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The IKN Weekly
Week 892, week of July 5th 2026
Contents
This Week: In today’s edition, Getting back in the saddle, Personal life update.
Fundamental Analysis: Deferred.
Stocks to Follow: RPX Gold (RPX.v), Soma Gold (SOMA.v), Gold Royalty Corp (GROY), Element 29 (ECU.v),
West Red Lake Gold (WRLG.v), IMPACT Silver (IPT.v), Rio2 Ltd (RIO.to).
The Copper Basket: Overview, Q2 snaphot
The Producer Basket: Overview, Q2 snapshot, Agnico Eagle (AEM).
The TinyCaps Basket: Overview.
Regional Politics: Abelardo de la Espriella is President-Elect of Colombia, Keiko Fujimori is President-Elect
of Peru.
Market Watching: Deferred.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
In today’s edition
 This is a brief edition, built around the desire to mark the end Q2 prices of covered and observed
stocks more than anything else. And to get my butt in gear.
 There is a little personal life update, explaining the fun of getting out the other side of a massive
earthquake and how family life is now getting back on an even keel. Thanks for your concern and all
your mails and messages but as crazy as the last two weeks have been, your author is going to be just
fine and The IKN Weekly will continue as normal from next weekend.
Getting back in the saddle
Maury Ballstein: What do we do when we fall off the horse?
Derek Zoolander: [thoughtfully looking up and
mouthing the words silently] ... fall off the horse...
Maury Ballstein: [looking to supply finish] ... we... get back on!
Derek Zoolander: Sorry, Maury. I'm not a gymnast.
Zoolander, 2001
This isn’t a long edition of The IKN Weekly. In fact, up to around Sunday afternoon I wasn’t planning to
publish anything at all and thought I’d merely send a second cover mail apologizing for taking another week
before re-starting the report. However, after slapping myself around the face a bit and realizing it was time to
do something, the decision was to write this brief report, get up to date on the numbers of the stocks we
currently cover/own and round out the end of the second quarter with a comment or three.
Be clear, there’s not much else in this edition but it does checkmark a “back to work” moment. With Q2
production data about to start hitting the wires, today’s brief report is your author getting back on the horse,
gearing up for real work as from next weekend in IKN893.
Personal life update
As with the cover letter sent this time last week, I’m aware this publication isn’t the place for personal chatter
so if anyone would like to know more about what went on in the earthquake and how the last two weeks
have gone, feel free to send a mail/DM/WhatsApp with any specific questions. That said, some parts of my
current personal situation pertain to work productivity and, as esteemed paying clients of this letter, you have
1

