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The IKN Weekly
Week 891, week of June 21st 2026
Contents
This Week: In today’s edition, The media tail wags the Fed dog, As for Iran, Gold and Central Bank demand.
Fundamental Analysis: Deferred
Stocks to Follow: RPX Gold (RPX.v), Soma Gold (SOMA.v), Element 29 (ECU.v), Marimaca Copper
(MARI.to), Orecap Inv (OCI.v), West Red Lake Gold (WRLG.v), Amerigo Resources (ARG.to), Rio2 Ltd
(RIO.to).
The Copper Basket: Overview, Hercules Metals (BIG.v), Surge Copper (SURG.v).
The Producer Basket: Overview, Alamos Gold (AGI), Lundin Gold (LUG.to)
The TinyCaps Basket: Overview, Enduro Metals (ENDR.v), Precore Gold (PRCG.cn).
Regional Politics: Colombia: Abelardo de la Espriella is President-Elect of Colombia, Peru: Almost President-
Elect Fujimori, Chile: The Kast government considers selling Codelco minority participations, Argentina: Legal
fun between San Juan and La Rioja, Bolivia: A State of Emergency and a break in the protest.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 We’ve arrived at the Northern summer period, when the world of mining stocks tends to slow down
and big news or deals tend to get deferred until after Labor Day. As such, today’s intro section turns its
attention to the macro drivers of gold and find more to like in last week’s first FOMC for the new Chair,
Kevin Warsh. We also tip out hat quickly to the news driver of Iran, plus a closer look at the reason
gold has out-performed in the last couple of years and why it’s likely to continue that way. The world’s
central banking community can’t all be wrong.
 The Stocks to Follow section updates on our long note last week on Soma Gold (SOMA.v), confirms our
purchased in RPX Gold (RPX.v) and finds more to like in West Red Lake Gold (WRLG.v) than we’ve
found in the last few weeks.
 We continue to document the rise of the political right wing in South America, with the near-
confirmation of election wins for Abelardo de la Espriella in Colombia, Keiko Fujimori in Peru and a
better than expected result for Rodrigo Paz in Bolivia as the protests against his government lose
steam (for a while at least).
 As for stock notes, perhaps the most interesting event last week was the PFS delivered by Surge
Copper (SURG.v) on its Berg project in BC Canada. We check out that in The Copper Basket and frame
why the stock dropped on the news, rather than rallying the way its fan expected.
 Other things, too. There are always other things.
The media tail wags the Fed dog
There’s a joke Louis CK tells during his 2011 stand-up show, “Live at the Beacon Theater”, that came to mind
after watching the first FOMC press conference offered by new Fed Chair Kevin Warsh (1):
When we (white people) came to America it was so nice. It was just Indians. And they
weren’t even Indians! We called them that by accident! And we still call them that! Like we
1

knew in a month that it wasn’t Indians, but we don’t give a sh*t, we never corrected it. We
came here. They were like “hi”, and we're like:
“Hey you're Indians right?”
And they're like, “No.”
“No this is India right?”
“No it’s not, it’s a totally other place.”
“You’re not Indians?”
“No.”
“Nah, you’re Indians! You’re Indians for hundreds of years after.”
But I’m no good at jokes, it’s funnier when Louis CK tells it. Anyway, it came to mind as an example of when
people have decided what they want to understand, they hear exactly that. I watched last week’s presser
with great interest and came away impressed with the way Warsh handled the event. It was clear he knows
his stuff and that he’s no stranger to the financial spotlight, but this is another level of media scrutiny which
he passed with flying colours. He also introduced plenty of changes to the audience, with a shorter Fed
statement, a lack of forward guidance and the announcement of five “Task Forces” on specific Fed matters,
all of which stamped his arrival as “things will be different”.
However, when it came to the Q&A, the assembled reporters kept coming back to the same issue and in turn,
tried to find ways of asking him “will rates go up?” without asking for a forward guidance that no longer
exists. The jousting was interesting and overall the impression was clear; FOMC members are looking to raise
rates, but Warsh is not. For those that care (and you should, this will be the #1 influence on the price of gold
over the Northern summer months), this link (2) to the transcript is worth a careful read or two, your author
offers up a few excerpts and quotes on what went on starting with this, from Warsh’s opening summary of
the FOMC on why Forward Guidance was being dropped from their post-meeting communications:
“…we agreed was not well-suited to the current policy conjuncture.”
Then this, also from the opening statement, that used the “median” instead of a head count to downplay the
way nine FOMC members were de facto calling for a rate increase:
“The median participant judges the appropriate federal funds rate to be at 3.8 percent at the
end of this year and 3.6 at the end of next.”
When you compare those numbers to the current 3.50% to 3.75% range, there’s not much in it. As for the
“War One Inflation”™, this was the stand-out quote:
“You've heard me say before I tend to focus on the left of the decimal point. Well, the two is the left of
the decimal point. For now zero is to the right. I see no reason until we have reestablished our
commitment and ability to deliver on the 2 percent inflation objective to revisit that.”
In other words, you can keep saying 2%, he says any number that starts with a 2 (2.99?) will do just fine for
the time being. In turn this reminds me of my good lady, who will arrive at 2.58pm for a 2pm appointment
and swear blind she isn’t late, bless her heart. Our final example (but there are more, please check out that
transcript) is the Q&A with Michael McKee of Bloomberg:
MICHAEL MCKEE. You said you don't like forward guidance, you dropped it from the statement this
time, but with the dot plot, nine members suggested that they want a rate increase by the end of the
year, and the markets have taken that as forward guidance. So what does this mean in terms of how
you guide the markets and in terms of what the dot plot's future is?
CHAIRMAN WARSH. I'm going to have to give you the same answer I gave to Miss Smith, we've got
a task force for that. I'll give you a little bit more. I reviewed the dot plots and when I saw the
submissions, I noted that all the submissions were coming in with pencils, you know those kinds with
the big erasers. That's to say that I think my colleagues around the table when they submitted their
dots, understand the world is changing quite quickly. And they didn't feel bound by them six weeks
from now or six days from now, and in the event that their circumstances change.
That answer, along with plenty of other examples from the Wednesday jousting, is the sound of a new Chair
leaving himself all the room possible to stand against standard thinking at the Fed and doing what his boss
wants him to do, i.e. no rate raises and eventual rate cuts. We should also note before getting to the pay-off
of today’s intro that the committee itself had a minority count of members who believe a rate rise in 2026
2

was required (nine of nineteen and as Warsh didn’t participate, make that nine of twenty). Despite that, the
next day groupthink prevailed:
Investopedia(3): “The Federal Reserve's policy committee signaled it will likely raise
interest rates soon to combat high inflation”
FT(4): “Federal Reserve officials tilt towards rate rise as Kevin Warsh era begins”
AP(5): “Fed rate rise now likely in new Warsh era”
All those and plenty others, the 2-year Treasury rose to 4.22% (highest since end 2024) and we also got
Goldman Sachs dropping $500/oz from its year-end gold price target.
It’s difficult to call Warsh’s arrival a “breath of fresh air” (this is macro finance after all, boring snd stuffy by
nature), but it was an obvious step-change from the Powell era, the number of initatives presented (“we have
a task force for that”) is what a new broom does to stamp authority and all in all, felt as though I watched a
completely different press conference than the one reported to my by the world’s press and reacted against
by Wall St’s great and good the next day. We know the prevailing wisdom in the US Fed is to take the
orthodox line against inflation, we also know Jerome Powell is hanging around to be the anti-Trump
influence. We also know the other side of this coin, that Warsh got the job he now has because he told
POTUS47 what POTUS47 wanted to hear (because like it or not, that’s how POTUS47 works) and his #1
target isn’t inflation, it’s the Fed balance sheet. We know that because he’s told us time and again and while
on the subject, a passing comment of a side peeve of last Wednesday’s presser; nobody in the press corps
asked a single question about that “Balance Sheet Task Force”, even though it’s clearly an important item on
Warsh’s agenda. Check out how those task forces were announced:
“I am appointing a task force in each of five areas that are central to the broad conduct of monetary
policy: First, Fed communications; second, the Fed’s balance sheet policy; third, our use and reliance
on existing data sources; fourth, productivity and jobs in an era of transformation; and last, the Fed’s
inflation frameworks.”
Balance sheet #2, inflation #5…doesn’t anyone take a hint these days? Anyway, back to the focus issue and
in Warsh last week, we had a Fed Chair who adroitly managed his language in order to leave as much room
as possible for his personal agenda without openly criticizing or opposing the current Fed groupthink in front
of the assembled reporters. We had someone who flat refused to give forward projections and downplayed
the Dot Plot data that ostensibly veered toward a rate rise later in 2026, but is by no means a certainty. We
had a new Chair who made it plain inflation at 2% isn’t a near-term target, one that also wants to take the
Fed in a new direction. All this from a Fed Chair appointed by a President who wants rates lower and has set
out his stall to “run it hot”, happy to inflate away the debt issue, but once the press conference had been put
through the media wringer, the message was “Oh, Warsh is his own man and will raise rates if required!”.
And you guys think all this is bearish gold? Heaven help us, own more bullion immediately.
As for Iran…
You nearly got a paragraph or three on the Iran circus this time last week, but it got scratched after the
apparent deal and ceasefire agreement of two Mondays ago. So perhaps it’s more fool me for believing the
“And This Time We Mean It!” deal would close this time, but here we are again and as the newflow from the
sorry affair is obviously moving gold around some comment or other is required, so here’s my position:
 I assume it will end. Don’t ask me when or under what conditions, but this isn’t a forever war like we’re
seeing in East Ukraine / Donbas as neither side can or would want that to happen.
 We’ve already seen the bottom in the gold price as regarding the Iran conflict. I’m not the only one who’s
noticed the risk is to the upside and the way gold was keen to add a couple of hundred dollars an ounce
on the peace dividend, but the return from whence it came was far less concerning.
 It’s a minor driver for gold compared to the Fed and what Warsh has in store for us. Near-term the
newsflow is pushing gold around yes, but it’s not the trend and once we have clarity and Central Banks
can plan for their countries’ fuel and energy supplies without selling off any more reserves, its effects will
fade.
Bottom line: I’m less concerned about the effects of the Iran war situation on the price of metals than you
likely are and if you feel that’s wrong of me, I’d be happy to hear why.
3

