4 The IKN Weekly, issue 889 — Jun 09, 2026
The IKN Weekly
Week 889, week of June 7th 2026
Contents
This Week: In today’s edition, 888 State, Inflationary rhetoric, Own gold in the Warsh Fed era.
Fundamental Analysis: IMPACT Silver (IPT.v), Kobrea Exploration (KBX.cn), Mene Inc (MENE.v), Element
29 (ECU.v), Xali Gold (XGC.v), BP Silver Corp (BPAG.v), Orecap Inv (OCI.v), Latin Metals (LMS.v).
The Copper Basket: Overview, American Eagle (AE.v), Hercules Metals (BIG.v).
The Producer Basket: Overview, Americas Gold and Silver (USAS) (USA.to).
The TinyCaps Basket: Overview, Auriginal Mining (AUME.v)
Regional Politics: Peru: A probable President Fujimori, Brazil: Flávio vs Lula begins, Bolivia’s protests look
set to come to a head.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
This week isn’t up to the normal length or depth of a typical edition of The IKN Weekly. There’s no
main Fundies section, there’s nothing in Market Watching and there’s not that much in the way of
extra content in the other sections to make up for the lack of volume. The Friday sell-off didn’t help
much, but even before and after the fun that day I realized I didn’t have much to say that’s particularly
new. Barring a few small adjustments (e.g. IPT.v, KBX.cn) I’m comfortable with the portfolio
positioning, the view is less about scalping quick there are no new trades on the horizon and the
volatile geopolitical and
In fact, today’s main note is the intro musing on what to expect from gold for the rest of this year.
Friday’s jobs-and-market induced sell-off in metals (and therefore miners) seemed to me to be
overdone and ignores the real drivers of the gold price in 2026. Fed policy may be a big deal for some,
but these days gold marches to a louder beat from a different drum and there’s no evidence at all that
its new high price is about to be eroded. On the contrary, the demand for gold ownership remains
strong.
Regional Politics tries to wrap up what we know about the dumbest election ever, with Keiko
apparently dong just (and I mean just) enough to become Peru’s next President. That’s good for
mining companies in the country.
There are other things in this week’s edition, but not that much. If you decide to dump your
subscription I won’t argue.
888 State
A strange thing happened to last week’s edition, as when it went out there were more than a few copies that
bouncing back, not arriving at their destination as normal. At first I thought it was because I had to use an
alternative internet line, as my ISP was down for maintenance that Monday evening. However and after
trying and failing to re-send to a handful of subscribers (shout out to readers BH, ET, AP and especially DG,
who was particularly helpful and patient) I created a different copy under the PDF name “IKN 88eight”, send
it and it arrived with no problems. As many of you will know, the number 888 has special significance as a
lucky number in many Asian countries, particularly China. What you almost certainly didn’t know (and I only
found out by deduction last week) is that some mail services and auto-block mails when they have
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attachments that include the number 888 in their title line. Which makes sense on some level, as both they
and their Chinese clientele must be fed up with the quantity of spasm and scams that use it in their attempts
to snag unwilling victims. However, it would have been nice if they could warn well-meaning gweilos such as
your author.
Long story short: If you’re still missing IKN888 drop me a line, I have a copy that will get to you no problems.
Inflationary rhetoric
The typical intro section to The IKN Weekly will include a quick note on any macro events to come, as well as
a round-up of any data points that have affected our sector and this week is no exception, because what
happened on Friday hit our stock sector hard and there are more data in the pipeline this week directly
connected to the same issue. But behind all that, there’s also a trend affecting gold that’s another example of
the market’s ignorance toward the monetary metal, be it willful or otherwise. We start with last week’s big
market day and unfortunately, it was big for the wrong reasons as a macro spark caused the market to go up
in flames. We’ll lean on Reuters to report on the spark (1):
U.S. firms reported creating 172,000 additional jobs in May, more than double consensus estimates
among economists and pushing average hiring over the last three months back to levels more typical
of the decade before the COVID-19 pandemic.
In a sane world you’d expect the market to applaud job creation in The USA, what with its signal of a robust
economy, growth and so forth. However, we live in an insanity that pretends to be normality so that bullish
BLS jobs data on Friday was bad news, taken as an indicator that interest rates would have to stay high and
even increase. Back to the Reuters note:
For Warsh, about to oversee his first meeting as Fed chair on June 16-17 amid expectations that he
would be guiding the Fed towards lower rates, pressure may now be building in the other direction.
Investors after release of the employment data boosted bets the Fed will raise rates in December.
“The third consecutive consensus-beating gain in non-farm payrolls in May should further reduce
concern among the FOMC about the downside risks to the labor market, thereby making it even
harder for the Fed to try to look through elevated rates of core and headline inflation,” Stephen
Brown, chief North America economist for Capital Economics, wrote following the release of the jobs
data. “Providing the labor market does not suffer a dramatic summer jobs scare again, then it looks
increasingly likely that the (Federal Open Market Committee) will enact a couple of insurance hikes
later this year.”
The market reacted in the way it always does when told “higher rates”, by buying the US Dollar and marking
up US Treasurys, the classic flight to safety and a subject we’ll return to in a moment. As for market reaction,
Friday evening had a thousand reports to choose from, let’s pick a couple starting with this shouty headline
(2) “Wall Street's hottest trade is cracking in a trillion-dollar wipeout”. Yes indeed, the AI mega-rally finally hit
a wall. This report (3) also picks up on the same arm-waved trillion dollar number in its headline, “Chip selloff
erases over $1 trillion in stock market value” but gets more space due to one of the lines down the page:
"You've had a lot of people here that were just blindly buying the dip," said Dennis Dick, a proprietary
trader at Triple D Trading. "Blindly buying the dip had been winning you money, but that ended
today."
