IKN #884Premium

The IKN Weekly
Week 884, week of May 3rd 2026
Contents
This Week: Trade heads-up, In today’s edition, No big intro this week.
Fundamental Analysis: Selling Arizona Metals Corp (AMC.to).
Stocks to Follow: Overview, Arizona Metals (AMC.to), West Red Lake Gold (WRLG.v), Tiernan Gold
(TNGD.v), Rio2 Ltd (RIO.to), BP Silver Corp (BPAG.v), Orecap Inv (OCI.v), Wesdome Gold (WDO.to), Mayfair
Gold (MFG.v).
The Copper Basket: Overview, Hot Chili (HCH.v), Hercules Metals (BIG.v), Fitzroy Minerals (FTZ.v).
The Producer Basket: Overview, Newmont (NEM), Agnico Eagle (AEM), Eldorado Gold (EGO), Americas
Gold and Silver (USAS).
The TinyCaps Basket: Overview, Auriginal (AUME.v).
Regional Politics: Peru: Doctor Strangevote (Or how I learned to stop worrying and love the election), Chile
and Argentina and copper, Venezuela cuts mining deals.
Market Watching: Amerigo Resources (ARG.to): 1q26 financial results, Last one on Orla Mining (ORLA)
(OLA.to), Mogotes Metals (MOG.v) and risk management.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads-up
I’m selling my shares of Arizona Metals (AMC.to). It won’t take long to explain why, but the main fundies is
used to make sure my loss is visible to one and all.
Also, no active trade in either yet but two stocks are added to the Watch List this week, namely RPX Gold
(RPX.v) and Kobrea Exploration (KBX.cn). Again, the main Fundies section is the place for more information.
In today’s edition
 Sometimes in this sector, you lose. Arizona Metals (AMC.to) is a failed trade, no excuses, time to cut
the line and take the loss.
 After buying more West Red Lake Gold (WRLG.v) than I expected this time last week, I’m now fully
invested in this position. Bought the hate and happy to wait.
 The market is going through a trough and that makes for an uncomfortable period to hold mining
stocks. However, with cash in the treasury and an eye for a bargain, I’m happy to add two prospects
to the Watch List this week. Kobrea and RPX Gold are known entities on these pages, what’s changing
is the share price and the new lows make them attractive.
 Amerigo Resources (ARG.to) is profitable and reliable to the point of boredom. Today’s market
watching segment on its 1q26 financials tries to tack a slightly different tack on its numbers and
highlights a couple of lesser examined aspects, but the conclusion is the same: A great stock to own.
No big intro this week
Just a reminder that Friday sees the US employment report that’s forecast at 4.3% headline and +73k NFP
jobs added. We’re also sticking to our prediction that once Kevin Warsh takes over from Powell US interest
rates will start coming down, no matter what last week’s edition of Kabuki Theater might have you believe to
the contrary. It wasn’t quite Jordan Belfort in Wolf of Wall Street, but Jay Powell’s performance on Thursday..
1

…was enough to move the market against our sectors of trade. You may be concerned, I am not as for one
thing, we already knew outgoing Fed chair Jerome Powell had plans to remain on the Fed committee, or at
least stay in the building, after stepping down because he’d already told us. For another, Jay Powell staying
on to rouse his fellow academics on committee against meanie Trump may sound valid at this point, mainly
because Warsh still has to play it cool in front the Senate for his confirmation hearing, but once in charge
he’ll do his boss’s bidding for sure…at least in 2026. There is no way on this planet that Warsh makes an
enemy of POTUS47 straight out the gate and that means you’ll want to be holding gold the day he signs off
on his first statement and holds his first press conference.
Then something about Iran, something about recession and something about owning gold. I wish I had a
more original and entertaining line on the current state of the macro pertaining to gold, but frankly nothing
much has changed.
Fundamental Analysis of Mining Stocks
Selling Arizona Metals Corp (AMC.to)
Last week we kicked off the decision to add to this small trade with the words “Adding Arizona Metals
(AMC.to) is my idea of a calculated risk”. A little later on in IKN883 in the stocks to follow section, that was
underscored with phrases such as “Aware of the risks”, along with noting that the decision to add just before
the expected arrival of the PEA was “…as much a personal portfolio management decision as anything else.”
As it turned out, the most important word of IKN882 on AMC.to was the word “risk”. On the last day of April,
AMC delivered its expected PEA news release (1) and while there’s plenty of detail and nuanced checks and
balanced in the details, it was never going to survive the first impression given by the first “highlights” bullet
point at the top of the NR:
Base Case* After-Tax NPV5% of US$-6 million and IRR of 4.9% at US$4.70/lb copper,
US$1.27/lb zinc, US$3,100/oz gold and US$38/oz silver.
Yes, that says the base case NPV is negative U$6m and a little further down, AMC made sure we knew it
wasn’t a typo:
Here’s what the market thought of that headline number:
2

It’s at this point that I could take the level-headed analyst’s view of the NR and recognize the clear silver
linings in the numbers as presented last week and there would be a long a list of things worth mentioning if
that were the stance taken. Yes, the PEA was “more real” that the average work of fiction produced by no
end of sketchy explorecos at this stage in a project’s development. Yes, at current spot prices for copper,
gold and zinc the financial model shows a modest profit. Yes, AMC was stymied by the lack of drill success
and the failure to add significant tonnages to the deposit, either at Kay or Kay 2, before the resourcr cut-off
was applied and the PEA calculations began. Yes, there’s every opportunity to consider this project as
“leverage to copper”, the jurisdiction is still first class and if the deposit were incorporated into a larger area
play without the need for its own processing facility, it could turn into a profitable satellite operation. Finally,
the company’s second string Sugarloaf Mountain project is still there and with open pit gold becoming quite
the fashionable thing, even its low overall grade will have more than simple remnant value. All those things
and more, there are myriad ways of avoiding reality:
This trade failed. Time to take the loss and move on.
When you go into a trade knowing the risks and those risks materialize in full, there isn’t even a reason to get
mad at yourself, or start down the “What was I thinking?” line. For sure I don’t like losing or running failed
trades, but I’m also aware that this is junior mining and nobody bats a thousand. In fact, very few people bat
above 0.400 and what’s more, there’s no need to be for success over the long-term. In this case, I’m
probably more optimistic about the future of AMC and the Kay deposit than most of you and that’s because
what they offered the world last week was a “serious PEA”, one of those documents that can form a real base
for the future of development. The compilers aren’t trying to blow smoke up anyone’s orifices, there’s a clear
path forward and once the full PDF lands on SEDAR I’m bound to take a good look and weigh up how the
recommended courses of action could improve the project. However, that doesn’t change the fact that the
trade I entered into is a pure and clear failure and as such, it’s time to move on.
It was a small position until last week’s addition and even afterwards, the loss in percentage (and ego) terms
is more significant than the absolute cash loss; a regret without being too painful. A risk—adjusted trade that
didn’t work out, the remnant cash salvaged in the days ahead goes into treasury and towards the next trade,
whatever that might be.
Kobrea Exploration (KBX.cn): Adding to the Watch List
With the decision to cauterize the wound caused by AMC laid out and the loss about to the crystallized in my
own portfolio, we leaven the heavy news this week by announcing the entry of two stocks to the Watch List.
The first is Kobrea Exploration Corp (KBX.cn), the CSE-listed copper exploreco that those I’ve followed closely
via The Copper Basket in the last two years. Regular readers of that section will know I’ve been quietly sweet
on this company for since first coming across it in mid-2024 and though certainly less than perfect in its
corporate structure, it has at least two major selling points:
 Its virtual “first foot” advantage in the province of Mendoza, Argentina. Long closed to mining
exploration, the winds of change started to run through Mendoza mining around the time Javier Milei
rose toward power and once he arrived in the Casa Rosada, Mendoza moved to pass legislation that
separated a zone of its high country now known as the Western Malargüe Mining District (WMMD)
and encourage mining companies to explore there. KBX was one of the very first explorecos knocking at
3

