IKN #885Premium

The IKN Weekly
Week 885, week of May 10th 2026
Contents
This Week: Trade heads-up, In today’s edition, Inflation on deck, Calmer and calmer.
Fundamental Analysis: Element 29 (ECU.v): Buying a serious copper junior.
Stocks to Follow: Overview, Arizona Metals (AMC.to), Kobrea Exploration (KBX.cn), RPX Gold (RPX.v),
Mayfair Gold (MFG.v), West Red Lake Gold (WRLG.v), Xali Gold (XGC.v), Tiernan Gold (TNGD.v), Amerigo
Resources (ARG.to), Rio2 Ltd (RIO.to), BP Silver Corp (BPAG.v), Orecap Inv (OCI.v), Wesdome Gold
(WDO.to).
The Copper Basket: Overview, Arizona Sonoran (ASCU.to), Faraday Copper (FDY.to), Surge Copper
(SURG.v), American Eagle (AE.v), Hercules Metals (BIG.v).
The Producer Basket: Overview, Eldorado Gold (EGO), B2Gold (BTG) (BTO.to).
The TinyCaps Basket: Overview, Enduro Metals (ENDR.v).
Regional Politics: Colombia: Three weeks to go…, The Peru election mess and the antivote.
Market Watching: Gold Royalty Corp (GROY) 1q26 financials.
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 a buyer of Element 29 Resources (ECU.v) this week, it’s time to add copper exposure.
In today’s edition
 There aren’t many copper juniors with world class potential projects that are still reasonably valued in
this market, even fewer that tick the right boxes for jurisdiction, community relations, quality brains
trust at officer level and high quality sponsorship. To date Element 29 (ECU.v) has been one of the
lesser known explorecos with a serious porphyry copper project in the Andean Cordillera but its recent
moves indicate that’s about to change and the company is set to move through the gears. We’re
getting on now and will hold for at least a year, by which time I expect to be well ahead. And that’s
when the real fun will start. Today’s main fundies note.
 Gold Royalty Corp (GROY) justified our confidence in its corporate strategy last week with an upbeat
set of 1q26 financials, better than expected though we’re still just scratching the surfaced of what this
royaltyco and its book of assets is set to achieve going forward. We chew over the salient points of its
quarter in Market Watching.
 The market was good to us last week with a welcome rally that erased most, if not all, of the drop
suffered in the previous fortnight. The intro section muses on that and how volatility keeps us on our
toes, but if we zoom out a bit the market moves are somewhat moderate compared to the
rollercoaster of Q1. Then the body of this edition points to places that enjoyed the upside last week as
we came out of the late April trough. Good things happened to plenty of companies, not least the
house Top Pick.
 Do not underestimate the influence of the upcoming Presidential elections in South America, with the
Peru vote now shaping up as most likely Keiko vs Roberto Sánchez and that means a potential dump in
all things Peruvian if the lefty wins. However the big event is in Colombia where we’re now just three
weeks from the round one vote. This one matters and we take the time to walk through why that is in
Regional Politics today.
1

Inflation on deck
As well as all the Iranian shenanigans, this coming week re-focuses on inflation and all that may imply as
Kevin Warsh takes over the reins of the Federal Reserve. On Tuesday morning we get the CPOI reading,
currently forecast at an eye-catching +0.6% and year-over-year +3.4%, the type of number that would
normally get market calls for the Fed to raise rates and cool the economics jets in order to comply with the
2.0% target level. But this is Trumpworld and things don’t work like that. We’ll see how that 0.6% forecast
compares with reality soon enough, we also get the PPI reading on Wednesday forecast at 0.5% (0.3% core,
excluding fuel etc because businesses don’t need transport or power supply or something.
Calmer and calmer
Five week ago in IKN880 dated April 5th, the intro note “Plus ça change, plus c'est la même chose” we
identified the drama fatigue in stocks and the way they weren’t reacting in the same volatile way to the
comings and goings around Iran, the Strait of Hormuz, related subjects etc and while I’m sure oil and gas
traders would push back, in the case of our focus sector that sentiment has held true. Both gold and the
producer stocks (GDX as proxy) are essentially unchanged since the day I wrote that intro and ended it with
“…war backdrop is starting to become the new normal. The market is still volatile, but less panicky or
dramatic. Not every Trump declaration moves the market (also true for the Iran government mouthpiece
moments). Drama fatigue is showing and the “expect the unexpected” comment from IKN879 is taking
hold, so even if war doesn’t abate (it may even intensify) at some point the market will just stop caring.
Capitalism is like that; nothing personal, strictly business.”
…and while our sector is volatile by nature (if you don’t like losing 5% of your net wealth in a hour, don’t put
your net wealth into juniors) things are calmer as seen here:
Yes, we saw GDX and GLD rally in the first weeks of April, then we went through that painful two week drop,
then last week’s very welcome rally (which gets plenty of words in this week’s edition has made mining
stocks of all sizes a happier place in which to be, but put in context of the last six months, the above chart
shows how we are indeed in a less volatile place. I expect this trend to continue and roll out in 2026, which is
part of the decision to pull the trigger on another stock this week and deploy more dry powder from treasury.
Fundamental Analysis of Mining Stocks
Element 29 (ECU.v): Buying a serious copper junior
Copper is flying, I have cash in the treasury, there’s no point in keeping powder dry in this market backdrop.
As such, the requirement is a real, serious, well-run copper exploreco with a solid project, run by top level
management and with no CSR or ESG issues to cause problems down the line. All that and in a vehicle that’s
2

not overhyped and overprices as yet. One company fits the bill and what’s more, the timing is right because it
looks as though Element 29 (ECU.v) is about to go through the gears and get itself a much higher profile.
ECU.v is the public company born out of the highly successful private exploration company GlobeTrotters, co-
founded and run by the current ECU.v CEO Richard Osmond along with a group of geologist colleagues. In
their time they staked, developed from scratch and explored many large exploration projects to the point
where they were either sold to interested bidders (e.g. the Pecoy project, now owned by Pecoy Copper
(PCU.v) or in the case of ECU.v, turned into the assets to form their own pubco. I knew the GlobeTrotters
people when they were a privco, learned of their high reputation among peers and naturally, was interested
in Element 29 when the company went public as they had seemingly kept at least two of their best projects
for themselves. I liked the team, liked the projects and ECU the pubco was a convenient vehicle for a retail
grunt like me, so back in 2021 and 2022 I bought, held and sold shares in Element 29 (ECU.v) in two trades.
As things turned out one gave a modest profit and one a modest loss, but neither trade was particularly large
and not damage or massive benefit came from the forays. At the time ECU was more interested in its Flor de
Cobre project in the South coast of Peru and was doing more work, including a decent sized drill campaign,
at that site but my interest was always in its other project, Elida in the North of the same country, as it had
the size and potential you'd require to make a world class porphyry copper footprint. Five years ago the
copper exploreco world was a different place than the one today and a smallcap like ECU couldn't muster the
large bucks needed to fully and systematically drill and develop a project of that scale, so it was never
pushed hard or aggressively. Despite that, it's seen work done over the years and these days has a 43-101
compliant inferred resource that shows there is metal there to be mined at what looks like economic
parameters.
The job here isn’t memory lane, it’s to lay out the investment strategy for the future. There is a long story to
tell, one that goes through how original CEO (and ex-GlobeTrotter) Brian Booth decided to step aside, the
team brought in a new CEO Steven Stakiw, the Flor de Cobre project hit issues, then director Richard
Osmond stepped back into the CEO role, then raised capital and got the company moving again, but what
matters most to us is that over the years, your author has kept an eye on the company (mostly via The
Copper Basket) and occasional exchanges with CEO Osmond and, for the last couple of years, Elida has been
the central focus of the company. That decision has worked out well so far and along with the high profile
bull run in copper, ECU shares are one of those that have multiplied in value
Despite that, I believe a lot more left to come if things continue to go well and to explain why, we need to
consider its financials, its recent news and what Elida is shaping into. We begin with our basic corporate
structure topbox:
Shares out: 188.7m
Options etc: 14.6m
Warrants: 19.2m
Fully diluted: 222.5m
Share price: C$1.23
Market Cap: C$232.1m
Approx cash per S/O: C$0.17
All prices Canadian Dollars unless stated, forex CAD$1 = USD 0.73
Back in 2021 and 2022, ECUI was a C$25m market capper, so these days it’s close to 10X that valuation,
what with the run in the share price and the bigger share count. As for who owns those shares, this is where
recent events start to point to ECU as a valid investment option in the copper space. Along with long-time
supporters of ECU out of Haywood, the Resource Capital fund (RCF), GlobeTrotters and their legacy position
and insto Acasta Partners, ECU has attracted names like Ross Beaty in to invest and most recently, in the
C$35.4m placement that closed last month (8), two high profile new backers. We quote the NR (1):
“…we are pleased to welcome Alpayana S.A.C., led by Chair Alejandro Gubbins, as a new strategic
investor with a 9.9% interest in the Company….. We are also pleased to welcome Randy Smallwood
into the Financing.”
Mr. Smallwood (WPM et al) should need no introduction to this audience. As for Alpayana, that’s the new
name for the Casapalca mining company, one of the longer-standing Peruvian mining companies controlled
by the Gubbins family (I believe we’re now fourth generation). The latest #1 at the company is the
aforementioned Alejandro Gubbins, who has renovated the company to a deep level and brought it kicking
3

