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The IKN Weekly
Week 893, week of July 12th 2026
Contents
This Week: Trade heads-up, In today’s edition, The Dog Days of summer, The resilience of the main metals.
Fundamental Analysis: Buying Soma Gold (SOMA.v).
Stocks to Follow: Soma Gold (SOMA.v), Marimaca Copper (MARI.to), Amerigo Resources (ARG.to), Element
29 (ECU.v), West Red Lake Gold (WRLG.v), IMPACT Silver (IPT.v), Rio2 Ltd (RIO.to), Tiernan Gold (TNGD.v).
The Copper Basket: Overview, American Eagle and Surge Copper (SURG.v), Pecoy Copper (PCU.v), Metal
Energy (MERG.v), Aldebaran Resources (ALDE.v).
The Producer Basket: Overview, B2Gold (BTG) (BTO.to), Barrick Mining (B) (ABX.to), Agnico Eagle (AEM),
Americas Gold and Silver (USAS) (USA.to).
The TinyCaps Basket: Overview, Precore (PRCG.cn), Radius Gold (RDU.v).
Regional Politics: Colombia: ACM looking forward to ADLE, Colombia: President-Elect Abelardo de la
Espriella appoints (most of) his ministers.
Market Watching: The Brazil election trade, Provenance Gold (PAU.cn): A return to a buyable price.
I remind subscribers that no part of this newsletter can be copied, reproduced or given to any
third party without the express permission of the author.
This Week
Trade heads up
I plan to buy a starter position in Soma Gold (SOMA.v) and move the stock from its current slot in the Watch
List to the recommended list section of the Stocks to Follow. The price is right, heads-up done.
In today’s edition
 No personal stuff today, time to get back to business.
 Today’s main fundies section isn’t too long, mainly because we did most of the groundwork four weeks
ago in IKN890. However it is actionable, as the newly discounted price in Soma Gold (SOMA.v) is now too
tempting to resist. A starter position this week.
 Copper and gold continue to impress me pricewise, with today’s main intro op-ed “The resilience of the
main metals dedicated to the metals and some further thoughts about the way copper has maintained its
U$6/lb+ prices with apparent ease in today’s Copper Basket.
 Got to like Amerigo Resources (ARG.to) and Marimaca Copper (MARI.to) going forward, both of those get
their sections in the Stocks to Follow notes.
The Dog Days of summer
We are now officially into the Dog Days of 2026 (July 3rd to August 11th), the period when Sirius can be
observed rising in the Northern hemisphere just before the sun brings dawn. It’s also the time that the
mining sector goes into its Doldrums period, something that even modern technology and the always-on
society we seem to live in these days hasn’t managed to shift very much. There’s always some-or-other event
or a company with news flow to lift the spirits (of course), but we shouldn’t expect too much from the junior
mining world until Jackson Hole and the end August and Labor Day at the start of September combine to tell
North America’s financial people to get back to work and make some money.
So if your average subscription newsletter comes across as a little desperate to keep you from unsubscribing
in the next couple of months, that’s why . However, a quiet period is also one in which the market
1

participant with longer-term view can position (or re-position) their portfolio and take advantage of bargain
prices while others sleep on the opportunity, so it’s npot all bad and today, I plan to do just that.
The resilience of the main metals
I get knocked down
But I get up again
You're never gonna keep me down
I get knocked down
But I get up again
You're never gonna keep me down
Tubthumping, Chumbawamba, 1997
For our purposes, “main metals” means gold and copper. It’s fair to include iron ore is another of the main
metals but those projects rarely show up on the junior radar. Aside that, other metal and their attached
juniors, covering silver, zinc, lithium, lead, antimony, newly fashionable tungsten etc can indeed offer good
investment or speculation opportunities, but that’s not the point here.
So, copper and gold.
The case for copper is simple, let’s make it by showing a long-term price chart:
The trend since the Trump Tariff shock of August last year has been nothing short of spectacular and not
only has copper reached record levels, but it has stayed there. The U$6/lb level saw one temporary blip in
March when the Iran conflict went hot and uncertainty ruled the roost, apart from that copper has held the
six line with apparent ease. Constant six dollar prices, ladies and gents. Why are you griping, you think you
need seven?