The shocking implication? It’s almost as if you need to study the market and understand what’s going on in
order to make money, a revelation for some (or at least a learning moment last Friday). It added up to a
mining stock sector pummeled from all sides, with the typical Dollar-Up-Gold-Down reaction, the liquidity
drain from equities, then add in the fuel price volatility from the ongoing Iran conflict and we even got a side
order of tech bros pulling money out of this-and-that position in order to pile cash into the upcoming high-
profile IPO of SpaceX. Mix that together for your simple equation of the week:
Equities down + Metals down = Miners very down
Anyway, you'll be able to see what Friday did to our focus sector down in the Stocks to Follow, Copper Basket
and Producer Basket sections below, here we'll preview the pain by mentioning gold's week-over-week drop
of 5.0% (GLD proxy), PM miners' drop of 11.9% (GDX proxy), copper producers' drop of 8.5% (COPX proxy)
so don't expect much in the way of happy reading. But before we get to the part that explains why now isn’t
the time to give up on gold or any of its metals underlings, we need to note the upcoming data moment as
this coming Wednesday it’s the US Consumer Price Index (CPI) reading for May, with current consensus (4)
for +0.5% (year-over-year +4.2%) and core CPI at +0.3% (year-over-year +2.9%, though how you can
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ignore fuel cost increases in this market is beyond me). For an extra serving of fun we also get May Producer
Price Index (PPI) on Thursday, with consensus for the headline number at an eye-catchingly high +0.7%.
The fire was lit by that hot job number spark on Friday, so Wednesday’s dataset is bound to fuel further
opinions on what the Fed under its new Chair, Kevin Warsh, is about to do to us.
Own gold in the Warsh Fed era
We now return to the way we saw gold react so negatively on Friday in the face of that blowout jobs number.
Most students of the precious metals market know the chain of logic and the Fed employment/inflation dual
mandate is at the centre of the issue. It’s the
Fed’s job to keep the US economy ticking over,
whenever it’s threatened by either slowdown or
overheating the Fed must act, in the current
situation a buoyant jobs market and an inflation
rate running uncomfortably high means the Fed
raises rates, that reels in economic activity (the
steal-the-punchbowl imagery), inflation drops and
real rates turn positive while the US Dollar gains
popularity, gold gets it in the neck. And indeed,
one of this weekend’s financial headlines was how
gold on Friday did what many considered to be
unthinkable during Q1 and went 2026 YTD
negative (chart right). And as I sat at my desk this
last week, watching the numbers go down on
Friday and struggling for a decent junior miner theme for this edition, my thoughts kept returning to this
bigger picture subject and while I know it’s not the subject matter for The IKN Weekly, getting the gold price
right is a vital element of getting junior mining trades right. As Friday’s downturn came at a moment when
I’m just-about-but-not-quite fully bought in again after recycling the cash from previous winners, the
downturn came at a mindful moment as well. Questions included…
Am I the fool who just deployed his cash at the top of the junior mining market?
Is gold going to continue lower for the rest of 2026 and turn a winning year into a loser?
Why do people assume gold will drop if the Fed doesn’t cut rates?
Why does the market think Warsh will raise rates? Does he have to? What are his alternatives?
…those and more. Regarding the gold price, the knee-jerk reaction of market was on show for all to see last
Friday: “Wow, blowout jobs! Wow, inflation is the
#1 target now! Wow, Fed gonna raise! Wow,
gold’s going to get hammered! Wow, sell gold
now before the others beat us to the door” and
down it went. Now for sure the classic chain of
logic is based on fact, as for many years the whole
gold = anti-dollar trade was near-biblical in its
gravity. The years before the GFC of 2008, then
once things had settled after its massive
disruption and QE ruled the world. This chart
shows the long and sometimes painful decade
when King Dollar ruled and gold played its
subjugated role to perfection, earning its “pet
rock” nickname and getting laughed at by the
serious money people.
However, there’s ample evidence these days to suggest that…
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…. it’s just not true any more. This chart above has two obvious stages, with the most dramatic being the
recent period during which gold proved, without a shadow of a doubt, that its days as anti-dollar are over.
Back in July 2024 when this USD index chart (right)
started gold traded at under U$2,000/oz, the dollar then
dropped, then ran hard, then dropped again and for the
least year (red box) has traded in an abnormally tight
range, even for the USD, almost incredibly tight
considering the number of economic shocks to the
downside (e.g. Iran) and upside (e.g. the rise of the AI
sector) we’ve seen in the last 12 months. The USD doesn’t
seem to care, but neither its switch back in 2024 nor its
flat line in 2025 affected the impressive run seen by gold.
Equally, we can contend that the Fed’s direct influence
isn’t as strong as people make it out to be. The classic
trope of Fed moves-dollar moves-gold moves doesn’t work
when the Fed’s rate decisions don’t affect its currency. This comparative chart of Fed funds vs the USD (DXY
index) shows its effects were noticeable during the Covid crisis and ensuing “temporary” inflation burst that
eventually needed a fire hose, but once the drastic measures were done the Fed’s moves had far less effect
on even the dollar (and nothing at all on gold, check that chart above again). Why, then, should the threat of
the Fed adding a quarter point in 2026 instead of cutting one suddenly bring gold’s run to a halt?
There’s another red box scribbled into that above chart as well, because people often forget that the Fed had
cur rates in 2019 in order to stimulate the economy, a move that came just before it all went to hell in a hand
basket due to Covid. Did we see a move in gold then? No, we didn’t and not much of one in the dollar, either.
All this begs the question as to what really is the reason for gold’s mighty run over the last couple of years:
It wasn’t Covid, gold was still playing its dutiful anti-dollar role in 2021 and 2022
It isn’t the US Dollar, as gold has show higher even as the USD flatlines
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It’s not the Federal Reserve tinkering with domestic monetary policy either
Instead it looks like this is the big factor:
Eight years of central bank gold demand
5
8.251
5.042
1.871 2.641
8.722
5.311 9.711
8.041
7.36
6.01-
16
6.511
6.902
6.09
3.43
4.28
6.851
9.654
1.283
4.092
3.671
3.763
8.612
3.313
5.112
102
6.663
732
3.971
3.622 6.702 7.342
500
450
400
350
300
250
200
150
100
50
0
-50 81q2 81q3 81q4 91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
mt Au
source: WGC
Good, old-fashioned demand. And what’s more this quarterly chart of world Central Bank demand for gold
makes it visually obvious when the attitude towards gold changed. Suddenly in mid-2022 gold became the
new thing for Central Banks to own and that wasn’t Covid, it wasn’t Jay Powell’s decision to slash rates either.