Gold and Central Bank demand
For about a minute last week, gold’s popularity among the people who are really driving its demand, the
world’s central bankers, made the trade paper headlines. Timed to hit the wires with the bounce in metals,
the “World Gold Council 2026 Central Bank Gold Reserves Survey” makes for both interesting and highly
bullish reading on the metal. We strongly recommend you use the link (6) and get your own copy, but to
whet your appetite here are just a couple of the visual aids found in the report to show how much the trend
is your friend.
This first one shows how expectations for gold ownership took a big leap forward in 2025 and rather than
slacking off, have continued to grow this year (please note the “Don’t Know” answer option was removed in
2023).
How do you expect your institution's gold reserves to change over the next 12 months?
This second chart response should be read in tandem with the above, but also shows how Central Bankers
are viewing the actions of peers:
How do you expect global central bank gold reserves to change over the next 12 months?
Notably, around 45% of CBs expect to grow their gold reserves, but they don’t go around with their heads in
the sand and know how other CBs look at the market and, after talking with peers and chatting at the regular
get-togethers, know that the global appetite for gold in reserves is growing fast, no matter what their
particular country or government is doing.
The whole survey is well worth your time, fellow gold long, but we’ll leave you with the conclusion paragraph
that summarizes why we are right to expect gold to increase in dollar value going forward.
This year marks the ninth edition of our annual Central Bank Gold Reserves Survey. Over that time,
positive sentiment towards gold has increased notably. Optimism about gold’s future role as a reserve
asset has grown alongside a desire by respondents to add more gold to their reserves. Central banks
increasingly view gold as an active and important strategic asset within their reserve portfolios.
Ongoing economic and geopolitical uncertainty continues to weigh on reserve managers, as this
year’s findings highlight. Concerns over interest rates, the inflation outlook and geopolitical
uncertainty, show that diversification and risk mitigation continue to be key drivers of strategic reserve
4

management decisions. This year’s survey reveals an emergent trend of central banks increasingly
looking to diversify gold vaulting locations. And while there are divergences between advanced
economy and EMDE central banks in some aspects, they share a common confidence in gold’s role
as a reliable store of wealth and a key component in their long-term reserve management strategies.
As the world becomes increasingly volatile and unpredictable, gold’s safety, liquidity and return
characteristics – the three key investment objectives for central banks – have risen in importance.
The trends uncovered in our survey suggest that central banks continue to recognise the benefits of
an allocation to gold and indicate that their demand for gold will likely remain healthy into the
foreseeable future.
Fundamental Analysis of Mining Stocks
Deferred.
Stocks to Follow
A negative week for the Stocks to Follow, with just six of our 20 covered stocks returning gains (ARG.to,
MARI.to, ECU.v, IPT.v, RPX.v, XGC.v), two unchanged (OCI.v, MIRL.cn) and the other 12 losers. There were
three double-figure percentage losers, with two of them losers (LMS.v down 13.0%, MENE.v down 10.0%)
and one of them a winner, so a round of applause is due to Element 29 for the silver lining to the week
(ECU.v up 25.0%).
Please note that I’ve done one of the semi-regular re-jigs of the list, putting them in rough order of
importance. For those new round here, the “Recommended Stocks” section has two shades of blue, with the
brighter colour denoting the higher conviction trades and the others smaller and/or riskier.
With the addition of Soma Gold (SOMA.v) to the Watch List, there are now 20 open positions in the Stocks to
Follow list, that’s our self-imposed limit. Nine of those are in the green, eleven are in the red but as three of
those are in the Watch List and I’ll be happy to see them lower still, there is some mitigation.
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$2.67 233.8% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.72 336.4% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$7.37 -10.8% Chile gold jr
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$8.11 142.8% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.87 105.0% 2nd tgt U$5 hit, hold for buyout
West Red Lake WRLG.v STR BUY C$0.82 20-Jul-25 C$0.66 -19.5% re-rate trade, $1.44 tgt close
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.60 22.1% Copper exploreco in Peru
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$24.48 9.2% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.62 -17.5% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.33 24-May-26 C$0.325 -1.5% Silver producer, added June
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.24 200.0% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.20 5.3% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v STR BUY C$0.08 4-May-24 C$0.125 56.3% top fundy value, illiquid
RPX Gold RPX.v SPEC BUY C$0.16 14-May-26 C$0.155 -3.1% gold dev Canada
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.255 -8.9% New gold risk trade, Peru
5

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
Soma Gold SOMA.v watch C$0.77 14-May-26 C$0.74 -3.9% Colombia gold producer
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.27 -16.9% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.83 -14.4% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.18 -60.0% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
Aurion Res AU.v Apr'26 C$1.07 21-Sep-25 C$2.56 139.3% Bot by Agnico, good trade
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): POSITION OPENED. The 16c cost average of this new foothold position in the Watch-
Listed RPX Gold (RPX.v) means this trade starts with red ink, as the Friday dump dragged the stock down
with all the others. But that’s okay, 16c is in the range I expected and if gold takes off again, it will quickly
look cheap. We know the stock, its Wawa gold project and its opportunities, we also know it will take some
time to deliver its major catalyst, that’s the 43-101 economic report slated for 2027 and an eventual build
decision behind it. In the meantime, it’s a case of picking up cheap shares when the opportunity arises.
Soma Gold (SOMA.v): ADDED TO WATCH LIST. After last week’s extended note to re-start coverage of
SOMA.v (and I thank reader DC, who commented on how he likes the long notes and the details behind my
thought process, even though others surely won’t
agree), there are a couple of extras to add to the
mix this week. First up, after an initial spurt above
the 80c line it was good to see SOMA drop as the
week wore on and trade back at the current
placement price; there really is no need to pay more
than that.
Secondly and on the same-ish subject, we note that
the placement was slated to close on Friday 19th
but we’ve had nothing from the company on that
[EDIT Monday, still nothing]. A close date is never
cut and dried, but the optics start to turn negative if
it drags on too far and at some point, we’d start to
assume the offering isn’t fully filled or has hit a glitch.
Thirdly, we got this NR from the company on Thursday June 18th (7), designed to update on progress and
take the market’s mind off the company’s cash flow and production problems. It was a reasonable NR too,
nothing untoward and hung on the fact that the Aurora mine is now delivering feed to the Bagre mill, which
will supplement throughput as framed in last week’s note. We also got a hint of how things are going in a
couple of implied messages. This one is from the CEO Comment:
6