a right to know at least some details so here are a few that matter. We (Mark, Dali, Joe, Hannah) managed
to source a suitable rental apartment despite a spike in local demand and, after several twists and turns with
paperwork, signed the contract and on Friday (July 3rd) moved from the La Guaira region where we’d lived for
two and a half years to Caracas, a one hour car drive. In the last few days you may have seen more images
coming out of La Guaira on a screen near you, I’m not going to add to them here but will say the entire
coastal region has been hit hard. In 37 seconds, La Guaira went from ideal family location to wasteland and,
even with the best will in the world, isn’t going to be a place for children for many years to come. Meanwhile,
here in Caracas the quake has affected some pockets of the city but nowhere nearly as badly, for example
our new neighbourhood seems blissfully unaware of the cruel reality just an hour’s drive away. It was slightly
surreal to arrive here on Friday and see people going about their normal lives, but that’s the nature of our
modern world’s news cycle and understandable on many levels.
As we lost everything aside clothes and small items, this weekend was all about adding life’s basics to the
house which meant buying cookers, sofas, bedding and a long list of et cetera while keeping things fit and
happy for a 4yo and a 2yo. We’ve done more than I expected in less time imagined and, as I write these
words Monday midday, we’re about 80% there. This time next week I’ll have a desk, a private workspace and
no excuses not to knock out a full edition of The IKN Weekly. This means that effectively, I found I could get
“back to work” last night and it’s been somewhat of a relief to do a bit of mundane numbery stuff, update
Excel tracking pages etc. I will freely admit that sleep hasn’t been easy recently and I’m self-aware enough to
notice signs of low level PTSD, but we get plenty of support from family and friends (including people who
know about these things on a professional level) and one of the reasons we picked this rental is its location in
a pleasant, quiet, even genteel (as South America goes) corner of the capital. I know I’ll be just fine given a
little time, but will note on the bright side that part of the extreme good luck we enjoyed was that Dali was
sitting with the kids when the earthquake struck. She held them tight like only a mama can and that has
protected them mentally, as well as physically at the time, so aside from being uninjured they’ve come out of
the ordeal remarkably well and are sleeping well, eating well, no tantrums, no bedwetting, etc.
The earthquake itself was not a terrifying experience, mainly because it happened so quickly and with no
time to indulge in panic, thoughts focus on protecting family and survival. However, I will say that even after
living in Peru for over 20 years and experiencing no end of tremors and small quakes, to the point where I
wouldn’t even get out of my chair or pause a conversation when one rolled through, that the June 24th 2026
7.2mag 7.5mag double earthquake was a singular experience, nigh-on indescribable and something I
wouldn’t wish upon my worst enemy. The word that keeps floating around my head is “power”, it was an
experience of power to a level I’d never previously understood existed. Its ability to destroy the house you’re
sitting in as if swatting a fly was, and is, awesome in the true and original meaning of the word. So the quake
moment was reactionary, but the hardest part has been since then as the full extent of the damage was
revealed with tens of thousands of deaths around you, not to mention those injured or left homeless, or
heartbroken by the loss of loved ones, or all three. La Guaira is a tight-knit community and one of the
friendliest regions of South America I’ve ever stumbled across, but now sadness and emptiness hangs in its
air. But it’s also a closed chapter in my life, as although I’m bound to visit again (and soon, you couldn’t drag
my mother-in-law away using wild horses) our house has gone and with it, the will to enjoy the beautiful
coastline. A sad, forced and somewhat traumatic end, but as one door closes another opens and this new
house, although a rental, has plenty of space for small legs to run around and make happy sounds.
Last but certainly not least, many things have changed but one thing will not: The IKN Weekly will be back
and firing on all cylinders as from next weekend, in IKN893. There’s going to be plenty to do in the second
half of 2026 and lots of opportunities to make some money…and maybe buy a new house. Got 12 months on
this contract, though.
Fundamental Analysis of Mining Stocks
Deferred.
2

Stocks to Follow
A quick round-up of the last two weeks in junior mining markets, starting with the week before last (i.e.
Monday June 22nd to Friday June 26th) which was very negative with an earthquake, 13 of our 20 followed
stocks losers, and just three winners (plus four UNCH). Not only that, but five of the 13 losers dropped by
double figure percentages. Market sentiment was poor and gold briefly dropped under the U$4,000/oz line.
All of which made last week something of a make-or-break period, so it’s good to report something of a relief
rally kicked in last week (i.e. Monday June 29th to Friday July 3rd) with eighteen out of the twenty being
winners, only one loser (ECU.v, one of the winners the week before last) and one unchanged stock
(MIRL.cn). Not only that, but we saw a hefty percentage win where it most mattered in Top Pick Rio2 Ltd
(RIO.to up 17.3%), as well as good rebounds in Latin Metals (LMS.v up 19.4%), Mene Inc (MENE.v up
17.6%), Mayfair Gold (MFG.v up 15.1%), Wesdome Gold (WDO.to up 14.6%), BP Silver (BPAG.v up 10.8%)
and even our little spec silver trade in IMPACT Silver (IPT.v up 10.3%).
There are currently 20 stocks on our list, that’s the self-imposed maximum number. Eleven of those are in
the red and nine in the green, so the head count looks bad but as the main trades with bigger money are
green /aside TNGD and WRLG), then all three Watch List stocks are red (and I hope they stay that way), it’s
not quite as bad as the raw numbers suggest.
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$2.98 272.5% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.40 315.6% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$7.23 -12.5% Chile gold jr
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.85 135.0% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.86 104.3% 2nd tgt U$5 hit, hold for buyout
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
Element 29 ECU.v STR BUY C$1.31 10-May-26 C$1.58 20.6% Copper exploreco in Peru
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$28.26 26.0% 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
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.25 212.5% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.215 13.2% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v STR BUY C$0.08 4-May-24 C$0.13 62.5% top fundy value, illiquid
RPX Gold RPX.v SPEC BUY C$0.16 14-May-26 C$0.145 -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
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$0.73 -5.2% Colombia gold producer
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.29 -10.8% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.92 -5.2% 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
3

