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The IKN Weekly
Week 890, week of June 14th 2026
Contents
This Week: Trade heads-up, In today’s edition, An interesting FOMC.
Fundamental Analysis: A close look at Soma Gold (SOMA.v).
Stocks to Follow: RPX Gold (RPX.v), IMPACT Silver (IPT.v), Kobrea Exploration (KBX.cn), Xali Gold (XGC.v),
Orecap Inv (OCI.v), Marimaca Copper (MARI.to), West Red Lake Gold (WRLG.v), Amerigo Resources
(ARG.to): Rio2 Ltd (RIO.to).
The Copper Basket: Overview.
The Producer Basket: Overview.
The TinyCaps Basket: Overview, Auriginal Mining (AUME.v), Canex Metals (CANX.v).
Regional Politics: Colombia: Set up for another right wing victory, Colombia: Abelardo and mining, Peru:
An extremely probable President Fujimori, Our recent track record on LatAm elections, Brazil: An interesting
prediction market trade, Bolivia’s protests: The long haul.
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
Trade heads-up
I’m a buyer of RPX Gold (RPX.v) this coming week and will turn the current Watch List stock into an active
trade. Small starter position, mouth where mouth is.
I’m also adding Soma Gold (SOMA.v) back to the Watch List, a place it last graced over two years ago. For
what it’s worth I was very close to making it a direct buy and was still debating the possibility as late as
Sunday afternoon, but eventually took the yellowbelly chicken’s option. Make of that what you will.
Finally, happy to hear any feedback on the idea of using Polymarket as a new trade vehicle, the first idea
seen in Regional Politics today.
In today’s edition
 There are some notes and reports in The IKN Weekly that exist by popular demand (as the saying
goes) and today’s main fundies note on Soma Gold (SOMA.v) is very much a part of that group. I don’t
think I’ve had as many requests to (re)examine a stock as for this company in the last two or three
quarters and its recent newsflow has seen another flurry of messages and questions arrive
 The decision to re-open on RPX Gold (RPX.v, ex-Red Pine Exploration) is straightforward enough, as it
was put on the Watch List with a view to buying if the price dropped under the recent placement price
of 17c. Here we are at 15c, I have no more excuses, I like the stock and the way it’s being managed
by CEO Michaud and team, there’s a lot of value at this price level that should be realized as gold
rebounds and the company executes on its PFS track.
 As well as covering the aftermath of the Peru election and the red-hot run-off in Colombia next
weekend, Regional Politics this week adds an extra layer to its coverage by actively recommending a
trade on LatAm politics via the now established prediction markets (Kalshi, Polymarket etc).
 The stocks to Follow notes also include a look at some very interesting drill assays out of Marimaca
Copper (MARI.to) last week, which breathed a bit of new life into what had become a stagnant trade.
1

 Other things, too. There are always other things.
An interesting FOMC
Last week’s note laid out the case for a higher gold price on the back of a end to the Iranian conflict, that
seems to have come to pass with the deal struck between The USA and Iran (Pakistan playing referee). Gold
duly jumped as a result, with the move starting as rumours of a deal started on Thursday and became more
concrete, today Monday providing the biggest boost and overall, gold has added back around U$300/oz to
move back to a much healthier looking U$4.350/oz today Monday.
Now comes the next piece of the puzzle, as tomorrow Tuesday the first FOMC chaired by Kevin Warsh kicks
off and on Wednesday, we find out what they decided and more importantly, how he sees the direction of
the Fed in his presser that same afternoon. Nobody
expects any sort of rates change this week, but all eyes
will be on any change in narrative. We saw the CPI
inflation number come is as expected last week (see
right for an interesting screenshot of a Google search,
as a dedicated financial site tells it how it is and CNN
tells it how it wants it to be), we also saw PPI come in
hotter than expected to add a little extra fuel to the
hawks’ fire. The world, therefore, is waiting for Warsh to
tell them how he views the rates situation going forward
but I think we’re going to see a new chapter in Federal
Reserve focus as from this week. If Warsh shifts the
goalposts and starts talking more about his long-stated
desire to shrink the Fed balance sheet, it won’t take long
for people to put two and two together and come to the conclusion that Warsh will do everything in his
power to avoid raising rates. If that happens, gold’s rally isn’t going to stop at U$4,350/oz.
Fundamental Analysis of Mining Stocks
A close look at Soma Gold (SOMA.v)
This isn’t the first time we’ve looked at Soma Gold (SOMA.v), a small gold producer operating in Colombia,
but it’s been a long time and in order to get a reasonable handle on where the stock stands today and why it
may be an attractive trade, there’s a lot of ground to cover. That’s why this week’s main Fundies edition has
turned into a long one, for which I apologize, but after trying several potential shortcuts and edits I couldn’t
find another way of doing the story justice, so here we are.
However, you might not need to read it all to get what you want from the argument; to wit this fundies note
on Soma Gold (SOMA.v) has two main parts:
1) A potted history of the last couple of years at the company and how it got to where it is today,
starting roughly from when we last covered the stock in late 2023/early 2024. Visual aids are mainly
price charts.
2) A number crunch on the company’s production and financials. Visual aids include our “usual
suspect” collection of fundies tracking charts.
The first part is background (and I think it’s necessary background, you may disagree) but in order to get a
feel for the trade proposition, just reading the numbercrunch is probably enough. Plenty to cover, plenty to
catch up on so let’s get straight into it.
2

1) A potted (recent) history of Soma Gold
Way back in time, in IKN758 dated November 26th 2023, the main Fundamental Analysis report that
weekend asked “Is Soma Gold (SOMA.v) too good to be true?” The company had come up on our radar after
running well that year, as seen in this chart showing the move compared to GDXJ:
SOMA.v had started the year trading in the 30c range, by the time IKN758 happened it was trading in the 60s
and 70s and deserved our attention on pure performance merit in what was otherwise a tough year for gold
stocks. We ran an introduction note, we went over the basics, considered management and assets, crunched
the numbers and came to a conclusion that despite its good price performance, SOMA.v was still worth
watching closely as an up-and-coming small gold producer and duly placed it in the Watch List.
However Soma Gold’s stay on the Watch List didn’t last long. Just eight weeks later, in IKN766 dated January
21st 2024, we made the decision to remove SOMA.v from the Watch List. A couple of weeks before that date
SOMA.v had already quietly lowered its guidance for 2024, a negative but not necessarily a deal-breaker.
Instead, we were up against the bizarre news that a warrant for the arrest of its CEO at the time, Javier
Córdova, had been issued by Interpol due to corruption charges stemming from his time as a public
employee in the Ecuador governments of Rafael Correa and Lenin Moreno, with a particular emphasis on his
time as Ecuador’s Minister of Mining. For what it’s worth, that case is still being tried in Ecuador and Señor
Córdova has been trying every trick in the book to slow its passage down, the latest episode recently in
March 2026 when his legal team used a procedural trick to adjourn the trial for the Nth time. For what it’s
worth, Córdova is not in Ecuador (he’d be arrested on the spot) and Interpol hasn’t gone out looking for him
too hard, either, as according to the March trial notes is currently divides his time between his home in Miami
USA and Colombia, a country that he still apparently visits on a regular basis (1).
Anyway, long story short we dropped SOMA from the Watch List like a hot cannonball and have stayed away
ever since. Which brings us to our second price chart:
3

After a sharp price dump on the news of Sr. Córdova’s police problems, the SOMA.v stock price rebounded
but than spent the next year and a bit bouncing between 50c and 65c, essentially flat-lining and
underperforming peers (GDXJ +40% or so in the same period. That fallow period continued to the end of
1q25 after which SOMA.v took off like the proverbial scalded cat, taking full advantage of the rise and rise in
gold. It quickly moved above the C$1-line then pushed on even harder as gold began to fly, as seen in the
chart above, topping out at an impressive C$2.46 on January 28th at the very top of the mania period, those
happy days when gold was adding $100 a session.
The move SOMA made over the second half of 2025 was all the more impressive considering the strike action
seen at its main El Bagre mill in the period. The strike began in early September (2) and ran for nearly two
months, the two sides finally accepting the Colombia government arbitration rulings to end the stoppage (see
the union demands here (3), mostly typical pay and conditions matters. Under other circumstances you’d
expect industrial action in a small miner in Colombia to affect a stock price, but SOMA managed to ride out
the worst of the storm without much damage at the time. Indeed, the trigger for the final big run in Q4 that
saw SOMA spike over the C$2 line came on November 14th when SOMA published the NR “Soma Provides
Post-Strike Production Update” (4). On that day, the company gave the impression things were getting back
to normal and while the mill would run at 70% capacity to the end of November and there would be a
modest hit production, shareholders need not be worried. Here’s an excerpt from the NR:
2025 gold production is expected to be reduced by approximately 5,000 ounces. This shortfall will
impact both the third and fourth quarter revenue and profit. A further, though relatively minor,
reduction in output may result from delays in the remediation of the El Bagre mill and the full
commissioning of the El Limon Mill. However, these issues are anticipated to be resolved in the
coming weeks, and the Company’s 2026 production forecast remains unchanged.
All very soothing for sure, the market took it as its cue to buy up a company that would presumably be
coining it in at $4k+ gold prices and the same message was reiterated a couple of weeks later in SOMA’s
3q25 financials, saying along the way we’d see “…a return to full production levels is expected by mid-
December.” That’s a line to remember for later in this note.
Then followed a quick-fire series of NRs highlighting SOMA’s apparent progress on a number of fronts and
while the top prices didn’t stick once gold found its top and dropped in February, SOMA’s share price held
together reasonably well and was still trading at a range of C$1.90 to $2.00 into April. Then came April 22nd
and this NR (5), entitled “Soma Gold
Provides Production Update and Outlook in
Colombia”, which tried to wrap up some bad
news around positive and upbeat future
projections, but one look at what the stock
price did that day (chart right) is enough to
summarize the market’s opinion on what it
read. It so turned out that the company’s
original projections on a lack of knock-on
effects from the strike were “optimistic” to
say the least (and to be as diplomatic as is
humanly possible, many people long the
stock were using far stronger language that
day).
Soon after that came the 4q25 financials, a
day when people also realized the April
22nd NR was as much about preparing observers for the bad news to come. Continuing with the above price
chart and its arrows, four weeks later we got the 1q26 financial results and then, along with other newsflow
(SOMA likes its positive NRs that don’t say very much of substance), at the start of this month a NR that
announced a shares-for-debt deal with the company’s biggest shareholder and sponsor, the June 2nd NR
“Soma Announces Debt Settlement for Shares” (6):
June 2, 2026, Vancouver, British Columbia – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce that it has agreed to settle
$25,780,086 of debt (the “Debt”) through the issuance of common shares of the Company (the
“Shares”). Pursuant to the debt settlement (the “Debt Settlement”), the Company will issue
4