“Geoff Hampson, Soma’s CEO, states, “The combination of increased production at Cordero and
deliveries from the Escondida, El Limon, and Aurora Mines increases the total tonnage of feed
material produced. Once full production at these mines is achieved, it will justify the start of
processing at the El Limon Mill.”
Or if you prefer, “we’re not re-starting the El Limón mill yet.” Then there’s this one:
“The new truck arrives as average grades at Cordero return to anticipated levels.”
Part of our thesis includes grades in the current 2q26 quarter remaining at, or slightly above, the low level we
saw in 1q26 before retuning to higher grades in the
second half of the year (supplemented by high grade 10 SOMA.v: Avg head grade, per qtr
satellite feed and ore sorting to get to 7g/t). That 9
comment on Thursday fits in well with our model. We’re 7 8 7.07 6.8 7.1 6.44 6.166.25 7 7
not guaranteed a separate production NR from SOMA in 5.555.75
6
early July, so that could be one catalyst less for a sell-off 5 4.38 3.58 3.8
and we may need to wait until the 2q26 financials are filed 4
3
before the market decides on the stock price’s next
2
direction. So in the meantime, it’s a case of remaining 1
vigilant and if the right price comes along, picking up a 0
starter position. Let’s see how the placement closes before
making any other calls.
Element 29 (ECU.v): A clear before/after moment in last week’s ECU trading:
That’s a 3.5m share cross trade and the moment it went through, the brakes came off the share price and
ECU went on to register an impressive 25% week-over-week improvement, as well as touching a new
intraday ATH price for the stock. One of the issues we’ll always face in low volume trade stocks is the way
one large (or even medium-sized) trade or investor can skew out the open market for a period of time, we’ve
seen this over the last couple of weeks in ECU as it dropped while others rose the week before last, then
went against the grain but to our advantage last week. So if we even it out, over the last two week period
COPX is up 6.0% and ECU.v is up 14.3%, which is good and what you’d want from a more volatile copper
exploreco.
Orecap Inv (OCI.v): The liquid-ish assets table tells us the new number is 18.4c…
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.04 11.15 4.5
ARIC.v 10.631 0.77 8.19 3.3
XXIX.v 23.637 0.12 2.84 1.1
AUME.v 42.75 0.055 2.35 0.9
MERG.v 1.025 0.80 0.82 0.3
MERG warrant 0.5125 0.35 0.18 0.1
ZIGY.cse 4.942 1.12 5.54 2.2
KLDC.v 40.040 0.36 14.41 5.8
subtotal 45.47 18.3
Est.cash 0.25 0.1
Total 45.72 18.4c
At 248.332 S/O
7
32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
llim
ta uA
t/g

…and the week remained unchanged for the OCI equity, which on the one hand is logical while on the other,
still means the arb is wide and the stock is fundamentally cheap. We finally got a top on ZIGY, the stock
adjusting 16c to close the week at C$1.12 after a remarkable run. Now cashed up, we await the Gold Candle
move to go public and after that, we’ll see what sort of deal gets done between the neighbours.
Marimaca Copper (MARI.to): And on that subject, MARI was another one of only six on our list to have a
winning week last week, it’s also a copper exploreco and it’s also up by 14%+ over the two week period. It’s
good to see this stock finally wake up after a long slumber.
West Red Lake Gold (WRLG.v): Down a penny on the week, but this time around I’m not going to be
overly critical of WRLG and fret on the baghold for a couple of reasons:
1) Its price action was peppy and positive for the first half of the week, with plenty of buying appetite
and a stock that traded well into the 70s before the Fed announcement, the Iran deal reversal and
the fall-out from those two put the kibosh on mining stocks.
2) If WRLG does what I think it’s going to do and raises more capital, I want the stock lower to make
my additional purchase (I’ve made a point of keeping enough cash left in my treasury reserve for this
one).
Will WRLG make that extra top-up raise? With every passing week it’s less likely (of course), but I’m still
assuming they do and will position accordingly. If they don’t, we probably have three weeks or so to wait to
find out for sure when they announce the 2q26 production numbers. Watching and waiting for a cue.
Amerigo Resources (ARG.to): The latest 4c dividend duly
banked. Before the late week dumpage, ARG once again
traded North of C$7 and that’s a good thing, but it’s also the
third time ARG has rejected the 7-handle and it’s why the
stock it classed “BUY” in the above table, rather than the
STRONG BUY” of the other main trades. If you want to
argue the stock price is still trending upward, that’s fine by
me, but as good as this company is (and it is) there is going
to be a limit to the price the market pays for its dividend
yield and as mentioned previously, that looks to have
arrived.
Amerigo (ARG.to): Dividend Yield Percentage Spread Table
Share Dividend per year (Cad Dollar Cents)
price CAD$ 16 18 26 32 36 40
4.00 4.00 4.50 6.50 8.00 9.00 10.00
4.50 3.56 4.00 5.78 7.11 8.00 8.89
5.00 3.20 3.60 5.20 6.40 7.20 8.00
5.50 2.91 3.27 4.73 5.82 6.55 7.27
6.00 2.67 3.00 4.33 5.33 6.00 6.67
6.50 2.46 2.77 4.00 4.92 5.54 6.15
7.00 2.29 2.57 3.71 4.57 5.14 5.71
7.50 2.13 2.40 3.47 4.27 4.80 5.33
8

8.00 2.00 2.25 3.25 4.00 4.50 5.00
source: ARG data, IKN estimates
ARG has awarded 24c in dividends so far in 2026 and there are 2x 4c quarterly standard divis left to pay, so
that’s a baseline of 32c and we may see another bonus divi (ok ok, “performance”). That in mind, the table
suggests the market is willing to pay a 5% yield on ARG so if the next performance dividend comes in big we
could see C$8.00, but there is a ceiling to a small company and the ARGs of this world cannot command the
same multiple as Newmont (NEM, 3% yield), for a blatant example. Don’t get me wrong, I’m not selling ARG
and will be more than happy to hold the stock as-is, creaming off the dividends. I’ll also be happy to be
wrong about the multiple the market is willing to pay for ARG and see $8 beaten. I’m merely setting my
sights to a realistic level on this big winner, the dynamic upside period is now behind us and if you want the
volatile high risk trade, you’re better off looking somewhere else.
Rio2 Ltd (RIO.to): The AGM came and went, the company’s agenda was voted up and a bunch of old men
with grey hair visited the Condestable mine. All good, and
we understand that the new Mineral Resource Estimate
(MRE) for Condestable is about to be published and
dropped on SEDAR, with the numbers that will form the
baseline of its expansion plans in the next few years.
In trading, the ten day RIO.to price chart is similar to the
majority of producer stocks, with a bump higher at the
start of last week thanks to the Iran deal that was all over
bar the shouting, the couple of days of cruising at a new
altitude, then drop when the Fed did what it did and Iran
didn’t do what it was supposed to do. However and in this
case, I draw your attention to the price scale on the right
of the chart because all prices last week were sub-$3 and, as stated last week in IKN890, “Anything under
C$3 is a drop dead bargain. Simple as that.”
The Copper Basket
After twenty-four weeks of 2026, The Copper Basket shows a gain of 34.80% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 292.271 1683.48 5.76 111.0%
2 Aldebaran Res. ALDE.v 3.67 185.358 526.42 2.84 -22.6%
3 Hot Chili HCH.v 1.33 202.218 414.55 2.05 54.1%
4 Pecoy Copper PCU.v 1.32 209.489 393.84 1.88 42.4%
5 Los Andes Copper LA.v 9.20 30.392 379.90 12.50 35.9%
6 Andina Copper ANDC.v 0.56 273.361 363.57 1.33 137.5%
7 Element 29 Res ECU.v 1.20 187.989 300.78 1.60 33.3%
8 Surge Copper SURG.v 0.475 385.7 231.42 0.60 26.3%
9 American Eagle AE.v 0.56 204.923 213.12 1.04 85.7%
10 Hercules Metals BIG.v 0.74 342.898 209.17 0.61 -17.6%
11 Copper Giant CGNT.v 0.49 210.239 172.40 0.82 67.3%
12 Fitzroy Min FTZ.v 0.48 327.178 142.32 0.435 -9.4%
13 Metal Energy MERG.v 0.64 45.2 36.16 0.80 25.0%
14 Algo Grande Copper ALGR.v 0.53 42.34 27.10 0.64 20.8%
15 Kobrea Exp KBX.cse 0.51 53.272 14.38 0.27 -47.1%
NB: All stocks in CAD$ Portfolio avg 34.80%
9

