due in WRLG: Shares out (m)
mid-May to exercise in full, as that would bring in an
excess of C$40m to treasury. If the share price
remains under pressure and those warrants lapse
without being exercised, there’s a fair chance WRLG
will go back to market and top up liquidity but it’s far
from certain and if the reduced ramp up to 35k-45k
(median 40k) goes according to plan, I’d call it
unnecessary. The share count is at a reported 413m
rounding up and if those warrants exercise that’s going
higher. If they don’t, it will be up to the company to
decide whether it needs extra liquidity during the first
phases of production when the delay between gold
shipments and closed invoice can be months. I as a current shareholder would like dilution to remain at a
bare minimum (of course) but I’m not wildly against WRLG selling more share, particularly if it can do with an
interesting strategic.
Discussion and conclusion
This note has taken a very different tack to the one originally laid out. There are some numbers crunched,
charts used and forward estimates of a company in reasonable financial shape (thanks almost entirely to the
elevated gold price), but the argument is less about what WRLG failed to achieve in 1q26 and its lighter than
expected guidance for the rest of the year, more about whether we can trust the company to deliver on its
new parameters. Because here is the numb of the issue:
If we can trust CEO Williams to deliver a median 40,000 oz from Madsen in 2026, this stock is a buy.
Be clear: It’s nowhere near the 55,000 oz of my previous guesstimated guidance, or the 67,300 oz that the
PEA said it could do in its first full year of production. But also be clear that gold at C$6,700/oz and above
pardons a multitude of sins and WRLG DOES NOT NEED TO PRODUCER 55,000 OUNCES THIS YEAR TO
MAKE SUBSTANTIAL PROFIT. What we have learned in 1q26 and the first weeks of 2q26 is that CEO Williams
is stupid at investor relations. He’s also stupid at hiring IR and marketing people and somebody need to take
the keys away from him before he offers some other YouTube influencer money for nothing. However and
importantly, he’s still a darned good miner, he isn’t trying to scam anyone and he’s not a stupid person in
general, he’s just stupid about a couple of subjects not directly related to mining. Maybe he’s a bit too full of
himself and his ability in a non specialist subject too, maybe a crash course in how to talk to people without
sounding arrogant and evasive is in order, but overall there’s no real harm done as long as his mine delivers
as expected.
For us, the beaten up retail who has just taken a 20% drop in the share price on the chin, that badly
executed investor outreach has an obvious silver lining. With sentiment so negative, now’s the time to buy
shares if you, like I believe that knowing how to mine underground, transport the necessary tonnages to a
mill and then process that feed in order to make payable gold is more important than telling people about the
868.41 20.25 744.65 851.481 371.512 641.322 532.962 83.172
878.813 74.343 10.843
714.293 907.693 69.214
500
450
400
350
300
250
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
source: company financials, IKN ests

process and getting all those facts right in the public arena (and presenting them in a winsome manner).
That’s what I pay CEO Williams for, not his narrative ability. Ultimately, this trade comes down to whether
you have enough trust in CEO Shane Williams the miner. Forget about Shane Williams the frontman CEO, or
Shane Williams the IR executive because he’s obviously poor in those roles. But if you have confidence that
Madsen is going to be a mine then now, right now, is the time to get on because unless the gold price caves
in on us, it’s unlikely to get cheaper. WRLG has annoyed many of its current (and probably now former)
shareholders by telling them one thing and doing another, that annoyance compounded with attempts to re-
write history (“We never promised anything for Q1!!!”), the assumption that the audience still owes the
company something (“the second half of 2026 will be great…just you wait!”) and the refusal to answer
straight questions (“Q1 production? Well, sales were 6,165 oz as we explained in the news release!”). The
same opacity when Gwen Preston left and the person who had bombarded –holders with mailer after mailer,
videoclip after videoclip, was suddenly nowhere to be seen. The same naiveté to say yes to Peter Schiff when
he offered to drum up punters for their shares in exchange for a modest million or so (and with working
capital where it is, too.
The problems at WRLG are more cosmetic than anything else. When CEO Williams says they’re focused on
reaching a stable, long-term production level he’s being absolutely sincere. When he tells us not to worry
about the Q1 sales miss because everything is going to be all right, I am convinced he’s right as far as his
own worldview is concerned. He’s a good miner all right but he’s a rank amateur at marketing. However,
when it comes to a mining company I can forgive them bad pitches as long as they deliver and what’s more,
the hatred WRLG has generated in the last few days and weeks has brought the stock price down to an
obvious bargain level. Here’s the opportunity to get in on the ground floor of a Red Lake miner that will
probably turn into a multi-decade mine as long as gold prices hold up for less than U$250m market cap all-in.
What we do know operationally is that WRLG is now well into the Madsen orebody, it’s learning more about
how it works on a daily basis and those bemoaning the lack of a PFA at this stage are missing the point. We
also know WRLG is not Pure Gold, this new operator is opening multiple faces, it’s commissioning the shaft
which will cut costs and allow
faster delivery of tonnes to
surface, it’s invested in plant and
machinery and on a mine site
basis, it’s already making money.
The image of the company has
taken a hit because of the big
production miss and low 2026
guidance, but however bad the
optics are they are calls that come
after several months of experience of mining Madsen. Under such circumstances, making the decision to re-
work the mine plan for more development work in Q1 than previously estimated, thereby cutting back on
plain vanilla mining and tonnages to surface, may not be popular with an IR desk that thinks it’s more
important than it is, but it is reasonable and logical.
Madsen will get over its current bad public image, because it has a mine that works. To be honest and clear,
WRLG has brought that bad press on itself but that’s all it is, bad image. All CEO Williams has to do is play to
his own strengths, leave the sales and marketing to somebody else, do what he does best at the mine and
make sure Madsen hits its new and relatively easy to reach new 2026 guidance. From there this story can
grow and by the time it does, 80c shares will be a distant memory. WRLG has been lucky with the elevated
gold price, that’s for sure and it’s allowed the company time and space to get the mine into the shape it
wants for reliable, long-term production. Lucky yes, but also reality and they’re right to take advantage of this
bonus moment for gold, the same way any other OPM producer is counting its luck in 2026. The difference is
that the hatred for the name and the image mistakes that damaged its share price have offered us the
opportunity to buy a cheap share in a fundamentally sound gold mine start-up in a prime jurisdiction.
Teehting troubles? Yes. Friction between infliuencers? Sure looks that way. But style will dwfer to substance
and that’s why I’m going to take advantage of this temporary dip in the share price of West Red Lake Gold
(WRLG.v) and add substantially to my holding.
8