23,436,442 Shares at a deemed price of $1.10 per Share to Conex Services Inc. (the “Creditor” or
“Conex”), a company owned and controlled by Glenn Walsh, a director of the Company. The Debt
was originally incurred in connection with a previous debt restructuring.
Our final NR link of this sequence gets us up to last week and this headline, “Soma Gold Announces $7.5
Million Non-Brokered LIFE Private Placement” (7):
June 9, 2026 – Vancouver, British Columbia – Soma Gold Corp. (TSXV: SOMA) (WKN: A2P4DU)
(OTC: SMAGF) (the “Company” or “Soma”) is pleased to announce a non-brokered private placement
offering of up to 10,000,000 common shares of the Company (each, a “Share”) at a price of C$0.75
per Share for aggregate gross proceeds of up to C$7,500,000 (the “Offering”).
After the painful series of NRs that must have gone down like a case of bubonic plague with holders of this
stock, a real cherry on the cake, especially anyone who’d jumped on in the last couple of quarters. It’s
certainly a long way from this declaration from company CEO Geoff Hampson on January 7th this year (8) a
day the SOMA stock price closed at C$1.73 (Minute 7 onward):
”…we don't need any extra capital, the balance sheet is strong and there's very low execution risk…”
Ouch. Even worse, the company offered the same message in its latest corporate presentation published in
May (9), quote/unquote “Strong Balance Sheet” and that’s why corporate presentations have that page of
Forward Looking Statements”. On this subject, your author now makes a simple statement and will then let
the subject of both the shares-for-debt deal and the placement hang for a few lines before returning to it
(with a vengeance) while considering the company financials later on. Here’s the simple statement:
An operating miner doesn’t raise placement cash just for fun.
With that, an overlong narrative explaining what’s been moving SOMA around the last couple of years and
particularly in recent weeks comes to a close. It’s now time to get detailed and dirty with the numbers,
because they have a lot to tell us about the current state of the stocks and what to expect in the next few
quarters.
The numbercrunch on Soma Gold
First up a quick overview that updates the basics about the company and stock as from IKN758. Soma Gold
operates in the Antioquia region of Colombia, the country’s best jurisdiction for formal mining companies.
This map (right) shows the location of its main El Bagre complex and
its biggest expansion project, Nechi, at the North limits of the
Antioquia region
SOMA.v is looking to run a hub-and-spoke type operation, owns two
mills (El Bagre and El Limón) and several underground mines in a
large concession area. Please find bellow a map extract from its
latest corporate presentation (8) showing the layout of most of its
assets, with the main El Bagre mill at the top of the image, next to
the main Cordero mine, currently in operation. To the West of Bagre
is the newly re-started Escondida mine that has recently started
mining at a small scale. To the South is the El Limón mill, the Limón
mine and the Aurora mine and if things go according to plan, all
those will be supplying feed to its mills by the end of the year.
Finally, the map also shows Nechi property as an inset (which is
slightly confusing, as it’s North of Bagre). All in all, there’s plenty of
organic upside in the SOMA asset book and, as we’ll see in the
financials section of today’s note, the company has already made
great strides in preparing them for near-term production. To date
production has been from the El Bagre/Cordero complex but that’s
now on the cusp of changing and once Nechi comes online the
company will be a different beast.
5

Intro done, here’s our standard topbox for the corporate and valuation basics:
Shares out: 151.89m
Options: 5.66m
RSUs: 0.383m
Warrants: 12.864m
Fully diluted: 170.797m
Current share price: C$0.77
Market Cap: C$116.96m
All prices are in Canadian Dollars unless stated. Forex U$0.73=CAD$1
The numbers above are pro-rata and take into account the recent share-for-debt deal done with main
shareholder Glenn Walsh and assumes the 10m share
placement closes as-is. That gives us a market cap of SOMA.v: Shares Out
C$116.96m this weekend [EDIT Monday close 78c, so
make that C$118.5m or so]. As for main shareholders,
they are the aforementioned company director and
founder Glenn Walsh, with 72.88m shares, then
company CEO and founder Geoff Hampson, with 15.96m
shares. Those totals assume that neither man takes any
of the current 10m share placement and if so, it will
leave Walsh with 48% of shares out and Hampson with
10.5% of shares out. If they eventually take some of the
current 75c placement we can adjust accordingly, but
either way they are clearly the big cheeses in this
company and what they say, goes.
Operations: We now review operations at the El Bagre complex, using long-term charts to 1q26 (we’ll focus
on recent quarters and future 2026 quarters further down). Tonnes mined and milled (the numbers are for
milled only, the chart got too busy otherwise) is our first offering:
6
21.66
91.87
231.09 280.19 280.19 280.19 843.19 843.19 843.19 843.29 567.29 511.29 511.29 561.29 223.39
72.711 73.711
1.811
98.151
160
140
120
100
80
60
40
20
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
source: company filings
serahs
fo
snoillim

SOMA.v: tonnes per day mined/milled
550
469
4 4 5 0 5 0 0 0 0 323336341 384 410 388 327 380380 422416 395410 370 390 433 404 365 373
350 293 282
300
250 216
200 132
150
100
50
0
7
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
tpd tpd mined
tpd milled (numbers)
source: company filings
It’s worth noting that SOMA has hit a tonnage ceiling at around 400tpd in the last few years, this despite the
company claiming back in 2023 (see IKN758 dated November 2023) that it would hit 450tpd average y early
2024 then move through the gears and reach 600tpd by mid 2024. As they say in Spanish “The Reality Is
Other” but the lack of improvement is mostly due to the delays in getting the El Limón mill back online. As
things stand today, El Bagre should be able to achieve a standard run rate of 450tpd but as the chart above
shows, seeing is going to have to be believing. As for El Limón, that’s good for an IKN estimated 225tpd once
it is operating regularly and at that point, SOMA will have claims on its “medium-term 60,000oz per year”
target you see peppered all over its corporate literature. And while we’re on the subject of missed production
forecasts, we also reported in IKN758 the company’s plans included bringing Nechi online by 2025. That’s
now “re-start in 2027” as the operating permit application, known as “PTO” in Colombia (“Plan de trabajos y
obras”...which by the way translates as “Plan of works and works” in English and I’ll explain the difference
between a trabajo and an obra another day).
Moving on and as recovery rates tend to be very regular and solid around 88% give or take a point, we’ll skip
that visual and move to the big one, the miss that has mattered most in the last couple of quarters:
SOMA.v: Avg head grade, per qtr
71.4 20.4 56.4 9.4 64.4 80.5 84.4 13.4 74.5 54.6 61.6 89.6 68.7 64.8 70.7 8.6 1.7 44.6 61.6 52.6 55.5 57.5 83.4 85.3
10
9
8
7
6
5
4 3 2
1
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings
llim
ta
uA t/g
Before SOMA spent necessary capital on its assets, average mill head grade used to average around 4.5g/t
but come 2022, that improved considerably to run at over 6g, for a while a steady 7g and as high as 8.46g/t
in 3q23. However, the decadence was already showing in mid-2025, even before the strike action disrupted
operations. So the 4q25 grade of 4.38 g/t was at least expected at the time, but the bad news of April 22nd
was mostly about the grade drop, down to a recent low of 3.58 g/t. In its 1q26 literature, SOMA blamed the
drop on “…higher-than-expected dilution in certain stopes.” Zero surprise, but it may also point to issues with
the workforce. Here’s what CEO Hampson said about the grade issue in the CEO comment:
“The grade fell well below the average life-of-mine grade of 6.25 gpt to 3.58 gpt. AuEq ounces sold
during the quarter fell to 3,788, compared to 6,843 in the same period last year. The average grade at
Cordero is expected to increase in H2 2026 as the operations team enters a higher-grade area of the
mine. In addition, feed material from the other small mines on the Company’s property, which was
expected to commence in H1, has now begun to arrive and is expected to ramp up during the
balance of Q2 and H2 2026. The feed material from these other mines is higher grade than feed from
Cordero, reducing the attributable cash cost per ounce of gold sold.”
In so many words, the company managed to get mill throughput back to where it was in 2025, but at the
cost of less accurate underground operations that sent more barren rock to the mill along with the vein
material. The company tells us it now has a handle on the problem and the second half of 2026 will see
grade return from whence they came, on that we wait and see.