A relatively positive week for our Copper Basket as it tracks the fate of sector explorecos, as even though the
headcount of seven winners (FDY.to PCU.v, HCH.v,
The Copper Basket 2026, weekly evolution
ECU.v, ANDC.v, CGNT.v, ALGR.v) versus eight losers 45%
(ALDE.v, LA.v, BIG.v, SURG.v, FTZ.v, AE.v, MERG.v, 40%
35%
KBX.cn) wasn’t the right way round for the bulls, the
30%
number of bigger winners tipper the balance. To the
25%
downside, the only big loser was Surge Copper (SURG.v 20%
down 18.9%), while double figure percentage winners 15%
include Element 29 (ECU.v up 25.0%), Andina Copper 10%
5%
(ANDC.v up 15.7%) and Hot Chili (HCH.v up 10.8%).
0%
The overall effect was 2.48% added to the basket
average and that’s not bad at all.
Now the interesting bit, as our Copper Basket managed to return its positive week despite the dump in
copper. At the start of the week the metal’s main futures contract traded at U$6.55/lb to U$6.60/lb (our
Comex tracker has shifted to the September expiry HGU26, as liquidity has rolled over from the July
contract), then came Wednesday and the Fed-induced
dump followed quickly by the news the Iran ceasefire
deal was unraveling and by the time the week was
done, HGU26 was back at U$6.40/lb. But no matter,
because equities decided to turn a blind eye to the
day-to-day of copper prices and leave money in junior
copper stocks.
For this week’s curated and collected cordial copper
commentary, we relay to the house mancrush. In his
weekly column, Andy Home of Reuters, turned his
attention onto the copper trade dynamics in the note
published Thursday (8) “Sky's the limit for investors
seeking some copper action” and while the title line
sounds upbeat and bullish, I’ve rarely seen him offer up a column as blatantly bearish on copper prices, at
least in the near-term. The sentiment is stuck behind contrarian language and while he doesn’t say anything
outright, the inferences are clear. He starts with plenty of commentary on the increasing number of long-
future positions, particularly at Comex:
BEARS GO INTO HIDING
Money managers trimmed CME long positions during the copper price pullback in March but were
quick to get back in on the subsequent bounce.
Collective net long positioning jumped from a March low of 35,802 contracts to 77,131 at the start of
June, the highest level of bull commitment since early 2021.
Net length has since slipped back to 71,127 contracts, but it's noticeable that current shifts in investor
positioning are being largely driven by bulls.
There are very few bears left in the U.S. copper market.
Fund short positions have been holding at historically low levels below the 20,000-contract mark
since the middle of last year.
The CME's benchmark copper contract is heavily populated with ⁠algorithmic funds, feeding on
momentum signals. Unless copper's bull rally goes into reverse, they will stay long. If it extends, they
will go longer.
Then come thoughts on latecomers and the rise of retail interest in copper trades:
CME's copper event options, a binary punt on price, registered record volumes of 145,478 contracts
in April. Turnover of 58,594 contracts in May was the second highest on record.
Copper's investment narrative has seeped into the public domain and what's going on in the smaller
CME contracts suggests the man in the street wants a bit of the action too.
And toward the end, this:
The danger, however, is that as ever more investors catch the copper bug, speculative buying in
expectation of ever higher prices becomes a self-fulfilling prophecy.
10
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 ts12
source: IKN calcs

As usual it’s worth reading the entire column, you can then accuse me of taking quotes out of context if you
so desire. It’s ultimately one man’s opinion too, and we know what Mr. Market can do with those. However,
the respect due to Mr. Home and the tone of the op-ed made it the most interesting thing I read on copper
last week, and by some distance.
We move on, time for our regular weekly world copper inventories update, with data supplied by Cochilco:
 A significant drop on aggregate world copper stocks last week, the first for a while, with a total of
52,203 metric tonnes (mt) leaving the three official futures systems and a total inventory this
weekend of 1,087,688mt.
 After last week’s anomalous increase n SHFE copper stocks, we warned not to read too much
into the blip as one datapoint a trend maketh not. Sure enough, we get a complete reversal to
report this weekend and a big draw down of SHFE copper stocks of 44,372mt, the Friday close
showing a total of 143,875mt in its warehouses. That’s a big move, but it’s not uncommon to
have a sharp drop at this time of year and with that, we’re now under the 150kmt line with
100kmt in our sights.
 This week’s LME copper stock action is a direct continuation of last week’s, with another draw
down but plenty of stock available to whoever might want it. Stocks dropped by 9,450mt to close
Friday at 352,150mt.
 The Comex saw yet another small increase in copper stocks, 1,619mt added to print and new all-
time high total of 591,663mt. What will Mr. Trump do? We’ll find out soon enough..
Our dedicated SHFE tracking chart shows that leg down quite clearly, so smooth the last two weeks into one
to get the real story of gradual de-stocking at Chinese ports and demand from end-users.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
11
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
There’s no lack of metal, so all depends on the price China is willing to pay. They said it couldn’t happen at
U$6/lb copper, too. Now for a few notes on basket stocks
Hercules Metals (BIG.v): Down 3c on the week, BIG didn’t deserve that result after returning some good
drill assays from the Leviathan project (9). The three holes
reported didn’t include the much-anticipated #26 (which you
can see on the first map below) but the holes, particularly
#18 and #21, added to the mineralized envelope at the
main project target and got good numbers all the way
downhole (though I refrain from using “at depth” due to the
angle of attack. Here are the two holes that matter:
 HER-25-21: 801.6 m of 0.40% CuEq (0.30% Cu, 82
ppm Mo, 5.3 g/t Ag, 0.01 g/t Au)
 HER-25-18: 787.9 m of 0.54% CuEq (0.43% Cu, 91
ppm Mo, 3.5 g/t Ag, 0.03 g/t Au)
 surface)

This map above right shows the location plan and how #18 and #21 are extending the main zone, quietly
and gently, toward the IP signal that’s being drilled by #26 at present Meanwhile, the sectional view seen
below shows that while the holes were never designed to be deep, they did open up a new area of depth and
confirmed the geology model, with #18 particularly good on this score. These holes added significant inferred
tonnage to the eventual MRE.
BIG continued trading at a low ebb, maybe the world is waiting to see what #26 gives before making a
serious move on the stock. I know I am.
Surge Copper (SURG.v): Another much-anticipated NR hit the wires last week under this headline (10)
“Surge Copper Announces Results of Berg Pre-Feasibility Study with After-Tax NPV8% of C$4.6 billion and
24% IRR” and here’s how the market reacted to the news (charts updated to include today Monday):
Quite a reversal from the initial reaction, I’m sure you’ve
noticed already and to make sure we have full context, here
(right) is a comparative on the same timeline of SURG next
to the main copper producer ETF (COPX) that shows they
picked a good day to release the news but, once the initial
reaction had run, SURG quickly split from peers. Which begs
the question, what has turned the C$285m market cap of
last week into the C$218m market cap today (adjusted to
Monday)? As C$67m is a fair chunk of change to deflate out
of your market cap on the news of a milestone that should,
by all rights, de-risk the project.
12

The answer is “it’s complicated” but we can have a shot of framing the argument and then pointing to the
obvious weaknesses. It’s certainly not all bad either, quite the contrary as there’s a lot to like about a project
that promises to average 176m lbs copper production per year over a 28 year mine life at a competitive cash
cost of around U$2/lb effective. Here’s Table 1 from the NR and I’ve ringed 5 number (or sets), with the first
two clear positives. Note One is on NPV, juicy at a reasonable 8% discount benchmark and the IRR of 24%,
which gets bumped up considerably if we dare to use spot prices for metals because Note Two highlights the
conservative price assumptions used. All good so far, but in Note Three we hit the first issue, as estimated
capex for Berg has leapt to C$4.678Bn (approx. U$3.3Bn), that's a double-plus on the front end compared to
the previous 43-101 on the project, the 2023 PEA which slated capex at C$1.968Bn (approx. U$1.4Bn). Let’s
be clear, U$3.3Bn is a lot of money.
Along with capex, another issue is Note Four op-ex which, at an average of C$778m per year, might look
reasonable at first sight but after due consideration I have three nits to pick about the number.
 Mining costs set at a flat C$2.50/t for mineralized material and waste alike. That does not compare well
with operations in the zone, there are very few large scale mining operations in West Canada that run as
cheaply on that in 2026, let alone down the line when cost input inflation has done its thing. As this is a
low grade mine project, the cost of moving dirt from one place to another is a key factor in op-ex.
 The PEA included TC/RC costs of U$75/t and 8c/lb copper, while the new PFS assumes the new world of
zero TC/RC for copper concentrates will continue for the next 28 years. My issue here; they’re okay about
assumption long-term prices for metals, but they’re cherrypicking a strange moment for smelter fees and
assuming it’s the new normal.
 Finally, back in the PEA in 2023 processing and G&A costs were assumed at C$8.50/t. That’s now
dropped to C$8.00/t despite the cost inflation we’ve seen since then.
Put those together and I see a costs profile that’s been “too optimized”, to put it diplomatically (and I now
expect a mail from Nilsson or Kargl Simard telling me why my assumptions are wrong and if they convince
me, you’ll hear about it in IKJN892). To return to my own note the last number scribbled on the above table,
Note Five, points to the fact that the Berg project relies heavily on its by-product credits, especially that of
molybdenum (Mo), to be a economic copper project. With just 57% of projected revenues from copper at the
13