Stocks to Follow
A negative week for our sector and for our Stocks to Follow list, with just three of our 16 stocks returning
week-over-week wins (AU.v, SRL.v, LMS.v) and three others unchanged (XGC.v, PCI.v, MIRL.cn), which
means ten losers and we’re not listing them all. However, there was one double figure percentage loser in
West Red Lake Gold (WRLG.v down 26.3%) and a couple that got close, namely Marimaca (MARIO.to down
9.1%) and Gold Royalty (GROY down 8.9%) so you do get a small roll of shame. It wasn’t all bad news
though, as two of the three wins were big ones, thanks to the buyout win in Aurion (AU.v up 43.8%) and the
rally in Salazar (SRL.v up 23.7%), those adding plenty of padding to make the landing a fairly soft one,
overall. And of course, the AU.v position was turned into cahs that’s now primed to buy this dip.
With the exit of Aurion and the arrival of BP Silver (BPAG.v) to the Watch List, we’re still at16 stocks on our
current list, four fewer than our self-imposed maximum. Ten are in the green, five 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$2.75 243.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.19 301.9% Core copper position
Tiernan Gold TNGD.v ADDING C$8.07 29-Dec-25 C$9.19 13.9% Chile gold jr, adding sub-$9
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.28 147.9% Quality Cu dev, M&A tgt
Gold Royalty Co GROY BUY U$1.40 9-Mar-25 U$3.48 148.6% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v ADDING C$0.88 20-Jul-25 C$0.84 -4.5% Adding on price weakness
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$27.13 21.0% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.14 -6.0% starter position taken
Arizona Metals AMC.to ADDING C$0.525 31-Mar-26 C$0.57 8.6% PEA due, adding cheap shares
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$0.235 193.8% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.21 10.5% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.125 56.3% top fundy value, illiquid
SPECULATIVE TRADES
Minera IRL MIRL.cse avoid C$0.195 22-Jul-12 C$0.015 -92.3% leaving list soon (good)
A WATCHLIST OF POTENTIAL TRADES. NB: I DO NOT OWN
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.96 -1.0% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.185 -58.9% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
Aurion Res AU.v Apr'26 C$1.07 21-Sep-25 C$2.56 139.3% Bot by Agnico, good trade
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:
9

Aurion Resources (AU.v): POSITION CLOSED. As per the main fundies note last week, “Aurion
Resources (AU.v) bought by Agnico Eagle”, I sold my holding of AU.v at C$2.56 and have booked a nice win.
Before moving on and for what it’s worth, the stock traded in exactly the way you’d expect for a company
that’s given an outside chance of attracting a competing bid in the first days of a friendly buyout, but it’s also
noteworthy how most sell side voices and opinionators quickly agreed about the low and diminishing
likelihood of anything happening that would change the deal or its ticket price.
And now there’s now too much cash in my portfolio treasury position, so it’s time to do something about that.
West Red Lake Gold (WRLG.v): ADDING. A quick line to underscore the main message from today’s
Fundies not eon this stock. Aware of the pros and cons, aware of the risks, last week’s selling of WRLG on
the back of a disappointing 1q26 production number and 2026 guidance has offered the opportunity to buy at
a considerable discount. I’m going to take advantage of that dip.
Arizona Metals (AMC.to): ADDING. The company asked nicely for an extra month to deliver its PEA on its
flagship if AMC keeps to its expected timeline, that means we get the PEA between now and Friday. With the
price still suppressed and trading under 60c, I think there’s room to add more and will do so given the
opportunity tomorrow Tuesday morning.
Aware of the risks here, this is as much a personal portfolio management decision as anything else. The win
in Aurion is timely, my cash position is outsized compared to the bullish outlook of this market and I want
more exposure. The timing is good here and I’ll soon get to know whether the trade thesis works, the
judgment should come quickly. Adding and with luck, we get to talk more about the Kay PEA next week on
these pages. Eyes peeled for a NR out of AMC in the days to come.
Tiernan Gold (TNGD.v): ADDING IF PRICE IS RIGHT. While opening the purse strings and adding to
the two stocks mentioned above, I will also look to add some shares to my holding in this company, still my
best idea for a new gold exploreco in 2026. Tiernan has “serious junior” written all over it and notably, it’s
managed to put in a near double without raising its marketing head above the parapet…so far at least. I’m
slightly surprised it hasn’t gone into pumpo mode yet but certainly not complaining, the longer it stays in
reasonably-quiet-mode, the better the window for positioning. Therefore if price permits I’m adding here in
the coming days, too.
BP Silver Corp (BPAG.v): ADDED TO WATCH LIST. We welcome the new name to the Stock to Follow
list, even though it’s not a personal holding yet. In other news, your author cannot and will not stop you from
wasting your money, but there’s simply no need to pile in and buy a company just because it’s come up on
my radar:
No idea who is behind that 100k spike purchase first thing Tuesday morning but whoever he, she or they
were it would have cost them around C$8,000 less to buy the same shares with a little patience [EDIT
MONDAY: even less than that, as BPAG.v closed at 91c today] and that’s good money. A decent vacation, a
small car, a pre-owned Rolex watch. You choose.
Gold Royalty Corp (GROY): Sneaking this one into the edition, as on Monday GROY announced (5)
“Record First Quarter 2026 Preliminary Results” and we update the two charts that matter:
10