Tonnage + Grade + Recovery = Production, here are two ways to display starting with gold equivalent
production (SOMA produces a very small amount of silver as well as the main gold product:
SOMA.v: AuEq production, per qtr
8
0711 3434 5234 9334 0673 1305 1074 5005
7366
2845 9665
8276
8978 3139
1617 3627 3156 0756 0386 9756
0335 0414 4642 7553
10000
9000
8000
7000
6000
5000
4000
3000 2000
1000
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings
Here’s the sales numbers for gold (e.g. 3.729 oz in 1q26) with the little topping of silver-in-gold-equivalent-
ounces on top of each column (e.g. silver adds
59 oz to 1q26 total, bringing the total to
3,788oz).
The recent production drop could not be clearer
on these charts. From a typical quarterly
production revolving around the 7,000 oz mark
in 2.22 to 2025, the drop started with the grade
drop in 2q25 and hit real issues in 3q25 (three
weeks of strike) and 4q25 (five weeks of strike
and re-start issues). The return of tonnage
throughput in 1q26 wasn’t enough to overcome
the grade drop and the result was another
quarter of sub-standard production.
SOMA.v: Revenues vs Prod Costs
708.9 246.5
347.71
907.9
801.21
089.7
003.31
056.01
100.61
793.9
789.22
941.31
187.22
783.41 393.91 081.61 233.91 199.41
396.22
120.71
814.22
014.51
529.42
947.61
978.72
960.81
110.32
543.71 221.81 518.21 042.81 849.71
794.22
866.91
SOMA.v: Au and AuEq in silver sold, per qtr
C$m
30
25 Revenues
op ex
20
15
10
5
0
1q222q223q224q221q232q233q234q231q242q243q244q241q252q253q254q251q26
source: company filings
Take the one away from the other and get this:
796 3034 1724 1924 9963 3494 7464 4614
7647
9245 9655
7736
4488 2109
2917 3596 1317 3456 7576 9776
3515 5204
9172
9273
10000
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
source: company filings
)qEuA(uA
zO
AuEq of Ag oz sold
Au Oz sold
SOMA.v: Mine Operating Income, per qtr
561.4
430.8
821.4
56.2
406.6
838.9
493.8
312.3
143.4
276.5
800.7
671.8
18.9
666.5 703.5
292.0 928.2
C$m
12
10
8
6
4
2
0
1q222q223q224q221q232q233q234q231q242q243q244q241q252q253q254q251q26
source: company filings

After that we need to subtract corporate G&A, finance costs, forex adjustments and "other" to get to the pre-
tax and post tax results as seen here:
C$m SOMA.v: pre-tax and net earnings, per qtr income before tax
8 Net income
6
4
2
0
-2
-4
-6
-8
source: company filings
-10
1q222q223q224q221q232q233q234q231q242q243q244q241q252q253q254q251q26
At which point, the financial issues become clear. The strike and knock-on issues arising have been expensive
for SOMA and, as we're about to see, the road bump came at a bad time. Even though tonnages and
production has never reached the numbers forecast back in 2023 and 2024, SOMA was beginning to benefit
from the rising gold price last year and quarterly EPS had started to grow (3q24 1.3c, 4q24 4.0c, 1q25 3.4c,
2q25 1.7c) so gold’s rocket move in the second half of 2025 was enough to fuel optimism and the share price
run, but the losses for the last two quarters ($8.25m per tax and $10.25m post-tax) are a clear reversal of
fortune, painful period for the small miner in more than simple image.
We move to balance sheet items, starting with the overview charts. To the left is the total, to the right is the
same data without the fixed assets columns to show the moving parts more clearly. As at 1q26, currents total
C$39.936m and of that lot, C$3.783m is cash&eq while C$17.23m is in the trade receivable column (we’ll
come back to that in a moment)
SOMA.v: Assets breakdown, per qtr
120
100
80
60
40
20
0
As for liabilities, they really aren’t that bad and aside the dip in 3q25 (the company paid down $10m in
subordinated notes after raising gross proceeds of
$17.25m in a placement ), the total has kept to a
reasonably steady C$60m and change. Current liabilities
are most rolling trade payables and not an issue as long
as liquidity is kept in good order, the other big chunk is
the subordinated notes that, since 3q25, have gone back
to being all long-term (Mr. Walsh allowed the company
to boot it into the future again). The good news here
going forward is that the subordinated note liability is
about to disappear completely, thanks to the debt-for-
shares deal mentioned above (and detailed below).
This brings us to working capital and, at first glance at
least (below left) things look reasonable with all columns over C$13m since 2024. However, that doesn’t jibe
with the cash&eq position (below right), which was in good shape in 3q25 after the placement raising and
9
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m SOMA.v: Assets breakdown, per qtr
50
fixed
45
other current
inventory 40
Trade rec 35
cash & eq 30
25
20
15
10
5
0
source: company filings
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
other current
inventory
Trade rec
cash & eq
source: company filings
SOMA.v: Liabilities breakdown, per qtr
80
70
60
50
40
30
20
10
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
Other LT liab
subordinated note
current liab
source: company filings

improved gold price, but has dwindled badly in the quarters since then as cash flow was affected by the
strike action.
As at 1q26 cash stood at C$3.783m and with a Q2 unlikely to show meaningful profits, that’s an issue. The
dichotomy between cash and working capital is due to this part of the assets book:
SOMA.v: Trade receivables breakdown
10
3.2 1.3 6.3 8.4 9.4 2.5
2.7
2.9
5.9 9.01 1.9 3.9 8.01
5.11
4.31
4.21
4.21 4.41
22
20
18
16
14
12
10
8 6
4
2
0
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
other
VAT receivable
income tax receivable
source: company filings
Trade receivables as at 1q26 were C$17.23m but a full C$14.4m of that is “VAT Receivable”, i.e. a tax rebate
due on purchases that the government of Colombia owes the company and the problem is obvious in this
longer-term chart: Colombia isn’t giving SOMA its cash back and that’s a problem, having that credit on your
balance sheet doesn’t pay the bills and as seen, you have to go back to 2q24 for even a partial rebate. We’re
unlikely to see any progress on the rebates until the changeover in government and if we assume Abelardo
de la Espriella wins, SOMA will probably be in a better position to push for its dues, but heel-dragging on
sales tax rebates are all too common in Colombia and wider LatAm (it’s also been a painful issue in Mexico
and Peru for years), so SOMA cannot bank on that money to show up anytime soon…and in the meantime
they still need to pay their corporate tax, no offsetting allowed.
We return for a closer look at fixed assets, which stood at a grand total C$68.524m as at end 1q26 and
here’s the breakdown of those.
SOMA.v: Fixed asset breakdown
80
70
60
50
40
30
20
10
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
SOMA.v: Working cap, per qtr
C$m
Exp & Eval assets Mineral Properties
Equipment/Machinery Construction in progress
Other fixed
source: company
“Mineral properties” are the working assets (El Bagre etc), while “Exploration and evaluation assets” include
the asset values attributed to the projects: Nechi, Zara, Otu Centro, Tucuma, El Limon and Escondida
156.3- 883.0-
653.2 434.0 980.0 472.3 841.5 232.6 794.6
662.1-
851.1
890.51 662.31 856.61 345.51
28.72
412.71 346.31
30
25
20
15
10
5
0
-5
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m SOMA.v: Cash & Eq, per qtr
18
16
14
12
10
8
6
4
2
0
source: company filings 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
source: company filings

SOMA.v: Fixed asset net book value of
projects. Meanwhile, other items are for the net book value of
construction in progress
fixed assets, with a final item for “Construction in progress”.
That red item in the above chart is separated out in this small
chart (right) because it’s worthy of discussion in its own right.
Here we see how SOMA has accelerated capital spending in
the last few quarters, that’s all about bringing its idle El Limón
mill and feeder mines online.
Here is yet more evidence of a company using its excess cash
on future plans and failing to anticipate cash flow issues in
2q26. It’s also notable that the corporate decision to splash the cash and accelerate capital works in last 2q25
then 3q25 was fueled by the equity raise, but also coincided with the strike action brought by workers
demanding better pay and conditions. Both management and workers were watching the gold price rocket,
but we suspect one group saw a different way of using that bonus cash compared to the other.
Evidence of a cash crunch: That’s enough balance sheet, it’s enough backward-looking at financial and
operational results as well, because it’s time to put what we have learned to use. One we piece together the
parts, there are plenty of indicators stating the same thing in different ways:
 They’re running a placement: The most obvious sign of a cash-starved company is one that asks the
world for more cash. An operator such as SOMA.v would not have announced the sale of another 10m
shares this month without needing that cash.
 Bad operational results and as we’re about to see, financial relief won’t come until Q3 if the plan unfolds
as the company expects.
 Current assets tied up in VAT credits, leading to a working capital number that’s not indicative of true
liquidity
 The company has been spending hard on assets. That decision came with the equity raise, but SOMA
was surely banking on strong free cash flow from its operations seeing it through.
 The strike and its aftermath, which came at a particularly bad time. Compounding this was the error of
signaling to the market that operations would bounced back quickly, which led them to losing plenty of
credibility on April 22nd.
At this point we invoke Hanlon's razor, "Never attribute to malice that which is adequately explained by
stupidity” because in the case of SOMA we could start to conspire and assume it was pulling the wool over
our eyes in November and December of 2025, hiding the cruel reality and offering rosy expectations of a
return to full production and unaffected 2026 forecasts, but the overriding impression is one of incompetence
at top management level. That’s not good of course, but it is what can happen when your major backer,
along with the CEO, are business people but not dyed-in-the-wool miners. It’s what can happen when you
don’t live and breathe South America from a C-suite level. It’s what can happen when you plan a capital
investment program on the back of a bonanza gold price but forget that employees are numerically literate,
want their share of the windfall and are treated in such a way that gets them to down tools for two months
and protest until they get what they want. There are plenty of other possibilities of course, but the point is
that malice aforethought and some sort of ruse to keep the truth away from retail shareholders is unlikely.
Putting all the ingredients into a bowl and mixing thoroughly, I’d guess something along the lines of a CEO,
Geoff Hampson, who took over the role when Javier Córdova’s arrest warrant problems hit as interim and has
remained in the post ever since, didn’t have his finger on the pulse and was leaving too much in the hands of
his Country Manager. Then when gold ran in 2025, the market had appetite for equity raises, its small
operations promised fatter profits and they saw development plans could be brought forward to bring to the
El Limón mill out of C&M and the satellite mines (Escondida, Limón, Aurora) online, but a lack of
understanding on “How Colombia Works” caused workplace unrest and by the time strike got underway, the
cash from the windfall had been earmarked. I’m not saying they needed to bend over backwards to
accommodate union demands, I am saying that a better management team would have 1) stopped the strike
from happening 2) got the people back to work more quickly 3) realized earlier that the mill stoppage had
caused serious problems and 4) avoided the cash crunch the company is now going through. Mediocre
management is the default in junior mining, it’s not unusual.
11
793.0
0
800.0 520.0
548.0
905.2
286.5
568.4
763.6
C$m
7
6
5
4
3
2
1
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
source: company filings