assumed price deck, this is less a copper project and more a copper/moly deal. That’s not necessarily a bad
thing of course and when push comes to shove, a dollar is a dollar no matter what you might sell, however
it’s difficult to make a case for Berg being a top tier copper project with that metals mix.
That’s underscored by the perennial issue at Berg, its relative low grade:
That 0.22% copper grade means SURG gets 4.17 lb copper from each metric tonne of rock, that’s U$20
worth, give or take. Yes that’s bumped up by the moly (mostly), silver (a bit) and gold (a fraction) but it’s still
a thin gross and at this point we should also note the cut-off on grade, in much the same way as the mining
cost, has actually gone down since the PEA despite all the inflationary inputs in the last three years from
$8.50/t to $8.00/t. Low grades are mineable at a profit of course, this Berg PEA proves that on paper but low
grade always (as in ALWAYS) means thin margins of error and in this case, we’re supposed to assume a
grade cut-off of around 0.08% Cu. That’s the level that can see economics turn sour from a heavy a
rainstorm or extended period of cold weather, let alone a sequence of rock that comes up 20% light on grade
compared to the model. While I’d agree there are other mines running the same type of low grade and in this
region, it’s one thing to run these numbers when costs are embedded, quite another to risk U$3.3bn on the
assumption they’ll work from day one.
The bottom line: You can accuse me of being overly critical of this Berg project and I’d admit that in part, but
there are reasons why the market has sold down SURG shares in the week since this PFS appeared. Yes it
works on paper and yes, if things go well they’ll have a profitable working mine on their hands at a time
when copper has become all the rage, but the combination of three subjects in particular...
 The low copper grade
 The high ticket price to get the mine built
 The reliance on moly for robust economics
…mark this project down the scale of attractiveness (and please note, that list doesn’t include what I suspect
to be some “carefully optimized” op-ex parameters), What Berg offers is a good copper project but it’s not a
great one. It’s not top quartile and not the parameters required to excite a major. That copper grade mixed
with a U$3.3Bn high capex number works on paper, but it needs a major mining company to fund
construction and long story short, major mining companies do not buy mid-quartile mining projects. They get
to choose the best, they develop the cream of the crop and as a result, you get to see them make early
moves on what they consider to be the best deposits offering most attractive geology.
Up to last week, Berg was still a promising project with a more accessible U$1.3Bn entry price and a big
resource that would make a long-life operation. It’s still two of those three things, but enough gloss has been
taken away from the package to shuffle it down the pack of prospective purchases for a major mining
company and without those as buyers, it’s difficult to see how this project gets developed. There are a lot of
projects that becomes “optionality on (pick your metal)” when we get to the serious end of the development
track and PEAs turn into PFSs, ones that live in a state of permanent limbo. They get to be “worth in-situ
metal” but never seem to get anywhere, nobody’s ready to invest the big bucks, take them from the drawing
board and turn them into a mine. That’s what the market spike of last week, a Berg project that’s too big to
fund without a deep-pocketed major getting involved, but not attractive enough compared to other projects
out there and one that majors are unlikely to pick up at a development price. As such, the SURG share price
isn’t going to drop to zero and there will be a bottom to this drop, but I fear there’s more downside to come
before we find it. It’s extremely difficult to estimate, but put a gun to my head and I’d guess we’d see C$0.40
again, which would value the in-situ metal of around 15Bn lbs CuEq (all the copper, moly, silver and gold,
including the inferred) at around 1c/lb.
The Producer Basket
After twenty-four weeks of 2026, the Producer Basket shows a loss of 4.32% to level stakes:
14

company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 112.09 103.79 3.9%
2 Agnico Eagle AEM 169.53 500.989 83.49 166.66 -1.7%
3 Barrick B 43.55 1705.994 68.82 40.34 -7.4%
4 Wheaton PM WPM 117.52 454.037 55.65 122.57 4.3%
5 Alamos Gold AGI 38.58 419.947 15.26 36.34 -5.8%
6 Lundin Gold LUG.to 114.02 241.833 13.67 78.49 -31.2%
7 IAMGOLD IAG 16.49 588.8 9.94 16.88 2.4%
8 Eldorado Gold EGO 35.92 198.571 6.56 33.05 -8.0%
9 B2Gold Corp BTG 4.51 1343.243 5.78 4.30 -4.7%
10 Americas G & S USAS 5.11 318.26 1.71 5.36 4.9%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -4.32%
Anatomy of a false reading. What with Juneteenth, US markets were closed for business on Friday and
missed out on all the “fun” of the Iran ceasefire reversal, the drop in gold and the return to Risk Off that hit
miners large and small in Canada, London and other bourses (e.g the London Barrick pinksheet dropped by
2.5% on Friday). As such, the count last week of ten winners from ten components and a GDX up 3.1% is
not indicative of the reality of the PM producer market and we’ll have to wait until this time next weekend for
the unwind and a little reality. However, rules are rules and as we use weekend NYSE prices for all our stocks
and benchmarks (except Lundin Gold), we’re going to run with the official numbers this weekend, add a note
somewhere about the correction seen on Monday and leave it all as evidence that the world is imperfect.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
So for the four days of this week all ten stocks were winners, with the best move put in by Eldorado Gold
(EGO up 7.8%) and our basket of stocks performing to within a lick and a spit of the GDX benchmark. We’ll
have more next week.
Alamos Gold (AGI) (AGI.to): All the NYSE tickers have a somewhat false reading for us this weekend, but
some are falser than others. In the case of Alamos Gold (AGI.to) (AGI), we have a fair idea of what’s about
to happen to the stock as on Thursday evening, the company came out with this NR (11) entitled “Alamos
Gold Provides Operational Update Across Canadian Operations”, one of those unassuming title lines that hides
bad news. Here’s what happened to the Canadian Dot Tee Oh ticker on Friday:
15
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 ts12
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 ts12
source: IKN calcs