its door and as a result, secured a very larg concession area with several target zones of interest. Since
then it has done the geology slog work, zeroed in on targets and has recently started to put drills into the
first of those. Its gestation period is over and we now get to see whether KBX can deliver on the promise
generated by its deft corporate moves.
 Paul Johnston: My interest in KBX would have been latent if it weren’t for the fact that it attracted this
high caliber geologist to its board. An expert economic geologist in the Andean Cordillera, after working
for Teck for many years (Chiler and Peru) he became one of the founders of Globe Trotters, the private
company that mainly worked the Andes of Peru for many years and generated high quality projects often
been picked up by other companies (e.g. Elida at Element 29, Pecoy at Pecoy Copper). Johnston is the
type of highly experienced and peer renowned geologist who has made his money, has no need to work
any old project but still loves his rocks, that combo means he can pick and choose what he does and
where (or even whether) he works. I’m sure he’s always been interested in what is now the WMMD, as
the zone was basically off limits to geological exploration for mining deposits but has close similarities
with areas in the adjoining provinces of Argentina (San Juan, Salta, Catamarca etc) that play host to
some of the most exciting exploration and development zones in the entire Andean chain.
That’s the right combo for me: A tinycap with access to prime geology for the first time, plus the brains trust
required to unlock its potential, but up until now I’ve been put off buying stock due to its share price and
market cap which, aside from a brief period this time last year, hasn’t offered a cheap entry point until very
recently. From the start of KBX’s interest in WMMD the trading around the stock hasn’t been the most
transparent and for a long time showed the type of trading pattern typical of a propped stock, with small
trades seemingly designed to stop the price from dropping to a more attractive level. This is one of the main
reasons KBX is finally making the move onto the
Stocks to Follow list, marking some sort of official “I’m
interested” occasion, because the last few weeks have
seen KBX break that stubborn 45c and 50c trading
level and drop to a more interesting entry point in the
low 30s (right). However, KBX is going on the Watch
List rather than straight to a starter position because
there’s the potential to see it sink even lower. We
remind readers of the latest NR from the company,
dated April 9th (2) and one we covered via notes in
IKN881 dated April 14th. That day we read the
corporate update on how its first drill program was
going and read between the lines that when the
assays come back from the lab, they’re not going to
sparkle too much. That day may see the stock dump futher and if so, I want it firmly on my radar. Its WMMD
concession is very large and if it doesn’t hit on the first pass here, there’s ample opportunity to do good work
somewhere else and at a market cap of around C#12m, any price risk is to the upside.
We have four holes to come back form the lab and once they’re in, KBX will be able to map out its plans.
We’ll also find out how it’s doing for funds and whether there’s share count dilution in the pipeline, but
whatever happens at a corporate level, as long as there’s a cheap entry point this company has the potential
to return big gains at some point.
RPX Gold (RPX.v): Adding (back) to the Watch List
We round off today’s main Fundies section by adding a secon preferred junior exploreco/developer to the
Stocks to Follow list but once again, for the time being it’s going to the Watch List rather than an open
position with shares bought. The last time RPX Gold (RPX.v), previously called Red Pine Exploration, was
mentioned seriously on these pages was IKN874 dated February 22nd 2026 and the Market Watching note
“RPX Gold (RPX.v): The PEA is better than the reception it received”. That title was prosaic enough, telling of
why RPX.v got our attention (the PEA) and the market reaction to its news (down-ish), as well as adding an
opinion on what I consider to be a good company doing the right things at a promising land package. As
many will recall, The IKN Weekly has plenty ofform with RPX, having followed the company for many years
before eventually buying some for a trade that lasted six quarters between 4q24 and 1q26 and eventually
sold for a pre commish profit of 62.5%. A good enough result without being great for the time and effort, it
4

could have been more if I’d timed my sale better but I know my weaknesses and tend not to beat myself up
too much on that score.
Anyway, enough about my insignificant foibles, we’re here to consider RPX.v and the most recent news from
the stock is this (3) and this (4), we’ll run the second headline for context:
RPX GOLD ANNOUNCES UPSIZE OF PREVIOUSLY ANNOUNCED “BEST EFFORTS”
LIFE OFFERING AND PRIVATE PLACEMENT TO C$12,300,000
That was one of the pieces we expected in this jigsaw puzzle in 2026 (and to be 100% clear, one of the
reasons I sold when I did as trading was obviously capped), so seeing RPX bite the bullet and not just raise
some tick-over cash, but a significant amount that will fund the company well into 2027 means it’s back on
my radar. That placement is a mix of hard dollar and a
New RPX.v: Shares Out
couple of varieties of flow though shares, with the best 550
500
way of pricing it being the non-FT at 17c per unit (unit =
450
share + ½ warrant priced at 27c). There’s also a 15% 400
350
overallotment facility, which means that in total RPX can
300
raise gross proceeds of up to C$14.145m and, if we 250
200
assume most of the shares are hard dollar, means they
150
may sell up to 83m units. That would put the RPX.v share 100
count at 457m and that’s getting up there, though its 50
0
suppressed share price means a rough pro-forma market
cap of around C$77m (U$56m), which isn’t so much for a
gold developer with a clear path to production.
Importantly, we’ve understood from multiple sources that
the RPX placement was popular with market participants and we should expect the upsized placement with
full overallotment to close accordingly, that closure date slated for next week, May 13th.
This publication has done done plenty of work on the Wawa deposit over the years and particularly in 2024
and 2025, we recognize that its current state of around 1.5m oz gold isn’t the size that wins hearts on the
M&A front, but the planb to get to early stage small scale production via a starter open pit operation feeding
third party tolling makes sense as long as there’s a mill willing to accept the RPX ore. With all that, the timing
looks right to pay more attention to RPX again:
 The placement looks set to be a success and raise all the capital RPX needs
 The share price has come down to an interesting level
 The PEA in February mapped out a clear path to early production and it would only need a modest
operation to generate positive free cash flow and turn RPX into a self-funding company that could begin
to accelerate exploration and development on the very large and multiple taerget Wawa property
 After a hyped up period, the gold and mining sector is back on a low ebb (for a while?)
 We know the team under CEO Michael Michaud is quality
 The company may come under the shadow of previous CEO Quentin Yarie again as his criminal case for
alleged sample salting goes to trial starting June
All those and more. While not an original pick,
there’s a lot to be said for a company that’s
been previously vetted, one that is run by
trustworthy people that will be pulling for the
small shareholder. That, plus the improving
circumstances around the company and the ebb
of hot money away from the tinycap junior
sector at the moment, is the right combination.
Back on the Watch List with a view to purchase
if a bargain price shows up soon.
5
22.naJ 22.rpA 22yluJ 22.tcO 32.naJ 32.rpA 32.yluJ 32.tcO 42.naJ 42.rpA 42yluJ 42.tcO 52.naJ 52.rpA 52.yluJ 52.tcO 62.naj tse62.rpa tse62.naj
source: company filings
serahs
fo
snoillim

Stocks to Follow
A week that was as negative as they come for junior mining stocks, with losses across the board and
fourteen of our sixteen Stocks to Follow down on the week (just OCI.v and MIRL.cn unchanged). On the
birght side, most of the losses were moderate and only three made it into double figures. Clearly the big hit
was taken by Arizona Metals (AMC.to down 53.5%), the other dumps taken by Wesdome Gold (WDO.to down
12.3%) and West Red Lake (WRLG.v down 10.7%). It could have been worse, frankly. Most drops were
inside established trading ranges and the drop in WRLG.v suited me fine, as I was a buyer not a seller. The
ones that hurt were AMC.to for obvious reasons, plus WDO.to that should be worth more respect and less
volatility now that it has its wheels in line at Kiena and Eagle. I’m feeling glass-half-full this weekend.
We currently have 16 stocks on the list, four fewer than our self-imposed maximum, with nine in the green
and seven in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$2.57 221.3% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.09 295.5% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$9.01 9.1% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.94 137.7% Quality Cu dev, M&A tgt
Gold Royalty Co GROY BUY U$1.40 9-Mar-25 U$3.44 145.7% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.75 -8.5% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$23.80 6.2% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.93 -10.5% starter position taken
Arizona Metals AMC.to SELLING C$0.53 31-Mar-26 C$0.265 -50.0% failed risk trade
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.26 -7.1% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.215 168.8% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.20 5.3% 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$0.95 -2.1% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.18 -60.0% 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:
Arizona Metals (AMC.to): SELLING. Adding one week and selling the week after isn’t common, but in this
case it’s going to happen. We’ve laid out the reasons why it’s time to walk away in the main fundies section,
6