and screaming into the 21st century and along with the name change, has extended the reach of the
company to include investments in other companies and even in other countries. Results have been mixed so
far, but seeing “Los Gubbins” move and take a 9.9% stake in a Peru based copper exploreco is highly
significant and affirm franking of the Elida projects prospectivity. However, it’s not just the new partner, but
the size of the investment that catches the eye. While 9.9% is that classic “strategic size”, it’s also at a new
high share price that gives ECU a treasury position unlike anything it’s had before and for that, we dial up
some financial charts.
It shows on the balance sheet over charts, with liabilities tiny (see Y-axis scale) and the optimum exploreco
optic, while assets have been boosted considerably by the new influx of cash
ECU.v: Assets per qtr
60
50
40
30
20
10
0
But it really shows when we consider working capital. The C$35.4m placement didn’t close until the start of
Q2, but that money is now in the bank and when the quarterly filings catch up to where we are, the company
will have C$35m to deploy at its projects. As for the share count, that’s up to nearly 189m and that should
leave 2026 at around 192m (ECU partially pays its drill contractors in shares, they tend to liquidate quickly
As for what it does with its money on, please consider this cash burn chart tracker, which gets as close to
dammit on the amount ECU spends per quarter. Back in 2022 (under Stakiw) the company burned cash at a
higher rate, but then came the lean and mean years when $500k a month seemed like a fast spend. The only
change to that is the very latest quarter, 4q25, which saw ECU start to accelerate again and go back to
drilling Elida.
4
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
ECU.v: Liabilities per qtr C$m
2.0
fixed 1.8
other current
1.6 cash
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
source: company filings
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
source: company filings, IKN ests
srallod
fo
snoillim
LT debt
current debt
ECU.v: Shares outstanding
200
180
160
140
120
100
80
60
40
20
0
02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
ECU.v: Working Capital per qtr
40
35
30
25
20
15
10
5
0
source: company filings, IKN ests
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 tse62q1 tse62q2 tse62q3 tse62q4
source company filings
srallod
fo
snoillim
ECU: Approx burn rate. Per qtr
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m
total G&A
total exp
source: company filings, IKN calcs

Digging into those numbers, these charts show the spend by asset (below left) and the way Elida has taken
nearly all the cash in recent times, then a breakdown of what ECU has done at Elida (below right) that shows
drilling recommencing only recently
ECU: Expenditures, per qtr
3.5
3
2.5
2
1.5
1
0.5
0
It’s important to see the difference between these expense and cash burn charts and what’s just happened at
ECU. Not only did the company raise over C$35m, which would be enough to keep it running or eight or ten
years if it continued the way it was, but also..
 It has attracted high-visibility investors looking to invest tens of millions
 A Peruvian strategic partner that’s in the process of transforming under its new boss and
would greatly benefit from owning and operating a new, large base metals mine
 It has done so at a time when it’s clearly accelerating its project development
 It has just hired, on May 1st a new investment relations officer(2)
 It has hired a third party to help with resource modeling and metallurgical work (3)
This is not the same company as in 2023 and 2024, spending 500k a year on everything it does. What’s
more, last year it began the permitting process for a DIA environmental permit. This is a more complex
permit that, when awarded, allows a company to drill from 40 drill platforms (and normally multiple holes
from each platform) under a permit that lasts five years. It takes time to get this permit, but one in-hand it
allows a company to get very aggressive on its project and define a resource to exacting standards. We may
not get that DIA for a few months yet, indeed on the 2026 work
program ECU has no drilling scheduled, but be in no doubt that
once the DIA arrives this company will be making a lot more
noise than it has ever done before.
This, along with the timingof the copper market is why it’s the
moment to buy into Element 29 (ECU.v) but before wrapping up,
we should at least consider the flagship Elida project and what it
offers. The dedicated ECU.v Elida project page (4) opens up with
this useful map to locate the property (right), North of Lima and
South of one of Peru’s most famous mines, Antamina, in the
heart of the Corrdillera. It also provides the overview of the
current resource, which dates back to 2022 and stands at 321m
metric tonnes grading 0.32% copper, with molybdenum and
silver kickers. So far at least, Elida is a relatively low grading
system, but uses a 0.2% cut off and benefits from this assumed
low cut due to its low overall strip ratio, currently put at 0.74:1
Elida is a pure homegrown project, staked and discovered by the
GlobeTrotters team back in 2011. Drilling began under that
privco company in 2014 and the target generated is a large,
2.5km by 2.5km alteration system with several separate
porphyry centres, if their mapping work is to be believed. The
project area comes with plenty of advantages:
 Close to established roads
5
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m ECU: Elida expenditures breakdown
3
Pahuay & Paka 2.5
Flor de Cobre
total Elida 2
1.5
1
0.5
0
source: company filings
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4
C$m
other Elida
Elida geophys
Elida prop. Mainte
Elida drilling
source: company filings

 Near to power supply (electricity cables) and plenty of water
 Strong and cordial relationship with local communities (this is a miner-friendly Peru region)
 Available skilled workforce in normal travel distances
 At an easily workable altitude of 1,600masl (the issues begin at 3,000masl, this is easy)
Also, as this photo (right) of the project area shows, this is
one of the barren and desolate Andean foothill zones of
the country. Very little grows here, topography fits that
wonderful Spanish phrase “muy acidentado” (very
accidented).
To date, most of the work has been centred on what the
company considered its most promising zone, known as
Target 1, but as this map (below) shows there are five
identified porphyry targets so even after several years of
work and a 43-101 compliant resource, they’ve only really
gone deep on one of the five and there’s no end of
potential exploration upside.
As for that resource, the 2022 resource as seen in the above location map is 100% inferred and for what it’s
worth, here’s how the math works out:
The current Elida inferred resource
Tonnes Cu% Cont. Cu (Bn lbs) Mo% Cont. Mo (Mlbs) Ag g/t Cont. Ag (Mozt)
321.7 0.32 2.27 0.029 205.7 2.6 26.9
That’s contained metal of 2.27Bn lbs copper, 2025.7m lbs moly and 26.9m oz silver which, so far at least is a
big-not-world-class resource and still at an early stage of development. If that’s all there is Elida would be a
fairly easy pass, especially at its new $200m+ market cap but all indications are that ECU, quite literally, has
only scratched the surface. At this point, your author highly recommends a visit to this link (5), the Vrify
presentation on Elida at the company website because it does an excellent visual job of explaining the project
6

area and the resource well, but you’re still getting one of the visuals from the Vrify show as it lays out the
current inferred resource and how it sits in the area.
However, the real reason to like Elida is quite literally below that yellow mass. Since the resource was
published, ECU has drilled several deep (even very deep) holes into the Elida resource and this next visual
shows some of the most exciting results:
Again, for the full show please see the presentation, but in this image the imaginary camera eye has swung
round to under the current resource in yellow to show five of the drill holes put into the depths under Elida
and for comprehension services, her are those holes:
 ELD025: 908.8m of 0.55% CuEq (0.39% Cu)
 ELD033: 1039.7m of 0.54% CuEq (0.4% Cu)
 ELD035: 922.4m of 0.54% CuEq (0.33% Cu)
 ELD037: 1489m of 0.58% CuEq (0.44% Cu)
 ELD041: 903.7m of 0.38% CuEq (0.31% Cu)
The grades are slightly better over the entire length, but in most cases grades improve with depth…that’s
what you want from a powerful porphyry engine. However, what really impresses are the lengths, with 1km
the norm rather than the exception and one fully mineralized 1.5km hole, an outstanding result. With this
7

perspective, is obvious that the resource at Elida isn’t going to merely grow, it’s going to significantly bigger
and the current 2.27Blbs Cu is best considered a starting line, not trhe number on which to base your opinion
of the project or any investment decision. Also, be mindful that these long holes have only explored what’s
under Target 1 so far, there are four others of interest to consider.
Discussion and conclusion
Element 29 fits the bill for what I want from a junior copper play at this point in 2026. While it’s certainly
grown in market cap since my last trade in the stock, its improvement is fully justified and thanks to the work
done at Elida, as well as the headline move copper has made in 2025 and 2026. However, as this
comparative chart of ECU.v against the main copper ETF (COPX) and spot copper shows, we haven’t seen
much in the way of out-performance or leverage from the stock, not yet anyway.
When the identity of the 9.9% strategic was revealed as Alejandro Gubbins/Alpayana (and the news Randy
Smallwood had taken a piece of the pie), I thought the cat might be out the bag and the market would se the
significance of the move into ECU, as well as what the large absolute size of the equity raise implied for the
next stage of development at Elida, but reaction to my surprise has been muted at best, even rather weak in
the last few days [Monday edit: ECU even closed down 2c today, at C$1.21…I’ll be very happy to get that
sort of price tomorrow]. That’s unlikely to last long, as once the DIA is awarded the new IR guy will have a
lot to talk about to the market and a few more 1km copper holes into a sub-1X strip rate project in a miner-
friendly zone of Peru will eventually get traction, no
matter whether copper stays above U$&/lb or not.
This is not a stock best suited to near-term traders
or flippers, the job here is to take a position at
current prices and as drills extend the tonnage at
Elida, the manifold benefits of this project will
become apparent over time.
I am a buyer of Element 29 (ECU.v) in the days to
come and as from next week it will take its place in
the Stocks to Follow list, a serious copper junior
that’s about to move into a higher gear and provide
its new backers with the project they want in the
country they know best.
Stocks to Follow
It was a good week to own junior mining stocks. Thirteen of our seventeen open positions were winners, just
two were losers (WRLG.v, SRL.v) and two others stayed unchanged on the week (MIRL.cn, KBX.cn) and there
were some very solid gains in some of our stocks, including the biggest move of the week in top pick Rio2 Ltd
(RIO.to up 22.6%) that was ably assisted by RPX Gold (RPX.v up 19.1%), Wesdome Gold (WDO.to up
8