Splat indeed. The NR covered updates at its Island Gold complex, covers reasonably good news on the
retirement of gold hedges (legacy from the Argonaut purchase) and announces AGI has been buying back
shares as well, but the only bit that matters is on Young-Davidson, so here we go parsing the section with
the NR quoted in italics, your author’s comments between:
Production from Young-Davidson in the second quarter has been impacted by recent events.
Bad start.
Last week, the operation experienced two seismic events, with one occurring at an active mining front. No injuries were sustained;
however, infrastructure was damaged limiting access to two higher grade stopes that were scheduled to be mined during the second
quarter.
No injuries is the good news. The only good news.
The mining sequence is consistently reviewed and monitored to manage seismicity, and based on these recent events, the
Company expects mining rates to average approximately 5,000 tonnes per day (“tpd”) for the remainder of the year.
That’s a significant drop, around a third less muck to surface.
The Company will be optimizing the mining sequence and implementing additional ground support measures through the second
half of the year, which is expected to support higher mining rates beyond 2026.
Translation: “Not 2026 and we didn’t say 2027 either, so we can only hope to get back to normal next
year”
A further update on the near-term outlook for Young-Davidson will be provided with the release of second quarter financial results in
late July.
Ok
Additionally, the operation experienced power outages due to storm related damage to the regional power line in late May. The
remote location of the power line along the route between the town of Kirkland Lake and Young-Davidson contributed to longer
response time from the utility company. This resulted in a total of three days of unplanned downtime which impacted mining rates
and production for the quarter.
Which is a pain, but three days isn’t a biggie compared to the real bad news
Impact on second quarter and full year guidance
Given the seismic events at Young-Davidson, the unplanned downtime for power loss in May, and lower grades mined, the
Company expects Young-Davidson production to be lower than anticipated for the second quarter and in-line with the first quarter.
As 1q26 was lower than expected at Young-Davidso at 30k oz, that means another 30k quarter.
The Company is revising its second quarter production guidance to between 130,000 and 135,000 ounces, reflecting the shortfall at
Young-Davidson, as well as the timing of recovery of ounces at La Yaqui Grande.
Until last week, 2q26 guidance was for between 145,000 and 155,000 ounces.
Island Gold production for the second quarter is expected to be in line with plan for the quarter. Updated quarterly production
guidance represents a 12% decrease from previous guidance based on the mid-point. Second quarter costs are also expected to be
higher than previously guided, reflecting the lower production at Young-Davidson.
Given lower first half production and lower mining rates expected from Young-Davidson through the second half of the year, the
Company expects consolidated production will be below the low end of 2026 guidance, and costs above full year guidance.
And that’s the real bad news, right there. To begin, the AGI consolidated low end guidance for 2026 was
570,000 oz. If we assume Mulatos and Island hit their marks in the second half of 2026, that means the
shortfall is Young-Davidson. Its mine guidance was 155,000 to 175,000 ounces for 2026 and we now have an
assumed 60,000 oz in the bag in the first half of 2026. As throughput is expected to drop by almost a third
for the second half of the year from the normal rate and Young-Davidson produces around 40,000oz/qtr
when running normally, we may see a total as low as 55,000 oz (2x27,500oz) for the second half of 2026 and
2026 total mine production of around 115,000 oz, some 40,000 lower than the bottom end of guidance. Add
that to the light quarter AGI had overall in 1q26 (123,900 oz) and that’s your 2026 guidance miss.
The other bad thing about last week’s NR was its timing, as it came on Thursday evening and the day before
Juneteenth, which meant the next day Canadian holders could react to the news (and they did, see above)
while AGI holders via the NYSE would have been left twiddling their fingers and wondering in what sort of
contempt this Canadian company looks at its US shareholders. It was not smart move to annoy shareholders
16

Lundin Gold (LUG.to): The only stock on our list that gave us a legit reading last week was LUG, what with
it being a Canadian listed stock and it trading on Friday, so here’s what happened to it:
That pattern repeats for a lot of PM miners (aside that final Friday drop, of course) but in LUG’s case, at least
it benefited enough from the Monday rally to hold a profit into the weekend.
The TinyCaps List
After twenty-four weeks of 2026, the TinyCaps show a loss of 12.98% to level stakes:
company ticker price 1/1/26 Shares out Mkt Cap current pps gain/loss%
Auriginal Min AUME.v 0.07 264.51 14.55 0.055 -21.4%
Canex Metals CANX.v 0.215 208.63 54.24 0.26 20.9%
Sranan Gold SRAN.cn 0.30 60.42 8.46 0.14 -53.3%
Enduro Metals ENDR.v 0.155 117.96 17.69 0.15 -3.2%
Latin Metals LMS.v 0.21 138 27.60 0.20 -4.8%
Precore Gold PRCG.cn 0.26 32.093 8.02 0.25 -3.8%
Radius Gold RDU.v 0.14 115.7 15.62 0.135 -3.6%
Silver Wolf SWLF.v 0.135 62.18 6.84 0.11 -18.5%
Trifecta Gold TG.v 0.195 47.7 9.06 0.19 -2.6%
Viva Gold VAU.v 0.19 182 20.93 0.115 -39.5%
Prices in CAD$, data from TSXV basket avg -12.98%
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.
Another inconsequential week for the TinyCaps List, TinyCaps, 2026 weekly tracker
which isn’t giving us much in the way of a market signal 20%
15%
currently because there simply isn’t much money moving
10%
into, or out of the smallest stocks on the TSXV/CSE. The
5%
headcount was modestly positive with six week-over- 0%
week winners (AUME.v, SRAN.cn, ENDR.v, PRCG.cn, -5%
-10%
RDU.v, TG.v) versus three losers (LMS.v, SWLF.v,
-15%
17 -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 ts12
source: IKN calcs, TSX data

VAU.v) and one unchanged stock (CANX.v), the basket average improved a touch without ever looking as
though it could get back into positive territory.
Enduro Metals (ENDR.v): An admin type NR from this tinycap exploreco, as it has revised its deal on the
company’s main and large Newmont Lake project with the underlying owner and as part of the new deal,
issued 3.9m shares to the optioner (on a 121 day escrow).
[EDIT] This is where I removed a few lines on ENDR expected to start its 2026 campaign at Newmont Lake
and today Monday added this link (12) to the NR out today that sets out its 2026 plans for the project. Here
are the bullet points from the NR…
 Enduro’s fully funded 2026 exploration program features a multi-pronged approach to unlocking value across the
property:
 Andrei drilling: an initial 3,000 metre diamond drill program designed to test high priority copper-gold porphyry targets.
Targets were defined during the 2025 campaign by surface sampling, geological mapping, airborne magnetic data
and ground IP geophysics.
 Expanded IP geophysics: additional IP surveying to extend coverage at Andrei and to further refine drill targeting
along strike to the northeast.
 FK prospect & Southmore field work: ground crews will complete mapping, prospecting and sampling to advance the
FK and Southmore targets, both direct extensions of the Andrei magnetic trend, as potential copper-gold porphyry
targets.
 Camp Zone prospecting: crews will undertake prospecting and follow-up geochemical sampling at the Camp Zone,
where historic and recent work has returned high-grade gold and silver values.
…and the main event is clearly the 3,000m of drilling they expect to put into the Andrei target, planned as 7x
500m holes more or less. Under normal timing circumstances, those should show up around September and
it’s no coincidence that it’s also the classic financing window for juniors around that time. From here, ENDR in
2026 is a straight, high-rick tinycap drillplay so all eyes on the core when it shows.
Precore Gold (PRCG.cn): One of the reasons we’re watching this tinycap rather than wading in and owning
some immediately is its dependence on Peru to award its permits for the main Arikepay copper project and
the last time we heard anything from the company, three weeks ago on May 29th (13), those were still at
“Drill permitting in progress” (quote/unquote) status. In this case the permits are unlikely to be denied as the
project is simple, straightforward and in a sparsely populated desert zone, but it is strill Peru and the
bureaucracy is infamously slow no matter how much lip-service is given to improving the system by whoever
is running the place in any given year. It wouldn’t be the first time a junior is left kicking its heels for an
entire year and missing a seasonal window for drilling (though at least weather won’t be an issue at this site,
it’s low level, rains only happen in January to March and then only sporadically).
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: Abelardo de la Espriella is President-Elect of Colombia
When the results of the Colombia Presidential election Round One were known, three weeks ago on May
31st, we chewed over the numbers, considered the permutations, weighed up the likely consequences and
condensed it down to these words
“I’d expect DLE to win round two with around 53% of valid votes. That might not sound
like a resounding victory to you, but it’s more than enough for me to make a confident
forecast: DLE will be the next President of Colombia.”
That last sentence underlined and bold typed then, as well as now. This Sunday saw the run-off happen and
here’s the result in valid votes:
 Abelardo De la Espriella: 51.2%
 Iván Cepeda: 48.8%
18