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$0.20 -62.3% failed risk trade
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on some of our covered stocks:
RPX Gold (RPX.v): Not a great start to this return trade, my mistake was buying the bargain 16c level and
not waiting for the drop dead bargain 14c and 15c levels. Then again, I really haven’t been in the mood to do
any trading these last two weeks.
Soma Gold (SOMA.v): Please note, this is one of the top candidates for a starter purchase in the weeks
ahead. Part of the strategy for SOMA.v and the reason it’s on the Watch List is the assumption that Q2
production won’t show much improvement from the troubled and weak 1q26 numbers (the reason the stock
got cheap). The theory goes that come the end of the Northern summer and the typical Doldrums period,
SOMA’s raw numbers won’t have impressed in the first two quarters of 2026 and after its recent Boy-Cried-
Wolf period, management won’t be able to drum up support using jam tomorrow rhetoric. So, we watch on
the sidelines as 2q26 numbers come in and at some point, perhaps August or early September, make a
proactive decision on a trade.
Gold Royalty Corp (GROY): A fringe benefit of the Agnico (AEM) wall slippage at Canadian Malartic (see
Producer Basket, below) is that we may see it leaning
more heavily on its Odyssey underground mine U$m GROY: Income from Canadian Malartic stream, per qtr
development this year, the zone where GROY owns its 0.7
most interesting partial royalty at the mine. It was 0.6
0.5
already scheduled to produce 120,000 oz this year as
0.4
it ramps up and with AEM now extra keen to make
0.3
sure that happens, GROY will benefit as the second
0.2
half of 2026 rolls out and Odyssey comes on line. This
0.1
chart shows GROY quarterly income from Canadian
0
Malartic, which has dwindled to low numbers in recent
3q23 4q23 1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26
times. 2q26 is also expected to be low but as Odyssey source: company financials
kicks in 3q26 onward, that should bounce back to
previous levels.
Element 29 (ECU.v): Still three long holes waiting to be reported. ECU has also hired a market maker and
that’s a good thing, its bid/ask has often been wide enough to drive a truck thru in 2026.
West Red Lake Gold (WRLG.v): Watching the wires closely for 2q26 production news, particularly as good
news tends to travel fast at this company (and bad new slowly). There have been more insider purchases
recently, that’s not a bad thing.
IMPACT Silver (IPT.v): A new subscriber kindly wrote in and among other things, expressed surprise that I
own some IPT shares after the slating I’ve given the stock and its management on the open channels over
the years (blog and X, basically). Which is fair enough, so here’s a reminder of the context:
 It’s a spec trade, no more and no less.
 To borrow a hackneyed phrase, “the math is the math”. We’re in a window where IPT finally makes good
money on its expensively produced silver and while margins won’t be as good as the abnormal Q1,
there’s every reason to expect a string of decent net profit quarters in 2026. That alone should make this
stock rally.
 The best mining companies in the world can be bad stock trades, the worst can be good trades, it’s
always about context. In this case, we recognize the risk of investing in managerial mediocrity, but IPT is
an established producer and not subject to as many whims.
4