GROY: Sales per qtr
11
335.0 836.0
709.1
668.0 285.0 767.0 864.0 797.0 610.1
498.2
497.1 60.2
553.3 831.3 328.3 841.4
105.4
2.7
01
11
5.11
14
12
10
8
6
4
2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
U$m
source: company filings
The preliminary revenues estimate from stream etc came to U$7.2m, which is a good fit with our house
guesstimate of $7m, while overall income (including land agreement proceeds and interest) shot to an
impressive U$9.4m. That’s more than expected and I’ve adjusted the model slightly, this desk’s best guess is
that some payments arrived earlier than expected. Therefore I’ve cut the 2q26 total revenues forecast to
U$10.5m from its previous U$11.5m.
GROY: Total revenues, per qtr
668.0 131.1
79.1
755.0
73.1
613.1 581.4 512.2 106.2 648.3 775.3 214.4 375.4 602.5
4.9
5.01 11 21
14
12
10
8
6
4
2
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
U$m
source: company filings, IKN ests
Still, my minor model adjustments are small news against the real story here, the GROY portfolio is beginning
to deliver as expected. Our trade thesis remains intact, with 2025 being the year it gets stable and 2026
onward when GROY starts to deliver regular profits and the royalty snowball begins to roll in earnest. All
good, we get to find out the details when the company reports its financials on May 6th, happy holder.
Orecap Inv (OCI.v): One look at the 12.5c closing price on Friday…
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.13 12.11 4.9
ARIC.v 7.39 0.96 7.09 2.9
ARIC warrant 4.17 0.76 3.17 1.3
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.065 2.78 1.1
MERG.v 1.025 0.87 0.89 0.4
MERG warrant 0.5125 0.42 0.22 0.1
ZIGY.cse 4.942 0.51 2.52 1.0
KLDC.v 40.040 0.53 21.22 8.5
subtotal 52.84 21.3
Est.cash 0.70 0.3
Total 53.54 21.6c
At 248.332 S/O
…compared to the liquid-ish assets total at OCI of 21.6c per share, tells you there’s now a yawning gap
opening between liquidation value and market cap and while the other components of the portfolio all matter
(with a particular hat-tip to AE.v and its recernt move), this is all about the speculative move in Kirkland Lake
Discovery (KLDC.v), a stock that’s essentially tripled since that first hole into Mirado. Some of that arbitrage
gap is understandable, as KLDC is currently in full spec momentum mode and OCI can’t sell its share for at
least a year (minus a few weeks), even if it wanted to. However, that gap is now too wide to make sense and
the Friday close of 12.5c offers obvious value for the flipper. OCI traded at 15c during the week, that’s a
reasonable target level for anyone picking up cheap shares.

EDIT MONDAY: Today’s 13c close is still great value and flappable for some, buy’n’holdable for others.
Wesdome Gold (WDO.to): As seen in the Market Watching note “Wesdome Gold (WDO.to) 1q26
production numbers” last week, we were reasonably happy with the 1q26 production numbers and the
market last week agreed, though WDO couldn’t escape the sector-wide weakness and dropped accordingly. A
small retreat, understandable, but doesn’t change the attractiveness WDO offers as a buyout candidate for
Alamos or other.
Salazar Resources (SRL.v): A nice rally back to its previous trading level that was almost certainly induced
by this news from its majority JV partner at El Domo/Curipamba, Silvercorp (SVM) (6), here’s the headline:
Silvercorp Secures RMB 1.5 Billion (~US$220 Million) Syndicated Term Loan Facilities with 2x
Oversubscription, Bolstering Financial Strength for Global Mining Growth
It so happens that size of loan (which has a concertina-type facility added that brings it to RMB2Bn, or
around U$293m), is just right for buying SRL out of its 15% minority position at the project then finance
most, if not all, of what’s left to do for the build-out. And to make sure we get the point, SVM adds this to the
body of the NR:
This landmark financing complements the Company’s robust cash reserves, consistent operating
cash flow, and established financing platform, reinforcing the financial foundation to deliver on its
long-term strategic growth objectives across a global mining portfolio – including growth opportunities
in Kyrgyzstan and Ecuador.
We know the payback schedule once El Domo/Curipamba
is in production favors SVM in its first years, but equally
there’s no point in the big partner funding 100% of the
build-out to get 85% of the pie if, at this stage, it can
consolidate the project with a friendly deal. SRL and SVM
have build a cordial relationship (see the project
concessions deal it did) and given the right price there’s
every reason to expect SVM to become 100% owner
sooner, rather than later and this financing deal is too
right-sized to ignore. I’ll take C$0.30/share, with SRL
distributing some of the cash and then funding itself for
years into the future.
Mene Inc (MENE.v): We don’t mention our “non mining trade” very often and it’s not getting a big write-up
today, but consider this a heads-up for a pending analysis. Last week MENE.v filed its 4q25 and 2025 year-
end financials and as we don’t have to wait very long for the Q1 numbers from here, once they drop we’ll
take a close look at what’s going on at this rather backwater trade. The Q4 numbers point to a company
revamping its business model but getting another quarter’s worth of data will make any analysis easier and
more useful. Until then.
12