abovw. Certainly not my finest hour as a junior mining sector participant, but on the bright side it’s good for
the ego. Taking the loss, moving on, the remnant cash salvaged from this loss will find a better place
West Red Lake Gold (WRLG.v): ADDED. As it turned out, I bought more than I’d originally planned, with
a first purchase made as the stock moved under the 80c line, then a second bite at the cherry when WRLG
dropped to the 75c level. So yes, I could have bought cheaper by exercising some more patience [EDIT
Monday: or even 72c, all you could have eaten in the low 70s today] but overall I’m happy enough with this
addition and the cost average has dropped significantly.
Regarding the decision to add and average down, feedback has been varied and while the supportive ones
are appreciated (you know who you are). I’d like to cover one of the repeated reasons some of you don’t
agree with me. There’s been a lot of talk and speculation about the 43.18m warrants priced at C$1.00 and
set to expire on May 16th. The supposition is of a fight between company and market forces to keep them
from being exercised, as a priced North of $1.00 would see them a popular trade and full uptake would bring
$43m and change into the WRLG coffers. As things stand today [EDIT Monday 71c], we’re a long way from
that strike price and the implication is that WRLG may have to go back to market and raise capitwl via a
placement in order to make it through its ramp-up period, instead of getting that useful slug of cash at the
right time. That’s certainly a possibility and as we’ve already shown in the balance sheet analysis…
WRLG: Cash treasury & working cap
7
146.1 753.4
580.72 29.61 903.61
848.3
407.74
698.52
88.63
822.81 796.32
987.54
834.24
53
50
45
40
35
30
25
20
15
10
5
0
-5
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1
C$m
cash&eq
working cap
source: company filings, IKN ests
…working capital is looking thin, though there is plenty of cash liquidity on the books and as the gold notes
repayments aren’t onerous in year one (425 oz/qtr and $3.06m cash on the year), as long as Madsen does
what we expect in Q2 after a thin Q1, it shouldn’t need any extra cash. However “shouldn’t” is a long way
from “won’t” and I wouldn’t put is past WRLG to dilute the share count further in exchange for $30m or so of
cash cushion. That’s a risk for sure, but on the other hand the share price is already trading as if a placement
is about to drop any day now and that offers upside to the risk, rather than deep further downside. If WRLG
dilutes further it will take the edge off the potential upside, but this company isn’t about to succeed or fail on
the back of a single placement deal or in Q2 of 2026. Today’s hate is the reason to buy, not to sell.
Tiernan Gold (TNGD.v): ADDED. The plan was to add some more if the price were right and while the
deep bargain numbers never showed up, there was the opportunity to add a few at (just) under C$9 and I
did exactly that. Not so many, but that’s okay. We also had news from the company on Tuesday, the NR (5)
entitled “Tiernan Announces Results from Volcan Project Core Relogging Program, Advancing Geological
Understanding and De-Risking Strategy” one of those “we’re doing things and our plan is on track” updates
that won’t ever move the market but informs shareholders that the plan is on track.
Core re-logging is not sexy work, but it's often useful for an incoming team and in this case, with most of the
drilling done over a decade ago when less was understood about these systems, important and highly cost-
effective work. The company told us that it had done the work on 15,077m across 27 drill holes, representing
around 30% of previous diamond holes and while you're far better off reading the entire NR instead of these
quick notes (it's a good NR which walks the layman through the process and why it's important), the result is
a better understanding of the geology and "Improving confidence in the geological model" that will help the
company put together its confirmation drill program, eventual MRE and to a PFS that impressed eventual
suitors in 2027 and beyond.
At a basic level, it also tells us on the outside that there's plenty of work going on. One of the attractions of
TNGD as a trade is the serious team coming in to take the reins from (still major sponsor) Hochschild, this

isn't some trite promo job on a big gold count resource. Last week's NR tells us they're going about the
program in the manner expected.
Rio2 Ltd (RIO.to): A heads-up on the coverage on out Top Pick in the next edition, as RIO.to is scheduled
to report its 1q26 financial results on Monday, May 11th, i.e. next Monday. That means I can put in a decent
evening’s worth of numbercrunching and will have an analysis of what promises to be a key quarter for the
company in IKN885, out next Monday evening and we’ll have plenty of subjects to cover:
 The first non-commercial production quarter at Fenix
 The first quarter of production at the newly incorporated Condestable mine
 The effects of the purchase and new cash flow on the balance sheet
 Guidance for 2026 at Condestable
 Potential guidance on how Fenix is tracking to commercial production
All that and more. I’ll also expand on the increasing temptation I have to add to this position at current
prices, even though I’m already stupidly overweight the stock. Portfolio management is a thing, but so is an
obviously cheap stock that’s consolidating a price level before its next move higher.
BP Silver Corp (BPAG.v): Still no reason to buy these prices. The longer timescale chart looks fairly quiet
and on a slow return to the 90c line, but there are a couple of things to note. Firstly, the bid/ask intraday has
been wide in the last few days, typically 91c/98c. Secondly, traded volume has been dropping off.
That’s what happens when an exploreco drops off the radar of daily traders and that’s fine by me, as it
increases the chances of the stock price dropping more sharply.
Orecap Inv (OCI.v): My fascination with the large arbitrage gap between this stock and the value of the
things it owns continues:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.11 11.90 4.8
ARIC.v 7.39 0.79 5.84 2.4
ARIC warrant 4.17 0.59 2.46 1.0
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.06 2.57 1.0
MERG.v 1.025 0.93 0.95 0.4
MERG warrant 0.5125 0.48 0.25 0.1
ZIGY.cse 4.942 0.50 2.47 1.0
KLDC.v 40.040 0.49 19.62 7.9
subtotal 48.89 19.7
Est.cash 0.70 0.3
Total 49.59 20.0c
At 248.332 S/O
The market says 12.5c, the table above says 20c and that’s even after reversals in the main KLDC position, in
Awale and a little 2c drop in American Eagle as well. The next move should be seeing OCI exercise its May
2026 warrants in Awalé and turn them into fully paid-up shares, at which point our table should get a little
cleaner. In the meantime, the deep value and asymmetric risk offered by OCI at 12.5c remains obvious,
8

money here gets plenty of exposure to the volatile world of tinycaps but backed by serious asset value that
limits the potential downside. That’s my kind of bet and it’s one I’ve been making since this stock was 5.5c.
Wesdome Gold (WDO.to): After the clear improvement in operations at WDO and sentiment toward the
stock I wasn’t expecting it to dump the way it has, down
from $29 to $23 in just nine trading days, but that shows
you how bad I am at near-term trading more than
anything else.
While considering the WDO case this weekend and then
expanding to a longer-term chart (here 2025 and 2026 to
date and updated to Monday evening), the pattern was a
more pleasant surprise; we’re still putting in higher highs
and higher lows, even though the trading range has
expanded. A price around the $22.5 level could be a near-
term trade, or even a bellwether for the wider Tier 2
producer sector.
Mayfair Gold (MFG.v): Remains largely off the radar of the momentum traders, which is fie by me.
However, a quick word is required about the news today Monday (6):
Mayfair Gold Corp…is pleased to announce the appointment of Drew Anwyll, P.Eng., formerly Chief
Operating Officer of the Company, as Chief Executive Officer of the Company, effective immediately.
Nick Campbell, current Chief Executive Officer, will be stepping down and departing the Company.
On inquiring with company insider, it turns out this was a mutual agreement. On the one hand, outgoing CEO
Campbell was aware his skill set as a marketer wasn’t suited to the next stages at MFG as the project moves
from 43-101 reports to real deal mine building. As such, when head hunters came calling he was willing to
talk and has now, apparently received an offer for a new job. At the same time, the board at MFG saw the
medium-term future of the company in the same way as Campbell and with the excellent job done so far by
COO Anwyll, are happy to promote internally and put a real mine-builder at the helm. I’m fine with this move
and the market’s benign reaction today Monday (up 1% or so on a down day for the sector) says I’m not the
only one. Zero worries.
The Copper Basket
After seventeen weeks of 2026, The Copper Basket shows a gain of 26.80% 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 1341.53 4.82 76.6%
2 Aldebaran Res. ALDE.v 3.67 185.338 463.35 2.50 -31.9%
3 Los Andes Copper LA.v 9.20 29.573 454.24 15.36 67.0%
4 Pecoy Copper PCU.v 1.32 209.489 347.75 1.66 25.8%
5 Hot Chili HCH.v 1.33 177.47 310.57 1.75 31.6%
6 Andina Copper ANDC.v 0.56 267.638 256.93 0.96 71.4%
7 Surge Copper SURG.v 0.475 377.754 249.32 0.66 38.9%
8 Element 29 Res ECU.v 1.20 187.873 244.23 1.30 8.3%
9 American Eagle AE.v 0.56 192.621 213.81 1.11 98.2%
10 Hercules Metals BIG.v 0.74 289.41 179.43 0.62 -16.2%
11 Fitzroy Min FTZ.v 0.48 327.178 145.59 0.445 -7.3%
12 Copper Giant CGNT.v 0.49 203.927 130.51 0.64 30.6%
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 26.14 0.62 17.0%
15 Kobrea Exp KBX.cse 0.51 35.622 11.58 0.325 -36.3%
NB: All stocks in CAD$ Portfolio avg 26.80%
Another small-ish down week for the Copper Basket that could have been a lot worse.
9