18.0%), Mene Inc (MENE.v up 16.7%) and Mayfair Gold (MFG.v up 10.2%). Plenty of other stocks up
between 5% and 8% too, in fact the only stock that causes concern this weekend is West Red Lake.
With the sale of AMC.to and the addition of KBX.cn and RPX.v to the Watch List, we now have 17 stocks on
our Stocks to Follow list, thre under the self-imposed maximum. Six of those are in the red, one is
unchanged, nine are in the green and the two biggest trades are fourbaggers (give or take).
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$3.15 293.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.60 328.6% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$9.53 15.4% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.56 156.3% Quality Cu dev, M&A tgt
Gold Royalty Co GROY BUY U$1.40 9-Mar-25 U$3.61 157.9% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.73 -11.0% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$28.09 25.3% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$4.33 -1.4% starter position taken
Xali Gold XGC.v BUY C$0.28 2-Mar-26 C$0.275 -1.8% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.205 156.3% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.205 7.9% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v BUY C$0.08 4-May-24 C$0.13 62.5% 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
RPX Gold RPX.v watch C$0.17 3-May-26 C$0.2025 19.1% gold dev Canada
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.325 0.0% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.96 -1.0% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.21 -53.3% 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
Arizona Metals AMC.to May'26 C$0.53 31-Mar-26 C$0.20 -62.3% failed risk 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): POSITION CLOSED. I didn’t expect to get the 26.5c of last weekend, I did
expect to get more than the 20c I got when I flushed the toilet, but once you’ve decided to cauterize then
you just bite the bullet and take the price offered. Notably, AMC kept going South and was an 18c and 19c
stock by the end of the week, totally friendless. I take my loss to the back pocket, I also get to look at
“62.3%” in red ink for the rest of the year which is its own medicine.
9

Kobrea Exploration (KBX.cn): ADDED TO WATCH LIST. Now up from the Copper Basket and where we
can keep a closer eye on the potential for a cheap entry point, the first task is to wait for the drill assay NR
that was flagged over a month ago. We mentioned at the time that reading between the lines gave us a
downbeat feeling, the way in which five weeks have gone by is another indicator of holes that aren’t going to
change the world.
RPX Gold (RPX.v): ADDED TO WATCH LIST. Back on the list and I doubt it had anything to do with me
(it certainly wasn’t my money), but RPX duly rallied to over 20c last week and picked up bargain hunter cash
[edit Monday, now 21c]. RPX either has to offer 1) cheap shares or 2) a news catalyst to get me to bite and
buy shares again, however both of those are real possibilities.
We also note in passing that the Quentin Yarie trial set to begin next month and while it now has nothing
officially to do with RPX version 2026, we may see the bad press reflect on the stock. If it does, ignore the
bad vibes and consider any sharp drop as another buy opportunity.
Mayfair Gold (MFG.v): A significant development at MFG last week (6), here’s how the NR starts:
TORONTO, May 4, 2026 /CNW/ - Mayfair Gold Corp. ("Mayfair", "Mayfair Gold", or the "Company")
(TSXV: MFG) (NYSE American: MINE) 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.
We then got the right sort of comments from company Chair Darren McLean, incoming CEO Anwyll and
outgoing CEO Campbell, who made all the right sort of warm and fuzzy sounds for the record, kumbayah etc.
Still, the sudden departure of a CEO is normally negative so I asked around and on doing so, learned that
outgoing CEO Campbell has already recognized that his skill set wasn’t suited for the construction stage at
Fen-Gibb and saw the future; at some point, he’d be asked to resign. As such, he wasn’t against hearing
other offers on the headhunter market and sure enough, received an interesting offer (which we’ll hear about
soon enough on the public wires). Though somewhat earlier than the company expected, MFG was fine about
letting Campbell go to pursue his career and all parties are on the best of terms. As for his replacement,
Drew Anwyll had impressed all the board and his fellow officers since coming in as COO, has the full
confidence of the team and rather than look for a mine builder with a deep CV to come in from the outside, it
was close to a no-brainer to make the organic move and have someone with the knowledge and skills
required to come from within. In trading MFG did pretty well, leaving the $4 line behind and rallying almost to
get my small early trade into the green. I like the serious nature of MFG and its decision to promote COO to
CEO fits in with that well.
West Red Lake Gold (WRLG.v): One of the few stocks that didn’t rally with the sector, WRLG is either
suffering from the hangover of its ill-received quarter or the word is out that it’s going to run a placement
and the stock is being duly sat on. I’m kind of annoyed at myself for buying when I did instead of at this 70c-
72c range, but not beating myself up (too much) about my micro timing. Instead the concern is about
Madsen production in the current quarter and whether any raise is a case of need, rather than want. On the
numbers, this stock is now very cheap and it wouldn’t take any more than a reasonable production update to
see it rally hard.
Xali Gold (XGC.v): For a moment it looked as though XGC was going to return to a price bracket that would
make it buyable again, the kind of low-20s number that would turn this foothold trade size into something a
little larger, but it was not to be. The reversion to the high-20s may be connected with this filing on Sedar
(which XGC kept away from the general public, we add):
Xali Gold has retained the services of GRA Enterprises LLC DBA National Inflation Association
(“NIA”) to provide investor relations services to the Company (the “Services”) for an initial term of six
(6) months, which term may be renewed by Xali Gold for an additional term of three, six or twelve
months. The aggregate consideration for the Services provided during the initial term is US$75,000
payable in three tranches.
The National Inflation Association is a long-established and fairly well-known pump house for tinycap stocks
of all shapes and sizes, which often focuses on the mining sector. Ms. Freeze’s new company is bound to get
a boost when this name is fed to them, but what with the timing and the lack of major news expected in the
near-term, I suspect this may be connected to a financing. We’ll see, but I will continue to exercise patience
and let my price come to me before adding.
10

Tiernan Gold (TNGD.v): Good to see it go back above the C$9 line, especially considering the timing of my
latest addition. To reply to a query received from A. Reader, for the time being I’m just about full on this
trade and won’t add any more until further notice. However, it’s one I now consider big and of the type that
hurts if I get it wrong.
Amerigo Resources (ARG.to): A reminder that ARG pays out its 16c performance bonus tis coming
Wednesday, so look for the cash hitting your portfolio. In other news, ARG had another excellent week and
ended back at near-record levels (the mid-April spike still owns the ATH at C$6.85 intraday) and the financial
review last week shows why the company is worth every cent of this level (or at least I think it does).
However, I am going to repeat a comment made previously and use the dividend yield table last featured in
IKN881 to underscore the point:
Amerigo (ARG.to): Dividend Yield Percentage Spread Table
Share Dividend per year (Cad Dollar Cents)
price CAD$ 16 18 26 32 36 40
4.00 4.00 4.50 6.50 8.00 9.00 10.00
4.50 3.56 4.00 5.78 7.11 8.00 8.89
5.00 3.20 3.60 5.20 6.40 7.20 8.00
5.50 2.91 3.27 4.73 5.82 6.55 7.27
6.00 2.67 3.00 4.33 5.33 6.00 6.67
6.50 2.46 2.77 4.00 4.92 5.54 6.15
7.00 2.29 2.57 3.71 4.57 5.14 5.71
7.50 2.13 2.40 3.47 4.27 4.80 5.33
8.00 2.00 2.25 3.25 4.00 4.50 5.00
source: ARG data, IKN estimates
This weekend’s C$6.60 price is right in the yellow shaded area picked out as a target for the 5%-or-so yield
target, taking into account the performance bonus (the 32c line) or even a second performance bonus later in
the year. ARG cannot go up forever and is probably close to fully valued today on reasonable dividend
prospects. On the other hand, if copper does what I suspect it might be about to do and move higher still, we
could see another fat performance dividend of the same type that gets paid out on Wednesday and in that
case, our table implies that C$8.00 is a logical target. Either way, ARG isn’t leaving my portfolio.
Rio2 Ltd (RIO.to): As things have turned out, RIO.to isn’t going to make its slated Monday May 11th filing
date. I spoke with the company chair, Alex Black, who explained that while there’s nothing wrong or
concerning the auditors and the financial team need a few extra days to assimilate the changes at the
company in Q1 and will make it by the limit date of Friday, May 15th. That’s fair enough, they have the first
quarter of real production from Fenix to consider, the ongoing capex at that mine and then the trifling of
adding in a second, mature and fully operational mine in the shape of Condestable into the financials. The
RIO.to of 1q26 will be very different from anything we’ve seen from the company in previous quarters,
essentially the first quarter of a “new Rio2” with free cash flow and meaningful production. It’s a pity the
quarter is delayed and doesn’t make this edition, but you can bet dollars to donuts it will be the main event in
next week’s edition (and yes reader RS, we’ll also cover how its strategic position Royal Road is generating
potential projects in Colombia in the note), but it gives a chance to list roughly what I’m looking for form the
company in its Q1 report:
 A strong treasury and cash position: If working capital lags at this stage that’s not a problem, it will take
a while for invoices to turn into hard cash from Fenix production, but I’m looking for immediate and
positive benefits from the Condestable purchase in the shape of dollars-in-bank.
 Good production numbers from Condestable: No need to reinvent the wheel, all I want is a quarter of
production in-line with its previous quarters under old management. Improvements can come later, what
we want is to see the new team has integrated taken over the reins correctly.
 No need for perfection from Fenix: If Fenix blasts out the traps and puts in a sparkling production quarter
then fine, but I’m not holding my breath as glitch-free ramp-ups are the exception, not the rule. Once a
heap-leach operation is set on rails it tends to stay there, but it’s also allowed to cause headaches in its
first weeks.
11