That’s the bad stuff, now the good news and being capitalist businesspeople, once Messrs Hampson and
Walsh had identified the cash issues they now face (I’d guess it hit home at some time in March as Q1 was
closing) they went about solving it in the way they know best, by some adroit financial adjustments. By
converting his subordinate notes to shares, Walsh got a bigger piece of his pie at a nominal C$1.10 instead of
the $2+ prices he know the company can revisit if the cash rescue plan works. Meanwhile, SOMA gets relief
both at balance sheet level and in quarterly interest payments, as seen in these charts:
SOMA.v: Subordinated note liability
The SOMA “finance costs” include other items such as industry standard plant and equipment lease contracts,
but the debt servicing on those 12% interest notes was taking a significant amount of operating cash away
from treasury and that alone helps the thin cash position and corporate liquidity. The chart shows that
interest was costing SOMA around C$1m/qtr before Walsh made his first $10m swap and was still over
C$700k in the most recent quarters. Meanwhile, Messrs Hampson and Walsh would have both been clear-
eyed about the need to run a top-up financing at the same time and chose C$7.5m as their number. If their
financial rescue plan goes as expected, that should be enough to meet all obligations in the current quarter
(which we estimate as another “breakeven at best”), then into Q3
as the mine production makes its return to previous levels. And
what could possibly go wrong?
Obviously a lot, with the main issue being that SOMA fails to stick
to its new guidance for the 2026 quarters (see April 22nd NR
insert, right) and the money doesn’t come from operations as
expected. So let’s take a look at how SOMA can get to those numbers and we know the following:
 The Bagre/Cordero mine is expected to get back to pre-strike production levels and grade to move
back to the resource median (5.9g/t)
 Starting Q2 and finishing Q3, SOMA is installing ore sorting machinery and while I’m not a fan of
explorecos that base project economics on ore sorting, the machines do actually work and when an
established producer puts one into its circuit it can have a significant effect. An ore sorter is particularly
suited to the type of low(ish) tonnage high grade material processed by SOMA, so if things go well on
this score we can expect processed grade to increase.
 Escondida is now online, with small scale tonnage to begin with (10tpd, moving to 20tpd in the second
half of 2026 and 40tpd in 2027 if all goes well). Also, if that muck runs at 9g/t the average mill head
grade improves a little, not a bad thing.
 The Aurora mine is reportedly in ramp-up stage and should add high grade.
 The company has begun to source from local artisan miners, part of its Fill the Mill policy. While this ore
tends to be more expensive, there’s surely a lot of production in the vicinity and small-scale miners
benefit from the type of machinery that raises recoveries to near 90%.
So yes, as long as SOMA executes as planned the numbers floated in its new guidance do look reachable.
These charts show the mix required to hit the expectations of 2q26, 3q26 and 4q26 starting with tonnes per
day throughput (below left), which can run at roughly the same numbers as Q1 for the current quarter but
needs to move up in the second half of the year.
12
975.91 174.02 414.12 4.22 904.32 674.42 206.52 848.22 350.22 413.12
679.92 554.03 790.92 671.92
826.81 484.12 92.22
35
30
25 20
15
10
5
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m SOMA.v: Finance costs, per qtr
current
non-current
source: company filings, IKN calcs and ests
405.0
657.0
365.0
787.0
164.0
28.0
512.0
448.0
96.0
158.0
227.0
688.0
76.0
229.0
97.0
159.0
817.0
869.0
988.0
899.0
219.0
30.1
304.0
440.1
376.0
470.1
426.0
220.1
986.0
819.0
59.0
517.0
756.0
637.0
2.2
2
1.8
1.6 1.4 1.2
1 0.8
0.6
0.4
0.2
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1
C$m
other finance costs
sub-note interest paid
source: company filings, IKN calcs

With new feed sources coming online, that looks
possible. Then comes the critical parameter, average
head grade (above right), which needs some slight
improvement in the current quarter (which is probably
why SOMA hasn’t aimed high in Q2, but as from Q3
needs to return to something around the 7 g/t level.
That’s a big jump from the last couple of quarters, but
a look back to the 2022 – 2024 period shows it can be
done.
Put those together and assume a historic average
88% recovery rate and you get this:
SOMA.v: Au and AuEq in silver sold, per qtr
13
9776
3515
5204
9172
9273 0673
5257
0538
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
)qEuA(uA
zO
SOMA.v: tonnes per day mined/milled
AuEq of Ag oz sold
Au Oz sold
And that’s close enough on Q2, Q3 and Q4 for my blood. How this translates into hard cash will depend on
the average gold price and the costs of production, so we assume:
 A flat average gold price of CAD$6,200/oz for the year (approx U$4,400/oz)
 Unit costs that rise significantly due to a better deal for workers on site
These are guesstimates (of course), but the idea here is to get in the ballpark rather than nail down exact
numbers. Here (below left) is how we see revenues versus production costs and in Q2, the low-end
production means we’re looking at a quarter roughly in-line with what we saw in 1q26. But as from 3q26 on,
revenues shoot up and while costs are estimated at heights never before seen at SOMA, there’s more than
enough margin to make good money. Further estimates give us the pre-tax and net earnings guesstimates as
seen below right.
404 563 282
612
373 083 314
754
550
500
450
400
350
300
250
200 150
100
50
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
tpd SOMA.v: Avg head grade, per qtr
tpd mined
tpd milled (numbers)
source: company filings
52.6 55.5 57.5
83.4 85.3 8.3
7 7
10
9
8
7
6
5
4 3
2
1
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
llim
ta
uA
t/g
10 SOMA.v: Avg head grade, per qtr
9
8
7
6
5
4
3
2
1
0
02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
llim
ta
uA
t/g
SOMA.v: Revenues vs Prod Costs
978.72
960.81
110.32
543.71 221.81
518.21
042.81 849.71
794.22
866.91
42
12
54
82
05
03
60
50
40
30
20
10
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m SOMA.v: pre-tax and net earnings, per qtr
20
Revenues
op ex 15
10
5
0
-5
-10
source: company filings
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
income before tax
Net income
source: company filings

Assuming the share count remains unaltered (and they’d better have a good reason to add more shares after
this current raise), the EPS projection chart looks like this
(right). So the current Q2 is set to be “breakeven at best” SOMA.v: EPS/qtr
or most likely another small loss (which again points us
toward the reasons why its current cash situation is tight),
but as long as the company can execute and improve
production on schedule, SOMA.v returns to profitability
with a bang. The high gold price points ot a record EPS in
3q26 and higher still in Q4, all that before the real
production hike kicks in when Nechi begins operations in
2027 (according to the current timeline, at least. Those
are the type of numbers that, even with the recent share
dilution, that can quickly propel SOMA back to the
C$2.00+ price range. Indeed, a market cap of C$300m or
above (152m shares X $2) for a company producing 30,000 profitable ounces of gold a year and with an
organic pipeline to double that number is a more than reasonable price.
Discussion and conclusion
I thought about calling this note on SOMA.v “Anatomy of a Cash Crunch” or something similar, because the
current issues and sagging share price are all about a specific moment in the company’s development,
brought on by a combination of bad luck, near-sighted planning along with a likely dose of poor workforce
management. The result is a company that’s had to reshuffle its financial obligations and raise extra capital to
get it through a period in which liquidity has run dangerously low.
However, a step-by-step look at the company’s financials reveals that as long as it can deliver on its re-
worked 2026 plans this moment will be a temporary one. Our current quarter, 2q26, will provide clues as to
whether SOMA will be able to turn its fortunes around, but financially we’re not expecting too much from the
company as the forecast run rates and gold production. The acid test comes in 3q26, when SOMA has to
deliver on a throughput increase and more importantly, a return to its previous high average gold grades in
order to meet the new guidance. If it can do that, even with higher operating cost levels at its mines, it will
be in great shape to continue its expansion, being its new smaller satellite mines online, add meaningful
throughput to its refurbished El Limón mill and then move to expand production to its envisaged 60,000 oz
annual rate once Nechi is up and running.
The big question is, therefore, can SOMA.v turn itself around and deliver on its new promises? The answer is
a qualified “yes” with plenty of asterisks attached, because there’s clearly a doubt about the managerial
prowess of this company:
 In 2023, they promised to increase throughput to 600tpd by the end of the next year. Didn’t
happen.
 They told us production would be up at 60,000 oz per year. Didn’t happen.
 That Nechi would be online by the end of 2025. Didn’t happen.
 Then in late 2025 after the strike, they said only Q3 and Q4 of that year would be affected by the
stoppage, something that hit hard when they downgraded all forecasts in April 2026.
 Financial planning leaves something to be desired as well, with a company that managed to raise
over C$17m in 3q25 and run a gold mine at all-time high record prices, but still run out of money
two quarters later.
Despite that little list, the flipside of the argument also exists and the real kicker is that they don’t even have
to hit their 20926 targets in order to see this share price improve substantially. Perhaps it wouldn’t go directly
to C$2 and above, but the recent debt-for-shares deal means that yes, the balance sheet is strong (as long
as they get over this cash crunch hump, which looks likely) and if they get their VAT money back under the
new government, all liquidity issues disappear immediately and forever. So even if the management team is
semi-incompetent there’s upside, it would take painful stupidity to screw it up form here. Problem is, they’re
also capable of that.
14
430.0
710.0 400.0
960.0-
810.0-
010.0-
350.0 270.0
0.08
0.06
0.04
0.02
0.00
-0.02
-0.04
-0.06
-0.08
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$
source: company filings