As alluded to in one of the charts above, when Russia invaded Ukraine we all remember how sanctions and
limited access to USD flows were going to punish Putin, bring
Central bank gold demand in the four years to
his country to its knees, starve the military of fuel and supplies
mt Au
and after the Russian invasion of Ukraine
and stop the nasty Russky war machine in its tracks. How’s 5000
that working out? War over yet? 4000
3000
The final chart in today’s intro is a simple one, taking the data
from the above gold Central Bank demand and splitting it into 2000 4234.7
a before/after Ukraine invasion. Demand for gold among the 1000 1964.2
world’s Central Banks has more than doubled so yet, no
0
matter what the Austrians may tell you it’s good old fashioned 4yrs to Ukraine invasion 4yrs after Ukraine invasion
supply and demand that’s moved gold to where it is today. source: WGC
Is that demand about to slacken? There’s no evidence of that at all, indeed even the much-reported Turkish
sale of around 80 metric tonnes recently was absorbed without much of a fuss by the world market. Yes, gold
is off its highs there’s probably a combo of factors for that, including some cooling off from the record
demand pace of 2025, as well as the need to use Central Bank reserves to pay the extra required for oil and
petroleum (reserves are called reserves for a good reason, it’s not just dollars that will ebb and flow out of CB
vaults now that gold is more popular). But the US debt is still there, its interest bearing Treasurys haven’t
stopped CBs from buying bullion, the Russia split from the USD hegemony has gone on long enough to create
its own momentum. The Fed and its decisions still have a very-near-term effect on gold, we know that
because we saw it on Friday, but these days it’s not the major driver of the gold price, that’s CBs coming in
on top of gold’s established demand market from jewelers and investors.
The final piece in my weekend musings is to consider what we can expect from new Fed Head Kevin Warsh,
that’s an intriguing subject. There are of course plenty of people expecting him to toe the orthodox line, take
his cue from a Jerome Powell who decided to hang around the Fed building and protect his friends from
MAGA inflection, see Warsh apply standard lines toward a economy under inflationary pressure etc, but I
cannot help but think they’re going to be surprised when the Fed reports back on June 17th and Warsh lays
out his tenure at his first press conference. We know a few things about him, for example that he got the job
by passing his Trump interview and that means saying the right things to POTUS. He’s also smart and highly
qualified for the job and doesn’t need to defer to smarter economics brains when committee sits. There’s a
whole “yeah but it’s a committee!” argument that tells us the FOMC decisions are consensus and to an extent
that must be true, but this isn’t communism and there’s a reason one guy is picked as Chair and has to pass
a Senate committee grilling before he gets confirmed, he’s very much the first among equals and get to set
his preferred policy tone. Regarding that, this desk has previously insisted that come what may we’re going
to get our rate cuts soon enough, no matter if it puts a few hawkish noses out of joint. Warsh is on record as
wanting to take that line, but it’s also true that trying to impose that policy directly will be a difficult sell in an
FOMC. However, he doesn’t have to be frontal about it, as even more than rate cuts, Warsh is an outspoken
proponent of reducing the Fed balance sheet and that’s shows a easier path forward, one that fellow FOMC
committee member will have a harder time in opposing. They all agree that post GFC/post Covid the Fed
balance sheet is too large, so there’s no way you can justify raising rates if that’s your goal. That’s all the
reason you need to refrain from raising rates. As for inflation, another open secret is POTUS47’s preference
to “run it hot” and inflate away the worst of the current US sovereign debt position. Joe Public may suffer,
but Trump can frame this as beneficial to the country (and probably find a way of blaming Biden as well) and
Warsh is the man to enable his plan.
And all that, going around the houses, taking in geopolitics and making sweeping statements about US macro
and world gold demand, is a very long way of saying that Friday’s sell-off in gold is nothing for us to worry
about. Ours is a volatile sector, the issue is whether a trend has broken or the course of the tide changed and
there’s nothing to suggest it has. We did have a liquidity moment and at times like those, we’re going to see
the gold market dumped upon by entities large and small, but it’s not the same world as before Russia got
busy of Kyiv, gold demand is far stronger than in its anti-dollar years and that’s not going away.
Fundamental Analysis of Mining Stocks
Deferred.
Life isn’t all numbers
Stocks to Follow
When there’s a bad week to report, this notes section will often start with something along the lines of “Hey,
it wasn’t all bad you know!” and in this week’s case it’s true, as somehow we managed to have five week-
over-week winners interspersed among the casualties of metals and stock market sell-offs (ECU.v, SRL.v,
KBX.cn, BPAG.v, MENE.v) including one massive winner in Kobrea (KBX.cn up 50.0%) and other decent move
from Salazar (SRL.v up 10.9%). But the real story was portfolio pain, with 12 loser and a list of those
dropping by double figure percentages. The role call of shame is IMPACT Silver (IPT.v down 16.7%), Xali
Gold (XGC.v down 16.1%), Rio2 Ltd (RIO.to down 16.0%), Tiernan gold (TNGD.v down 13.8%), Gold Royalty
(GROY down 12.9%), Wesdome Gold (WDO.to down 12.2%), RPX Gold (RPX.v down 10.8% and Marimaca
(MARI.to down 10.3%). That’s quite a list and it’s why I’ve been thinking about metals more than stocks this
weekend.
There are open positions on our list, one under our self-imposed limit. Nine of those are in the green, ten are
in the red (seven trades, three watch list).