 Guidance: In a perfect world, they’ll offer a forecast as to when Fenix goes free cash flow positive. There
was no concern about treasury even before the
Condestable purchase, RIO.to had planned well and got
Fenix working on time so no extra share sales or debt
facilities were going to be required. That’s extra true
today, the company now has a profitable copper mine to
provide cash flow. However, it would still be good to get
a timeline on Fenix and to know at what point it
becomes self-sustaining.
More next week on our Top Pick. In the meantime, a
reminder that the price target isn’t pie in the sky and
there’s still a logical and reasonable double-plus here,
even if gold doesn’t rally further.
BP Silver Corp (BPAG.v): As interesting as the
Cosuño project is (and it is), it seems to have been the
right decision to place this on the Watch List, rather
than dive in immediately, as seen in the price
development since then (right).
BPAG shares didn’t drop when the others dropped in the
last two weeks of April, they didn’t rally when other
silver names rallied last week as the metal re-took the
U$80/oz line. It’s not in the vanguard of trade options
for the silver space and is, therefore, the type of stock
that could bore the trade jocks who then dump a
modest amount in order to find a hotter vehicle. We
could see 80c.
Orecap Inv (OCI.v): This table has become shorthand for the value on offer here:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.20 12.86 5.2
ARIC.v 7.39 0.78 5.76 2.3
ARIC warrant 4.17 0.58 2.42 1.0
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.055 2.35 0.9
MERG.v 1.025 0.88 0.90 0.4
MERG warrant 0.5125 0.43 0.22 0.1
ZIGY.cse 4.942 0.48 2.37 1.0
KLDC.v 40.040 0.465 18.62 7.5
subtotal 48.34 19.5
Est.cash 0.70 0.3
Total 49.04 19.7c
At 248.332 S/O
Two weeks ago in IKN883 the portfolio was worth 21.7c per share and OCI traded at 12c and 12.5c, while
this weekend the portfolio is down by nearly 2c/share and OCI is up to 13c. The main reason for the change
is that speculative momentum leaving Kirkland Lake Discovery (KLDC.v) and while that’s still a near-term
success story on the back of its first pass drilling at Mirado, it’s also understandable in pure market terms as
overbuying peaks are near-inevitable.
I’d still consider OCI as excellent value, the wide breach offers plenty of arb opportunity, but the change also
underscores the way I went from “great value here” to banging on the table with phrases like “gap is now too
wide to make sense” in IKN883. Above all, the trade in OCI is attractive because it offers plenty of exposure
to a suite of early stage explorecos, any one with the potential for explosive upside, while at the same time
12

having plenty of asset backbone to support its current equity price. Upside potential, downside support, that’s
the formula I like.
Wesdome Gold (WDO.to): Last week we were lamenting the drop in WDO , but still noted the "pleasant
surprise" that the stock, though volatile, was still conforming to its pattern of higher highs and higher lows
and "it's still a constructive price chart" (to quote my own chart notes). We also mused on the potential that
something around C$22.50 would be a trade entry point, but…
…that turned out to be too cute on my part, a bridge too far. Monday saw WDO hit its low price of C$23.10
and after that, it was all the zoom all the time as the rally
brought the stock back from whence it came, above $28
again and an excellent 18% week-over-week
improvement. It’s at this point I could write my normal
and trite “more, please” but in this case, it’s a fair request
because if you consider the same chart as the one in
IKN884 last week, the natural progression of higher highs
should take WDO to C$30 or so. And that would be nice.
The Copper Basket
After eighteen weeks of 2026, The Copper Basket shows a gain of 27.62% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 278.326 1469.56 5.28 93.4%
2 Aldebaran Res. ALDE.v 3.67 185.338 515.24 2.78 -24.3%
3 Los Andes Copper LA.v 9.20 29.573 431.17 14.58 58.5%
4 Pecoy Copper PCU.v 1.32 209.489 347.75 1.66 25.8%
5 Hot Chili HCH.v 1.33 177.47 301.70 1.70 27.8%
6 Surge Copper SURG.v 0.475 377.754 283.32 0.75 57.9%
7 Andina Copper ANDC.v 0.56 267.638 243.55 0.91 62.5%
8 American Eagle AE.v 0.56 192.621 231.15 1.20 114.3%
9 Element 29 Res ECU.v 1.20 187.873 231.08 1.23 2.5%
10 Hercules Metals BIG.v 0.74 342.783 212.53 0.62 -16.2%
11 Fitzroy Min FTZ.v 0.48 327.178 129.24 0.395 -17.7%
12 Copper Giant CGNT.v 0.49 203.927 128.47 0.63 28.6%
13 Metal Energy MERG.v 0.64 45.2 39.78 0.88 37.5%
14 Algo Grande Copper ALGR.v 0.53 42.159 27.40 0.65 22.6%
15 Kobrea Exp KBX.cse 0.51 35.622 11.58 0.325 -36.3%
NB: All stocks in CAD$ Portfolio avg 27.62%
13

The last couple of weeks were negative, but not as
much as the market average. This week the Stocks to 45% The Copper Basket 2026, weekly evolution
Follow basket average rose, but by less than 1% and 40%
35%
far less than you’d expect by looking at what
30%
happened to copper. And I too was surprised while
25%
totting up the week on Friday evening and learning 20%
there were just five winners on our list (SURG.v up 15%
10%
13.6%, ALDE.v up 11.2%, FDY.to up 9.5%, AE.v up
5%
8.1%, ALGR.v up 4.8%), though four out of the five
0%
were big moves and that was enough to give the
basket average its week-over-week win. Three stocks
were unchanged (PCU.v, BIG.v, KBX.cn) and that
leaves seven losers (LA.v, HCH.v, ECU.v, FTZ.v,
ANDC.v, CGNT.v, MERG.v) with the biggest drop coming from Fitzroy (FTZ.v down 11.2%) so at least that
wasn’t a surprise.
And what happened to copper? This (right), an impressive rally that pushed our preferred near-dated futures
contract chart to near-record levels and the driver was something approaching one of those “perfect storms”
we sometimes hear about.
This Trading Economics weekly wrap-up note (7) nails two of the demand-side reasons in succinct phrases…
“…investors increasingly expect that investments in AI infrastructure, power grid modernization and
clean energy will drive sustained long-term demand for the metal.”
“…easing energy prices helped reduce concerns over global growth and industrial metals demand.”
…as well as one of supply side issues:
“…the ongoing Middle East conflict has disrupted shipments of sulphuric acid, a critical input in copper
refining.”
Two other elements adding extra boost to the copper rally last week were 1) the more obvious broad market
rally (e.g. S&P500 up 2.33% on the week), though that’s arguably covered by “easing energy prices” as well,
then 2) the update from Freeport (FCX) on Grasberg that hit the wires early Friday morning, here’s Reuters
with a couple of lines from its report on the news (8):
Grasberg's operations were hit by a severe mudflow last September, after which CEO Tony Wenas said the mine
was only expected to return to full production by 2027.
The Friday statement came after a press release dated Thursday saying that Freeport-McMoRan had pushed
back the restart of the Grasberg mine by a year, and was now targeting a return to full production by early 2028.
This news comes not even a month after FCX guided a return to full production at Grasberg by 2027. The
reasons are mainly due to water management problems that have recently arisen (the original rock slippage
was less an event, more the opening of Pandora’s Box) and as a result, FCX needs to get more machinery
and experts in. the newly revised plan implies the 1S block comes back online in Q2 2027, then the 1C block
end 2027. For what it’s worth and for fun, I checked out the first “update on re-start plans” NR from FCX
14
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01
source: IKN calcs