45% The Copper Basket 2026, weekly evolution
We had four winners (LA.v, HCH.v, FTZ.v, MERG.v),
40%
easily outgunned by nine losers (FDY.to, ALDE.v, PCU.v, 35%
BIG.v, ECU.v, ANDC.v, AE.v, KBX.cn, ALGR.v) and the 30%
25%
two unchanged stocks (SURG.v, CGNT.v) completing the
20%
count of fifteen. Similar to last week, the basket average
15%
would have dropped more if it weren’t for a couple of 10%
out-sized winners, as last week Los Andes Copper (LA.v) 5%
0%
(which continued its momentum and recorded another
modest win this week) held the line, this week the heavy
lifting was done by Hot Chili (HCH.v up 19.1%) and
Fitzroy Minerals (FTZ.v up 14.1%).
Moving to the metal and its market moves last week,
while it’s true copper was down a look at the longer-
term chart (right) shows there isn’t that much to
worry about, at least on pure pricing. The FOMC had
its effects for sure and the whole subtext of Powell
sticking around to ruin Don’s cunning plans is topical,
that’s not much more than another brick in the wall of
worry and not even close to a reason to turn the
copper bull into a bear.
As for this week’s curated copper comment, we lean
on house man crush Andy Home and his column,
“Study Group shines some light on Doctor Copper's
confusion” (7), but unlike other Home notes we can
sum up the contents with just two snappy excerpts:
The latest forecasts from the International Copper Study Group (ICSG) shed some welcome
statistical light on Doctor Copper's current dilemma.
…
The Group has flipped its 2026 market balance assessment from October's anticipated shortfall of
150,000 metric tons to a small 96,000-ton supply surplus.
This isn’t anything particularly new for close observers of the copper market, indeed the amount of pushback
I personally got from posts earlier this year saying that the 2026 copper market was in surplus was
memorable, but since then the larger houses up to and including Goldman Sachs and Chile’s state
beancounter Cochilco have forecast the 2026 copper market in surplus, even after taking into account the
well-documented production shortfalls at several large mines (Ivanhoe, Anglo LatAm etc). In other words, the
ICSG has played catch-up to the market’s better forecasters. Which, once again, has your author impressed
in the way copper has maintained its market price through the first half of 2026. The market is a barometer
and not a thermometer, or so they say, and the well-documented flip expected in the supply/demand
dynamic as from next year still seems to hold sway over the current market price.
We move to our regular weekly world copper inventories update, data from Cochilco:
 This week’s data is good to Thursday April 30th, as the world took May 1st off to celebrate
workers, China takes two days off and among other things, doesn’t publish its weekly stock
inventory numbers. Still, we did get a rise of 25,889 metric tonnes (mt) in our aggregate total,
this weekend at 1,159,171mt.
 The Shanghai SHFE inventory number stays the same as last week, 201,373mt.
 The LME saw a small addition of 7,150mt to stocks, no biggie either way.
 Meanwhile at the Comex, we saw the first significant addition to its stocks level for several weeks
as 18,739mt copper was added, the total coming to 558,063mt and while not a massive addition
and still roughly in line with the totals we’ve seen since Febraury, that’s still a new all-time record
for Comex stocks.
10
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam
source: IKN calcs

Our dedicated SHFE chart shows the holding pattern for one week. Next weekend will be more instructive.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
11
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
Hot Chili (HCH.v): Why is this thing getting love? That’s Australia mostly, the biggest market for HCH the
price driver had already closed when the Friday drop in North American mining stocks took hold, so this stock
wasn’t as affected on the arbitrage and, as Australia is closed for its May Day bank holiday today Monday,
this only gets to unwind as from tomorrow.
HCH has played catch-up to the obviously superior Chilean oxide copper play, Marimaca (MARI.to), in the last
few months, which tells us speculation has been preferred to investment in this time. The truth will out in the
end, HCH is vastly inferior as a deposit and as a mine plan.
Hercules Metals (BIG.v): Down again and moving toward the bottom of its established trading range, BIG
offers two ways to play in the days to come:
1) Traders and flippers can buy and sell them back in the near-term, there’s no reason to suppose this
chart is about to break down and if so, a return to 70c+ is a lock and 80c is possible. There’s 10%,
20% and up to 45% (55c to 80c) on offer for those with the timing and inclination.
2) This stock has plenty of True Believer retail fans (and paid promoters making sure they keep the
faith) and it’s always possible they turn out to be right. If you feel like joining them and swinging for
the fences, it makes far more sense to buy at the low end of the price channel rather than wait for
the next NR.
Hercules isn’t a dead story or a broken stock, not by any means. It has been an imperfect story and the team
has wasted time and effort on bad drilling programs, but there’s no doubt about the prospectivity and size of
the potential target. All it takes is one hole to set the story on fire.
Honestly, I’ve been tempted to buy as a small, speculative drill play on several occasions and it’s at moments
like this when the stock is being ignored that temptation is strongest. It’s high risk and you have to filter out
the noise surrounding the story, both positive and negative, but at this price with that long-term chart on
your side, there are a lot worse vehicles for a spec trade on copper.

Fitzroy Minerals (FTZ.v): The non-stop newsflow pump at DFTZ continued last week with (8) “High-
Resolution MobileMT Survey Links Multiple Large Conductive Anomalies to Copper-Molybdenum-Gold Drill-
Intercepts at The Caballos Copper Project, Chile”, a lot of very important words in one headline to tell us FTZ
had run a geophysics program over its #2 property. The purple prose continues in the CEO comment, with
this line…
“…Caballos hosts the type of plumbing architecture and conductive anomalies that are often
associated with world-class mineral systems in Chile.”
…particularly amusing. For those who need a reminder of how well a project can look after a few NRs based
on pretty coloured maps compared to how it can look once drills are put into the rocks, please see the story
of Mogotes (MOG.v) in today’s Market Watching section because I lost count of the time were had the phrase
“world class” from that company in 2025. FTZ has leveraged its connection with Crux Investor and somehow
still commands a market cap of nearly $150m when $50m would be expensive for a less media-friendly
exploreco with this type of project. Very expensive for what it is.
The Producer Basket
After seventeen weeks of 2026, the Producer Basket shows a loss of 1.00% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 117.30 108.62 8.8%
2 Agnico Eagle AEM 169.53 500.989 91.96 183.56 8.3%
3 Barrick B 43.55 1705.994 66.23 38.82 -10.9%
4 Wheaton PM WPM 117.52 454.037 57.14 125.84 7.1%
5 Alamos Gold AGI 38.58 419.947 16.55 39.42 2.2%
6 Lundin Gold LUG.to 114.02 241.808 15.73 90.34 -20.8%
7 IAMGOLD IAG 16.49 588.8 9.77 16.59 0.6%
8 Eldorado Gold EGO 35.92 198.571 5.93 29.86 -16.9%
9 B2Gold Corp BTG 4.51 1343.243 5.86 4.36 -3.3%
10 Americas G & S USAS 5.11 318.26 1.87 5.87 14.9%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -1.00%
And after seventeen weeks of 2026, the Producer Basket drops into the red as GDX dives by 7.7% on the
week and nine out of our ten stocks were losers in another tough week for PM producers. As such, a cheer
and applause is due to Americas Gold and Silver (USAS up 0.3%) but the other nine include hefty losses in
Alamos (AGI down 12.7%), B2Gold (BTG down 12.3%), Lundin Gold (LUG.to down 11.1%), Newmont (NENM
down 10.0%) and Wheaton (WPM down 9.8%). That’s the sound of PM stocks going out of fashion on Wall
St and as generalist cash tends to be exit liquidity for smarter insiders, the bottom should now show up soon
enough.
Now for notes on component stocks this week, and thoughts on a couple of the reported quarterlies, with
one missing being Alamos Gold (AGI) which gets notes in the next edition. With the greatest respect to AGI,
one of the real success stories in this current gold bull run, what’s happening at Agnico (AEM) at the moment
offers better insight into the sector as a whole.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
12
ts1naJ ht11 ht52 ht8 dn22 ht8 dn22 ht5rpA ht91 dr3yam
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 dr3yam
source: IKN calcs

Newmont (NEM): The sole winner registered in IKN883, NEM gave it all back and more last week as seen
in this ten-day chart:
All the good vibes on the back of last week’s earnings report disappeared as if it were a dream.
It got me looking back at what I'd noted about the NEM quarter in IKN883 and indeed, our three main
observations...
 Gold production at 1.3m oz "uninspiring"
 Costs were higher again, with AISC at a new company record level of U$1,709/oz and above the
2026 guidance
 Dividend at 26c up just a penny on the 25c/quarter rhythm of 2024 and 2025 didn't rock the world
 The gold price made all the difference
..stand up to examination because the warm and fuzzy feelings that booted NEM higher on the news two
Fridays ago were nowhere to be seen last week. My mistake, it seems, was to assume that because the
market was quick to applaud NEM earnings, driven by the outside influence of gold price, we'd see that
repeated in other companies. In fact the opposite turned out to be true and made me look a little stupid, as
the NEM out-performance quickly re-wound and other stocks reporting last week (e.g. AGI, EGO, AEM) also
dropped, despite the frequent use of the word "record" in NR headlines. For example, the producer sector’s
star turn in recent years, Agnico Eagle.
Agnico Eagle (AEM): One of many to report their quarter, AEM also offered eye-popping top line revenues
thanks to the gold price, U$4.1Bn minus a smidgeon:
AEM: Revenues from mining operations vs
production costs, per qtr
13
7.9051 1.356 2.8171 3.347 4.2461 4.957 6.6571 5.777 8.9281 6.387 6.6702 0.277 6.5512 7.387 7.3222 9.647 2.8642 7.767 1.6182 2.987 5.9503 3.938
0.4653
4.449
6.9904
6.559
4500
4000
3500
3000
2500
2000
1500 1000
500
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
Revs
COGS
source: company filings