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$2.68 235.0% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.15 299.4% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$7.20 -12.8% new Chile gold jr, adding
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.06 111.4% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.83 102.1% 2nd tgt U$5 hit, hold for buyout
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.40 6.9% Copper exploreco in Peru
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.64 -22.0% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$24.55 9.5% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.84 -12.5% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.36 24-May-26 C$0.30 -16.7% Silver producer
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.235 -16.1% New gold risk trade, Peru
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.255 218.8% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.23 21.1% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v STR BUY C$0.08 4-May-24 C$0.125 56.3% top fundy value, illiquid
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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$0.165 -2.9% gold dev Canada
Kobrea Expl KBX.cn BUYING C$0.325 3-May-26 C$0.30 -7.7% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.93 -4.1% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.19 -57.8% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
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:
IMPACT Silver (IPT.v): ADDED MORE BUT IT DOESN’T SHOW YET. A slightly weird situation, so I
offer you a full explanation in bullet point form:
I stated last week that I would buy more IPT if the price dropped substantially
It did exactly that on Friday, closing at 30c. However, I was out of the house most of the day and
unable to trade (unless a complete emergency, which it was not)
These days The IKN Weekly goes out Monday evenings
I got the price I wanted for an addition on Monday
In other words, I have indeed added IPT at this discounted window but as the table above is correct as at the
weekend, it doesn’t show yet. All things remaining equal my cost average will drop to 33c as from the next
edition.
Kobrea Exploration (KBX.cn): DID NOT BUY, WILL TRY AGAIN. This turned out to be crazy. After the
price dump on dusters drill assays the week before, KBX dumped and traded under 20c before the weekend
and that’s when I decided to change this Watch List trade into a small speculative position. So as seen last
week in IKN888 I stated my intention to pick up a few shares, saw the stock at 22c that evening and decided
to wait until a price at the 20c line showed up. Instead we got this:
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KBX rocketed back up and over the 30c line, peaked at 34c, completely erasing all the losses taken the week
before closing at 30c. There’s zero value at that price and my plans to buy a few didn’t materialize, so the
only option is to remain on the outside looking for a reasonable entry price. After the news and selling of two
weeks ago, 30c is not reasonable. It’s the way of the market sometimes, these stocks are small and can get
pushed around by relatively modest amounts of money, but that’s a double-edged sword and the same type
of volatility could bring it back down as quickly. We’ll see.
UPDATE Monday: Nothing doing so far, the best price today was 29c.
Mene Inc (MENE.v): I didn’t expect much feedback from last week’s Market Watching note “Mene Inc
(MENE.v) 1q26 financials” but to my surprise there was a
smattering of correspondence, most notably including a
multi-mail back and forth with a fellow long-term holder
who was smarter about buying than me and is just a
penny or two from breakeven (and who prefers
anonymity, not even initials, but thank you all the same
sir). That exchange reminded me about this, something
that should have made last week’s note:
It took about a year for current CEO Vincent Gladu to stop
the bleeding and MENE didn’t hit its very lowest price until
mid-2024, but since then the progress has not just been
noticeable in its balance sheet. MENE shares don’t run on
massive volume and are nobody’s idea of a daytrading
vehicle, but they do trade on a daily basis and have basically doubled, from approx 10c to approx 20c, in a
clearly defined trend over the last 18 months. There are far worse charts out there than this one.
Element 29 (ECU.v): Zigging when the others zag. IKN888 had comments on its low volume drop that ran
against the current, this week we get to report 2c week-over-week gain while all around ECU its peers fell. So
over the last two weeks it’s probably a wash, but it was good to see the support come in the face of sector-
wide selling. Waiting on drill results and happy that Keiko seems to have got the nod in Peru.
Xali Gold (XGC.v): One of the silver linings to last Friday, we’ve waited patiently for the somewhat artificial
floor price in XGC to break and it did just that, closing at 23.5c and the lowest price since it first came up on
our radar and we wrote up the stock. That was IKN875 dated March 1st this year and the Fundamental
Analysis note “Buying Xali Gold (XGC.v)” and that feels like a long time ago these days. On that day it was a
20.5c stock, that price didn’t exist the next morning, I felt somewhat obliged to take a small toehold position
at 28c and vowed to buy a better sized chunk once the price had calmed down, it’s taken until now to
happen [EDIT Monday: back to 27c again today…grrrr].
Aside the waterfall drop market on Friday, the reason for the weakness was this NR dated June 4th (8) “Xali
Gold Completes Initial Underground and Surface Sampling Program on the Pico Machay Gold Project in Peru”,
another in its series of NRs that tries its very best to show the company is active and willing and moving
forward on its plans without being even close to getting a drill turning on site. To be fair, XGC is indeed active
and moving forward, but keeping retail engaged isn’t so easy when you’re a new exploreco behest to a
government with notoriously slow permitting and no other obvious catalyst to offer
BP Silver Corp (BPAG.v): Even with the mess in Bolivia, this stock refused to drop in the way so many
others did last week and that’s a shame, the idea is to find a discounted entry point as some-or-other early
punter gets bored or fearful. In fact the 93c close was as false as a seven dollar bill and tape painting doesn’t
get any more blatant than this [EDIT Monday: zero surprise to see BPAG give it all back and finish at 85c
today] but even the mid-80s prices aren’t that tempting at the moment, what with all the troubles and bad
press coming out of Bolivia. It doesn’t take much for a low liquidity exploreco to dump to distressed levels,
BPAG doesn’t have any market-moving catalysts lined up for the near future, so rather than dive in
immediately I’m going to wait and see how things play out.
8
Orecap Inv (OCI.v): The liquid-ish assets total comes to 18.7c/share this weekend, which is down from the
last month or so but still provides plenty of arbitrage to the market price for OCI, which dropped a penny on
the week.