back in early November (9), just after the mud flow in late October which flooded major areas of its
underground block cave operation and killed eight workers in the process. I had the distinct impression that
FCX had provided a more upbeat guidance at the time, but was surprised to read their only real disclosure on
the re-ramp was “FCX expects PTFI’s production will increase throughout 2026 and 2027” (PTFI = PT
Freeport Indonesia), which looks like a masterpiece of proofreading via several lawyers’ desks to these eyes.
Anyway, the extra delay to Grasberg returning to full production takes around 0.5% of world copper supply
off the table for 2026 and 2027. In other years that number might not matter, but in this market it was
enough to add 15c/lb to the copper price on Friday morning.
Another influence now coming back on the agenda is the Trump Tariff, which you’re bound to remember as
the reason copper ran to its ATH in mid 2025 (still the record by a couple of pennies) before that massive
dump from $6.30/lb or so to U$$4.60/lb or so when Trump decided to leave copper concentrates off the tariff
list. The decision was officially deferred until mid-2026 (probably June) and that’s now starting to loom on the
horizon again. As things stand, the assumption is that copper in its raw form (be that cathode or concentrate)
will continue to enjoy exemption, however, last month we did get a new tariff imposed on copper, as seen
here (10):
Effective April 6, 2026, President Donald Trump imposed a 50% tariff on the full value of semi-
finished aluminum, steel or copper products (e.g. raw materials, coils, sheets) and 25% on the full
value of aluminum- steel- or copper-intensive derivative products (e.g. appliances, trucks, silverware,
trains). The rate is now 10% if at least 95% of the copper, steel and aluminum in the product is U.S.-
sourced, and goods are exempt if the metal content is 15% or less by weight.
That new rule offers plenty of reason for producers to source copper supply from the burgeoning inventories
of the metal that have built up over the last 18 months, which could provide its own price support. After all, if
copper can reach prices of U$6/lb when stacking warehouses to new record levels, its likely reaction if those
warehouses start draining isn’t going to be any different. And that’s my profession segue and dovetail move
to get us into the regular weekly world copper inventories update, data from Cochilco:
 We mentioned last week that the sections’ data was out by a day due to the May Day
celebrations (China takes two days off) and, as it turns out, didn’t pick up on the SHFE closing
figure and missed on the approx 10kmt that left Shanghai stocks. We adjust this weekend, but
there hasn’t been that much of a change and the grand total dropped by just over 16kmt to stop
on Friday at 1,143,066 metric tonnes (mt). Still notably above the 1mmt line and that’s a lot of
copper not being used by industry.
 As noted, it so happens the last three weekends of SHFE stocks total are 201,373 on April 26th,
192,025mt last weekend May 3rd, then 181,333mt this weekend. We're now under the 200kmt
line and heading toward the next marker of note, 150k.
 The LME saw another small add and this weekend sits at 399,400mt, just under the 400kmt line
and while off its absolute highs, that’s a lot of copper considering the price at which spot and
futures contracts are trading.
 Another add at the Comex, up 4,270mt on the week and at 562,333mt this weekend another all-
time record for copper stocks in the dominant North American futures system. The warehouses
are ready for Trump to do his thing.
Our dedicated SHFE chart shows the 2x 10k drops over the last two weeks.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
15
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data

Now for some notes on a couple of basket component stocks :
Arizona Sonoran (ASCU.to): The deal with HudBay was approved by overwhelming (995) vote as
expected today Monday (11) and the deal is due to close with the courtroom rubber stamp this coming
Thursday, at which point ASCU will be no more. It’s
been a virtual proxy to HBM since the deal was
announced at the end of February (and the first
flurry of speculation that there may be a counter-
offer was dampened down), as seen in this YTD
chart that tracks the winning trade to HBM and the
COPX ETF. Overall, a very good result for ASCU and
here at the weekly, we’re left with the choice of
either making a straight swap with HBM, leaving the
ASCU trade frozen in time or replacing with a new
company for the second half of the year. HBM is too
big for our purposes, so I think the best way is to
bring in a reserve stock for the rest of the year. I
have several candidates but if anyone out there has
a keen interest in a stock, feel free to suggest it.
Surge Copper (SURG.v): Since turning into a preferred social media copper play (the X poster Paulo Macro
being the central figure) SURG has enjoyed the limelight and these days, gets instant reaction from the
market if something around it happens. The stock benefited from last week’s run in copper (of course), but
also from the news that Imperial Metals (III.to), the owners of the Huckleberry mine and processing facility
adjoining the SURG.v Berg/Ootsa project area in BC Ca, is now working on a plan to bring Huckleberry out of
C&M and back into production, with a mine plan expected to be ready by the end of this year.
Ostensibly, this isn’t a mega-positive for SURG because the processing facility is small and wouldn’t work in
the large tonnage, low grade environment of the Berg resource. However, it’s good in the fact that 1) the
region has the potential to become a more active mining camp, 2) the III.to assets would have a far easier
permitting track and could lead the way and 3) it may mean III.to becomes a potential buyer and operator of
what SURG has to offer.
American Eagle (AE.v): One of the winners on the week, AE last week gave us this NR (12) with this title:
“American Eagle Gold Launches Largest-Ever Drill Program at NAK with more than 50,000 Metres Planned”.
The program is split into two phases, with phase 1 expected to run to 23,000m and phase 2 up to 30,000m,
the company also gave officer comment on what they’re looking to achieve and provided maps and so forth
to show where they plan to stick the holes. All of which is an exercise of using the same event twice, because
all this bar the minor details was already announced in April in its corporate presentation and here’s one of
the slides to prove it:
AE.v is serious about its marketing and pushes hard on its presence in the sector, which is a double-edged
sword. Still, they’re now guaranteed plenty of newsflow for the next five or six quarters.
Hercules Metals (BIG.v): In last week’s edition, I wondered out loud about the potential trade value on
offer here at BIG and noted the way the stock had kept to a fairly tight long-term trading range, one that’s
potentially playable for flippers. The one argument I left out was the fact that at some point in 2026 the
16

company would probably need to go back to market and raise more cash, but stpid me thought it was a
latent issue at this stage, midway through 2q26. Which just goes to show, because Tuesday saw BIG
announcing a $30m financing that was duly upsized on Wednesday (13):
TORONTO, May 06, 2026 (GLOBE NEWSWIRE) -- Hercules Metals Corp. (TSXV: BIG) (OTCQB: BADEF) (FRA:
C0X) (“Hercules Metals” or the “Company”) is pleased to announce that due to strong demand, it has entered into
an agreement with BMO Capital Markets and SCP Resource Finance as joint bookrunners (the “Underwriters”) to
increase the size of its previously announced brokered private placement (the “Concurrent Offering”). The
Underwriters have agreed to buy on a bought deal basis by way of private placement (pursuant to the Listed
Issuer Financing Exemption (as defined below)), 36,353,000 common shares of the Company (the “Common
Shares”), at a price of C$0.59 per Common Share (the “Offering Price”) for gross proceeds of approximately
C$21.4 million (the “LIFE Offering”). In addition, the Company increased its previously announced brokered
private placement to 17,000,000 Common Shares at the Offering Price for gross proceeds of approximately C$10
million (the Concurrent Offering and together with the LIFE Offering, the “Offerings”).
Barrick Mining Corporation (“Barrick”), the Company’s pre-existing strategic shareholder, has a participation right
to maintain its pro-rata percentage ownership interest in the Company under an investor rights agreement dated
November 7, 2023 between the Company and Barrick.
That put the damper on its price action, as seen in this ten-day chart vs COPX, so a couple of comments:
1) This financing doesn’t negate the flip trade potential as noted last week, but it surely delays it a
while.
2) It would be a major shock if Barrick didn’t take up its full participation rights.
3) There’s no hard and set rule for these things (and as there’s a large LIFE component to the
placement that comes with no escrow, this time may indeed be different), but the pattern of
financing-then-drill-results normally makes for less sparkling assays than drill-results-then-financing.
With BIG supposedly ready to drop assays on us in the near future, it’s fair at this stage to assume
the drills won’t be game-changer holes.
As seen above in today’s edition, I’ve decided to increase my exposure to the copper sector going forward
but the choice is a more serious investment, rather than a high-traffic flappable stock. I still think there’s a
lucrative trade in the offing here at BIG.v, but the financing is another reason not to be in a hurry. Watching.
Faraday Copper (FDY.to): FDY announced its 1q26 financials and, along with a bullet point list of
highlights including the previously announced deal to move forward with BHP and Lundin, the NR also
underscored its strong financial position these days (what with BHP buying in big, etc):
 Cash&eq: C$120.8m
 Exploration & Evaluation expenses: C$10.22m
In other words, these guys won't need to go back to market and raise cash anytime soon.
The Producer Basket
After eighteen weeks of 2026, the Producer Basket shows a gain of 10.02% to level stakes:
17

company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 125.82 116.51 16.7%
2 Agnico Eagle AEM 169.53 500.989 96.80 193.21 14.0%
3 Barrick B 43.55 1705.994 73.58 43.13 -1.0%
4 Wheaton PM WPM 117.52 454.037 63.04 138.85 18.2%
5 Alamos Gold AGI 38.58 419.947 18.22 43.38 12.4%
6 Lundin Gold LUG.to 114.02 241.808 16.71 95.99 -15.8%
7 IAMGOLD IAG 16.49 588.8 11.01 18.70 13.4%
8 B2Gold Corp BTG 4.51 1343.243 7.12 5.30 17.5%
9 Eldorado Gold EGO 35.92 198.571 6.78 34.15 -4.9%
10 Americas G & S USAS 5.11 318.26 2.11 6.63 29.7%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg 10.02%
Whoosh. After two weeks of pain, one week of gain (so far) and a full-speed relief rally that added 8.6% to
our GDX benchmark and over 11% to our basket of stocks, which also means our deficit has all-but
disappeared and we’re back in the game.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
All ten of component stocks were winners on the week and most of them were good moves, as the worst
move from Agnico (AEM up 5.3%) was still reasonable. However, at the top end of the scale the moves put
in by B2Gold (BTG up 21.6%), Eldorado Gold (EFGO up 14.4%), Americas Gold and Silver (USAS up 13.0%)
and IAMGOLD (IAG up 12.7%) were most impressive, especially that bounce by BTG on the back of its 1q26
earnings report (see below). You’ll note that the biggest moves came at the bottom of our market cap league
table, which is what you’d want to see from a healthy market that rewards the more leveraged companies
when the metals and miners rally. And I owe you words on Alamos Gold (AGI) and its 1q26. Sorry, I’ll get
there.
Eldorado Gold (EGO): Up 14.4% on the week, this one months chart of EGO (black line) versus the GDX
benchmark (gold line) is a better representation of the state of play and while obviously welcome, last week’s
move was a classic relief rally rather than a move to get excited about.
So my comments last week on EGO remain valid.
18
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01
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 ht01
source: IKN calcs