The COGS number continues to creep up though, that’s due to the combo of input cost inflation in op-ex (we
know all about that in 2025 and 2026) along with higher royalty payments on the higher gold price (same).
The U$955.6m is a cool U$187.9m higher than the
same quarter of 2025 and that’s caught the attention
of analysts, as it should. At first sight the operating
margin is still highly impressive, thanks to the average
gold price (below left) and the operating margin as a
percentage of gross revenues continues to climb
(below right), but we’ll be watching that metric very
closely as from the current quarter because the slight
slackening of the gold price along with plenty of
reports that costs continue to suffer from inflationary
winds in the mining sector mean that percentage
could come under pressure for the first time since
2023.
So on the one hand, the amount of absolute cash
being made by AEM remains highly impressive but
on the other, signals point to its margins starting
to crimp at long last and that’s the one which will
matter more to the equity price, come the day.
We’ll wrap up the “big boys” producers notes on
AEM and NEM with a comparative, which once
again shows the cure-all effects of a high gold
price. We’ve lauded AEM over the yerars for its
ability to keep costs under control and perform
more efficiently than its main Tier 1 rival,
Newmont, but the last two quarters have seen that advantage disappear. The operating margin per ounce of
the two companies is now essentially equal.
AEM and NEM: Margin/Oz Au, per qtr
3500 NB: AEM = operating margin, NEM = received price minus AISC
3000
2500
2000
1500
1000
500
0
14
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
AEM: Operating margin, per qtr
$/oz Au
AEM
NEM
source: company filings, IKN calcs
Bottom line to NEM and AEM: Ultimately, this is all about a market trying to decide what earnings multiple it
wants to award precious metals mining stocks and at the risk of being stupid again, this desk contends that
last week was dumb money overselling a sector that is going to earn its reputation for impressive and
consistent profitability in the current gold price environment, sooner or later. Gold at U$4,000/oz would be
enough to drive earnings at a "licence to print money" level for any Tier 1 or Tier 2 company worth its salt,
here we are at $4.5k and 4.7k per ounce and with companies such as AEM happy to deploy capital at its next
cycle of mine assets in Finland (because it beats giving is back to shareholders)
Eldorado Gold (EGO): You have to go back to 1q22 for a worse quarter of production out of EGO as that
reported by the company last week (9), so in other words here’s another company papering over its cracks.
Notably, we only got the adjective “solid” in the headline as even this gold price wasn’t enough for the word
“record” to appear. Here’s the tracking chart for gold production per asset, notes below:
758 579 388 979
6401 5031 2731 7741 1071
7202 0222
0262
4413
3500
3250
3000
2750
2500
2250
2000
1750
1500
1250
1000 750
500
250
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
AEM: operating margin as percentage
of gross revenues, per qtr
U$m
source: company filings
%7.94
%9.75 %6.95 %0.65 %0.65 %7.35
%9.05 %1.05
%4.85 %7.45
%8.15
%7.65 %7.65 %8.35 %7.55 %2.75
%8.26 %6.36 %4.66
%9.86
%0.27 %6.27 %5.37
%7.67
80%
75%
70%
65%
60%
55% 50%
45%
40%
35%
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, IKN calcs

EGO: gold production breakdown, per qtr
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
15
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au
Kisladag Lamaque
Efemcukuru Olympias
source: company filings
 Kisladag: 28,339 oz produced, its worst quarter since 2q22
 Lamaque: 42,306oz, in line with its typical Q1 production numbers of the last few years.
 Efemcukuru: 15,394 oz, another sub-standard quarter and the last three quarters have seen
production of 47,477oz, a long way from the typical 20koz/qtr rhythm it's supposed to show
 Olympias: 14,319 oz and back to the poor numbers seen since mid 2024, its 4q25 (18,473 oz)
the only recent exception. Again, nothing to be proud about here.
So not a great quarter of production, which saw its natural knock-on effect in AISC which, at U$1,942/oz,
was not a good start in the quest to meet 2026 costs guidance of between U$1,670/oz and U$1,870/oz AISC.
EGO: AISC/oz Au profile, per qtr
689 4701 3311 7701 6431 0721 9521 6421 4811 6921 7711 7021 2621 1331 5331 6221 9551 0251 9761 4981 2491
2200
2000
1800
1600
1400
1200
1000 800 600
400
200
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$/oz Au
source: company filings
The resulting net earnings of U$136.4m represents an EPS of 69c, which as at this weekend is a 10.8X PE.
That’s not bad, but on top of that we now have to factor in the dilution coming from the Foran purchase.
EGO: Revenues and Net Earnings, per qtr
Overall, a ho-hum quarter from EGO despite the
company's assertion that 100k oz was enough to keep it
on track for 2026 guidance, currently set at 430k to
490k oz gold. We can expect better from Kisladag as the
year progresses and Skouries should kick in as from Q3,
even if it doesn’t make commercial production status
until 2027, but EGO is another company that was saved
by the gold price. If it were just the results it would have
probably been a flat price reaction, however the
mediocre backward-looking results weren’t the main
issue at EGO:
“…the Company has updated its forecast-to-complete and, as a result has revised its estimate of total
project capital for phase 2 to approximately $1.315 billion. This reflects an incremental $155 million
related to labour, project and support overheads and materials costs across multiple work fronts and
foreign exchange impacts.”
Another capex hike for Skouries, talk about bad habits! You’ll also note that EGO now hides its capex blowout
behind “phase 1” and phase 2” phraseology, but when you do the countback that number quoted by EGO in
its NR is in fact U$1.44Bn, as seen in this chart (right). Also notable, this is the second capex revision in as
many quarters and comes just a couple of weeks after EGO announced it was getting G-Mining in as new
852
1.792 8.133
7.534
2.553
7.154 7.434
2.775
4.235
U$m
700
600 revenue
net earnings
500
400
300
200
100
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
source: company filings

consultant at all mines, Skouries very much included. This second capex hike of 2026 adds to the pain
already document, well above and beyond any reasonable costs inflation over the last few years.
EGO: Skouries capex
The difference between the original 2023 capex estimate
and the new number is three dollars per share, money
that wasn’t supposed to go anywhere apart from the
company cash position. Or if you prefer, this latest revision
takes the 1q26 net earnings of U$136.4m reported for this
quarter and flushes it straight down the capex toilet. One
wonders what a $3 “performance dividend” payment to
shareholders might have done for the optics of this stock
among insto shareholders. But no, it’s better to ruin your
business model and market reputation by a constant series
of costs revisions. This is mining after all, not real business conducted by competent management teams.
Americas Gold and Silver (USAS): The only winner of the week found buyers first thing Thursday
morning, as did the rest of the market. However, unlike the rest of the market it managed to keep them and
the ask was hit all through what was a tough couple of days for most mining stocks. That’s because the
market liked this NR (10), entitled “Americas Gold and Silver Announces Fourth Major New Discovery at the
Galena Complex, Identifying Six New High-Grade
Silver-Copper-Antimony Veins including 1,392 g/T Ag,
1.5% Cu and 1.5% Sb over 1.9m” which is a real
mouthful, but the fashionable “A Word” has people
gaga at the moment so who am I to argue?
Galena is a very mature mine that now sinks to great
depths underground, it also has a history of anti-
money...sorry, that should be antimony…production as
a by-product credit so it’s not that surprising they
have high grading pockets of the stuff at some-or-
other location of the mine. However, it’s one thing to
stick a drill in rock, quite another to add it into the
mine plan and get it to surface so last week was all
about the sizzle, rather than the steak. It’s also driven by Paul Huet, a man that only lies when his lips are
moving so you can be sure that when that steak is eventually served, it’ll come with liberal pinches of salt.
All that said I can’t really complain too much, as USAS has kept my 2026 producer basket within touching
distance of the GDX benchmark and goes a long way to offset to stupidity of adding LUG into the mix this
year. Still kicking myself.
The TinyCaps List
After seventeen weeks of 2026, the TinyCaps show a loss of 7.53% 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 15.87 0.06 -14.3%
Canex Metals CANX.v 0.215 208.63 50.07 0.24 11.6%
Sranan Gold SRAN.cn 0.30 60.42 8.76 0.145 -51.7%
Enduro Metals ENDR.v 0.155 76.04 12.93 0.17 9.7%
Latin Metals LMS.v 0.21 138 27.60 0.20 -4.8%
Precore Gold PRCG.cn 0.26 32.093 7.70 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 15.62 0.135 -3.6%
Silver Wolf SWLF.v 0.135 62.18 8.08 0.13 -3.7%
Trifecta Gold TG.v 0.195 47.7 10.73 0.225 15.4%
Viva Gold VAU.v 0.19 182 25.48 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -7.53%
16
548 029
4121 5231 0441
1600
1400
1200
1000
800
600
400
200
0
2023 2024 2025 2026 2026-2