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.11 11.90 4.8
ARIC.v 10.631 0.75 7.97 3.2
XXIX.v 23.637 0.13 3.07 1.2
AUME.v 42.75 0.06 2.57 1.0
MERG.v 1.025 0.86 0.88 0.4
MERG warrant 0.5125 0.41 0.21 0.1
ZIGY.cse 4.942 1.07 5.29 2.1
KLDC.v 40.040 0.36 14.41 5.8
subtotal 46.30 18.6
Est.cash 0.25 0.1
Total 46.55 18.7c
At 248.332 S/O
Latin Metals (LMS.v): It may be coincidence, but two people pinged me last week to tell me that Rick Rule
has been talking the company up recently, which may explain why LMS held last week while many around it
sank. Rule’s Boca Raton conference is coming up soon (July), which is worth keeping in mind for momentum
as well as a potential timing for news releases
The Copper Basket
After twenty-two weeks of 2026, The Copper Basket shows a gain of 32.65% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 292.271 1592.88 5.45 99.6%
2 Aldebaran Res. ALDE.v 3.67 185.358 526.42 2.84 -22.6%
3 Los Andes Copper LA.v 9.20 30.392 392.06 12.90 40.2%
4 Hot Chili HCH.v 1.33 202.218 368.04 1.82 36.8%
5 Pecoy Copper PCU.v 1.32 209.489 356.13 1.70 28.8%
6 Andina Copper ANDC.v 0.56 273.361 341.70 1.25 123.2%
7 Surge Copper SURG.v 0.475 385.7 296.99 0.77 62.1%
8 Element 29 Res ECU.v 1.20 187.989 263.18 1.40 16.7%
9 American Eagle AE.v 0.56 204.923 227.46 1.11 98.2%
10 Hercules Metals BIG.v 0.74 342.898 216.03 0.63 -14.9%
11 Copper Giant CGNT.v 0.49 210.239 145.06 0.69 40.8%
12 Fitzroy Min FTZ.v 0.48 327.178 137.41 0.42 -12.5%
13 Metal Energy MERG.v 0.64 45.2 38.87 0.86 34.4%
14 Algo Grande Copper ALGR.v 0.53 42.34 28.79 0.68 28.3%
15 Kobrea Exp KBX.cse 0.51 53.272 15.98 0.30 -41.2%
NB: All stocks in CAD$ Portfolio avg 32.65%
It took a whack to the copper price to bring the five-week rally in copper juniors to an end and even then,
the hits weren’t anywhere as bad as the pain suffered by
the precious metals miners last week (see Producer The Copper Basket 2026, weekly evolution
45%
Basket below for more). For sure it was a negative
40%
week, with just three winners (ECU.v, KBX.cn, ALGR.v) 35%
from the 15 basket component stocks and none 30%
25%
unchanged, but the hits taken by the majority of the
20%
losers weren’t particularly bad and there were only two 15%
companies with double figure percentage losses, 10%
5%
Hercules (BIG.v down 14.9%) and Faraday (FDY.to
0%
down 11.2%), with Aldebaran (ALDE.v down 9.6%) the
only other to get close to that mark. Meanwhile to the
9
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7
source: IKN calcs
upside, Kobrea’s (KBX.cn up 50.0%) made a weird and not-so-wonderful move that really annoyed me (see
Stocks to Follow, above).
One of the reasons copper stocks did better
than PM stocks last week was the price action
before the hammer came down late week, as
copper prices got close to their all-time highs
again, our preferred near-dated futures chart
showing the top overnight Wednesday at a spit
and a lick under U$6.70/lb. That’s a lot of
money for a pound of copper, so when the sell-
off hit and then accelerated, the closing
U$6.28/lb may have been a sharp sell-down in
percentage terms…but it’s still six dollars and
twenty-eight cents and that’s a price.
Copper comment this week comes from this
note, published by commodities analysis group Kpler (5) on June 4th and entitled “Sulphur & sulphuric acid in
2026: The feedstock crisis cascading through copper, nickel & fertilizers”. It features plenty of visual aids
such as the chart (below) showing sulphur cargo passage through Hormuz, considers the effect of the China
export ban set to run until August and comes to its conclusions, including this excerpt:
Why Supply Cannot Simply Respond to Price
Sulphur is a byproduct, not a primary commodity. No producer increases output because sulphur
prices have risen. Recovery rates are a function of the sulphur content of hydrocarbons being
processed and refinery throughput as both are driven by energy demand, not sulphur market signals.
The extraordinary CFR bids now visible in the market are price-signalling into a structural void. The
only resolution is a Strait reopening and gradual inventory drawdown, but even then, the contracted
nature of MEG supply means spot market relief will be partial.
Key structural constraint
Sulphur production cannot be ramped up in response to price. The market is experiencing a supply
shock with no short-term supply response mechanism - a rare and particularly dislocating dynamic for
downstream industries with no alternative
feedstock.
A highly recommended read for those interested
in this subject. One of the key takeaways,
alongside the clear near-term supply shortage
that’s either about to choke or has started
choking Chilean oxide copper production (a
minor, though significant percentage of overall
country production) is the number of times the
report uses “near-term” or similar, which is
worth bearing in mind. Yes this is an issue, but
anyone using the current 3X spot prices for
H2SO4 as a reason to sell copper stocks is
putting the cart before the horse. This
commodity supply shortage will not last forever
because they never last forever, it’s the very
nature of commodities to fill a supply gap and
over-compensate further down the line.
Now for our regular weekly world copper inventories update, data from Codelco:
The non-signal from stocks continues into another week, with the total of the three official
futures systems’ warehouses coming to 1,131,793 metric tonnes (mt) this weekend, down 11k.
A small drop in SHFE copper stocks, down 6,902mt on the week and closing at 169,512mt.
10
The LME continues to gently drop away from the 400kmt line, this week saw 6,825mt leave and
the total at 379,225mt.
Another small add at the Comex, another official all-time record but not by much. Trump Tariff is
on our mind, but you can hardly call this a rush to store in The USA. Up 2,293mt on the week,
the running total 583,056mt
Our dedicated SHFE chart shows the New Normal continues to reign. We’d expect a gentle drop in stocks at
this time of year and a total that moves gradually toward the 150kmt line, that’s what we’ve got.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
11
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for a few notes on Basket component stocks:
American Eagle (AE.v): Down just a penny on the week, AE benefited from this news on Friday (6):
Toronto, Ontario – June 5, 2026 – American Eagle Gold Corp. (AE: TSXV) (AMEGF: OTCQB) (“American Eagle”
or the “Company”) announces the termination of its take-over bid (the "Offer") for Pacific Booker Minerals Inc.