Which brings us to the pointy end of this report, what I plan to do about it and after long and hard thought, I
have decided to add Soma Gold (SIOMA.v) to the IKN Weekly Stocks to Follow Watch List as from next week.
Now some of you might be saying at this point “Mark, you made me read 12 pages of this bunkum for that?”
to which I say “yes”, they’re not all crazy strong buys. However, be clear that I was very close to buying and
the decision to wait and watch won out for two main reasons:
1) I think the market may misunderstand its 2q26 results, as a “breakeven at best” quarter on
another low end production result isn’t going to impress many.
2) They have trust issues. If I’m going to buy, I won’t mind paying a higher price a little further down
the line, enjoying most-not-all of a rapid rise to previous levels, mitigating risk and only having to
hold the stock a quarter or two.
With that said, you may come to a different conclusion and buy in today at these discounted prices (or even
join in the placement) if you have the right risk tolerance. Or to put it another way, my attitude toward the
stock has changed dramatically over the last few days, as when I began the review process at the behest of
certain readers I didn’t expect to see anything as interesting as the company and opportunity that it offers.
There is a lot to like about this stock at this price level and if it hits its markers for the rest of 2026, this
current price will be left for dust. On the Watch List as from next weekend.
Stocks to Follow
A better week for our Stocks to Follow list, with the late Thursday reversal and Friday recovery coming early
enough to put most of our main trades into the green for the week and provide some welcome relief to a
rough June (so far). Ten of our nineteen basket stocks made gains on the week (RIO.to, ARG.to, TNGD.v,
MARI.to, GROY, WRLG.v, WDO.to, IPT.v, XGC.v, MENE.v) and that little lot includes all or top five trades by
size, five were losers (ECU.v, MFG.v, RPX.v, KBX.cn, BPAG.v) and happily they include all three Watch List
stocks, then four were unchanged (SRL.v, LMS.v, OCI.v, MIRL.cn). One stock moved by doubled figure
percentages, that’s Marimaca (MARI.to up 13.2%) on the back of its own good news (see below). Overall, a
decent performance by our Stocks to Follow on a week that saw GDXJ down 5.7%, GDX down 1.5% and gold
down 2.4%.
There are 19 open positions on our list, one under our self-imposed limit. Eight of those are in the green,
eleven are in the red.
company Ticker this week Avg Price Reco date Current PPS Gain/Loss% Notes
TOP PICKS
Rio2 Ltd. RIO.v STR BUY C$0.80 22-Apr-18 C$2.74 242.5% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.58 327.3% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$7.78 -5.8% Chile gold jr
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.99 139.2% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.88 105.7% 2nd tgt U$5 hit, hold for buyout
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.28 -2.3% Copper exploreco in Peru
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.67 -18.3% re-rate trade, $1.44 tgt close
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$25.38 13.2% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.73 -15.0% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.33 24-May-26 C$0.32 -3.0% Silver producer, added June
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.25 -10.7% 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
15

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 BUYING C$0.17 3-May-26 C$0.15 -11.8% gold dev Canada
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.285 -12.3% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.90 -7.2% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.20 -55.6% 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:
RPX Gold (RPX.v): BUYING. Money where mouth is. The reasoning behind my renewed interest In RPX
Gold (RPX.v) and the decision to put it on the Watch List was laid out in IKN884 dated May 3rd and by way of
a quick reminder, here’s how that note ended:
“While not an original pick, there’s a lot to be said for a company that’s been previously vetted, one
that is run by trustworthy people that will be pulling for the small shareholder. That, plus the
improving circumstances around the company and the ebb of hot money away from the tinycap
junior sector at the moment, is the right combination. Back on the Watch List with a view to purchase
if a bargain price shows up soon.”
Since then RPX.v has made further progress on its
“do the serious stuff” plans for 2026, reporting
drill holes that will form part of the dataset for the
updated resource estimate scheduled for later this
year and then the PFS slated for the first part of
2027. It’s not likely to offer startling and market-
moving news during this heavy lifting period
that’s firmly focused on delivering a PFS for the
new open pit plan (infill drills that turn inferred
into M+I resource are rarely sexy), which is one
reason why we didn’t wade in at the first
opportunity. Another was reading the tea leaves
and anticipating the type of down period for gold
and the miners we’ve recently witnessed. That’s
dipped the RPX share price down from 20c, down below the recent placement price of 17c to the 15c of this
weekend. That’s the right price to start building a position, so with gold’s prospects looking brighter at last it’s
time to pull the trigger.
I’m a buyer of RPX Gold shares this coming week. It’s not going to be a mssive starter position, not least
because treasury cash is now rather thin, but that’s okay. I’ll be happy with 15c if I can get it.
16

IMPACT Silver (IPT.v): ADDED. Or “officially added” perhaps, as the traded doubled in size on Monday
8th as noted in last week’s edition. The cost average has
clicked down to 33c, turns out I could have added at 28c
and 29c instead of my 30c, but that’s okay.
The good news was how IPT reacted nicely to the sector-
wide rebound, popping back over the 30c line quickly and
attracting buyers all the way. N a similar vein to Soma Gold
(SOMA.v) above, it’s difficult to have blind trust in a
management team that has swung and missed so many
times, but the price of silver is what matters here and as the
numbers show, IPT doesn’t have to do anything special to
return a net profit that justifies a price re-rate. Please see
IIKN887 from three weeks ago for more, here’s one chart
from that main fundies report by way of reminder:
IPT: Net Earnings
17
1.0-
8.0- 2.1- 1.1- 3.0- 9.0- 5.1-
9.4-
1.3- 6.2- 1.3- 9.8-
1.0-
0.2- 6.0- 7.2-
582.11 0.6 0.6 0.6
15
10
5
0
-5
-10
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
source: company filings
That’s reasonable production, reasonable costs and a U$70/oz silver price for a $6m/qtr net profit going
forward, or 3c/share and a 2.5X P/E at 30c. This could go to 60c without thinking, 80c under normal market
conditions. In fact, the only reason it’s so cheap today is the poor image of its management team, so let’s
take that as a blessing in disguise. The risk is there, but the potential reward is more than enough to go long
at this math.
Kobrea Exploration (KBX.cn): REVERTING TO WATCH LIST. Annoyingly, the window for cheap stocks
seems to have closed and as such, I’m going to revert this one officially to Watch List only and not try to
snag any at 20c or whatever other price. Annoying, but if the market has decided to prop the stock at its
current price range, the best course of action is not to insist on a near-term price and go back to considering
its potential via the Watch List.
Element 29 (ECU.v): A negative week for our new exploreco play that dips the position slightly into the
red, product mostly of its typically thinnish trade volume and the lack of headline appeal in the stock on
Friday. If the metals rally consolidates this coming week (which I fully expect, by the way) ECU should start
floating higher again, a lack of buyers on down days is matched by a lack of sellers on up days. We await drill
assays for our next real catalyst.
Xali Gold (XGC.v): There wasn’t much variation
in price, with 24c and 25c available all week, but
this time we saw XGC soak up some volume as,
for the first time since its initial price surge in early
March, we saw over one million shares trades
between Tuesday and Thursday. That’s not a bad
thing, as the more this market unthaws the more
likely we are to get a discount entry point.
Orecap Inv (OCI.v): The liquid-ish assets table
adds up to 18.4c this weekend, very little change

to the overall total despite the small drops in most of the stocks. That’s because Stardust (ZIGY.cn) moved
up another 19.6% to close at C$1.28 on the news that its placement led by Daniel Earle had closed
successfully.
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.08 11.58 4.7
ARIC.v 10.631 0.76 8.08 3.3
XXIX.v 23.637 0.115 2.72 1.1
AUME.v 42.75 0.05 2.14 0.9
MERG.v 1.025 0.85 0.87 0.4
MERG warrant 0.5125 0.40 0.21 0.1
ZIGY.cse 4.942 1.28 6.33 2.5
KLDC.v 40.040 0.34 13.61 5.5
subtotal 45.53 18.3
Est.cash 0.25 0.1
Total 45.78 18.4c
At 248.332 S/O
The big fuss around ZIGY is its control of the McGarry property and with neighbour/likely buyer Gold Candle
now reportedly preparing to IPO, the price of a deal is going up and up. Quite right, too.
Marimaca Copper (MARI.to): the biggest mover of the week, MARI showed plenty of vim last week after
a prolonged period of market doldrums on the back of this NR (10) with the latest drill assay results from the
increasingly exciting Pampa Medina project. Located 30km from the flagship MOD oxides project (DFS done,
now in permitting), Pampa Medina was originally added to the asset book as a potential source of oxides
material to complement the tonnages at MOD but last year, on drilling under the oxides, the company hit
high grade sulphides and it soon became clear they had stumbled upon a manto system that had the
potential to be very large indeed. For more on the subject, please see IKN842 and IKN843 that covered the
subject at the time but the 12 -month (well, 13 in fact) shows what it did to the company’s market cap.
Those original deeper holes, particularly SMRD-13, were drilled under the North end of the established oxide
copper resource, the green outlined area as seen on this map extract. So the significance of the holes
reported last week, SPRD-04 and SPRD-05, are that they lie outside
the Northern boundary of the known oxide zone and flanking the
known widths. There’s a lot more information in the NR last week,
but MARI added the main numbers straight into the title line, so…
Pampa Medina Sulphide Drilling Intersects 16m of 5.70% Cu
and 62.6 g/t Ag including 4m of 11.32% Cu and 144.0 g/t
Ag in Significant Extension of UHG Bornite Zone
…that’s ultra high grade (UHG) by any standard. This means the
high grade manto sulphides have suddenly got bigger and that’s why
MARI did as well as it did last week.
18