B2Gold (BTG) (BTO.to): Mali? Who cares about Mali?
It was good to see BTG report a strong quarter, almost as much for the entire sector as it was for the
company. However, a closer look at the numbers shows a company that didn’t do anything particularly
outstanding, it’s more a case of beating low expectations. You can see how BTG set out to create that
impression in its NR (14) too, the headline bullet points said this about gold production…
 Total gold production in the first quarter of 2026 was 237,763 ounces. All operations exceeded expected
production in the first quarter.
…and this about costs…
 Consolidated all-in sustaining costs for the first quarter of 2026 were better than expected
…because while true, the reality of the BTG quarter is more about a sales number padded from inventory and
costs that were outstripped by the gold price. Here’s gold production and sales…
BTG: Gold Produced vs Gold Sold
19
142402 822012 355081 525081 100681 397781 257291 899381 454922 483012 963452 529942 920303 094382 367732 643672
300000
275000
250000
225000
200000
175000 150000 125000
100000
75000
50000
25000
0
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
gold produced (oz)
gold sold (oz)
source: company filings
…and while I’m fine about them selling the gold they produce, you have to be careful about a company that
only just managed to beat its 2q25 production number when Goose was still under construction. Here’s the
long-term tracker that break production down by asset and again, the years to 2023 were simply better.
BTO: gold production by mine
400000
350000
300000
250000
200000
150000
100000
50000
0
02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
oz Au
Goose
Fekola prod
Otjikoto prod
Masbate prod
source: company filings
These next charts show the individual assets, with Masbate as solid and predictable as ever. Otjikoto was
guided lower than the 24,529 oz it produced and BTG was quick to tell us that.

The same story with Fekola (below left), “higher than expected”
Finally, the well-documented glitches and issues at Goose (above right) had expectations low, so the resulting
42,876 oz also went down well.
As for AISC, this chart compares the annual averages of 2019 to 2025 with the 1q26 result of 1,964/oz,
significantly higher than anything in previous years (2025 avg U$1,584/oz), but we all know about the spike
in gold price and that’s what came to save the day, giving an average margin between AISC and realized
price of U$2,229/oz and if you can’t make a decent profit on those margins, stick to time deposits.
BTG: AISC vs Realized gold price, annual + 1q26
20
435
989 809
557 547
809
5171
9222
BTO: Masbate gold production, per qtr
U$/oz
4500
4000 AISC
3500 realized price
3000 diff
2500
2000
1500
1000
500
0
2019 2020 2021 2022 2023 2024 2025 1q26
source: company filings
As a result, bottom line earnings came in at U$205.55m, representing an EPS of 15c and if you do a simple
forward PE this weekend, that0's an 8.8X multiple and a competitive number. Which is fair enough, but if you
consider that BTG sold 38,583 oz more than it produced in the quarter, then multiply that by the U$2,229/oz
margin between AISC and received price, that's U$86m of earnings pimping, or 6.3c/share, or approximately
a third of that post-tax number.
In other words, I’m less impressed with the BTG quarter than the market was. The company had guided
expectations low in the run-up to its May 6th filing, it sold extra gold, it benefited bigtime from the gold price
run and its financials look good enough, but there are still significant question marks against its main assets
in Mali (no fault of its own, the government and the insurgents are the issue) and Goose (they wouldn’t have
asked Agnico for help if they didn’t need it). So call me a grinch, but the 1q26 earnings from BTG didn’t
deserve the reception they got.
51544 51205 43594 96364 83705 91594 00994 80925
60000
50000
40000
30000
20000
10000
0
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au BTO: Otjikoto gold production, per qtr
source: company filings
34184 13125 25425 87525 36615 50144 39705
92542
60000
50000
40000
30000
20000
10000
0
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au
source: company filings
BTO: Fekola gold production, per qtr
385111
70287 51048 50839
183621
388641 027361
054711
200000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au BTO: Goose gold production, per qtr
source: company filings
276
26831
61683 67824
60000
50000
40000
30000
20000
10000
0
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
Oz Au
source: company filings

The TinyCaps List
After eighteen weeks of 2026, the TinyCaps show a loss of 3.45% 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 14.55 0.055 -21.4%
Canex Metals CANX.v 0.215 208.63 53.20 0.255 18.6%
Sranan Gold SRAN.cn 0.30 60.42 8.76 0.145 -48.3%
Enduro Metals ENDR.v 0.155 114.06 23.95 0.21 35.5%
Latin Metals LMS.v 0.21 138 28.29 0.205 -2.4%
Precore Gold PRCG.cn 0.26 32.093 8.50 0.265 1.9%
Radius Gold RDU.v 0.14 115.7 15.04 0.13 -7.1%
Silver Wolf SWLF.v 0.135 62.18 9.02 0.145 7.4%
Trifecta Gold TG.v 0.195 47.7 10.02 0.21 7.7%
Viva Gold VAU.v 0.19 182 25.48 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -3.45%
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.
Our representative basket of tinycap stocks saw six winners (CANX.v, SRAN.vn, ENDR.v, LMS.v, PRCG.cn,
SWLF.v), three losers (AUM;E.v, RDU.v, TG.v) and one unchanged name (VAU.v) on the week and a basket
average that clawed back around 5%, but still remains
underwater and has been that way from coming on two TinyCaps, 2026 weekly tracker
months, ever since POTUS47 took the wind out of the 20%
15%
market’s sails by doing his Iran thing. We know that since
10%
then the larger caps and midcaps have recovered (and did
5%
well last week(, so it’s fair to sayd this is still a quiet sub-
0%
sector of the mining world and while we did get some nice
-5%
moves in Enduro (ENDR.v up 23.5%) and Silver Wolf
-10%
(SWLF.v up 11.5%) on what seems to be metals price -15%
speculation, the action was elsewhere and mainly in the
big companies. That tells us that speculation in mining
stocks is still nowhere near the levels we saw in Q1 and
that’s the main message this section has for us at the moment, as sometimes no news is the news (be it
good, bad or indifferent).
Enduro Metals (ENDR.v): The last time we mentioned
ENDR was in IKN883 two weeks ago, on the day the stock
announced a $6m placement. Three days later that
placement, a combo of hard dollar and flow through, was
upsized to just over C$7.8m and now plans to sell 9.375m
shares at non-flow thru shares at 16c per unit and 28.644m
flow through shares at 22c per unit for a total of 38.02m
unit (unit = share + ½ unit at a 24c strike). The pro forma
total is now 114m and change, as seen above.
21
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01
source: IKN calcs, TSX data

Under those circumstances, I fail to see why someone was so keen to buy 200k shares on the open market at
20c last week, unless of course they were trying to make that placement look attractive. Cough.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Colombia: Three weeks to go…
…before the Presidential election day, we’re arriving at the pointy end of this battle and according to the poll-
of-polls run by Colombia’s best known independent political media channel, La Silla Vacia (15), here’s how the
race looks:
Iván Cepeda (lefty) is well out in front for round one and is certain to make the second round. Meanwhile,
Abelardo de la Espriella (very righty) and Paloma Valencia (righty) are scrapping hard to be the candidate
that goes into the run-off with him. As for the all-important second round, here’s how La Silla Vacia’s poll-of-
polls info shows the two scenarios that matter:
In fact they’re both technical dead heats, but there’s also a clear tendency showing Ms Valencia with better
chances of defeating Mr. Cepeda in an eventual run-off. That makes sense, as the very-righty politics of de la
22