I like the odds at these low-30c prices and, as the long-term chart tells us, IPT is prone to putting in sudden
price spikes. If it does I’ll sell in a heartbeat and take my profit.
Rio2 Ltd (RIO.to): A good response week from RIO.to but even now, I cannot help but bang the table on
our Top Pick and insist that any price under C$3.00 is a bargain you’ll sigh about in years to come if you
didn’t take advantage. This is Top Pick for very good reasons, own some.
The Copper Basket
After twenty-six weeks of 2026, The Copper Basket shows a gain of 32.69% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 292.271 1841.31 6.30 130.8%
2 Aldebaran Res. ALDE.v 3.67 185.358 476.37 2.57 -30.0%
3 Hot Chili HCH.v 1.33 202.218 390.28 1.93 45.1%
4 Los Andes Copper LA.v 9.20 30.392 387.50 12.75 38.6%
5 Pecoy Copper PCU.v 1.32 209.489 347.75 1.66 25.8%
6 Andina Copper ANDC.v 0.56 273.361 325.30 1.19 112.5%
7 Element 29 Res ECU.v 1.20 187.989 297.02 1.58 31.7%
8 Surge Copper SURG.v 0.475 385.7 239.13 0.62 30.5%
9 American Eagle AE.v 0.56 204.923 223.37 1.09 94.6%
10 Hercules Metals BIG.v 0.74 342.898 212.60 0.62 -16.2%
11 Copper Giant CGNT.v 0.49 210.239 161.88 0.77 57.1%
12 Fitzroy Min FTZ.v 0.48 327.178 150.50 0.46 -4.2%
13 Metal Energy MERG.v 0.64 45.2 33.90 0.75 17.2%
14 Algo Grande Copper ALGR.v 0.53 42.34 22.44 0.53 0.0%
15 Kobrea Exp KBX.cse 0.51 53.272 15.45 0.29 -43.1%
NB: All stocks in CAD$ Portfolio avg 32.69%
Two weeks to report, so we start with the bad stuff from the week before last (i.e. Monday June 22nd to
Friday June 26th) when the Copper Basket had a rough
time, with the basket average losing 6½% and just two The Copper Basket 2026, weekly evolution
45%
of our 15 up on the week (ECU and KBX). 40%
35%
That’s the bad news, the good news is that were much 30%
better last week (i.e. Monday June 29th to Friday July 25%
3rd) and the basket recouped 4.3% of that downer, 20%
15%
thanks to better market sentiment and a rally in copper
10%
prices, along with renewed hopes for strong copper 5%
demand out of China and the bright and shiny new AI 0%
trade (data centers and all that). So the headcount in
the week just gone was a positive ten winners (FDY.to,
LA.v, HCH.v, BIG.v, SURG.v, FTZ.v, ANDC.v, AE.v,
CGNT.v, KBX.cn) versus five losers (ALDE.v, PCU.v, ECU.v, MERG.v, ALGR.v).
Here’s the Comex futures chart we use to track the fortunes of the underlying metal and the arrows show the
topsy-turvy ride copper had last week, one that eventually resolved into a modest improvement and a
U$6.30/lb-or-so market price. While nothing to write home about percentage-wise, we must be clear that
copper at U$6 or above is a price from the heavens for any and every major copper producer in the world
and testimony to the expected supply shortfall (which some say has already arrived). It’s also product of
expectations around what POTUUS47 is about to decide on US tariffs, so while there is a near-term driver
that could backfire if Trump decides to keep copper conc and finished metal on the exempt list, we saw last
year how the market moved to fill the vacuum quickly and bought up all the cheap prices.
5
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 ht82 ht5luj
source: IKN calcs