(BKM: TSXV) (“Pacific Booker”) effective immediately in accordance with the terms and conditions of the Offer and
accompanying take-over bid circular of American Eagle dated April 14, 2026. Accordingly, no Pacific Booker
shares will be taken up under the Offer and the Pacific Booker shares that have been deposited under the Offer
will be promptly returned to Pacific Booker shareholders.
This is simple enough; AE made a reasonable, though opportunistic offer for a neighbour to NAK that was
knocked back by BKM, the target company run by a team that prefers to keep itself in charge than entertain
the thought of making a decision to benefit its shareholders. There’s zero surprise here, the TSXV is not the
place for predators and any fusion or merger is almost always friendly by obligation, boards can entrench and
ignore hostile bids until they fade and die. In this specific case, BKM hired a small third party advisory firm to
publish what they wanted to hear from an
“independent” body (Infor, who wouldn’t have
been paid if they came to the wrong conclusion)
and that was that. On the other hand, AE.v has
done the right thing by walking away without
trying to sweeten the bid. There’s only one real
and obvious buyer for BKM and its project so,
without an unlikely white knight coming in to pay a
higher price and then re-selling it to AE at a later
date, the company is destined to stagnate. Further
down the line AE could make another effort, but it
will have to be via negotiation as last week proved.
Though down 2.6% on Friday, that NR saved AE
from a worse fate as seen in this comparative chart
to COPX. It certainly did better than Pacific Booker,
down 11.6% the same day.
Hercules Metals (BIG.v): Up 13.9% on that partial hole release and ensuing hype two weeks ago (see
IKN888), BIG.v gave up every single penny of that gain last week and singed a few fingers of promo chasers.
BIG took the decision to prime the market about its Hole 26 by making its Hole 25 a feature of its most
recent NR, we’ll only know if that was a blatant pump or deserved marketing when #26 comes back from the
labs…but it was going to come back from the market eventually anyway, so the plan to drum up interest has
already fallen flat on its face.
The Producer Basket
After twenty-two weeks of 2026, the Producer Basket shows a loss of 8.88% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 107.68 99.71 -0.1%
2 Agnico Eagle AEM 169.53 500.989 81.99 163.66 -3.5%
3 Barrick B 43.55 1705.994 67.32 39.46 -9.4%
4 Wheaton PM WPM 117.52 454.037 52.77 116.23 -1.1%
5 Alamos Gold AGI 38.58 419.947 14.92 35.52 -7.9%
6 Lundin Gold LUG.to 114.02 241.833 13.58 78.01 -31.6%
7 IAMGOLD IAG 16.49 588.8 9.08 15.42 -6.5%
8 Eldorado Gold EGO 35.92 198.571 5.88 29.59 -17.6%
9 B2Gold Corp BTG 4.51 1343.243 5.61 4.18 -7.3%
10 Americas G & S USAS 5.11 318.26 1.57 4.92 -3.7%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -8.88%
In other sections of The IKN Weekly there was at least some mitigation and a few silver linings on show, but
here among the established PM producers last week was total carnage. All ten of our basket stocks dropped
and the “best” (firmly between double quotes) was a 7.3% lost by Barrick Mining (B) and the only other stock
that lost less than 10% was Newmont (NEM down 9.2%). All the others dropped by at least 10%, most lost
between 12% and 13% and the worst performance came from the most volatile of the lot, Americas Gold
and Silver (USAS), down an eye-watering 20.1%. With that, we have another 888 reading with which to
impress any Chinese subscribers, but as this one is the lowest basket average reading for the year it’s not my
idea of lucky.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
12
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7
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 ht71 ht42 ts13 ht7
source: IKN calcs
Americas Gold and Silver (USAS): It had already traded soft on Wednesday and Thursday before it fell
off a cliff on Friday, bringing back the thoughts jotted down about this stock two weeks ago on the news that
USAS had closed that debt-for-shares deal with main sponsor Eric Sprott that cleaned up its balance sheet
further. Vagaries of the market aside, I stand by the call made in IKN887 and here’s the bit that matters:
“…a win-win as far as I’m concerned, Eric Sprott extends his exposure to USAS at a fair market
price, while the company gets to lighten its liabilities burden and strengthen its balance sheet. As at
end 1q26 (March 31st) the facility accounted for U$16.235m of the USAS current liabilities total of
U$97.522m, and U$25.205m of the long-term liabilities total of U$102.406. Or in global terms,
USAS just wiped off around 20% of its liabilities. That’s good, as is the effect on quarterly sales
going forward as the Sprott Inc facility saw 55,500 oz silver delivered by USAS per quarter until the
end of 2028. If we ballpark U$70/oz, that’s U$3.9m per quarter that USAS gets to add to its top
line revenues. In other words:
2.5% share dilution
5.7% added to top line revenues
All that and the improved balance sheet, too.”
The whole point of deleveraging one’s balance sheet is to invest with a longer-term view and prepare your
company for the shocks that a market throws at it, especially true in a sector that depends on the price of an
expensive commodity for equity valuation. USAS is on the right path to improve the company, but it gets
whacked by the market harder than most for doing so. So go figure on that one, meanwhile I’m not a
massive fan of USAS but putting it on the Producer Basket this year as my volatile option has caused me to
appreciate the way in which it’s being run by Paul Huet (who gets good and bad press from peers). We know
he’s one of Eric Sprott’s go-to guys and the deal struck with Uncle Eric two weeks ago is clearly part of a
broader strategy, so I’ll be paying extra attention when it reports its Q2. That’s for another day though, this
weekend I can state without doubt that USAS didn’t deserve the whacking it got on Friday.