The Copper Basket
After sixteen weeks of 2026, The Copper Basket shows a gain of 29.41% 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 1425.03 5.12 87.5%
2 Aldebaran Res. ALDE.v 3.67 185.338 522.65 2.82 -23.2%
3 Los Andes Copper LA.v 9.20 29.573 440.64 14.90 62.0%
4 Pecoy Copper PCU.v 1.32 209.489 377.08 1.80 36.4%
5 Andina Copper ANDC.v 0.56 267.638 283.70 1.06 89.3%
6 Hot Chili HCH.v 1.33 177.47 260.88 1.47 10.5%
7 Element 29 Res ECU.v 1.20 187.873 255.51 1.36 13.3%
8 Surge Copper SURG.v 0.475 377.754 249.32 0.66 38.9%
9 American Eagle AE.v 0.56 192.621 217.66 1.13 101.8%
10 Hercules Metals BIG.v 0.74 289.41 193.90 0.67 -9.5%
11 Copper Giant CGNT.v 0.49 203.927 130.51 0.64 30.6%
12 Fitzroy Min FTZ.v 0.48 327.178 127.60 0.39 -18.8%
13 Metal Energy MERG.v 0.64 45.2 39.32 0.87 35.9%
14 Algo Grande Copper ALGR.v 0.53 42.159 28.25 0.67 26.4%
15 Kobrea Exp KBX.cse 0.51 35.622 15.67 0.44 -13.7%
NB: All stocks in CAD$ Portfolio avg 29.41%
The Copper Basket lost a sliver from its basket average
in what’s probably best described as a consolidation
45% The Copper Basket 2026, weekly evolution
week for the sub-sector, down 0.68% on the back of the
40%
nine losers (PCU.v, HCH.v, BIG.v, FTZ.v, AE.v, CGNT.v,
35%
MERG.v, KBX.cn, ALGR.v) beating out the six winners 30%
(FY.to, ALDE.v, LA.v, ECU.v, SURG.v, ANDC.v), with no 25%
stocks unchanged on the week. The biggest upmove 20%
15%
came from Los Andes Copper (LA.v up 29.0%), while
10%
the biggest losers were Copper Giant (CGNT.v down
5%
12.3%) and Hot Chili (HCH.v down 9.3%) so clearly, it 0%
would have been worse if it weren’t for that move in
LA.v.
So copper stocks were somewhat negative and
followed the lead of their precious metals cousins,
but copper-the-metal basically traded sideways on
the week and offered no extra clues. The market
continues to be driven by all the obvious
influences: On the global scale it’s the dollar, the
geopolitical ramifications of the Iran war, Fed
policy and so forth. In the copper market it’s
China and its demand data, the ebb and flow of
feed and metal from smelters (with again China
leading the field) and inventory data offering
clues. And to all that we now add sulphur (or
sulfur) (7):
April 22 (Reuters) - China's exports of
sulphuric acid to Chile dwindled to zero in
March, Chinese customs data show, leaving the world's top copper producing nation facing a
squeeze on supplies of the chemical used to make around half of its refined metal.
The war in the Middle East has caused a sulphur supply crunch, and China is reportedly planning to
ban sulphuric acid exports from May to ensure its domestic market - notably the fertiliser industry -
does not face a shortage.
13
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62
source: IKN calcs

But shipments to Chile, which was China's biggest overseas acid market in 2025 and took almost
one-third of its exports, have already dried up, with no acid departing for the ⁠South American country
last month for the first time since July 2023.
Depending on the time of year, China supplies up to 90% of the sulfuric acid used in the world’s #1 copper
producing country which, in turn, relies on sulfuric acid as a backbone of the leaching process at its many
heap leach operations. They all carry acid stock and it’s not an input under Just In Time supply constraints, a
typical mine will hold between one and three months of supply on-site. That means we may see temporary
shortage if the market doesn’t get back to normal by the end of May and we’ll see real issues emerge by the
Northern summer if China doesn’t change its no-export policy. Which it will do, as soon as it realizes that the
copper it needs to drive its industrial base and GDP is dependent on boats going from its shores to Chile
laden with sulfuric acid almost as much as it is those boats coming back to China laden with copper
concentrates. So we may see a temporary disruption in the market, but it won’t last long. And with that, I’ll
leave you with a ditty picked up from my Chemistry teacher many moons ago:
Poor John Brown is dead and gone
His face you’ll see no more
For what he thought was H2O
Was H2SO4
We move to our regular weekly world copper inventories update, data from Cochilco:
 Overall world copper stocks dropped again last week, the three official futures systems holding a
total of 1,133,272 metric tonnes (mt) between them down 41,243mt on the week.
 The Shanghai SHFE led the way, which is what you’d expect at this time of year but once again,
it was the chunky size of the 39,083mt aggregate draw that catches the eye. Stocks are down to
201,373mt and the next stop will be the 150kmt line, so all eyes on how long it takes to arrive.
 The LME joined the draw down party, which is interesting as it suggests the recent spate of
smelter metal exports out of China have come to an end. Stocks dropped by 5,850mt to close at
392,575mt, which is still a lot of metal on standby.
 Same thing said for Comex stocks, which grew by a modest 3,690mt but the real story is the
539,324mt waiting to be used by somebody, somewhere hanging out in North American
warehouses.
Our dedicated SHFE chart shows the steep drop continuing and now, over 230kmt copper has left SHFE
storerooms in the space of just six weeks. The angle of that curve tells you the same story as your author’s
words, which 2026 is the sharpest and fastest draw down of copper stocks out of SHFE on record. It will slow
down eventually because it always does, seasonality is a thing and we respect that, what matters if whether
SHFE can continue to sell its copper at a breakneck speed as April turns into May because if it does, it would
be a loud claxon of a bull signal to a market trying to work out what’s going on among Chinese end users.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
14
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
Los Andes Copper (LA.v): Up 29.0% on no news, the Copper Basket held itself together thanks to this
move by LA.v. As seen in this chart, the move started on Wednesday on a small flurry of buying, but