Moving on, we’re using the end of week 26 as our official quarter end for 2q26, which means it’s time for our
second snapshot of the year on the basket components and their comparative price performances. Here’s the
chart, note below:
The 2026 Copper Basket after 26 weeks
6
%8.031
%5.211 %6.49
%1.75
%1.54 %6.83 %7.13 %5.03 %8.52 %2.71
%0.0
%2.4-
%2.61- %0.03- %1.34-
140%
120%
100%
80%
60%
40%
20%
0%
-20%
-40%
-60%
ot.YDF v.CDNA v.EA v.TNGC v.HCH v.AL v.UCE v.GRUS v.UCP v.GREM v.RGLA v.ZTF v.GIB v.EDLA nc.XBK
13 wks
26 wks
source:TSX, CSE, IKN calcs
No doubts about the winners this quarter, so hats off to The Lundins and their new stable company Faraday
Copper, which was already doing well in Q1 but moved through the gears in Q2. Almost as impressive was
Andina (ANDC.v), which has won plaudits mainly for its work at Cobrasco in Colombia and seems to be doing
well with the locals, too (though you never can tell and it’s the reason I’ve always been leery about the
project. American Eagle held on to 3rd spot, even though it lost ground compared to its stellar Q1 and largely
trod water in Q2. A word in favour of Hot Chili (HCH.v) as well, which I think is a stinker but there’s no
knocking the improvement in its share price in 2q26, up nigh on 50%.
To the downside, Hercules (BIG.v) continues to mis-fire and Aldebaran still can’t get any love, but the only
real out-and-pout loser was Kobrea (KBX.cn), which dropped like a stone when it reported (expected) dusters
from its first pass drilling. I’m still annoyed about missing the sub-20c prices and a nice little turnaround trade
on that one, though.
We move on, time for our regular weekly world copper inventories update, with data supplied by Cochilco
and for this edition, we consider the changes seen over the two week period since IKN891:
 AOver the two weeks since we last spoke, the aggregate of world copper stocks in the three
official futures systems dropped by 39,485 metric tonnes (mt) to this weekend’s 1,048,646mt.
 The main story is at the SHFE, where the mid-year draw down is happening as per normal and in
the last two weeks, stocks, dropped by 21,198mt to close this weekend at 122,677mt. as the
graphic below shows, that’s a decent clip compared to recent years and the 100kmt line is now in
view, earlier than expected. All this says demand for copper is healthy in Asia.
 At the LME, copper stocks dropped by 33,250mt over the fortnight period to close this weekend
at 318,900mt. The story here has been arbitrage as owners move stocks to The USA.
 And sure enough, the looming Trump Tariff trade means Comex is the only system where stocks
have moved up, this time by 14,963mt over the two week period to this weekend’s new record
inventory of 606,626mt. We await Mr. Trump’s decision but, if the front-running on his recent
trade decisions are anything to go by, copper is going to get its tariff slapped on it.

Our dedicated SHFE tracking chart indicates healthy demand for copper on the Chinese mainland, even at
these elevated prices. Six dollars is the new normal.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
7
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
The Producer Basket
After twenty-six weeks of 2026, the Producer Basket shows a loss of 9.05% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 104.80 97.04 -2.8%
2 Agnico Eagle AEM 169.53 500.989 77.08 153.86 -9.2%
3 Barrick B 43.55 1705.994 65.19 38.21 -12.3%
4 Wheaton PM WPM 117.52 454.037 52.55 115.73 -1.5%
5 Lundin Gold LUG.to 114.02 241.833 14.52 83.39 -26.9%
6 Alamos Gold AGI 38.58 419.947 13.26 31.58 -18.1%
7 IAMGOLD IAG 16.49 588.8 9.75 16.56 0.4%
8 Eldorado Gold EGO 35.92 198.571 6.69 33.68 -6.2%
9 B2Gold Corp BTG 4.51 1343.243 5.48 4.08 -9.5%
10 Americas G & S USAS 5.11 318.26 1.56 4.89 -4.3%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -9.05%
The weekend before last (week 25) when we didn’t published, The Producer Basket hit its 2026 low and was
down by 11.51%. Fortunately, between then and now we got a relief rally and come the end of the
shortened trading week for NYSE stocks (Fourth of July and all that), the basket average improved by 2.46%
to close down 9.05% for the end week 26 (Q2, give or take a day or so). Nine out of the ten basket stocks
were winners last week, with the best performance from Lundin Gold (LUG.to up 8.2%, which includes a
+3.2% day on Friday as Canadian stocks traded that day) and Eldorado Gold (EGO up 7.4%, showing distinct
signs of getting its act together at last). Only one loser, that was Agnico Eagle (AEM) and we note why that
was below.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
40%
35%
30%
25%
20%
15%
10%
5%
0%
-5%
-10%
-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 ht82 ht5luj
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%
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source: IKN calcs