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.
A nondescript week for the TinyCaps list, which saw the basket average improve by a thin 0.23% thanks to
four winners (CANX.v, RDU.v, SWLF.v, TG.v), three losers
(AUME.v, ENDR.v, LMS.v) and three unchanged stocks TinyCaps, 2026 weekly tracker
20%
(SRAN.cn, PRCG.cn, VAU.v). But along with the balanced
15%
headcount is the lack of movement, with none of our ten
10%
moving by more than a penny on the week.
5%
0%
It’s too early in the year to write off the TinyCaps list as a
-5%
useful indicator, though it often shows tired into the 4th
-10%
quarter. This looks more like a quiet period before the -15%
next macro move, be it up or down. This size of company
is a follower and not a leader, they’re waiting for direction
from larger cap producers and/or juniors. That, in itself, is
a useful indication of the current market.
Auriginal Mining (AUME.v): No new NR from the company, but we did get this 14 minute corporate video
(11) with company CEO Peter Cashin that included a Q&A with a bunch of obviously spoon fed questions. The
main takeaway is that drills are turning to test the VMS target which, at a projected 1.2km long, is big
enough to matter. CEO Cashin goes into the work done to date (soil samples, geophysics), then confirms
they’re currently on the third hole of the eight planned for this phase. We get images of the core (fairly
typical high sulphidation rock, worth a look on pause). The near-term catalysts are clear, we have to look out
for drill results and after that, AUME can tell us what it plans as a follow-up drill program.
AUME.v also released this one-minute corporate blurb video (12) last week with some nice drone shots of the
Roger project area and a voiceover that’s either AI or
some guy who needs to get over a bad cold before doing
any more taping. Nothing particularly insightful, but the
images provide context for the drill program (and regional
geography, including snow and trees).
At C$16m for a well cashed-up company with a clear plan,
near-term reasons to own and 36% of shares held inside
Ore Group, you’re getting decent bang for your risk capital
buck here. We should know the drill by now (pun
intended) as a VMS is always likely to return flashy and
impressive metals grades and at 6c for a company recently
trading at 8c and above, it wouldn’t take much to see the
share price pop back up to that number (which would mean a +30% fliptrade for those so inclined). There
are certainly worse drill plays out there, but the downside is the typical one with tinycap stocks and their
bandwidth, it wouldn’t be easy to get a meaningful amount of shares and then flip them out. Those of you
with a penchant for such trades should take a serious look, those of you who play the markets with deep
pockets are better off somewhere else…for the time being, at least.
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.
17
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam
source: IKN calcs, TSX data

Regional politics
Peru: Doctor Strangevote (Or how I learned to stop worrying and love the election)
At some point we’ll have to address the second round run-off and its candidates, but for the time being any
deeper analysis is a little silly because we don’t know whether lefty Roberto Sánchez or righty Rafael “Porky”
López Aliaga will join Keiko Fujimori in the run-off. As things stand today (8) with 97.73% of voted officially
tallied, the Lefty has 1,975,649 votes and Porky is nearly 27k votes behind at 1,948,472, so on the pure
numbers Sánchez looks likely to hold on and may even be declared the official second place by the time limit
of May 15th, but that doesn’t mean there won’t be new twists and legal turns between now and then.
Here’s the thing: I’m not a guy who swallows conspiracy theories easily and I’’ve also seen untold numbers of
losing candidates in Latin American elections cry foul, shout fraud and swear to the seven winds they’ve been
cheated out of the true result. Sometimes the claims are loud, sometimes they’re specious and occasionally
there’s real evidence to suggest foul play has gone on. In this case, I’m also no fan at all of the apparent
loser in the numbers as stand, Rafael López Aliaga, who’s as boorish and ignorant as they come, not to
mention a highly weird character in his personal life (we can dredge on all that if he gets closer to real
power). Finally, the amount of fake noise and FUD flying around in this election has to be seen to be believed
and all sides are employing the worst type of propaganda and “alternative facts” tactics to make their
respective cases. It’s tough to filter our all that noise , but with all that said I cannot help but come to the
conclusion that Porky (Rafael López Aliaga) is indeed being cheated out of second place by the efforts of the
electoral authorities who obviously have ideological prefereneces toward the left wing. When the margin
between the candidates is this tight, it doesn’t need much to tip the balance and there is enough evidence
out there to show a conspiracy to keep voters away from the polling stations where Porky would poll well.
Long story short, he has a case and if his team can gather enough evidence, there’s still time for this election
to take a swing away from Sánchez.
However, either way this still won’t stop Keiko Fujimori from winning the run-off. We’ll cross that bridge when
we come to it, but for the time being the main message today is that the course of mining FDI is highly
unlikely to be affected in any great way by this election and the eventual next government. You, my
esteemed reader sitting in a comfortable seat in a first world country, have better things to worry about than
a country that changes its head of state like it changes underwear.
Chile and Argentina and copper
South America has its own regional rivalries, just like any other continent with countries packed against each
other with boundaries defined by wars fought back in the annals of history, and as mentioned on these pages
previously, one of the most ingrained stereotypes concerns Chile, In a nutshell, Chile is “The France of South
America” as its own superiority complex is balanced out by the disdain other countries have towards it,
particularly those with boundaries to the country (Argentina, Peru and Bolivia).
A couple of weeks ago, we reported on the main themes out of the CESCO Week conference in Santiago de
Chile and the way the “Copper Triangle” has caught new momentum. However, if the idea to combine the
forces of Chile, Peru and Argentina in the copper sector ever gets off the ground it will have to get over the
attitudes of their rank and file. Case in point, on April 27th The president of the Chile Chamber of Mining
Mining (Cámara Minera de Chile), Manuel Viera Flores, published an op-ed (13) entitled (translated) “Chile
faced with the Argentina mirror: either react or watch the copper supercycle pass by” (the title works better
in Spanish, “Chile ante el espejo argentino: reaccionar o ver pasar el superciclo del cobre”) in which he made
the case for a “Chilean RIGI”, i.e. a stimulus program for large capex projects that would offer more incentive
mining investment in Chile the same way as it’s doing in Argentina.
To be fair, Señor Viera Flores is upbeat on the incoming Kast government and recognize it has already seen
initiatives that improve the lot of mining companies, with easier permitting for mining projects in more than
one public office the main one. However he wants more and claims that Milei in Argentina and his RIGI
scheme has achieved more for the mining sector in 18 months than Chile has offered in 10 years. By the time
that op-ed had jumped the Andean Cordillera and made the pages of Argentina’s biggest national daily
newspaper, Clarin, it had become (14) “Concern in Chile for the Advance of RIGI in Argentina Mining”, setting
up rivalry, allowing Argentines to feel superior to their neighbour (which in itself is a national pastime) and
18

making it sound as thought the president of Chile’s chamber of mining was siding with them and against his
own country.
Of course Manuel Viera Flores has a point, there’s no doubt a “Chilean RIGI” would suit large capex spenders
down to the ground. However, it’s not likely to make any big changes to the copper production schedules of
either Chile or Argentina in the next five years, as Argentina needs at least that long to get even the first of
its major projects into production (San Jorge is small) and though you may not believe it, Chile has seen
commitments for capex already and we can expect its copper production to start clicking up in the next
couple of years. It’s also the right thing for the president of a chamber of commerce to call for the
government to do things to help his industrial sector, but the only reason his op-ed has received airtime is
because it got picked up in Argentina as a way of lording it over their antagonistic neighbours, at least for a
week or two. It would take the Kast government most of his term as President to formulate and legislate a
“Chilean RIGI” and between then and now, we’re going to see multi-billions flow into Chile’s copper sector.
No matter what. BHP at La Escondida, Anglo and two major capex projects, plenty more besides and without
the need for tax breaks that would offer fuel to Kast’s opposition.
Venezuela cuts mining deals
This Friday saw the first deals between the government of Venezuela under Delcy and the outside world on
mining, here’s Bloomberg with an overview (15):
Mercuria Energy Group has secured several agreements to purchase Venezuelan bulk commodities
and metals, including gold, in the latest example of trading houses brokering investment deals in the
country after former leader Nicolas Maduro’s ouster.
The Geneva-headquartered trader signed the deals in a partnership with private mining equity group
Heeney Capital, Mercuria said in a statement Friday. The offtake agreements and accompanying
investments are worth around $2.2 billion annually, and the two companies are “actively progressing”
with more deals for Venezuelan aluminum, nickel and iron products, Mercuria said.
But what that Bloomie note didn’t explain is how the signing ceremony turned into a big deal in Caracas, this
local press report gives us that flavour (16):
The memorandum was signed by (The minister of Mining Development, Héctor) Silva and Sean Pi,
the representative of Heeney Capital, in the Presidential Palace in Caracas. James Gilbert,
investment manager for Mercuria, was also present in a ceremony that was transmitted on State
television.
And…
“This signature on this agreement is the first step for the strengthen the mining sector ties between
the government of The United States and the government of Venezuela”, said Silva.
The first agreements are for “off-takes for gold production” (details are hard to come by) and in return,
Heeney/Mercuria will move to formalize and modernize the current informal (and Wild West) mining scene in
the South of the country, where highly polluting open pit mining of the style we see in the Peru Amazon basin
that devastates the local environment is the norm.
Market Watching
Amerigo Resources (ARG.to): 1q26 financial results
Hot on the heels of its 1q26 production NR and resulting analysis from a couple of weeks ago, on time and in
good order our preferred copper producer stock Amerigo Resources (ARG.to) last week gave us its 1q26
financials (17). We’ve done a lot on ARG over the years and with the Q1 production NR and previously
disclosed guidance more of price driver than the financial results, we’re not doing a deep dive today. Instead
let’s note the main points in bullet style…
 Another strong quarter, as expected
 Slightly better than expected revenues offset higher than expected costs
 The DET royalty has ratcheted up significantly on the new high copper price
 Molybdenum by-product revenues were good
 The 4c/share quarterly dividend was declared as expected, this aside from the recently
announced 16c performance dividend.
19