In total votes, Abelardo De la Espriella (ADLE) got 49.67% and Iván Cepeda got 48.7%, while the total vote
counts for ADLE (12.95m) and Cepeda (12.7m) compare to the 11.3m votes for outgoing President Gustavo
Petro in 2022, speaking to the high turnout this time around. While the margin of victory was slimmer than
this desk had anticipated, it was never going to be a massive blowout margin and overall, the run-off went
according to expectations. A 51/49 result won’t wow the casual outside observer, but those with an idea of
how Colombia works know ADLE has his mandate.
We’ve gone over the consequences of this result on enough occasions already on these pages, suffice to say
that business, finance and FDI will like the ADLE victory and that very much includes the mining industry in
Colombia, which will welcome the news with open arms (see last week’s note on ADLE’s close relationship
with mining companies and industry magnates for more) but today, after watching the final week of
campaigning, I’d like to add one more thought. There’s one distinct difference between the campaign run by
ADLE and his predecessors from the political right wing in modern times, be they Uribe or Santos or Duque.
During the campaign, the tried and tested path to victory is to appeal to the hardline right in order to get the
nomination/passage to the run-off, then move to the political centre in order to win the hearts and minds of
those unsure which way to jump. In the final weeks, Iván Cepeda certainly tried his hardest to do just from
the left side, but unlike the aforementioned successful candidates on the right wing, Abelardo De la Espriella
hasn’t budged an inch from his hard right wing political stance. There has been no currying of favours to the
political centre in Colombia, no dilution of his message and that means the country is clear-eyed on what they
are about to get. The political shift from the Petro left to the very right wing is going to happen and it’s going
to make for rough waters down the line, along the lines of the pushback afforded to Javier Milei in his first
two years as President of Argentina before the mid-terms brought him institutional backing. We live in
interesting time, ladies and gents.
Anyway, even though a ADLE win was largely baked in, financial markets tend to leave room to celebrate the
official news and they also allow for overbuying at moments like these, so expect Colombia exposed issues
(stocks, bonds, the currency to rally tomorrow Monday). We wish Señor de la Espriella the best of luck.
Peru: Almost President-Elect Fujimori
Impressively enough, the final total still isn’t with us for the “fast count” (I kid you not, that’s what they call
it) for the run-off election in Peru after two and a bit week but with 99-688% of votes now in and counted we
do have this:
 Keiko Fujimori: 50.111% of valid votes
 Roberto Sánchez: 49.889% of valid votes
So, by a margin of just over 40k from 18.3m votes, Keiko Fujimori has got this. We have also seen the losing
candidate, Roberto Sánchez, try and fail to challenge the result in the courtroom (his petition was thrown out
due to lack of evidence) and try and fail to rouse the public onto the streets to protest what he’s calling a
fraudulent result (last Friday was the big march in Lima, which failed to attract anywhere near enough people
to make a difference). So even though this election will never be held up as an example of perfect
transparency (particularly that dubious round one), this election is now all done bar the official ribbons and in
five weeks’ time, Keiko will fulfill her lifetime ambition to emulate her father and become Head of State in
Peru. FWIW on a personal level, I’m no fan of hers to say the least but recognize she was the least worst
option in this run-off. I wish her the best of fortune (through gritted teeth) but be in no doubt, Peru under a
Fuji2 government isn’t about to become a panacea of plain sailing between now and 2031 (14).
Chile: The Kast government considers selling Codelco minority participations
The true wet dream of the Chilean right wing has been and always will be the total privatization of Chile’s
State-run copper company, Codelco, but the public image in the country is that of its “jewel in the crown”
and as such, it’s a very tough policy to get past the country. Even when it floats the idea of a partial share
sale and minority flotation (in the style of Brazil’s Petrobras), the protests about selling out the fatherland
quickly drowns out the idea (maybe it doesn’t help that Codelco was created by Pinochet), but the new right-
wing government of José Antonio Kast has come up with a more palatable consolation prize. Here’s a
translation of this news report dated Friday June 19th (15):
The new chairman of the board at Codelco, Bernardo Fontaine, has only been at his new job for three
weeks but is already evaluating major moves, specifically the sale of minority stakes the state-owned
copper company owns in the El Abra and Quebrada Blanca mines.
19

According to Diario Financiero (DF), Fontaine has not yet formally presented the proposal to the
board but the initiative is under review. "He is indeed evaluating it, but he hasn't yet presented it to
the board," a source told the publication. "It's not just El Abra; he's also studying the option of selling
Quebrada Blanca," the source added.
That news story in DF, Chile’s biggest business newspaper, brought an immediate response from Codelco
(16)…
"We want to clarify that neither the Codelco board of directors nor its chairman have analyzed,
discussed, or made any decision regarding the sale of these stakes."
…and that’s how you non-deny a story and give it more legs to run, picking and choosing what to deny and
which parts of the leaked story to ignore. The reason behind the mooted sale is the Codelco debt position,
now up to over U$25Bn (with a B) and the new board, under right-wing directives, is keen on improving its
balance sheet and bringing some standard capitalism best-practices to the company.
For the record, the 51% of El Abra owned by the operator, Freeport McMoRan (FCX) El Abra is carried at
U$900m. That values the 49% owned by Codelco at basically the same number. We should recall that El Abra
is subject of a U$7.5Bn capex expansion plan, recently approved by the government environment agency
(SEA) and in theory, Codelco would be on the hook for 49% of that capex if current ownership remains
intact. Meanwhile, the 10% of Quebrada Blanca owned by Codelco (60% Teck, 30% Sumitomo) is a free
carry participation which frees it from any future capex requirements. Codelco bought its 10% in 2024 for
U$520m from the other State mining company, Enami, in a somewhat controversial deal.
Argentina: Legal fun between San Juan and La Rioja
Here’s a weird one, the kind of thing that only South America seems to be able to provide and, while it’s not
an immediate threat to the high-profile, multi-billion dollar mining projects in question it is a latent issue
we’re going to have to watch, at least with one eye. Last week, the provincial government of La Rioja voted
up a law project in the provincial parliament to declare National Law 18,004 null and void. That law, passed
in 1968 (yes, 58 years ago) was an edict handed down by the military dictatorship government at the time
and I can confidently state this is the first time the 1966 Argentina coup d’etat has made its way to a mining-
related article in The IKN Weekly. Anyway, among other matters that law decided on the boundary lines
between the provinces of San Juan and La Rioja and was imposed upon the latter under protest (and it’s
worth mentioning La Rioja has made formal legal cause against the law on two previous occasions between
then and now.
Why is this important today? It’s because the disputed territory and part of San Juan province since 1968 that
La Rioja claims as its own, is the Valle de la Luna region where the Lundin/BHP Vicuña project zone is located
so, while locals on both side of the provincial border make their social and geographical claims, we mining
people on the outside looking in can state without fear that this is about the money and that La Rioja
wouldn’t have moved to reclaim the zone in question at this point in time if it weren’t for the multi-billions of
dollars about to be poured into that locality.
It probably goes without saying, but the San Juan side strongly dispute the claims now being made by La
Rioja and its local legal experts say that the region is legitimately theirs. It also probably goes without saying
that La Rioja politicos and lawyers say they have a strong case, that the Valle de la Luna zone was stripped
from the province unconstitutionally and they will go to the highest court in the land in order to get back
what is rightfully theirs. This is one of those stories that will run in the background for an extended period
and may make a few headlines along the way as it moves through the courtrooms (the expensive legal battle
is inevitable) and may even cause friction at the governor level, so politics are possible as well. However,
what it will do is bring an extra layer of uncertainty to the jurisdiction and while not an active risk to the
BHP/LUN JV, it is a latent issue and one to keep in mind as Vicuña district plays out (17) (18) (19).
Bolivia: A State of Emergency and a break in the protest
This one isn’t over yet, neither can we rule out a lull in the conflict for a couple of months followed by a
rekindling of the last few weeks of protests and roadblocks, but for the time being we have a better situation
in Bolivia today. Three things:
20

1) Last week, two of the main protest groups that had banded together to protest against the Rodrigo
Paz presidency, namely one of the big agro collectives and the main COB miners’ union, reached an
agreement with the government and called off their strike actions.
2) When the biggest social group protesting against the government refused to join the agreement,
President Paz finally used his newly won powers and invoked a State of Emergency in the country, a
move that allowed the army and military to take an active role in opposing the protests and using
their machinery to unblock the country’s main roadways.
3) By today Monday, the three most important highways servicing the La Paz/El Alto conurbation had
been cleared and traffic was flowing in and out of the biggest bottleneck zone, with food and supplies
arriving and people finally getting to eat chicken or fill their cars with fuel.
The country isn’t back to normal yet and is unlikely to do so for a while, we’re also likely to see more militant
holdout protests in other areas of the country that are not as strategically important (e.g. around
Cochabamba) Also, there’s such a thing as “protest seasons” in the high Andes and March-June is one of the
typical windows for social protests, roadblocks etc. For their own sweet reasons, protests often go into a lull
until September comes around then revive October onward. Those in direct conflict with the Paz government
know this and will find it easier to rally the masses once the Andean winter season is behind them.
Bottom line: President Rodrigo Paz was in a tight spot for several weeks, but played his cards well and has
managed to loosen the stranglehold of roadblocks on the main urban zone of La Paz/El Alto without an
excess of violence or bloodshed. The opposition to his government hasn’t suddenly disappeared and he still
has a serious problem of basic governability on his hands but for a while at least, peace looks set to reign.
That’s a good thing, but don’t be fooled into thinking Bolivia is suddenly a risk-free destination for your FDI
mining cash (20) (21).
Market Watching
Deferred.
Conclusion
IKN891 is done, we close with bullet points:
 I’m probably being too harsh of Surge Copper (SURG.v) at Berg, but the stock didn’t drop by sheer
chance and I’ve seen too many companies with share prices that peak at the PFS and then get left
behind to ignore what happened last week. SURG can’t change the grade, but it can work on that
upfront capex cost and look for a more user friendly way of getting a mine up and running there. Once
the start-up costs are embedded, the 0.2% copper rock will run.
 The vibe coming from West Red Lake Gold (WRLG.v) is much better than it’s been for the whole of
2026. We’ve seen a smattering of insider purchases since the pre-AGM blackout period was lifted, too.
 The publication has documented the gradiual right turn of South American for over two and half years
and the latest election results in Peru and Colombia, along with the non-worst-case outcome for
Rodirgo Pax in Bolivia, adds to that cause. Brazil is now in the sightlines, the biggest prize of them all.
 And so ends another 15,000 words or so that can be boiled down to “own Rio2 and Amerigo”.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
21