We end Q2 very slightly behind the GDX benchmark but with plenty of confidence that the second half of
2026 will suit our leveraged basket of picks. We’ve also managed to absorb negatives from both AGI and AEM
in recent weeks without much damage done, that augurs well.
It’s the end of Q2, which means we take our second snapshot of the ten basket stock this year and here’s the
updated chart:
The 2026 Producer Basket components after 26 weeks
0.4%
-1.5% -2.8% -4.3% -6.2%
-9.2% -9.5%
-12.3%
8
%1.81-
%9.62-
30%
20%
10%
0%
-10%
-20%
-30%
GAI MPW MEN SASU OGE MEA GTB B IGA ot.GUL
13 weeks
26 weeks
source: NYSE, TSX, IKN calcs
Quite the reversal from the end of Q1, back then seven of ten stocks were positive and now it’s just one,
IAMGOLD (IAG and only just, at +0.4%). The other nine are losers and the performances range from the
least worst in defensive Wheaton and Newmont, to the biggest loser Lundin Gold (LUG.to and why oh why
did I include it this year, what in tarnation was I
thinking?). However, the biggest reversals of fortune
in Q2 was clearly Agnico (AEM from +23% to -9.2%)
and Alamos (AGI from +19.3% to -18.1%). In the
case of AEM, last week’s news from Canadian Malartic
(see below) didn’t help but the underperformance is
mainly about its decision to secure its next
generational gold camp by buying Rupert and Aurion
in Finland. As for AGI, that hit is mainly the bad news
from Young-Davidson that we covered in IKN891 and
which did this to the stock:
Overall, a poor quarter for gold producer stocks,
obviously dragged down by the retreat in gold prices
(-14.4% in 2q26) but notably unable to hold on to the leverage of the high operational margins. The
perception of lower prices and cost inflation crimping profits is fair enough, of course, but in absolute terms
any gold producer worth its salt is absolutely coining it at U$4,000+ per ounce gold, even if costs rise 10%. It
would take a further acceleration in inflation coupled with Central Banks turning away from the new trend in
gold purchases for these companies to “go cyclical” in the near term, it’s now more likely we’re about to see a
plateau of high profit margins racked up quarter after quarter. That’s when the market will begin to
appreciate the relatively low PE ratios run by gold producers compared to other sectors.
Agnico Eagle (AEM): First it was Alamos at Young-Davidson, now it’s the turn for Agnico (AEM) to report
problems at one of Canada’s flagship gold operations (1):
TORONTO, July 2, 2026 /CNW/ - Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico
Eagle" or the "Company") reports that a rock mass movement occurred on July 1, 2026, along the
north wall of the Barnat open pit at the Canadian Malartic complex in Quebec, Canada. There were
no injuries, equipment damage or environmental impact as a result of the event. As a precautionary
measure, the Company has temporarily suspended mining operations in the Barnat open pit.
As the Barnat zone of Canadian Malartic is the main source of ore for the 2026 mine plan, this is not a small
thing. Further down the NR we get AEM’s estimate of the effect of the bench failure:
“…based on currently available information, the Company expects the rock mass movement to
reduce production in the second half of 2026 at Canadian Malartic by approximately 60,000 to 80,000
ounces of gold. Accordingly, the Company expects full year 2026 production to be near the lower end
of its previously disclosed guidance range of 3.3 million to 3.5 million ounces of gold.”

They framed it carefully to compare the loss at one mine to its consolidated guidance figures (the spin is
understandable). As Canadian Malartic was slated to produce between 575,000 and 605,000 ounce of gold
this year (and we presume H1 went as per guidance), if we take the medians for all estimates it implies
Canadian Malartic will produce 215,000 oz gold in the second half of 2026, instead of 285,000 oz.
This five-day chart of AEM vs GDX show the big drop at the bell on Thursday even as GDX rallied, then
bargain hunters quickly moving in, then today Monday when AEM’s rally continued (Friday NYSE was closed
for US Independence Day), In other words, AEM lost under 4% to the gold sector median and the market
seems willing to forgive AEM for the lapse, this time at least.
The TinyCaps List
After twenty-six weeks of 2026, the TinyCaps show a loss of 7.29% 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 9.06 0.15 -53.3%
Enduro Metals ENDR.v 0.155 117.96 20.64 0.175 12.9%
Latin Metals LMS.v 0.21 138 29.67 0.215 2.4%
Precore Gold PRCG.cn 0.26 32.093 8.02 0.25 -3.8%
Radius Gold RDU.v 0.14 115.7 16.78 0.145 3.6%
Silver Wolf SWLF.v 0.135 62.18 7.46 0.12 -11.1%
Trifecta Gold TG.v 0.195 47.7 9.30 0.195 0.0%
Viva Gold VAU.v 0.19 182 25.48 0.14 -26.3%
Prices in CAD$, data from TSXV basket avg -7.29%
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.
9