continued through Thursday on light trading before a little
more volume came Friday that basically doubled the win.
Logical reasons? I don’t have one. The only thing that will
change the fate of this chronic loser is news from its court
cases brought against the project by the local
communities, particularly the town of Putaendo, that have
stopped Vizcachitas in its tracks for five years and
counting. We do know LA.v sometimes puts in sharp
moves as seen on this long-term chart, we also know
Queen’s Road Capital has recently converted its debt
position into shares after the financing came to its five-year maturity, we also know the Kast government has
promised less red tape for mining projects in Chile, though its influence on the courts and this case in
particular is less obvious.
Surge Copper (SURG.v): Up 38% in 2026 YTD, which is a good running result all things considered, SURG
is now closing in on its next major catalyst/milestone moment, as the PFS is due in this current quarter 2q26
and will mark the moment when the economics get more serious. In the PEA, around 2Bn lbs of the overall
7Bn lbs copper as seen in the Berg PEA was held in the inferred category (and at a lower grade than the
M+I), and the molybdenum component was important for the overall project economics, so in this PFS we’ll
see how Berg holds up to closer scrutiny. I liked the risk/reward when SURG traded at 10c and went long,
the plan on entry was to sell on a double and I did exactly that, which means SURG has made me look stupid
since then. It also means the company has a far heftier market cap to defend through this upcoming
milestone. I’m a watcher and not a buyer at these prices, but wish the company and its investors the best of
fortune. Leif Nilsson is my kind of CEO and the industry needs more of his caliber coming through the ranks.
The Producer Basket
After sixteen weeks of 2026, the Producer Basket shows a gain of 7.66% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 130.35 120.70 20.9%
2 Agnico Eagle AEM 169.53 500.989 100.31 200.23 18.1%
3 Barrick B 43.55 1705.994 70.10 41.09 -5.6%
4 Wheaton PM WPM 117.52 454.037 63.31 139.44 18.7%
5 Alamos Gold AGI 38.58 419.947 18.96 45.16 17.1%
6 Lundin Gold LUG.to 114.02 241.808 17.69 101.60 -10.9%
7 IAMGOLD IAG 16.49 588.8 10.15 17.23 4.5%
8 B2Gold Corp BTG 4.51 1343.243 6.68 4.97 10.2%
9 Eldorado Gold EGO 35.92 198.571 6.37 32.07 -10.7%
10 Americas G & S USAS 5.11 318.26 1.86 5.85 14.5%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 7.66%
15

The Producer Basket dropped, the GDX dropped, nine out of ten of our basket stocks dropped, but it was still
a most interesting week for the sector as the only winner, Newmont (NEM up 3.6%), rallied on its 1q26
financials that somehow managed to surprise its generalist audience with record revenues and record profits
despite ho-hum gold production and all that augurs well for the rest of the companies about to report their
Q1s.
We’re still slightly behind the GDX benchmark for the year, though considering how poorly my leveraged
picks for 2026 have fared (LUG.to, EGO, etc) it’s not that bad. Now for a few words on some of the stocks
and today, we’re going “compared with GDX” charts.
Newmont (NEM): No doubt about the star showing last week, the world’s #1 gold mining company
reported its 1q26 earnings Thursday evening, beat the street and added 3.6% to its share price week-over-
week, one of the few large caps to have a winning week in a difficult backdrop for the sector. Interestingly,
the NEM beat wasn’t about improved production: Its 1q26 total of 1.3m oz produced, while arguably just
about in-line with the 2026 guidance median of 5.26m oz, was uninspiring.
NEM: Attibutable gold production, per qtr
16
26.1 43.1 5.1 94.1 36.1 72.1 42.1 92.1 47.1 86.1 16.1 76.1 9.1 45.1 84.1 24.1 54.1 3.1
2
1.8
1.6
1.4
1.2
1 0.8
0.6
0.4
0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Moz Au
source: company filings
It wasn’t costs either, as AISC at U$1,709/oz was a new high for the company and while they wheel out the
“yabbut we’re paying more royalties” excuse, it was still higher than the 2026 guidance of U$1,680/oz so
again, if generous it’s a neutral effect on the results compared to estimates, more likely a modest negative:
NEM: AISC per qtr
0301 7901 0201 3401 9301 5301 0211 6501 6511 9911 1721 5121
6731 2741 6241 5841 9341 2651 1161 3641 1561 3951 6651 0261 9071
1800
1600
1400
1200
1000
800
600
400
200
0
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
U$/oz
source: company filings
It’s unlikely to be the dividend either, at 26c just a penny more than the miserly level we saw in 2024 and
2025. Which can only mean one thing, it was this:
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 ht62
source: IKN calcs