West Red Lake Gold (WRLG.v): Finally some signs of life from WRLG, with the stock crawling back from a
low price of 61c and 62c midweek as buyers finally showed up and happily, we saw some insider buying as
well (at last). As the AGM went off as planned last week, the blackout period ended and management was
clearly keen to take advantage of the discount.
We now get to see whether our assumption that WRLG will raise more money comes to fruition. If it happens
don’t be dismayed automatically, there’s likely to be devils in the details and a well-designed raising at these
levels could even rally the stock price. Either way, we’ve gone into this trade with eyes wide open about the
potential for more dilution.
Amerigo Resources (ARG.to): Another great week for our #1 copper play, with a strong rebound on
healthy volume and plenty of market support. We also note that the next 4c dividend is due to drop into the
accounts of shareholders this coming Thursday, which will bring the running total of cash dividend payouts to
42c just in 2025 and 2026 to date. Plenty more where that came from too.
Rio2 Ltd (RIO.to): Bargain hunters got a good one on Wednesday afternoon, check out that volume spike
at the low of the week where RIO.to traded at C$2.47 and 610k shares changed hands. As at Friday evening,
the buyers are already up 10.9% on their money and
good for them, I say.
Allow me to reiterate on Rio2 Ltd: The current house
price target of C$6.84 is as stands and I'm
comfortable with that number, though it does use
forward prices of U$4,500/oz for gold, U$5.00/lb for
copper at a 15% cost of capital. So if you prefer
something a little more conservative, at U$4k gold and
U$4.50/lb copper the model spits out a C$4.97 target
ceteris paribus (or C$6.72 at a 12% cost of capital,
which is probably closer over the long-term as phase 2
is funded by cash flow and the financial liabilities are
paid down). Therefore, this weekend's C$2.74 represents a tremendous bargain, even if metals prices slip
further and a double-plus using the house model which, you may recall, uses conservative input parameters
at nearly every turn as your author much prefers it when surprises are pleasant.
It's not always cut and thrust excitement when it comes to high-conviction trades in this sector, that old saw
about "being right and sitting tight" comes to mind as I write these words. The best investments in mining,
the Rio2's of this world, need time to mature and show their fullest returns and that's where we are today.
This is still the #1 most obvious and clear-cut trade idea I have to offer you and while speculating with
leveraged stocks like WRLG.v or IPT.v, or second-guessing M&A targets such as WDO.to and SRL.v, is fun
and potentially profitable it's important to understand the differences. I'm not long the others just for fun but
equally, my portfolio isn't heavily overweight RIO.to by sheer chance so in my considered opinion, own this
stock before anything else on the above list. Anything under C$3 is a drop dead bargain. Simple as that.
The Copper Basket
After twenty-three weeks of 2026, The Copper Basket shows a gain of xxxx% 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 1654.25 5.66 107.3%
2 Aldebaran Res. ALDE.v 3.67 185.358 563.49 3.04 -17.6%
3 Los Andes Copper LA.v 9.20 30.392 385.98 12.70 38.0%
4 Hot Chili HCH.v 1.33 202.218 374.10 1.85 39.1%
5 Pecoy Copper PCU.v 1.32 209.489 372.89 1.78 34.8%
6 Andina Copper ANDC.v 0.56 273.361 314.37 1.15 105.4%
7 Surge Copper SURG.v 0.475 385.7 285.42 0.74 55.8%
19

8 Element 29 Res ECU.v 1.20 187.989 240.63 1.28 6.7%
9 American Eagle AE.v 0.56 204.923 221.32 1.08 92.9%
10 Hercules Metals BIG.v 0.74 342.898 219.45 0.64 -13.5%
11 Copper Giant CGNT.v 0.49 210.239 159.78 0.76 55.1%
12 Fitzroy Min FTZ.v 0.48 327.178 143.96 0.44 -8.3%
13 Metal Energy MERG.v 0.64 45.2 38.42 0.85 32.8%
14 Algo Grande Copper ALGR.v 0.53 42.34 26.25 0.62 17.0%
15 Kobrea Exp KBX.cse 0.51 53.272 15.18 0.285 -44.1%
NB: All stocks in CAD$ Portfolio avg 32.32%
After the dust settled, our Copper Basket average hardly
The Copper Basket 2026, weekly evolution
shifted at all, down a couple of tenths with a balanced 45%
40%
mix of seven winners (FDY.to, ALDE.v, PCU.v, HCH.v,
35%
BIG.v, FTZ.v, CGNT.v) and eight losers (LA.v, ECU.v, 30%
SURG.v, ANDC.v, AE.v, MERG.v, KBX.cn, ALGR.v) from 25%
20%
our 15 component stocks. Onlt one stock moved by a
15%
double figure percentage margin in either direction (and 10%
then only just), that was Copper Giant (CGNT.v up 5%
0%
10.1%). Overall, it was one of those weeks that saw a
lot of huffing and puffing by come the end, nothing
much had changed.
As for copper-the-metal, its trading closely
matched the wider market sentiment and for
basically the same reasons, too. A reasonable rally
early last week, a return to lows on Wednesday as
Iran inertia and the US inflation reading weighed
heavily, then a return to rally mode as the one
true driver of the market week took over. There’s
no shortage of weekly wrap-ups ready to explain
the move, here’s one (11):
Copper futures climbed to around $6.4 per pound on
Friday, recovering from three-week lows as rising
optimism over a potential US-Iran peace agreement
eased concerns about global growth and industrial
metals demand.
While this Bloomie note gave us the requisite “All Good In China” quote (12):
Demand for copper in China has proved relatively resilient, while the prospect of US tariffs on the
metal also offers upside risk for LME prices.
A more stable macroeconomic environment will help prices rebound toward levels seen earlier this
year, said Jia Zheng, trading manager at Suzhou Chuangyuan Harmony-Win Capital Management
Co. China’s domestic copper inventories have continued falling and orders from downstream
manufacturers have been robust, she said.
That quote also managed to slide in the Trump Tariff issue, which is scheduled to come to a head this month.
They call it Doctor Copper for its economic prediction powers, but at the moment copper us trading less as a
barometer, more as a thermometer. The baseline price established at over U$6/lb seems to be firm and
speaks of the much-vaunted supply shortage down the line, but the current day-to-day market lacks direction
and is trading like any other commodity, looking toward the Iran peace talks for a clue as to direction. That’s
the way it is sometimes, it’s not always cut’n’thrust excitement with deep inferences to draw from dynamic
market action.
Now for our regular weekly world copper inventories update, data from Codelco (13):
 World copper stocks rose by the same amount they dropped the week before, the total up
10,799 metric tonnes (mt) to close at 1,141,809mt) this weekend.
20
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7 ht41
source: IKN calcs

 The slight surprise came, as SHFE copper stocks snapped a multi-week streak and put in an
increase of 18,735mt to close at 188,247mt. One week of anomalous moves a trend does not
make, what’s more we’ve seen this type of blip in June before (see chart below), but it’s a
change to what we’ve been used to recently and it’s against the seasonal grain, too. One eye on
this dataset next weekend.
 The LME’s copper stock draw down continues, this week losing another 12,675mt to close at
364,100mt. There’s still a lot of copper available for whoever wants it, though.
 The one constant was the Comex, with another small increase creating another new all-time
record in copper stocks. Up 4,739mt on the week, it’s now home to 589,462mt of the metal as
the Trump tariff D-Day approaches.
Our dedicated SHFE chart shows that small blip in our 2026 tracking line. At a pinch, it matches what
happened at this time of year in 2024 but for the time being I’m classing it as a week against the grain and
leaving it there. As Aristotle pointed out, one swallow does not make a summer.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
21
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
No notes on Basket component stocks this week, not enough happening that’s interesting in these stocks and
they don’t need my blabber every week,
The Producer Basket
After twenty-three weeks of 2026, the Producer Basket shows a loss of 7.10% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 108.24 100.23 0.4%
2 Agnico Eagle AEM 169.53 500.989 81.48 162.64 -4.1%
3 Barrick B 43.55 1705.994 68.58 40.20 -7.7%
4 Wheaton PM WPM 117.52 454.037 52.71 116.10 -1.2%
5 Alamos Gold AGI 38.58 419.947 14.78 35.20 -8.8%
6 Lundin Gold LUG.to 114.02 241.833 13.37 76.81 -32.6%
7 IAMGOLD IAG 16.49 588.8 9.80 16.65 1.0%
8 Eldorado Gold EGO 35.92 198.571 6.09 30.66 -14.6%
9 B2Gold Corp BTG 4.51 1343.243 5.66 4.21 -6.7%
10 Americas G & S USAS 5.11 318.26 1.68 5.28 3.3%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -7.10%
A mixed bag of weekly results, with six winners (NEM, B, IAG, EGO, BTG. USAS) and four losers (AEM, WPM,
LUG.to, AGI) compared to last weekend. Most of the moves were small, the two outliers were the wins
recorded by IAMGOLD (IAG up 8.0%) and our volatile friend Americas Gold and Silver (USAS up 7.3%). And
let’s be clear, it would have been a lot worse if it weren’t for the rally that took hold Thursday afternoon and
held fair through Friday, the diametric opposite to the action of the week before last. We also have some