Footnotes, appendices, references, disclaimer
(1) https://www.facebook.com/61550036493507/videos/white-people-and-the-indians-louisck-louisckcomedy-comedy-comedian-humor-
standup/873235522178612/
(2)
https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://www.federalreserve.gov/mediacenter/files/FOMCpresco
nf20260617.pdf&ved=2ahUKEwjNwJeUrJiVAxVRg4QIHQclCagQFnoECCQQAQ&usg=AOvVaw1lSznAhHE--WBdlUwHxeES
(3) https://www.investopedia.com/what-the-feds-rate-decision-means-for-your-finances-12001170
(4) https://www.ft.com/content/f2463587-91e9-4da4-94b2-9cb9a270b74a?syn-25a6b1a6=1
(5) https://www.afr.com/world/north-america/nearly-half-of-fed-policymakers-see-2026-rate-hike-in-the-cards-20260618-p607tk
(6) https://www.gold.org/goldhub/research/central-bank-gold-reserves-survey-2026/conclusion
(7) https://somagoldcorp.com/2026/soma-gold-announces-deliveries-to-the-el-bagre-gold-complex-from-aurora-and-el-limon-mines/
(8) https://www.reuters.com/commentary/reuters-open-interest/skys-limit-investors-seeking-some-copper-action-2026-06-18/
(9) https://www.herculesmetals.com/news-release/?qmodStoryID=8802075479458633
(10) https://surgecopper.com/news-releases/surge-copper-announces-results-of-berg-pre-feasibility-study-with-after-tax-npv8-of-c-4.6-
billion-and-24-irr/
(11) https://www.globenewswire.com/news-release/2026/06/18/3314548/0/en/alamos-gold-provides-operational-update-across-canadian-
operations.html
(12) https://endurometals.com/enduro-metals-outlines-2026-exploration-program-on-newmont-lake-project-british-columbia/
(13) https://wp-precoregold-2026.s3.ca-central-1.amazonaws.com/media/2026/05/2026_05_29-PrecoreGold-Deck_FINAL.pdf
(14) https://www.emol.com/noticias/Economia/2026/06/19/1203279/fontaine-participacion-codelco-el-abra.html
(15) https://revistacrisol.cl/codelco-aclara-que-venta-de-el-abra-y-quebrada-blanca-no-se-ajustan-a-la-realidad-pero-no-descartan-venta-
de-activos-a-futuro/
(16) https://www.diariodecuyo.com.ar/economia/la-camara-minera-san-juan-alerta-seguridad-juridica-conflicto-limites-la-rioja-n6575665
(17) https://noticiasargentinas.com/economia/crece-el-conflicto-limitrofe-entre-la-rioja-y-san-juan-por-recursos-turisticos-y-
mineros_a6a35406bd3cd8e5499142818
(18) https://fenix951.com.ar/noticia.php?id=343441
(19) https://www.globovision.com/internacional/57565/presidente-de-bolivia-decreta-el-estado-de-excepcion-para-frenar-los-bloqueos-de-
carreteras
(20) https://radiofides.com/politica/tras-la-firma-del-acuerdo-mineros-de-huanuni-aclaran-que-se-mantuvieron-hasta-el-final-en-la-lucha-
por-sus-aspiraciones
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
22

Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
Stocks To Follow Closed Positions 2023
CLOSED TRADES IN 2023 date closed close price
Altiplano Metals APN.v jan'23 C$0.31 17-Set-21 C$0.17 -45.2% delayed and will dilute soon
Western Copper WRN.to mar'23 C$2.02 13-Nov-22 C$2.32 14.9% sold on reduced M&A prob.
Chesapeake Gold CKG.v may'23 C$3.07 20-Feb-22 C$1.75 -43.0% Closing on legal action news
Amerigo Res ARG.to may'23 C$1.36 12-Dic-21 C$1.48 8.8% sold 20% to raise cash
Amerigo Res ARG.to oct'23 C$1.36 12-Dic-21 C$1.21 -11.0% sold 10% raise to cash
QC Copper&Gold QCCU.v oct'23 C$0.265 25-Abr-21 C$0.12 -54.7% sold raise to cash
Faraday Copper FDY.to oct'23 C$0.79 26-Mar-23 C$0.68 -11.4% sold raise to cash
AbraSilver Res. ABRA.v oct'23 C$0.36 4-Dic-22 C$0.28 -22.2% sold raise to cash
Orecap inv OCI.v oct'23 C$0.04 20-Nov-22 C$0.03 -25.0% sold raise to cash
Western Explor. WEX.v nov'23 C$1.87 9-Abr-23 C$0.60 -67.9% poor trade, cutting loss
Stocks To Follow Closed Positions 2022
Closed in 2022 date closed close price
Great Bear Res GBR.v Jan'22 C$15.83 26-Aug-20 C$28.58 80.5% Bought out by Kinross, print
Copper Mountain CMMC.to Jan'22 C$3.40 18-Jun-21 C$3.78 15.9% Sold 1/2 position in rebalance
Copper Mountain CMMC.to Feb'22 C$3.40 18-Jun-21 C$3.70 8.8% Sold rest on FY22 guidance
Trilogy Metals TMQ Mar'22 U$1.84 15-Sep-19 U$1.04 -41.3% killed by US permit reversal
McEwen Mining MUX Apr'22 U$0.89 2-Jan-22 U$0.82 -7.9% No 2022 turnaround, cut loss
Abrasilver Res. ABRA.v May'22 C$0.42 24-Apr-22 C$0.33 -21.4% sold to reduce Ag exposure
Strategic Metals SMD.v May'22 C$0.42 31-Jan-21 C$0.30 -28.6% trade flatlined 1.5 years
Discovery Silver DSV.v Jun'22 C$1.77 24-Oct-21 C$1.39 -21.5% Cutting Ag exp.& raising cash
Element 29 ECU.v Jul'22 C$0.58 6-Mar-22 C$0.30 -48.3% sold to cut Cu exposure
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
23

Kuya Silver KUYA.cse feb'21 C$1.66 8-Nov-20 C$2.51 51.2% Cut Peru exposure
Pucara Gold TORO.v apr'21 C$0.65 4-Oct-20 C$0.26 -60.0% Cut loser, Peru risk call
Copper Mountain CMMC.to apr'21 C$1.40 22-Nov-20 C$4.18 198.6% tgt hit, profit taken
New Gold NGD may'21 U$0.76 9-Feb-20 U$2.14 181.6% Sold to buy AGC, nice win
Orezone Gold ORE.v jun'21 C$0.79 21-Jun-20 C$1.61 103.8% sold on pop, leaky boat
Wolfden Res. WLF.v sep'21 C$0.30 11-Apr-21 C$0.19 -36.7% Failed spec trade, cut loss
Cartier Res ECR.v sep'21 C$0.32 21-Mar-21 C$0.235 -26.6% Failed spec trade, cut loss
Amarillo Gold AGC.v sep'21 C$0.31 30-May-21 C$0.30 -3.2% Capex story changed: Out
Excelsior Mining MIN.to oct'21 C$0.93 10-Mar-19 C$0.53 -43.0% May return in 2022
Royal Road Min. RYR.v nov'21 C$0.155 17-Mar-19 C$0.275 77.4% Closed on Nica pol risk
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
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
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New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
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
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B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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