The TinyCaps List
After twenty-two weeks of 2026, the TinyCaps show a loss of 11.08% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 15.87 0.06 -14.3%
Canex Metals CANX.v 0.215 208.63 50.07 0.24 11.6%
Sranan Gold SRAN.cn 0.30 60.42 7.85 0.13 -56.7%
Enduro Metals ENDR.v 0.155 114.06 17.68 0.155 0.0%
Latin Metals LMS.v 0.21 138 31.74 0.23 9.5%
Precore Gold PRCG.cn 0.26 32.093 7.70 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 14.46 0.125 -10.7%
Silver Wolf SWLF.v 0.135 62.18 7.46 0.12 -11.1%
Trifecta Gold TG.v 0.195 47.7 9.06 0.19 -2.6%
Viva Gold VAU.v 0.19 182 24.57 0.135 -28.9%
Prices in CAD$, data from TSXV basket avg -11.08%
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.
13
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.
There was no escape from the chaos and blood here
TinyCaps, 2026 weekly tracker
either, as the TinyCaps List average dumped by over 7% 20%
and hit a new 2026 low. There were two winners 15%
(SRAN.cn, PRCG.cn) among the ten and one unchanged 10%
stock (LMS.v) as well, but the seven losers (AUME.v, 5%
CANX.v, ENDR.v, RDU.v, SWLF.v, TG.v, VAU.v) were the 0%
story and the list includes larger drops in Auriginal -5%
-10%
(AUME.v down 14.3%), Trifecta (TG.v down 13.6%) and
-15%
Silver Wolf (SWLF.v down 11.1%).
Auriginal Mining (AUME.v): We’ve followed this one
closely due to its inclusion in the 2026 TinyCaps list, as a
component of the OreCap (OCI.v) share portfolio and also because it has a live chance of becoming a
discovery play, so all eyes were on its first drill assay returns from its main Roger project in this Tuesday NR
(7) entitled “Auriginal Confirms Two-Mineralization Style Potential at Roger: Drilling Hits Predicted VMS
Sulphides and Expands the Porphyry Cu-Au System”. AUME reported five holes, two made the highlight reel:
AUR-26-01 hit several zones of mineralization on its way down to 520m, with the best being 1.5m at
7.24 g/t gold
AUR-26-01 hit similar rock, with four cuts of reportable mineralization including 1.5m at 5.08 g/t gold
and 1.5m of 4.78 g/t gold.
Not wonderful. In fact, in this day and age you hardly need to open the NR to know the results will be
underwhelming if splashy grades and/or widths don’t
show in the headline. In a nutshall, AUME found the
type of gold bearing rock they expected from the
geological interpretation and grades were good enough
in certain zones, but those widths to not make an
underground mine. It's still early days at Roger, but
they’ll need to find something better than that in a
different location of the target area to impress the
market. As for the market, it reacted as expected,
shrugging its shoulders and selling down the stock, but
volumes didn’t remain high for long and the sell-off only
took AUME back from whence it came a couple of
months ago, before the build-up to last week’s release
saw it float higher on low volumes.
NB: Please be clear that The TinyCaps list is NOT a list of recommended tinycap stocks. It is a list of companies with market caps of
under $25m offering a reasonable representation of the wider tinycaps market. It’s possible in the future I may buy shares in one or
several of these stocks, at the moment both my opinion and wallet are strictly neutral.
Regional politics
Peru: A probable President Fujimori
The second round run-off vote in Peru went ahead and unlike Round One, the process went off in reasonably
calm and undramatic style with polling stations opened on time and citizens able to cast their obligatory vote
(there’s a fine if you don’t). As these words are written, Monday afternoon, the fast-count is 95% complete
and the majority of “actas” (voting desk tallies) left to count come from the overseas voting stations (2,543 of
them dotted around the world, with 749 of those in The USA) and for details on all that, here’s the Peru
Electoral body (ONPE) website (8). Long story short, here’s what we can say this Monday evening:
There’s no result yet and even the “fast count” result in Peru typically takes days to get the last 5% or
so of votes tallied.
14
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7
source: IKN calcs, TSX data
Also, it’s a near-certainty that due to the narrow margin the loser will not concede until the votes are
fully counted and any disputed voting slips resolved (think Bush Jr vs Gore in Florida in those innocent
days before 911). That will take weeks.
Right now [Edited late Monday evening] Roberto Sánchez holds the narrowest of leads, of 50.1%
versus 49.9% with 95.2% of ‘actas’ tabulated, or if you prefer it’s just over 40,000 votes after 17.7m
votes counted. A razor-thin lead by any standard.
Keiko Fujimori is widely expected to win “the foreign vote” by a wide margin. In the 2021 election
versus Pedro Castillo, she won the foreign vote by nearly 108,000 votes.
It’s highly unlikely that Sánchez will have enough of a lead to defend against the foreign vote when its
results start coming in wholesale.
What’s more, there are about 1,500 ‘actas’ that have been challenged by party observers and most of
those come from the Lima region, where Keiko enjoys a voting advantage. It’s fair to assume most of
those challenges came from the Roberto Sánchez team, most will be resolved without major changes,
most will add more votes to the Keiko total.
It’s not impossible that she loses, for example right now on Polymarket the contract is Keiko Fujimori
91%, but all statistical models point in the same way, to a narrow Keiko victory once all is said and
done.
Therefore, she lost to Ollanta Humala in 2011 (51.5%/48.5%), she lost to Pedro Pablo Kuczynski in 2016
(50.12%/49.88%) and lost to Pedro Castillo in 2021 (50.13%/49.87%) but at the fourth time of asking, Keiko
Fujimori seems to have won her election run-off. With the likely delays and legal challenges in the days and
weeks to come, she’s not going to have much time between being declared President-Elect and getting sworn
in at the end of July.
This news hasn’t filtered into capital markets that much, because at least these days the financial world has
worked out that the government of Peru is less powerful than its Central Bank and head, Julio Velarde, when
it comes to monetary decision-making. The Peruvian Sol is structurally solid and based on the positive foreign
trade balance, the debt paper unlikely to be affected even if Sánchez manages to eke out an unlikely win.