green shoots showing again, with three blobs of green back on the YTD trackers above. Not great, but better
than the zero from last week.
As for our race against the GDX benchmark, it’s nearly back to level pegging again, with just 0.41%
separating the two squiggly lines over the last 23 weeks. Tight.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
No notes here, either.
The TinyCaps List
After twenty-three weeks of 2026, the TinyCaps show a loss of 13.60% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 13.23 0.05 -28.6%
Canex Metals CANX.v 0.215 208.63 54.24 0.26 20.9%
Sranan Gold SRAN.cn 0.30 60.42 7.25 0.12 -60.0%
Enduro Metals ENDR.v 0.155 114.06 16.54 0.145 -6.5%
Latin Metals LMS.v 0.21 138 30.36 0.22 4.8%
Precore Gold PRCG.cn 0.26 32.093 7.06 0.22 -15.4%
Radius Gold RDU.v 0.14 115.7 15.04 0.13 -7.1%
Silver Wolf SWLF.v 0.135 62.18 7.77 0.125 -7.4%
Trifecta Gold TG.v 0.195 47.7 8.82 0.185 -5.1%
Viva Gold VAU.v 0.19 182 23.66 0.13 -31.6%
Prices in CAD$, data from TSXV basket avg -13.60%
This section attempts to track the tinycap mining sub-sector of the market, our ten companies chosen under
the following criteria to put together a list representing the state of play in the sub-sector of tinycap
exploration company stocks. At least, that’s the plan.
 Market capitalization of under $25m They have to be tiny. In one cases I’ve stretched the window a little and allowed
sub-U$25m market capper in, but the spirit is unaltered.
 A “non broken” stock price and project story. There are literally hundreds of tinycap juniors of the right size, our task is
to trawl through the TSXV and find companies that are small but with life in them. The vast majority of tinycap stocks are
broken stories, either traded to death on the exchange or with projects that are a bust or with entrenched management more
interested in their monthly paycheck than anything else.
 Likelihood of meaningful newsflow in 2026. This connects to the company’s “unbroken” status, as we
want news and potential catalysts from companies with projects that can work.
 Decent management if possible. When you are down among the little guys it doesn’t pay to be too choosy, but still I
preferred companies that have teams or people with good peer reputations.
Three winners (CANX.v, RDU.v, SWLF.v) and seven losers (AUME.v, SRAN.cn, ENDR.v, LMS.v, PRCG.cn, TG.v,
VAU.v), with only one of those moving more than one cent in either direction (PRCG.cn dropped 2c) and only
22
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7 ht41
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 ht41
source: IKN calcs

one making a double figure percentage move (AUME.v down 16.7%, or a penny in real terms). Another quiet
week for the tinycaps, but the negative vibes aren’t going away either.
TinyCaps, 2026 weekly tracker
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
23
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7 ht41
source: IKN calcs, TSX data
Auriginal Mining (AUME.v): As the YTD chart (right)
shows, this isn’t the first time AUME has traded at 5c in
2026, but it is the first time it’s done so for three days
running. This is all about the disappointing drill assays of a
couple of weeks ago as, at this tinycap end of the market,
you don’t necessarily get a massive drop on the news but
you are left with zero reason to buy the stock.
This stock is a simple one from here, untouchable until it
brings solidly positive news to market.
Canex Metals (CANX.v): The final fusion between CANX and Gold Basin is done and dusted as of this week
and on the news (14), CANEX President Shane Ebert stated for the record in the NR (and we quote) “With
this milestone consolidation achievement CANEX can now concentrate its focus on unlocking the value of the
combined Gold Basin and Gold Range properties which show tremendous potential to host large oxide gold
deposits. We are extremely honored to have gained the trust and overwhelming support of former
shareholders of Gold Basin, and we will work diligently and professionally to advance the Company in the
best interest of our shareholders.” is why we included CANX on the 2026 in the first place, to see if the
merger could happen and what would become of it. With the first part now closed, we now get to see if
there’s appetite for the consolidate story. To be fair to the deal, it seems to have protected CANX shares from
the worst of the headwinds in Q2 and it’s now one of only two stocks on this year’s list still in the green.
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: Set up for another right wing victory
As from yesterday Sunday, no more opinion polls are allowed to be published in Colombia, with just a week
before the second round vote to decide the next President of the country. Aside the unofficial pollsters and
opinionators, we’ve had four major company polls in the last week and here’s how they call it
(15)(16)(17)(18):
 AtlasIntel (early last week): Iván Cepeda 44.5%, Abelardo de la Esperiella 52.2%
 CB Global (midweek): Iván Cepeda 43.3%, Abelardo de la Esperiella 49.6%
 Guarumo (this weekend): Iván Cepeda 45.0%, Abelardo de la Esperiella 52.6%
 AtlasIntel (this weekend): Iván Cepeda 43.1%, Abelardo de la Esperiella 50.9%
In other words, much along the lines expected. ADLE has benefited from the active support of losing right-
winger Paloma Valencia and as Colombian elections are rarely full-scale blowouts, a winning margin of four

points or above would be considered a mandate. We should note in passing that on Friday, Iván Cepeda
came out with a highly negative move toward ADLE opening a criminal prosecution case with international
human rights courts on what he alleges to be direct connections to far right wing paramilitary groups. This
may sound shocking to the outsider, but there’s nothing really new in these accusations aside from actually
formalizing them in a criminal prosecution case. Also, the choice of courtroom is notable because many of the
same accusations have been investigated and thrown out by Colombian judges. Overall, for this desk is a
measure of the desperation of the Cepeda campaign to go this route and it’s unlikely to deter many voters.
Bottom line: On Polymarket this weekend (Saturday time of writing), ADLE is at 87% to win the election on
Sunday and for me, that’s akin to paying 87c for a dollar bill.
Colombia: Abelardo and mining
With the high likelihood that Abelardo de la Espriella (ADLE) is President-Elect of Colombia as from next
Sunday, here’s the need-to-know on his position regarding mining:
 Last week, his campaign made plenty of noises on environment protection, with a sharp focus on the
Amazon region of Colombia (South or Southeast, depending on how you draw lines). They talked up their
enviro policy of removing the Amazonia region from natural resources development projects and the
campaign environment spokesperson, one Sandra Bessudo, told reporters (19) “The Amazon region is to
be respected. It is a strategic ecosystem and we must stop deforestation.” That said, opponents view his
position as one that will allow natural resource development in all other regions except Amazonia (and
even then, wait to see where they say “The Amazon Region” stops).
 He is certainly pro-mining and pro-development, this line from ADLE’s mouth last week a typical position
(20): “Mining when done well generates employment, investment, development and progress for
thousands of Colombian families, the State must be an ally to those who work within the legal
framework, rather than being a problem or obstacle.”
 His election manifesto also proposes the simplification and acceleration of the permitting process, for
mining and other sectors (21), though there aren’t many details on how that would be implemented. The
grand vision is clear enough, though rule and law changes on these matters would have to go through a
Colombia Congress in which he holds no clear majority. Mining companies are bound to like the
soundbites from his first few weeks in office, however.
 He’s also in with mining people, most prominently his open and close friendship with Serafino Iacono, the
impresario in mining and O&G with a name well-known to most reading these words. That in turn puts
him in the orbit of all the Frank Giustra and Giustra-related companies, with Aris Mining top of the list,
but thoughts also obviously turn to Copper Giant at Mocoa. He’s also close with Federico Estrepo, CEO of
Denarius Metals, another Fino Iacono company with its Zancudo mine and plans to grow in other
localities in and beyond Colombia. Estrepo calls ADLE his “brother and friend” (22).
Put all that together and mix thoroughly and I’d venture to say that Soto Norte, now 100% owned by Aris
and the centre of permitting and environmental controversy for at least 15 years, is the most likely flashpoint
for the ADLE government assuming all goes as expected. It won’t take long for his pro-business connections
to demand action and Soto Norte checks all the boxes of a project that needs a hard-nosed attitude to push it
through and imposed itself (no other word) on the Paramo de Santurban and wider Bucaramanga population.
Peru: An extremely probable President Fujimori
The count isn’t over yet (and they call it the “fast count”, by the way), the gap is extremely small and the
losing team is now demanding a recount and trying to disqualify batches of votes that went against them
(e.g. specific regions of the provinces, e.g. Argentina overseas voters, others besides), but despite the
ongoing controversy, the razor-thin margin of victory and the fact that anything can happen in LatAm politics,
it would be a seismic shock if Keiko Fujimori isn’t sworn in as the next President of Peru at the end of next
month (the scheduled handovers tend to happen on the country’s independence day, July 28th). Keiko has
overhauled the slight advantage held by Roberto Sánchez. This weekend it’s moved from +4,000 to around
+15,000 votes and, while that’s a tiny margin after 19m voted are counted, the gap is steadily widening and
will continue to do so. The remaining disputed desk totals (actas) are mostly from Lima, they’re nearly all
available for public scrutiny and if they’re all cleared after examination add around 46,000 to Keiko’s
advantage. Finally, it’s worth adding that the Lima establishment, i.e. the 20 or so families that really run the
24