 However, ARG did no buy back any shares during the month of April, due to its purported
blackout period. This implies we should get share buybacks in this month of May
…and then move to a few observations, because at the end of this note you’re going to get exactly the same
“You should own some of these shares and if you do, hold on to them tightly” as ever. Now for those notes
and first up, the tracking chart for copper revenues:
ARG: Gross Cu value, Cu revs and Revs total, per qtr
20
582.16 787.26 129.44 379.26 448.96 206.15 397.86 341.66 834.54 519.57 63.37 218.05 989.45 9.95
281.44
729.66 676.76
648.05
312.76 5.86
284.25
710.69
733.901
8.97
737.38
323.19
561.66
120
100
80
60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
Cu gross value Cu revs Revs total
Gross revenues of U$83.7m were on our forecast,
the fair value adjustment to previous quarters at
U$7.586m was higher than I’d estimated (mostly
due to my conservative bias when modeling) but
that was immediately eaten by the DET royalty
which, at U$31.329m, was significantly higher
than in previous quarters in both absolute and
percentage terms:
This chart tracks the percentage paid to DET from
the gross copper value and it’s only ever been
close to this once, that’s when the copper price
dropped 54c/lb in 2q22 and caused a $7.5m hole
in the booked copper revenues:
ARG: % DET royalty from gross
67.32 96.71 85.91 31.02 89.32 72.82 97.92 07.82 70.82
57.23
67.92 07.32 82.62 04.82 48.52 87.52 75.62 54.62 79.82 07.82 18.62 93.92 60.03 84.92
13.43
40
35
30
25
20
15 10
5
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
source: company filings, IKN ests
eulav
uC
ssorg
fo
%
ARG: Charges to Cu revs
My model for the new deal struck with DET at these higher copper prices didn’t take this into account and if it
weren’t for the moly by-product, my overall model would
have been out significantly, but instead moly came to the
rescue (chart right). For the umpteenth time, your author
points out that it's tough to second-guess how ARG books its
moly by-product credits. For example in 4q25, we
guesstimated moly revenes of U$10m, they turned out to be
U$7.545m but this time around, 1q26, we guesstimated moly revenes of U$6 only for them to file a record revenue
of U$9.216m. So taken over the two quarter period we were
very close, but the timing of when payments are booked
skewed out two quarters' worth of guesses in a row. Still, it's
626.51 834.81 799.31
336.01
477.51 86.61 674.81 361.91 450.12 560.61 298.91 95.02
32.23
923.13
40
35
30
25
20
15
10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
Transport
smelting/refining
DET royalties
source: company filings, IKN ests
ARG: Mo credits
930.8
958.2
85.4 478.3 454.5 993.6 142.5 267.5 765.3 320.7 633.8 545.7 612.9
10
9
8
7
6
5 4 3
2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
source: company filings, IKN ests

difficult to complain about a by-product generating that much gross cash and when we take a look at the
separated moly numbers...
ARG: Estimates on the moly by-product economics
21
818.3
161.0- 799.1
448.0
544.2
304.3
998.1 92.2
596.0
364.3
776.4
422.3
123.5
U$m
10 Mo revs
9 Mo prod cost
8 DET Mo royalty
Mo est margin 7
6
5
4
3
2
1
0
-1 source: company filings, IKN calcs
1q23 2q23 3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
…and pretend moly is separate from the rest of ARG, we see that the company made a cool U$5.321m from
its secondary product alone. That’s 4.5c Canadian per share!
Anyway, the U$66.165m total revenues arrived at the top line of the P+L, then COGS of U$39.285m resulted
n gross profit of U$26.88m
ARG.to: Quarterly Earnings overview
846.25 874.31 630.23 503.3- 923.03 420.2- 744.24 200.6 129.44 508.7 206.15 394.61 834.54 573.7 218.05
837.31
281.44 96.9 648.05 941.21
284.25
759.21
118.97
483.23
561.66
88.62
80
70
60
50
40
30 20
10
0
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
revenues
COGS
Gross profit
source: company filings
That COGS number was higher than our guesstimated U$36m (we factored in lower op-ex from the
scheduled maintenance shutdown) so perhaps a careful eye on COGS when the Q2 number shows up, the
first full-throttle quarter of 2026. Here’s the COGS breakdown and there was no one line item that stood out
as particularly onerous, it’s more a case of costs rising across the board:
50 ARG: COGS breakdown
45
40
35
30
25
20
15
10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
DET Mo royal
admin
DD&A
other
lime
Mo prod cost
tailings extract
grind media
Maintenance
direct labour
power
source: company filings
A forex gain of just over U$1m and a derivatives gain of $0.59m cancelled out nearly all the G&A headwind,
so there was very little difference between the gross profit of U$26.88m and the operating profit of
U$26.533m. The tax bill was heavy at U$12.7m this quarter and the net earnings of U$15.716m aren't the
best way of gauging what was a better than expected quarter overall.

ARG.to: Gross, operating and net profits, per qtr
22
44.31
72.3- 72.6- 19.3 84.6
07.51
0.7
2.51
23.8
16.01 15.11
99.82
35.62
40
35
30
25
20
15
10
5
0
-5
-10
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
Gross profit
op profit
Net Income
source: ARG data
The “real world margin” (we add back the DD&A, as
ARG has a near-indefinite supply of raw material from ARG: The real world margin
the El Teniente mine, either directly or from its historic
tailings) gives a clearer idea of the money printing
cash flow now coming from this company and that
1q26 result of U$32.48 represents 20c/share US, or
27.5c Canadian and is the second such quarter in a
row, which is why ARG could afford that 16c performance dividend on top of the regular
4c/quarterly divi declared last week.
Last one on Orla Mining (ORLA) (OLA.to)
Last week, the T-MEC tribunal in charge of the case involving Orla Mining (ORLA) (OLA.to) and the presumed
use of narco gangs to intimidate unions at its Camino Rojo mine in Mexico came to the conclusion (18) that
the company had indeed “acted in acquiescence” with the thugs in question, effectively turning a blind to
what they were doing and saying to union representatives and providing no sort of protection for its
workforce against the threats given (which, coincidentally, favoured the company in its efforts to impede the
arrival of a second workers’ union at the mine).
Not a great optic for ORLA, however the company
seems to have avoided the worst of the potential
consequences of its actions. When reaching its
verdict on potential reparations for the threatened
union workers, the T-MEC tribunal recommended
several courses of action including the re-hiring of
workers fired during the company’s efforts to stop
the second union arriving, back payment of missed
salaries and the admission of the new union into the
company. In other words, the T-MEC tribunal
stopped short of recommending more drastic
penalties such as the suspension or rescinding of
the company’s operating license.
That’s not a small matter, as ORLA’s share price has been suppressed since the case came to light, as seen in
this chart. It’s worth pointing out that the Sheinbaum government still has the option of politicizing the
decision and demanding stronger punishment, but that’s now less likely and the most likely course of events
should see ORLA stock catch up to peers.
MONDAY UPDATE: Out post-close today Monday (19), the ORLA NR “Orla Mining Takes Action to Protect
Labour Rights at Camino Rojo” is confirmation of our opinion above. We could go into the point-by-point
details of the NR but you’re probably better off reading it yourself. Instead, we offer the simple observation:
If ORLA were in trouble, this NR would not exist. They feel confident enough about last week’s ruling to offer
61.0-
30.1 33.21 97.71
24.02 93.22
79.61
15.22 49.52
95.3 20.0- 57.51
4.81
8.1 80.1- 41.9 52.21
25.12
88.21
70.12
97.31 92.61 22.71
37.43 84.23
40
35
30
25
20
15
10 5
0
-5
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
U$m
source: ARG data, IKN calcs and ests