Espriella (along with his polemic style of high impact confrontational rhetoric) leaves more space in the
political centre. Some semi-random thoughts forthcoming:
 It’s going to be very close between Aberlardo de la Espriella and Paloma Valencia for that crucial second
spot. The majority of pundits inside Colombia thought de la Espriella would fade and the Álvaro Uribe
machine powering the Valencia campaign would shore up at least second spot, but that’s not reflected in
the polls and the de la Espriella campaign has shown remarkable resilience and a hardcore following.
 One thing about the polls is that they’ve tended to send distinct messages, especially about the run-off. It
all depends on who you want to believe at this stage, as it’s not difficult to find a poll result that tells you
what you want to hear on either side. At the moment, the Silla Vacia poll of polls is the least worst way
forward for an outsider looking in but the final result on May 31st may easily be different.
 There is an outside chance, though not big, that Cepeda gets the 50%+1 vote required to win outright in
the first round, which would be an absolute nightmare for the right wing. A few weeks ago I would have
called this a zero percent chance, but the near-total collapse of the political centre (Fajardo on 3%)
means those centrist voters have been looking for a more practical place to put their vote and Cepeda,
unstupidly, has moved his discourse and campaign toward the centre in round one to capture as many of
those votes as possible. Please be clear, this is still an unlikely scenario but it’s worth mentioning at this
stage, as it’s moved up from near zero to perhaps 5% possibility and would change everything if it
happened.
 We should also applaud Cepeda for his choice of vice-president, the Senator and indigenous leader from
the impoverished Cauca region Aida Quilcué. She was considered a big gamble when the announcement
of his ticket was made, but she has been an effective campaigner and has done well to galvanize the
vote for Cepeda in deprived socioeconomic regions and zones. If he wins, theses will be written about
this presidential ticket.
 Equally, if we assume it goes to a second round (as we should) then Cepeda will greatly prefer to face
Aberlardo de la Espriella and his very hard right wing manifesto (and anyone who makes an Álvaro Uribe
dauphine look centre-right is very right indeed, be in no doubt).
This has become a fascinating election and for a couple of reasons, firstly because it’s very difficult to call at
the moment. We know Cepeda will win round one, we can be fairly certain it goes to a run-off but once those
are stated, it’s tough to know how round one pans out, who makes it to the run-off or what happens after. A
lot is riding on not only the result in round one but the percentages of votes for each candidate and while the
hardcore support for each candidate speak in public will all the confidence in the world, nobody really knows
how Colombia is going to vote in three weeks’ time. A year ago, most observers expected the right wing to
sweep back into power easily but things have changed significantly since then. Cepeda has run a smart
campaign and , the sitting Petro government has primed the economy (and the handouts) to time an
upswing with the election, meanwhile the right wing candidates have found themselves in a pitch battle for
2nd and have needed to focus on their direct rival, rather than aim for Cepeda.
Last but not least, the regional ramifications are very important, too. Recent elections in Chile, Bolivia,
Ecuador and currently Peru have been important for the nations in question but are not influential on a
regional or international scale. In fact, you need to go back to Milei’s win in Argentina in 2023 for a vote that
tilts the balance in South America. That’s what Colombia will do this time around, as it may either show the
continued consolidation for the right wing or that its recent victories were a high water mark and the left is
coming back into fashion. Colombia will be important in its won right for the balance of power in LatAm, even
more so as a primer for the big election in Brazil, due November.
There is a big difference between the upcoming Colombia election and the next subject in today’s Regional
Politics section, as Peru matters on a national scale and if the election goes with the left winger, it might
affect its mining industry’s image for a while. In the case of Colombia it matters on a regional, international
scale and could set the trend for left wing resurgence, with Brazil the big prize coming next.
The Peru election mess and the antivote
The embarrassingly badly organized Peru Presidential election should (only "should") see resolution this
week, as the Peru electoral authorities are legally bound to declare a result by Friday, May 15th and, with
99.753% of votes now counted according to the ONPE system (website here (16)), the totals that matter are:
23

 Keiko Fujimori: 2,871,082 votes (i.e. 17.174% of valid votes)
 Roberto Sánchez: 2,006,560 votes (i.e. 12.002% of valid votes)
 Rafael López Aliaga: 1,991,811 votes (i.e. 11.914% of valid votes)
Less than 15,000 votes separate the 2nd and 3rd placed candidates and that means all sorts of mayhem may
go down when the electoral authorities call their result, but as things stand Roberto Sánchez will go into the
run-off against Keiko.
I don't mind admitting my surprise on how this count has played out. We knew weeks ago that the fractured
nature of the vote and the quantity of candidates left Peru open to this type of come-from-nowhere result
seen by Sánchez, we also note that he's in the same party (by name, it's changed greatly) as Pedro Castillo
who made the same type of late run to make the run-off against Keiko in 2021 and go on to win. But the
obvious irregularities on how the election day went down, especially in López Aliaga's Lima stronghold and
the tight finish cast serious doubt on the validity of this result and it will be interesting to see what Porky
does once he's declared out of the run-off.
As for the run-off, the early voter intention data have it as a virtual dead-heat between Keiko and Sánchez,
but there’s a trend worth noting in the so-called “anti-vote”, when those polled are asked who they would not
support. This was one of my early lessons in Peruvian politics, as I remember in 2006 when in multiple polls,
a solid 60% to 65% of Peruvians said they would not vote for Alan García under any circumstances, only to
watch 52% of Peruvians do just that, a few weeks later. In tight races between unpopular candidates, which
tends to be the norm in Peru, the “anti-vote” offers insight on what voters are ready to do when faced with
what they tend to call in local parlance “the choice between AIDS and hepatitis” (I don’t make them up, I just
relay them). In this case, we’re already seeing a tendency form and the polling company that most accurately
called Round One, IPSOS, tells us in its latest poll that while voter intention for both Keiko Fujimori and
Roberto Sánchez is 38%, the anti-vote is changing significantly
 On April 2nd, 59% of Peruvians would “definitively not vote” for Keiko Fujimori
 On April 24th, 48% of Peruvians would “definitively not vote” for Keiko Fujimori
 On April 2nd, 39% of Peruvians would “definitively not vote” for Roberto Sánchez
 On April 24th, 43% of Peruvians would “definitively not vote” for Roberto Sánchez
Those dates are important, as the first round election was on April 12th. Sánchez was not on everyone’s
radar even with a week to go in the election campaign and now he most definitely is, so seeing his anti-vote
rise is telling. Equally, the very well known and much-hated Keiko is trending downward, as Peruvians get
used to the idea of having to vote for her as the lesser of two evils.
Bottom line: We still cannot be sure who makes the second round, bizarre but true, though all signs point to
a system that’s going to push for the Keiko vs Sánchez match-up. How Porky reacts when the official result is
announced this week is important, as if he accepts the result and backs Keiko it will certainly help her cause.
As for Sánchez, he is getting his team together for the run-off and has already got the support of some high
level lefties in the country, as well as the backing of the infamous Antauro Humala (we’ve spoken about the
threat he poses to the country on several occasions). Previously I made a strident prediction that
Keiko would win and that was a mistake. She’s still favourite to win, but I was wrong to make it
sound like an open and shut case so on due reflection and seeing how the race is building, I’d put her at
75% favourite to 25% Sánchez, assuming of course they are the two names on the ballot set for June 7th,
less than four weeks from today. That means there is risk in the near-term for Peru exposed mining
stocks, not a big one perhaps but there’s the potential for wholesale dumping of Peru names if Sánchez
prevails next month (and yes, during edit I added bold type underlining in three places for a reason). It’s the
type of move we’ve seen on previous occasions e.g. when Ollanta Humala won in 2011 and when Pedro
Castillo won in 2021, where the world screams that Peru has gone raging Commie and we’re all about to lose
everything etc, then slowly realizes that not much has changed in real terms. In other words, if the unlikely
happens and Sánchez wins, I’d consider any eventual sell-off of most mining stocks as an opportunity, rather
than the end of Peru as a destination for mining FDI. We’ll cross that bridge if we come to it.
24

Market Watching
Gold Royalty Corp (GROY) 1q26 financials
Our preferred royalty play, Gold Royalty Corp (GROY) reported its 1q25 financials (17) on the evening of May
6th and, as the ten-day price chart shows, the market reacted well enough to the numbers though profit-
takers moved in afterwards. Not bad, not great but not bad.
We covered the preliminary sales info in IKN883 dated April 28th and found it in good enough shape, we
weren’t expecting any big surprises from this set of numbers. Still, there are some variations from our model
worth noting, plus details that point to good things to come. First up, the sales number of 1,920 Gold
Equivalent Ounces (GEO) was better than expected.
GROY: GEOs per qtr
25
3401
282 117 766
9102
749
1501 5441 9421 6431 3231 5521
0291 0081
0052 0082
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 tse62q2 tse62q3 tse62q4
source: company data, IKN ests
That starts to point us to the upper end of the company’s 2026 guidance of 7,500 to 9,300 GEO and while I
don’t want to jump the gun immediately on our current model and start revising 2q26 and others upward, if
the 2026 quarters come in as per our chart it would mean just over 9,000 GEO.
GROY: Sales per qtr
So to sales and COGS, which look like this (above) and the U$1.682m was just under our $1.8m guesstimate,
all good. Though the official P+L revenues number of U$7.178m doesn’t include all proceeds from “Total
Revenue, Land Agreement Proceeds and Interest” as per the company jargon, so to get a better handle on all
335.0 836.0 709.1 668.0 285.0 767.0 864.0 797.0 610.1 498.2 497.1 60.2 553.3 831.3 328.3 841.4 105.4
871.7
9
01
5.01
14
12
10
8
6 4 2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
U$m GROY: COGS
source: company filings
782.0 884.0
730.1
650.0 612.0 711.0 402.0 373.0 942.0 25.0 524.0 884.0
930.2
632.0
686.0
622.1
35.1
286.1 2.2
2
1.8
1.6
1.4
1.2
1 0.8 0.6 0.4 0.2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
source: company filings