country, much prefer Keiko over Roberto, don’t underestimate their power to stop any legal action from
getting very far.
We’re going to get plenty of noise and cries of “foul!” are normal among losing candidates anywhere, that’s
doubly true in Peru (last time around Keiko spent weeks trying to get ballot papers thrown out in an
expensive legal campaign that came to naught). But those of us on the outside looking in should take this
vote as a lock, Keiko is the next President of Peru. One more thing before signing off, as Peru in the last few
years has gained an unenviable reputation for political instability and impeaching/throwing out its Presidents
on a regular basis. That’s not going to happen to Keiko, as she has enough direct support in Congress to stop
any impeachment vote from prospering and likely enough indirect support to stop any motion from ever
getting to the house floor. So if there are two things the average FDI-focused reader needs to know about
Peru going forward, it’s that 1) its government will be officially right wing (Dina Boluarte was right wing, she
just couldn’t say so out loud) and 2) Keiko will bring stability to the role of President in the eyes of the world
(different to the image she’s bound to suffer from in Peru, but good enough for FDI).
Our recent track record on LatAm elections
Before moving to a thought or three on the final and biggest election due in South America this year, that of
Brazil, a quick resumé of recent political election coverage here at The IKN Weekly over the last couple of
years to set the scene:
 2024 Panama: We predicted José Raul Mulino as likely (not certain) winner (see IKN780), the doubt
resting on whether he would be allowed on the ballot. He was allowed to run and duly won.
 2024 Mexico: We predicted Claudia Sheinbaum as near-certain winner from as early as 2023 and in
multiple editions of the weekly. Admittedly, not a difficult one.
 2025 Ecuador: At first we predicted incumbent President Daniel Noboa would win his election and get his
mandate (e.g. IKN820). As the run-off date approached we were less confident, but still sided with
Noboa (e.g. IKN828). Noboa won.
 2025 Bolivia: In IKN854, when Rodrigo Paz was eight points behind his rival Tuto Quiroga in the polling
for the October 19th Presidential election run-off, we called the polls misleading and the race too close to
call. Señor Paz went on to win by ten points.
 2025 Argentina: October 26th legislative election (i.e. the midterms). We found this one difficult to call
and stayed on the fence. It turned into a resounding victory for President Javier Milei and the sitting
government.
 2025 Chile: We called José Antonio Kast as clear favourite as early as July and August for the November
Presidential election, he duly won by a comfortable margin.
 2026 Peru: We knew Keiko would get through round one and that a lot depended on who she met in the
run-off, we called her the likely winner against Roberto Sánchez and, while admittedly tight, that’s come
to pass.
 2026 Colombia: Still not over, so a few extra words here. We were not as confident as many others
about the chances of the Colombian right wing, but even though Iván Cepeda’s chances improved as the
year rolled out we still called the right wing as 70/30 favourites. When Paloma Valencia’s support
collapsed in the last two weeks of campaigning, it became obvious to this desk that Abelardo de la
Espriella would become the next President of Colombia, we now await the run-off vote and result, this
coming weekend.
Overall: Not afraid to state “don’t know” most of the calls have been correct and though you are free to
disagree, the only election I think I called badly was the Argentina midterms. The anti-Milei result of the
Buenos Aires provincial vote skewed my judgment too much and I failed to capture Milei’s policies were more
popular in the provinces than the big conurbation.
That’s the scene set, now for the reason why the above list made it to IKN890.
Brazil: The prediction market trade
Last week while conversing with A. Person, your author had one of those two-plus-two-equals moments
when a couple of issues suddenly combined into a thought I probably should have had several months ago:
25

 Over the years we’ve watched regional election processes closely, as they tend to affect the
prospects of mining companies in LatAm.
 This publication is essentially capitalist, it exists to help people make money.
 Prediction markets have blossomed recently and are now an accepted part of the financial
universe.
Therefore, it makes sense to look for opportunities in the prediction markets and if they exist, recommend
them to this readership. They might not be for all of you, but part of my “should have thought of this a long
time ago” realization is that I know, plain fact, that readers of The IKN Weekly use and trade using prediction
markets such as Polymarket and Kalshi.
Which brings me to an obvious trade opportunity and we use Polymarket to illustrate. This (23) is the current
state of the race to be the next President of Brazil, with the election proper scheduled for the start of October
and the near-inevitable run-off between to top two at the end of October this year. As you can see,
incumbent left wing President Lula da Silva is in a clear lead in the preferences (48%) with main rival, the
right wing Flavio Bolsonaro in second spot (26%) and the minor players further down (fwiw Renan Santos is
an interesting candidature, running an indy party on a “no more corruption” message, but lacks the political
infrastructure to challenge the two party hegemony (for this year, anyway)).
The trade set-up here is simple, it doesn’t even need a prediction on who will eventually win the big prize.
Instead, we know two things:
1) This election always tightens up as the campaign gets into full swing.
2) It will go to a second round run-off because it always does.
As things stand today, buying Flavio Bolsonaro at 26% is a very attractive bet. There’s no need to ride any
open trade out to the eventual binary win/lose in October, it’s not even necessary to be a proponent of him
or his policies, because we know that at the pointy end of this race those win percentages will be much closer
together. In a worst case Flavio prints 45% at some point and a 50/50 toss-up before either the first round or
second round vote would not surprise me in the least. Therefore, the prediction bet proposition is something
along these lines: We model 1 unit as 1 dollar:
 100 units Flavio YES this weekend: $265
 Cover 50 units when Flavio reaches 40%: $200 returned
 Cover 50 units when Flavio reaches 45%: $225 returned
 Pre-commissions profit: $160 (a 60% return)
There are of course a thousand variations on how one might play such a market, the above is a risk-adjusted
bet that plays the very high probability the race tightens from its current Lula +8 to +10 advantage in the
polls and turns into the same type of left/right coin flip that’s so common across The Americas today.
26

Bolivia’s protests: The long haul
The most important development in the ongoing protests and roadblocks in Bolivia last week is the decision
by at least one of the protesting factions the COB Miners’ union, to allow passage of essential and
humanitarian goods through some specific roadblocks. It shouldn’t be taken as a sign that the protests are
weakening, instead this is Bolivia settling in for a longer haul of conflict. Rodrigo Paz is hesitant over whether
to use military force to clear the roadblocks, the protesters want to keep the population on their side and
hungry bellies and/or people dying from lack of medical supplies to hospitals is bad marketing for their cause.
With 78 blockades still officially in place this weekend (24), the Paz government is still under severe pressure
and the overall situation hasn’t changed, though thankfully the chances of blood spilled in direct clashes with
military has lessened. All the same, anything could happen in Bolivia so watch, don’t touch.
Market Watching
Deferred.
Conclusion
IKN890 is done, we close with bullet points:
 It feels like all I’ve been thinking about for the last week or so is Soma Gold (SOMA.v), which is
obsessive, autistic or both on my part. The “let’s wait and see” decision on the trade potential may
seem boring to you, but to me it’s way more than I expected to get from this company before revisiting
its numbers. Make no mistake, this is an interesting company at this price.
 The FOMC this week doesn’t have to be explicit about rates in order to be bullish for gold, the more
new FedHead Warsh talks up his vision for balance sheet reduction, the better it’s going to be for our
cause. I’m an occasional viewer of the FOMC press conference, I’ll be glued to this one.
 Good to see the Iran hoo-hah finally blowing over, gold bears will have to find another excuse now.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://machalamovil.com/proceso-judicial-contra-exfuncionario-cordova-se-aplaza-por-incidente-tecnico-en-la-sala-penal-de-la-corte-
nacional/
(2) https://somagoldcorp.com/2025/union-commences-strike-at-soma-golds-colombian-operations/
(3) https://www.colombiainforma.info/mineros-de-zaragoza-antioquia-superan-los-40-dias-de-huelga-contra-soma-gold-corp/
(4) https://somagoldcorp.com/2025/soma-provides-post-strike-production-update/
(5) https://somagoldcorp.com/2026/soma-gold-provides-production-update-and-outlook-in-colombia/
(6) https://somagoldcorp.com/2026/soma-announces-debt-settlement-for-shares/
(7) https://somagoldcorp.com/2026/soma-gold-announces-7-5-million-non-brokered-life-private-placement/
(8) https://www.youtube.com/watch?v=tiHU4cJkG1k
(9) https://somagoldcorp.com/wp-content/uploads/2026/05/Soma-Gold_Corporate-Presentation_2026_05.pdf
(10) https://marimaca.com/pampa-medina-sulphide-drilling-intersects-16m-of-5-70-cu-and-62-6-g-t-ag-including-4m-of-11-32-cu-and-144-
0-g-t-ag-in-significant-extension-of-uhg-bornite-zone/
(11) https://tradingeconomics.com/commodity/copper/news/558569
27

(12) https://financialpost.com/pmn/business-pmn/copper-prices-surge-with-mining-stocks-as-trump-flags-iran-deal
(13) https://www.cochilco.cl/web/informe-semanal-del-cobre/
(14) https://canexmetals.ca/news/canex-acquires-100-of-gold-basin-resources/
(15) https://www.infobae.com/colombia/2026/06/11/abelardo-de-la-espriella-se-posiciona-como-el-eventual-ganador-de-la-segunda-
vuelta-presidencial-segun-encuesta-de-atlasintel/
(16) https://www.rtve.es/noticias/20260611/colombia-elecciones-espriella-aventaja-cepeda-encuestas-segunda-vuelta/17110390.shtml
(17) https://www.lasillavacia.com/wp-content/uploads/2026/06/2026-06-Guarumo-Ecoanalitica-Elecciones-2026.pdf
(18) https://www.lasillavacia.com/en-vivo/atlas-intel-de-segunda-vuelta-sigue-ventaja-de-8-puntos-pero-con-mas-indecisos/
(19) https://www.lasillavacia.com/en-vivo/este-es-el-plan-abc-para-medio-ambiente-y-comunidades-de-de-la-espriella/
(20) https://www.lasillavacia.com/silla-amazonia/de-la-espriella-y-socios-prometen-sacar-la-amazonia-del-plan-extractivista/
(21) https://www.youtube.com/watch?v=49dXkafZigU
(22) https://x.com/ficorestrepo/status/1361442669352910856
(23) https://polymarket.com/event/brazil-presidential-election
(24) https://lapatria.bo/enfoque-nacional/bolivia-enfrenta-78-bloqueos-tras-45-dias-de-conflicto-social/
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
28

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
29

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
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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
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Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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