voluntary measures and come across as sparkly clean corporate citizens who have learned their lesson, which
means they’re not going to get their operating licence taken away and they know it. Down another 2.4%
today, ORLA stock is now ready to rally and close the gap
Mogotes Metals (MOG.v) and risk management
Last week saw the first drill results returned by the highly and loudly touted copper exploreco, Mogotes
Metals (MOG.v), from its Filo Sur project in Argentina. The company had run a successful promotion and
marketing campaign to that point, playing hard on the fact its concessions neighbour the Vicuña project area
now held by the Lundin/BHP JV that includes a number of world class projects and resources (Josemaria, Filo
del Sur, Lunahuasi, etc). The NR headline from MOG last
week was (20) “Vicuña Update: Initial Drilling Finds
Large-Scale, Shallow Gold-Copper System” and of all
those words, “shallow” is the most important. The
company reported a couple of zones of gold
mineralization, anomalous copper and while the NR was
long and that little sentence only scratches the surface,
this is what matters (right). The stock dumped and
would have dumped further if it weren’t for its legion of
online pumpers telling the world about the drilling
happening at another zone of the MOG project and how
things aren’t dead and I’m sure somewhere along the
way, the willing victims were reminded about Voisey’s
Bay and how ten thousand holes went into that one before they struck pay dirt. All fine.
Regular readers may recall I included MOG.v as one of the stocks on the 2025 TinyCaps List and even then,
back in January 2025, had to bend the rules slightly to let a U$20m market capper onto the list. However, by
the time 2025 had run its course MOG had expanded and bloated its market cap to numbers that were
beyond its status, mostly on the back of a highly successful marketing campaign that emphasized geophysics
results from Filo Sur but also made full use of the cottage industry of third party influencers that has sprung
up around our sector in recent years. I was already wincing at the market cap of MOG at the end of 2025 but
then January 2026 showed my opinion to be so much rot, because not only did the share price accelerate
even further but the company ran and closed a C$55m placement that put its overall market cap at over
C$250m, all without a single drill assay from its flagship project.
There are a couple of other details about this company we could go into, but to cut a long story short the
chart above shows the cruel reality and what happens when the noise stops and facts talk. What’s more, we
can lay a couple of other company stock charts over the same MOG squiggly line, those of Gold Hart Copper
Corp (HART.v) and Mirasol Resources (MRZ.v), two other small explorecos that did well by selling their
“neighbour play to Vicuña” angle. Recently, MRZ has also returned dusters from its project close to the
Lundin fiefdom and while the jury is still out at HART.v, it’s fair to say the temperature has dropped and
momentum for these companies has changed for the worse.
23

This cautionary tale isn’t included in IKN884 as a chance to wag my finger and say “toldyaso” to the world.
Quite the contrary in fact, as if you’d taken my advice in 2025 and left MOG well alone you would have done
the same as me and missed out on a big speculative winner. I didn’t give the promo and marketing angle
rolled out by MOG the credence it deserved, they ran a very slick and successful operation and anyone who’d
bought the freely available 15c prices and sold even half at the start of this year will still be well in profit,
despite the sell-off last week. Instead, it’s offered as an example of how risk management works at The IKN
Weekly. It’s an example of a stock that was included in the 2025 basket because it was interesting.
Speculative and high risk at the time for sure, but also interesting and worth following. As 2025 progressed
and the share price started to run on little more than a slick and effective marketing campaign, the risk in my
simply increased and increased further so, what was an interesting risk/reward potential at 15c became less
interesting at 25c, then even less at 35c (not to mention that 60c peak). I found MOG.v easier and easier to
ignore and avoid, even though all that time I was missing out on a “hot stock” and a winning trade for those
with the necessary risk tolerance.
Bottom line: There are two lessons to draw from Mogotes Metals (MOG.v) last week, the first stems from the
old adage in this sector, “The Truth Machine”. Geophysics can be useful, soil sampling, grab samples,
trenching ands so forth, but the acid test is and will always be the moment when you stick a drill hole into a
project and find out what’s down there. Those piling in to MOG.v in 2025 have learned that lesson the hard
way, though the price action in the last few weeks indicates others were in front of last week’s official news.
Core is core, after all.
The second lesson stems from a simple financial equation, particularly good for non-income generating junior
mining companies. The definition of equity, or market cap, i.e. company’s value at any given point in time:
“Assets minus liabilities equals equity”.
Or as one wise market brain once told me, “Equity is the small sliver of hope that sits between assets and
liabilities on the balance sheet”. When a tinycap has a $10m fixed asset, $5m in the bank and total liabilities
of $2m, anything above a market cap of $13m is the exploreco equivalent of good will, or intangibles. That
can come in many shapes or forms, but more often than not it’s the quality of the story it’s telling and in this
case, MOG managed to weave a narrative that was briefly worth around C$200m. An expensive story.
There are no right answers. There’s no way I can boast about calling MOG correctly or giving the right advice
to clients (i.e. you, reading these words) about the stock because it’s a point of simple fact that buying at any
time in the first quarter of 2025 would have made for a profitable trade, even if you hadn’t sold at the higher
prices and held every share until this weekend. There are, however, ways of approaching the market that will
look to avoid excessive risk and when a company without a drill hole assay commands a market cap of over a
quarter of a million dollars, it’s baking in an awful lot of hope and best case assumptions. I rarely buy
extended and hyped companies such as MOG.v, but at the same time I rarely short them because this is
junior mining, weird things happen and it only takes one hole to change a company forever. What I do is
easier, simpler and neater; I avoid them and look somewhere else because with upward of 1,500 explorecos
and juniors available as vehicles for my speculative cash in the Canadian markets alone (TSX/TSXV, CSE)
there’s always one that offers a more amenable balance of risk to reward.
24

Conclusion
IKN884 is done, we close with a couple of bullet points
 Arizona Metals (AMC.to) was not my finest hour, but taking the loss is a part of this game. And on the
bright side, a nasty blob of red ink on the close trades as from next weekend will be good to keep my
fat head under control.
 The trading today Monday suggests the market’s hate for West Red Lake (WRLG.v) is only deepening, I
may end up buying a few more if it keeps dropping. People assuming this is Pure Gold II are plain
wrong.
 Nest week Rio2 Ltd (RIO.to) will kick The IKN Weekly up a couple of gears, we get back to covering the
stocks that matter most.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.arizonametalscorp.com/arizona-metals-announces-results-of-preliminary-economic-assessment-for-the-kay-mine-project
(2) https://www.newsfilecorp.com/release/291715/Kobrea-Provides-Update-on-Drill-Program-at-El-Perdido-Porphyry-
CopperGoldMolybdenum-System-Mendoza-Province-Argentina
(3) https://www.rpxgold.com/wp-content/uploads/2026/04/RPX-Gold-Financing-Press-Release.pdf
(4) https://www.rpxgold.com/wp-content/uploads/2026/04/RPX-Gold-Upsize-Financing-Press-Release.pdf
(5) https://www.tiernangold.com/news/2026/index.php?content_id=90
(6) https://mayfairgold.ca/wp-content/uploads/2026/05/MFG-NRMay42026F.pdf
(7) https://www.reuters.com/commentary/reuters-open-interest/study-group-shines-some-light-doctor-coppers-confusion-2026-05-01/
(8) https://fitzroyminerals.com/news-releases/high-resolution-mobilemt-survey-links-multiple-large-conductive-anomalies-to-copper-
molybdenum-gold-drill-intercepts-at-the/
(9) https://www.eldoradogold.com/investors/news-releases/eldorado-gold-reports-solid-first-quarter-2026-financial-and-operational
(10) https://americas-gold.com/news-releases/2026/americas-gold-and-silver-announces-fourth-major-new-discovery-at-the-galena-
complex-identifying-six-new-high-grade-silver/
(11) https://www.youtube.com/watch?v=NTnYCCJbeCQ
(12) https://www.youtube.com/watch?v=837s6hWlckw
(13) https://camaraminera.cl/chile-ante-el-espejo-argentino-reaccionar-ahora-o-ver-pasar-el-super-ciclo-del-cobre/
(14) https://www.clarin.com/economia/preocupacion-chile-avance-rigi-mineria-argentina-milei-hizo-18-meses-aca-logramos-10-
anos_0_LwbEJLxUYX.html&ct=ga&cd=CAEYACoUMTc5OTYwMjczNjUwNDc0NzU5MjgyHTNkNGRmMjE4ZDM5OWVlMzM6Y29tLnBlO
mVzOlBF&usg=AOvVaw3c6_pC1kZNpMBVxQa5q-ja
(15) https://www.bloomberg.com/news/articles/2026-05-01/mercuria-heeney-ink-venezuelan-mining-deals-for-gold-
metals?srnd=homepage-americas
(16) https://www.infobae.com/america/agencias/2026/05/01/el-gobierno-venezolano-firma-un-memorando-en-materia-de-mineria-con-
empresa-estadounidense/
(17) https://amerigoresources.com/investors/news/amerigo-announces-q12026-results-quarterly-dividend
(18) https://www.jornada.com.mx/noticia/2026/04/29/politica/panel-del-tmec-falla-en-favor-de-mineros-en-caso-de-narco-y-abuso-
patronal
(19) https://www.mogotesmetals.com/news/vicuna-update-initial-drilling-finds-large-scale-shallow-gold-copper-system
(20) https://orlamining.com/news/orla-mining-takes-action-to-protect-labour-rights-at-camino-rojo
25

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
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
26

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
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
27

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
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
28

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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