NEM reported avg received gold price, per qtr
17
2981 1961 1961 8571 6091 5691 0291 4002 0902 7432 8152 3462 4492 0233 9353
6124
0094
6000
5000
4000
3000
2000 1000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$/oz Au
source: company filings., IKN calcs
The NEM average received price for gold of U$4,900/oz
wasn’t just a record, it was a mile ahead of anything NEM: cash flow metrics
ever seen in the industry before and as that doesn’t
apply just to this company, that plus the way the stock
reacted is the main lesson to retrieve from the Newmont
quarter. It rally was all about income and our trackers in
this chart are net cash from operations before and after
working capital, both records:
Along with those, free cash flow was a record
U$3.144Bn and net income was U$3.262Bn, for an EPS
of U$2.90 which, if you prefer, was bigger than 3q25
and 4q25 combined. And both those quarters were
records for NEM. As for the price action, this five day chart is the picture that paints 1,000 words.
B2Gold (BTG) (BTO.to): One of the least-worst performers in the large producer space last week, BTG
dropped by just 0.6% (GDX dropped by 6.0%) and got applause for its deal with AEM, which makes sense on
all sides but for BTG means it raises much needed cash from what is essentially a non-core asset. The market
also liked the sidecar part of the deal, as AEM has pledged to offer technical assistance to BTG in the Nunavut
region. That means its glitchy/troubled Goose start-up gets to pick the brains of AEM staff at the (relatively)
nearby Meadowbank mine and as they’ve probably been through many of the on-the-ground problems Goose
is now experiencing, it makes a lot of sense. This
comparative chart to GDX (right) shows how BTG
ran lockstep to the main PM ETF, then broke upward
on news of the AEM deal.
UPDATE MONDAY: BTG had another difficult day
today, down 8.65% (GDX down 1.85%) on the
newsflow out of Mali and a new round of political
2441
677
7561 4931 6481 7361 8932 1152 2712 1302 8222 4832 4852 8922
0653 1263 7893 5873
U$m
4000
cash from ops before wrkng cap 3500
net cash from ops
3000
2500
2000
1500 1000
500
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
source: company filings

turmoil that may or may not lead to another coup d’etat. BTG wasn’t the only Mali or West Africa name
affected, but it’s certainly part of the group. You start to get the impression of s sotck that can’t catch a
break.
Agnico Eagle (AEM): Down 9.0% on the week, a somewhat sharper drop than the 6.0% lost by GDX, AEM
probably hit a little hangover action from the news it
was buying out Rupert/Aurion/BTG and doubling down
in Finland.
Next up is the AEM 1q26 earnings report, scheduled to
drop this coming Thursday (post-close). Consensus EPS
is put at U$3.21 and it’s fair to say that AEM will need to
beat that number in order to move up from its current
U$200-thereabouts share price. Traders may want to
consider how NEM beat estimates by a wide margin and
showed over 9% better than GDX last week, all driven
by the gold price and the extras top-line earnings it has
brought in compared to the median consensus for the
NEM quarter that was, in hindsight, rather backward-
looking in such a dynamic gold price environment. This could easily repeat with AEM in the days to come.
The TinyCaps List
After sixteen weeks of 2026, the TinyCaps show a loss of 7.76% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 17.19 0.065 -7.1%
Canex Metals CANX.v 0.215 208.63 47.98 0.23 7.0%
Sranan Gold SRAN.cn 0.30 60.42 8.76 0.145 -51.7%
Enduro Metals ENDR.v 0.155 76.04 13.69 0.18 16.1%
Latin Metals LMS.v 0.21 138 28.98 0.21 0.0%
Precore Gold PRCG.cn 0.26 32.093 8.50 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 14.46 0.125 -10.7%
Silver Wolf SWLF.v 0.135 62.18 7.77 0.125 -7.4%
Trifecta Gold TG.v 0.195 47.7 10.26 0.215 10.3%
Viva Gold VAU.v 0.19 182 25.48 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -7.76%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In one cases I’ve stretched the window a little and allowed
sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2026. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
The TinyCaps list lost more ground last week, as chronic negative sentiment continues at the thin end of the
junior mining sector. Just tow of our ten representative stocks (ENDR.v, LMS.v) were winners on the week,
while one other remained unchanged (CANX.v). That means seven losers (AUME.v, SRAN.cn, PRCG.cn,
RDU.v, SWLF.v, TG.v, VAU.v) and while there weren’t any massive drops (biggest loser TG.v down 10.7%),
the lack of pzazz and interest in owning tinycaps is notable across the board.
18