The improved political risk perception will benefit Peru-exposed equities and those very much include mining
companies large and small, at least in the near-term. A Sánchez win would have been an issue for high-
visibility projects like Tia Maria, but anyone expecting a new Utopia of improved permitting in Peru under a
Keiko government will need to think again, the Fujimoristas are very pro-public sector and will pack ministries
and bureaux with their people, all of whom will look to justify their jobs. The red tape and stodgy
bureaucracy isn’t going away anytime soon (though you’ll hear of their grand plans to do just that) and over
the medium-term I’d also expect cases of graft to start reappearing (the unmarked envelope of cash
facilitating “things”).
Brazil: Flavio vs Lula begins
With the comedy of errors Peru election now behind us (barring any Porky lawsuit prospering, still might
happen) and the Colombia election run-off just two weeks away, thoughts in South America will now turn to
The Big One. That’s Brazil this October, with the election proper on October 4th and if no candidate gets 50%
+1 vote, the run-off between the top two on October 25th.
With Peru apparently resolving to Keiko on the right wing, then very-righty Abelardo de la Espriella looking
set fair in Colombia, we can expect the polling advantage currently enjoyed by incumbent President Lula da
Silva over his only serious rival, Flávio Bolsonaro, to close between now and election day. As Brazil is Brazil,
there are dozens of pollsters ready and willing to give
you an opinion with many of those somewhat sketchy
in nature, so it’s a good plan to focus on the biggest
and most established polling companies. That’s what
you get in this graphic from this link (9), the dedicated
Brazil poll-tracker page at AS/COA
These three big-name pollsters, Quaest, AtlasIntel and
DataFilha, have all put Lula in a lead in the last month,
with the gap either moderate (+6) or big (+12.7%)
depending on which poll you believe moist. By the
15
way, after trawling through a host of Portuguese language sites for polling info, it turns out that AS/COA is
about the best digest of the race available and all in the English language, too. I strongly recommend the site
for fellow LatAm political junkies and it’s almost certain to feature in this segment as the Northern summer
turns into autumn. On the one hand, we have South America clearly tilting right once again and there’s also
The Trump factor to consider, as POTUS47 has a list of reasons to get actively involved with this election
Brazil is the B in BRIC
Flávio and his party are politically aligned with his worldview and he’s never been backward
in coming forward about supporting political allies
The Bolsonaro family are personal friends of the Trump family
On the other, we have the historic precedent of Brazilian incumbents being very difficult to beat when they
run for re-election and a sitting President who is an all-time outlier in Brazilian and even Latin American
politics as someone who has kept his popularity ratings intact over the years, whether in or out of office (or
jail, for that matter). Lula vs Flávio will be one for the ages.
Bolivia’s protests look set to come to a head
This weekend, the law project that would allow President Rodrigo Paz to use the country’s military in an
active role against the roadblocks that have paralyzed the country passed its key second reading in the
Bolivia Congress lower house and is expected to be signed into law almost immediately by the President. The
law modification not only allows the military to use force against the roadblocks (until now they could only
support the police force), but it also allows the “presumption of legality” (i.e. unless proven otherwise their
actions will be considered legal). The law was last changed in 2020 by the MAS government to curtail military
powers was all about stopping the classic scenes of government repression against protesting citizens, those
safeguards have now been rolled back and outside observers with an understanding of how these things play
out don’t need a crystal ball to see what happens next. Until now, President Rodrigo Paz has been against
declaring a State of Emergency but this law passage looks set to mark a before/after moment in the protest,
now into its second month. What matters now isn’t the scenes of repression and people getting hit with
batons, it’s what happens after the clashes take place. There’s way too much political and social uncertainty
in Bolivia right now and even if the quasi-siege is lifted we’re not going back to anything approaching calm or
a safe place to invest money, not for the time being anyway.
Market Watching
Deferred.
Conclusion
IKN889 is done, we close with bullet points:
A thin edition, no two ways about it, if I were paying for this I’d complain or unsubscribe if the service
continues this poorly. Though I wasn’t particularly worried about the Friday sell-off and after due
consideration, there’s plenty of reason to keep climbing the wall of worry constructed by others. The
thoughts aired in today’s intro were also backed up by the neutral trading day we saw today Monday,
very little sign of the world coming to an end.
Also after due consideration, I’m happy with the way the portfolio is set up at the moment.
I’m certainly not a fan of the woman and her eventual government will be riddled with corrupt
lieutenants and underlings, but overall, the **highly likely** Keiko victory in Peru is a good thing for
the country and for the region. Peru has been run a right-wing government ever since Dina Boluarte
took over from Pedro Castillo, but this **highly likely** result formalizes that political stance. It adds to
the likely right turn in Colombia and suddenly, after the high water marks set by Petro and Boric, the
Spanish speaking democratic continent is aligned. Mind you, I needed to add “Spanish speaking” to
16
exclude Brazil and “democratic” to exclude Venezuela, then there’s the question of Mexico if you make
the catchment area Latin America, but you probably see what I mean.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://whtc.com/2026/06/05/us-jobs-report-tilts-hawkish-as-warsh-takes-over-at-fed/
(2) https://finance.yahoo.com/markets/article/wall-streets-hottest-trade-is-cracking-in-a-trillion-dollar-wipeout-184540683.html
(3) https://semiwiki.com/forum/threads/chip-selloff-erases-over-1-trillion-in-stock-market-value.25249/
(4) https://economicweekly.substack.com/p/economic-weekly-june-5-2026
(5) https://www.kpler.com/blog/sulphur-sulphuric-acid-in-2026-the-feedstock-crisis-cascading-through-copper-nickel-fertilisers
(6) https://americaneaglegold.ca/news/american-eagle-gold-terminates-take-over-bid-for-pacific-booker-minerals/
(7) https://auriginal.ca/news/auriginal-confirms-two-mineralization-style-potential-at-roger-drilling-hits-predicted-vms-sulphides-and-
expands-the-porphyry/
(8) https://resultadosegundavuelta.onpe.gob.pe/main/presidenciales
(9) https://www.as-coa.org/articles/poll-tracker-brazils-2026-presidential-election
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
17
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
Superior Gold SGI.v Oct'22 C$0.95 3-Apr-22 C$0.24 -74.7% Q3 prod fail was last straw
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
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Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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
19
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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
20
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.
21