I can’t give you much information or opinion about
TinyCaps, 2026 weekly tracker
volumes traded, but can say that the last week of Q2 was 20%
also good for the TinyCaps. Just one downer from our ten 15%
10%
(TG.v), three unchanged (AUME.v, SRAN.cn, SWLF.v) and
5%
six winners that included chunky moves in Enduro
0%
(ENDR.v up 20.7%), Latin Metals (LMS.v up 19.4%) and -5%
Viva (VAU.v up 16.7%). It’s what you’d want from a relief -10%
rally week when all boats are supposed to rise with the -15%
-20%
tide, be they large or small.
At negative 7.29% the basket is still underwater for the
year, but it’s the least worst since the end of May and the
deficit is cut in half.
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
Abelardo de la Espriella is President-Elect of Colombia
The official result is now in, despite outgoing President Gustavo Petro’s insistence that the vote was rigged
and that in overseas voting, particularly California USA (8), “… algorithms were used that varied the voting
substantially in favour of Abelardo…” we now have an official result:
 Abelardo de la Espriella: 49.66% (12.96m votes)
 Iván Cepeda: 48.70% (12.71m votes)
The exact difference in favour of ADLE (as he’s bound to be known from this point on) was 251,854 votes,
the turnout was a record for a second round run-off in Colombia (63.6% of voters) and while tighter than
expected in the end, the Aberlardo transition team has already started its work with the outgoing government
working with them (despite Petro’s unproven allegations). The handover of power and Presidential
inauguration ceremony is set for August 7th. This is the result FDI wanted and prima facie, it’s good news for
mining investment in Colombia. We remind readers of the close ties ADLE has with mining movers and
shakers such as Serafino Iacono, in turn part of the Frank Giustra inner circle. Obvious places to look for
influenced deals in the mining sector are Denarius Metals, Aris Mining and Copper Giant, though we warn that
the historical barriers to social good will and environmental permitting are normally at a regional level in
Colombia, that’s a mouthful of words to say that we may see a honeymoon period for mining stocks in
Colombia under a new ADLE government that promises the industry easier and faster permitting tracks, but
the reality is likely to be more difficult and social opposition isn’t going to roll over and give up.
Keiko Fujimori is President-Elect of Peru
It feels like months ago that the second round vote happened in Peru (it was June 7th) and it took until last
week to get an official result but on Friday July 3rd Peru’s JNE election body proclaimed the final score:
 Keiko Fujimori: 9,223,396 votes
 Roberto Sánchez: 9,173,755 votes
It was a razor-tight result, but even so it was clear within a day of the run-off that Keiko was a near-certain
winner and this desk went as far as to guesstimate the margin a “around 50,000 votes” on June 8th (2), so
the final difference of 49,641 is right in the ballpark. Another positive is that despite spitting feathers about
the result at first, the loser in the run-off, Roberto Sánchez, has officially accepted the result. All that is good
news for FDI and it got better today Monday when Keiko announced she had met with Central Bank head
Julio Velarde, who has agreed to stay in his job for the term of her presidency. By far the most respected
member of Peru’s financial hierarchy, Velarde’s has headed the Central Bank since being appointed by Alan
Garcia in 2006 and his decision to continue is bound to be warmly applauded by the macro banking world.
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 ht82 ht5luj
source: IKN calcs, TSX data

Market Watching
Deferred.
Conclusion
IKN892 is done, we close with bullet points:
 We done the numbers and we’re back writing about mining stocks, though not particularly deeply or in
great detail this week. I beg indulgence until IKN893.
 Sincere thanks for all the messages and mails. There have been moments in the last week when I
haven’t had time to write or reply (the house-hunting was intense), there have also been moments
when I haven’t felt like writing a single word so, if your message dropped during one of those that’s
going to be my excuse for the ignorance of not replying.
 Seriously, thank you, they did us both the world of good.
 Own shares in Rio2.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.agnicoeagle.com/English/news-and-media/news-releases/news-details/2026/AGNICO-EAGLE-REPORTS-WALL-
MOVEMENT-AT-BARNAT-OPEN-PIT-AT-CANADIAN-MALARTIC/default.aspx
(2) https://x.com/i/status/2063978893879418930
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
11

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
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
12

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
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
13

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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