Enduro Metals (ENDR.v): We try to touch base on all basket stocks as time goes on, but even though
ENDR is doing okay-not-great in 2026 to date we haven’t made much mention of it so far this year, mainly
because we haven’t had any news out the stock in 2026. That should change as the spring thaw brings the
Golden Triangle of BC Canada back to life and this exploreco, with its interestingly located package of
concessions, gets boots on the ground.
UPDATE MONDAY: As if by magic, post close today Monday ENDR announced a placement to sell over 25m
units at 16c (hard dollar price) to raise $5m (unit = 1 share + ½ warrant prcied at 24c). So much for that
little price pop.
Viva Gold (VAU.v): Our comment last week was on the relatively small size of its Tonopah project, so the
NR (8) out Thursday, “Viva Gold Intersects New High-Grade Gold Zone at Shallow Depths at its Tonopah Gold
Project in Nevada” is on-point with that perceived weakness. The company drilled six holes, with three good
enough to get bullet points in the NR:
 TG2601: 22.9 meters (m) 1.3 grams per tonne (g/t) gold (Au) from 64 m depth, including 4.6 m @ 4.6 g/t Au
 TG2603: 15.2 m @ 1.2 g/t Au from 88.3 m depth, including 3.0 m @ 2.6 g/t Au
 TG2608: 12.2 m @ 1.6 g/t Au from 29 m depth (partial results received; additional assays pending).
Those are reasonable numbers to bolt onto an open pit plan and the VAU.v CEO comment went on to say
that “…results are likely to add to high-grade starter-pit mineralization for early mining in an area that was
previously only sparsely drilled and that contained much of the remaining inferred mineralization within the
main pit.” Turning inferred into M+I (or even increasing the count) is exactly what you want to do as you
prepare for a PFS (as inferred doesn’t make it in any longer). The company also told us “The pre-feasibility
study remains on track for completion in the fourth quarter of 2026” so we have a milestone for our
notebooks.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Peru: The election mess
The bottom line: There’s no way of knowing who will join Keiko Fujimori in the run-off vote. This weekend,
with 100% of the votes now in the possession of ONPE and 95.892% officially counted and registered with
the JEE, we have:
 Keiko Fujimori: 2,750,167 votes (17.063%)
 Roberto Sánchez: 1,941,789 (12.047%)
 Rafael López Aliaga: 1,917,718 votes (11.898%)
That's a 24,071 vote advantage for Lefty Sánchez over Righty Porky and quite honestly, anything could
happen in the last 4-and-bits percent of votes waiting to be added to the counts. After that, if the vote result
is under 25k the loser has the right to call a physical recount (which would be wild, not least because it's
been widely reported that ONPE has already "lost" a lot of the vote slips). Then there are the brewing legal
cases against electoral authorities, as well as growing evidence that Lima polling stations were opened late to
put people off from standing in long lines and exercising their voting rights.
However, we do have the first polls on the eventual second round vote via national daily paper Peru21 and
pollster IPSOS (9), which was for the record by far the most accurate polling company in the first round.
They call it this way if the run-off is between Keiko and Sánchez...
 Sánchez 38%,
 Fujimori 38%,
 Don't know 7%
 Vote in white/spoil ballot 17%
19

...and like this if it's Keiko vs Porky:
 López Aliaga 34%
 Fujimori 31%
 Don't know 8%
 Vote in white/spoil ballot 27%
Once again, plenty of evidence for the disdain felt by many Peruvians toward Keiko, a 180° opposite to the
hardcore fans she inherited from her father (a subject we may have to explain more deeply as May becomes
June). That’s also why Keiko is still on her knees, praying that Sánchez gets the nod. The polling people last
week guaranteed a definitive result by May 15th latest, which doesn’t mean much but does mean they’ll have
a result that starts the next round of fights and legal battles. For what it’s worth, last week I opined in
IKN882 that “It’s going to be Keiko Fujimori versus Rafael López Aliaga in the run-off” and now I’m not so
sure, as the Sánchez vote has held up better than expected and Porky has made some outrageous claims
about frauds that don’t just verge on the paranoid, they dive full into the psychoses. What I will say is that 1)
Keiko is now clear fave to win it, whatever happens and 2) this is an absolute pig’s dinner of an election
process, the worst I’ve seen in LatAm outside of the obviously rigged 2024 Venezuela vote. Peru should be
ashamed of itself.
Argentina: Milei’s approval dropping
Just in case you were wondering why Argentina’s President Javier Milei has suddenly decided to wrap himself
in the flag of “Las Malvinas Son Argentinas” populism (it was only ever a matter of time) as, believe it or not
my esteemed reader in the Northern hemisphere, but the polling trend is clear and established. Multiple
opinion polls have pointed the same way over the last couple of months and the latest to do so is from the
established and reliable pollster Zentrix, the survey taken between April 11th and 18th, get your copy of the
32 page PDF here (10) or here (11).
Here’s the main visual, no translation necessary (I think…Aprueba comes from the verb “aprobar”, to
approve, and “gestión” is management or control):
Approval is down to 33.1% and if you read the Argentine press, the reasons combine the economy and the
latest round of corruption scandals. Which is fair enough, but I’d add that this time window in the political
cycle, just after a successful round of mid-terms and plenty of time before the big event in 2027 when Milei
aims for re-election, is the obvious one for an established administration to push through less popular laws
and reforms (e.g. the RIGI law expansion and the contentious Glacier Law reform, one that suits FDI miners
more than patriotic locals. However, the baseline reason is the classic “it’s the economy, stupid” as revealed
in some of the Zentrix poll details. This chart shows what’s been happening to household expenditures in
Argentina in the last six months and as the question and categories are more precise, I’ve translated this one
20

Less than 20% of Argentine households have had to cut back on their lifestyles in some way or other, with
nearly 3/10 needing to make deep changes. And the main reason may surprise those on the outside looking
in:
It’s understood that the Milei admin has fought the good fight against inflation since arriving in power and
has largely tamed the runaway percentages we saw in previous admins (Kirchner, CFK, Macri, Fernández),
but the recent numbers have seen inflation start clicking up again and that’s an issue when your macro model
is all about austerity and 180° from the incessant money printing habits that fed higher wage demands. The
official INDEC stats people tell us (12) March 2026 inflation hit 3.4% (that’s month-over-month, not
compared to last year) and inflation in the first quarter of 2026 was 9.4% compared to the last quarter of
2025. That’s a clear uptick and as inflation is one of the touchstone issues of the Milei government, it’s
hurting people’s back pockets and his government’s reputation at the same time. Not only that, but the same
Zentrix poll shows 70% of Argentines believe the official INDEC inflation figure underestimates the true
inflation rate.
Colombia Presidential election: Another brief update
This desk has stated for months that this election is not a gimme, not the “Right Gonna Win” shoo-in
assumed by all and sundry in the North. There’s a difference between handicapping the right as favourite in
the eventual run-off and calling it the way we saw the Kast victory in Chile from early on.
This weekend saw a new poll from established pollster Invamer (13) for Colombia’s biggest media channel,
Caracol (radio and TV) that had no surprises in the expected first round, with Iván Cepeda to make it easily
while Paloma Valencia and Abelardo de la Espriella fight it out to decide who gets to represent the right wing
in the run-off. The fun starts in the voter intention for round two, here are the two scenarios that matter:
 Iván Cepeda 51.2%, Paloma Valencia 46.6%
 Iván Cepeda 54.6%, Abelardo de la Espriella 42.6%
The left beats the right in both scenarios, according to Invamer. A wake-up call for the right.
21