revenue received by GROY here are two more charts, with below left the totals plus newly revised estimates
for the rest of the year, to the right the revenues breakdown by asset;
GROY: Total revenues, per qtr
After chewing over the numbers and considering the expected growth for the rest of the there, I have a
growing suspicion GROY is under-promising the next couple of quarters but, for the time being, let’s assume
the ranges we assumed at the start of the year. The revenues mix had a couple of small surprises, with the
Canadian Malartic stream now dried up for the time being and the Coté stream delivering just U$1.293m,
below my estimate. Better news came from Borborema (U$2.93m) that should increase in the next quarter,
Vares (U$0.973m) when we expected next to nothing for this fallow quarter, but the big change comes from
the new Pedra Branca stream, a major footprint of the Carajas mine that it purchased from previous owner
BHP late last year. As from this quarter, Carajas is
under the new ownership of CoreX Holdings but in
its 1q26, BHP announced better than guidance
production of both copper and gold. That may
have been BHP’s final flourish quarter before
handing the mine over, we’ll see if it can repeat
those levels next quarter.
Back to the financials and while and with G&A and
"other" coming in as expected, GROY recorded a
decent operating profit of U$3.088m (above right).
That's better than our U$1.5m estimate and a
decent positive. Another positive came Below The
Line (BTL) in the P+L, as finance costs dropped significantly as seen in this chart below left, as the revolving
credit facility remains undrawn (below left) and other servicing costs are now minimal (below right).
That popped the pre-tax profit to U$2.798m and a net
profit to U$1.771m, or an 1c EPS, better than the house
estimate of a net breakeven quarter though a more useful
and reasonable yardstick is operating profit per share, as
seen in this chart (right) at 1.3c/share. That’s expected to
rise in future quarters.
26
668.0 131.1
79.1
755.0
73.1
613.1 581.4 512.2 106.2 648.3 775.3 214.4 375.4 602.5
263.9
5.01 11 5.11
14
12
10
8
6
4
2
0
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
U$m
GROY: Revenues breakdown
14
12
10
8
6
4
2
0
source: company filings, IKN ests
22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
U$m
Pedra Branca
Vares
Jerritt Canyon
other
Borborema
Coté Gold
Borden Cozamin
Cad Malartic
source: company filings
GROY: Operating profit, per qtr
(NB: 4q23 without U$22.379m impairment)
457.2-
105.2-
86.3-
209.2-
40.2- 177.1- 878.1-
445.0- 216.0- 329.0-
669.1-
143.0 325.0 275.0 501.0
880.3
5.4 8.4 1.5 6
5
4
3 2
1
0
-1 -2
-3
-4
-5
22q2 22q3 22q4 32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2 62q3 62q4
U$m
source: company filings, IKN calcs
GROY: Debt servicing costs, per qtr
492.0 823.0 304.0
418.0
487.1 509.1 661.2 881.2 502.2 632.2 292.2 335.1 343.0
2.6
2.4
2.2
2
1.8
1.6
1.4 1.2 1 0.8
0.6
0.4
0.2
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
GROY: Bank debt (revolver) U$m
source: company filings
888.9 139.9
864.71
130.01 246.9
746.42 475.42 29.42 321.62 49.52 460.42
0 0
30
25
20
15 10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
source: company filings
GROY: Operating profit/share
1.92.1 2.2
1.3
0.20.3
-0.4-0.4 -0.6
-1.4
-1.2-1.3 -1.2
2.2-
3.0
0.0
3.0
2.5
2.0
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
32q1 32q2 32q3 *32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2 62q3 62q4
U$ cents
source: company financials, IKN ests/calcs

The P+L is all well and good, equally important for a streamer is its cash flow and that was plain good this
quarter. This is exactly what we wanted to see from GROY in 2026, as it moves out of its breakeven phase
and into true profitability as more of its streams show fruits.
GROY: Cash provided by operating activities
4.474
2.487 2.438
1.262
0.987 1.069
0.336 -0.042 0.176
27
733.1- 157.1- 727.1-
5
4
3
2
1
0
-1
-2
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
source: company filings
This is why GROY is now collecting cash, more than I expected in fact and as at 1q26, treasury stood at a
very healthy U$13.598m. Liabilities are negligible with just the tax liability left on the books (not an issue in
the real world).
GROY: Current assets
24
22
20
18
16
14
12
10
8
6
4
2
0
Working capital stood at U$19.406m (and rising, right), which means GROY has the funds and the credit to
go out and do more deals this year without extending
its balance sheet. Also good, in fact that cash pile
starts to push GROY to do deals (per haps announce a
share buyback period).
Overall, a solid quarter with real net profits to show,
driven by sales numbers in front of our median model
forecast of 8,600 GEO for the year, all in a high price
environment for the main revenue generating metals
of gold and copper. Regarding the medium-term
future, the jump from last year’s 5,173 GEO to this
year’s guidance range of 7,500 to 9,300 GEO may
seem sharp, but we know Vares (DPM.to) is about to
come back online and ramp to the specs required of
its new owner, we also know that further out, there's plenty of organic growth in the shape of just Ren and
Odyssey, the Canadian Malartic UG project. Indeed, GROY should also get renewed royalty from Canadian
Malartic over-ground once the mine phases move back to zones included in its royalty (current royalties from
what was its previous #1 revenue stream are currently down to virtual zero). And GROY really is all about
looking further out; its 2025 was the year it arrived at financial stability, this year 2026 is showing decent but
small net margins for the first time but as our forecast GEO chart (right) suggests, the real attraction here is
getting in on the ground floor (well, perhaps the 3rd floor as the ground floor is when we bought last year) of
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m GROY: Liabilities
200
other current 180
cash+ST 160
140
120
100
80
60
40
20
0
source: company filings
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m current liab bank debt
deferred tax liab other LT liab
source: company filings
GROY: Working capital, FY23 to date
7.6
1.4
0.3 7.1 0.2 0.3 3.2 0.2 8.1 6.2
0.5
9.71
4.91
25
20
15
10
5
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
U$m
source: company filings

the next royalty/streamer story that matures into a rock solid cash cow. As such, we still believe GROY is the
most obvious takeover target for Elemental and Tether’s strategy to build out its gold ounce empire.
GROY: Actual and Forecast GEOs, per year
30000
25000
20000
15000
26000
24000
10000 20000
5462 5173
5000 2703 8600 12000
0
2023 2024 2025 2026e 2027e 2028e 2029e 2030e
source: company filings and literature, IKN ests
You’re not buying GROY for its 2026 earnings, as our forecast for operating profit of 7.5c/share this year
doesn’t cut much ice for a U$3.50 equity. We’re here for what its now on rails to achieve and for that, think
Sandstorm or similar because when Ren kicks in, today’s numbers will be left in the dust.
Conclusion
IKN885 is done, we close with just two bullet points this time.
 Element 29 (ECU.v) has been overlooked by many in the rush to find the next big copper porphyry
play, but not by this desk. With a new strategic, a big treasury and plans to swisscheese Elida, now is
the time to get on before the world realizes its 2.3bn lbs resource to date is only the start of something
that could be big or very big.
 No big note on Rio2 (RIO.to) today, but we will have the key Q1 report by the end of this week so look
out for the deep dive on our Top Pick in IKN886. Own this stock above all others.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://resourceworld.com/element-29-welcomes-alpayana-randy-smallwood-as-investors/
(2) https://www.e29copper.com/news/2026/element-29-appoints-vice-president-investor-relations-and-marketing
(3) https://www.e29copper.com/news/element-29-engages-synectiq-to-advance-resource-modelling-and-metallurgical-test-work-at-its-
elida-porphyry-cu-mo-ag-deposit-per
(4) https://www.e29copper.com/projects/elida/
(5) https://vrify.com/embed/decks/987c552a-247b-4984-8eca-30f9d5fcaf9b
(6) https://mayfairgold.ca/wp-content/uploads/2026/05/MFG-NRMay42026F.pdf
(7) https://www.hellenicshippingnews.com/copper-near-record-highs/
(8) https://www.reuters.com/world/asia-pacific/freeport-indonesia-adjusts-grasberg-production-recovery-full-resumption-delayed-2026-05-
08/
(9) https://investors.fcx.com/investors/news-releases/news-release-details/2025/Freeport-Provides-Update-on-Restart-Plans-for-
Grasberg-Minerals-District/default.aspx
(10) https://www.supplychainbrain.com/articles/44036-new-232-tariffs-on-metals-may-add-cost-and-complexity-for-importers
(11) https://mailchi.mp/arizonasonoran/arizona-sonoran-securityholders-approve-hudbay-transaction-with-over-99-of-votes-cast-
for?e=93d9283228
28

(12) https://americaneaglegold.ca/news/american-eagle-gold-launches-largest-ever-drill-program-at-nak-with-more-than-50-000-metres-
planned/
(13) https://www.herculesmetals.com/news-release/?qmodStoryID=6377325926076724
(14) https://www.b2gold.com/news-media/news-releases/news-details/2026/B2Gold-Reports-Q1-2026-Results/default.aspx
(15) https://www.lasillavacia.com/silla-nacional/ponderador-de-encuestas-a-un-mes-de-la-primera-vuelta-de-2026/
(16) https://www.ipsos.com/es-pe/escenarios-de-intencion-de-voto-segunda-vuelta-encuesta-peru-21-ipsos-abril-2026.
(17) https://www.goldroyalty.com/news/news-releases/gold-royalty-reports-record-revenue-and-cash-flow-in-the-first-quarter-2026
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
29

Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
Goldshore Res GSHR.v Nov'22 C$0.18 23-Oct-22 C$0.34 88.9% Quick profit taken
Palamina Corp PA.v Dec'22 C$0.295 21-Nov-21 C$0.08 -72.9% Clear-out of underperformer
Pure Gold PGM.h Dec'22 C$0.14 26-Sep-22 C$0.015 -89.3% tiny trade on vh risk, went Ch11
Stocks To Follow Closed Positions 2021
Closed in 2021 closed close price
Fiore Gold F.v jan'21 C$0.98 21-May-20 C$1.17 19.4% closed as part of rebalance
Norsemont Min NOM.cse feb'21 C$1.55 6-Sep-20 C$0.70 -54.8% Cut loser to reduce Au exp.
Element 29 Res ECU.v feb'21 C$0.49 7-Feb-21 C$0.54 10.2% Cut Peru exposure
Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
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
30

Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
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
31

Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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.
32