Meanwhile, LatAm-wide opinion and economic think tank CELAG (based in Chile) is one of the few that covers
the entire region, it’s left-leaning in nature but it’s not brazenly lefty and biased, but its studies don’t tend to
get picked up by most LatAm media channels because they don’t tell the near-invariable right-leaning
newspapers and TV stations what they want to hear. They came out with their regular monthly Colombia
opinion poll last week (14) (15) that focuses on the popularity of the political figures that matter, instead of
their policies and here are the four that matter:
 Gustavo Petro 47.4%: President Petro is polling at his best levels of popularity for two years.
 Iván Cepeda 48.3%: Petro’s lefty dauphin and Presidential candidate for the left, Iván Cepeda, gets a
score in line with his current boss.
 Paloma Valencia 41.4%: The right-wing Uribe party candidate for President needs to work on her
image.
 Abelardo de la Espriella 35.9%: The even-righter-wing Abelardo is always going to be a divisive figure,
in fact he makes it a central part of his campaign to be President.
The first big day is May 31st, which means we’re in for an intense month in Colombia and unlike the Peru
election, which is more about national-level issues, Colombia matters to the overall geopolitical make-up of
South America. This is one we need to care about, fellow followers of FDI.
Market Watching
Orla Mining (ORLA) (OLA.to) redux
A very quick update: Featured last week in “Orla Mining (ORLA) (OLA.to) is in trouble”, if we use its NYSE
ORLA ticker as benchmark the company stock lost another 11.2% last week and over the space of two weeks
has lost 14% to the GDX benchmark.
Conclusion
IKN883 is done, we end with just two bullet point on one subject.
 I was impressed with the work put in by Gwen Preston when she was at WRLG, but I’m also glad she’s
not there any longer. I’m happy about having the company led by CEO Shane Williams, but he needs to
stick to his knitting (zapatero etc)and not pretend to be somebody he is not. WRLG needs to realize
that keeping its shareholders in the dark and treating them with disdain is not the way to grow its
brand and improve the market cap, but that share price will improve no matter how badly the company
is marketed as long as it mines the gold and makes a profit. Enough Schiff stupidity, do some mining
and execute on your new plan.
22

 I never know how these “strategy only” reports come over. Numbers are easier, but on the occasions
they need to be written, e.g. today or when first covering and reco’ing Amerigo way back when, they
help me focus on what’s required from a story going forward. In this case, unpicking the !q26 mess at
WRLG and working out how they managed to reach this point in the mess also shows the way forward:
WRLG is in a temporary funk, be long the stock before it passes.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://westredlakegold.com/west-red-lake-gold-appoints-jaclyn-ruptash-as-vice-president-communications/
(2) https://westredlakegold.com/west-red-lake-gold-further-de-risks-fork-satellite-deposit-with-successful-infill-drilling/
(3) https://westredlakegold.com/west-red-lake-gold-reports-2025-results-andprovides-2026-production-guidance/
(4) https://www.youtube.com/watch?v=-inju0Tk7VM
(5) https://www.goldroyalty.com/news/news-releases/gold-royalty-announces-record-first-quarter-2026-preliminary-results
(6) https://silvercorpmetals.com/silvercorp-secures-rmb-1-5-billion-us220-million-syndicated-term-loan-facilities-with-2x-oversubscription-
bolstering-financial-strength-for-global-mining-growth/
(7) https://www.reuters.com/business/energy/copper-king-chile-faces-acid-supply-crunch-china-exports-dry-up-2026-04-22/
(8) https://vivagoldcorp.com/site/assets/files/6141/nr26-06_viva_gold_strong_drill_results_at_tonopah_gold_project_-_final2.pdf
(9) https://peru21.pe/politica/encuesta-ipsos-peru21-asi-va-la-intencion-de-voto-para-la-segunda-vuelta/
(10) https://zentrixdata.com.ar/wp-content/uploads/2026/04/MOP-Abril-2026.pdf
(11) https://zentrixdata.com.ar/tiembla-el-relato-libertario-67-cree-que-se-rompio-el-pacto-anticasta-y-cae-la-aprobacion-de-gestion-de-
milei/
(12)
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.indec.gob.ar/uploads/informesdeprensa/ipc_04_26
853171E136.pdf&ved=2ahUKEwjGnK38_4uUAxV64MkDHc33M60QFnoECBsQAw&usg=AOvVaw1sR9GshlA58tgIve9cPUHE
(13) https://www.infobae.com/colombia/2026/04/27/nueva-encuesta-sacude-la-carrera-presidencial-y-revela-quien-le-compite-mejor-a-
ivan-cepeda-en-segunda-vuelta/
(14) https://www.celag.org/
(15) https://www.diario-red.com/articulo/colombia/gestion-petro-punto-mas-alto-mes-elecciones-colombia/20260426100000068408.html
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
23

Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
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
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Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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