As for gold, the argument is less clear cut but after
stepping away from the market and coming back to it
recently, the longer-term view has made me more
confident of its future because what we’ve seen in
recent weeks is a confluence of factors that, in other
times, would have knocked gold right back from whence
it came and put a definitive end to its bull run. To make
it fair, I’ve gone with a spot gold chart that uses the
same timescale as the copper chart above and what’s
more, updated it this Monday afternoon to show its dip
under the U$4k line (it will be temporary), so we take
the opportunity to document the dip (right). That’s
enough to have the world’s traders and investors shying
away from the gold sector, telling us it’s all over and
gold’s temporary place in the sun has passed, same as it ever was. But look a little closer and we get
headlines like this one below (1):
Central banks were back in buying mode in May – and with a little more spring in their step. Based on
the latest reported data, official gold reserves increased by a net 41t during the month, with
purchases once again concentrated among a familiar cast of buyers
2

That’s how the WGC July 2nd report on the state of the gold market
began and with it, came this graphic (right). The main reason for the
negative results earlier this year are the well-documented sales of
gold by Turkey (81t) and Russia (34t) this year. but even those
haven't put much of a dent in the trend. The latest WGC data good
to end May shows April (+19t) and May were (+41t) positive net
now that the big Turkey and Russia sales have stopped and once
again, point to China is the main demand driver. Meanwhile, the
latest detailed data (2) notes the PBOC having bought net 9.95
tonnes in May and 14.93 tonnes in June, the latter being the largest
single month net add since 2023 when gold was at a much lower
price bracket than today. These days, the 2,332 tonnes gold held by
PBOC is both an absolute record and at 8.9% its total international
reserves, a record in comparative terms as well. For context, the
WGC estimates China held 1.5% of its reserves in gold in 2010,
post-GFC and just after China announced its first big hike in gold
reserves for decades (to 1,054t). Make no mistake, China’s appetite
for gold has only become stronger in recent times and with the
world looking for other media of trade outside the USD, other
Central Banks are following suit.
While the phrase “This time is different” has ruined many a trader’s career, this really is the first time in the
modern era that gold has been driven by Central Bank demand and what’s more, with China’s PBOC in the
vanguard. Not the first time we’ve mentioned this in 2026 of course, but with that said The IKN Weekly is in
short trousers compared to the legion of real gold market experts that have many years documenting China's
appetite for gold. PBOC has added 1,278t added in the last 16 years, but that number doesn’t capture recent
acceleration in gold buying (China and others, check out Poland recently) which isn’t some sort of mass
hypnosis in action. Like it or not, the move toward gold is a move away from the USD at the highest level of
international finance, it’s one that started with Biden’s decision to sanction Russia and since then, what has
happened on a day-to-day basis in the open market has been of little effect to the trend. Sentiment matters
of course, when retail piled on we saw a spike top and at the same time, some slowdown in buying when
gold breached U$5,000/oz. Equally, all Central Banks are not made the same and we'll always have certain
countries doing their own thing for their own sweet reasons (Turkey, Venezuela, Russia, etc) but overall the
trend is clear and with the world's second largest and fastest growing economy in absolute terms leading the
charge, Wall St's ingrained opinion of "pet rock doesn't pay interest" is getting less important by the year. By
the month in fact, because what the pullback in gold prices since the Iran conflict began shows, in clear and
objective math, is that the big buyers are ready to take advantage of the new U$4k level.
The bottom line: Copper has been impressively strong and while gold’s drop from the 5k line to the 4k line
hasn’t been quite as bullish, we should remember how the world has thrown any number of ostensibly
bearish effects at the gold market in recent times but despite that, the price has held at what is still a highly
profitable price for any gold producer worth its salt. With Central Banks continuing to provide enough
counterbalance to the bearish newsflow, there’s every reason to suppose that gold will remain resilient and
once near-term sentiment changes again (and it will, Hormuz, Fed or whatever else are near-term influences
and at worst medium term), we can expect gold to return to its upward trajectory. We were perhaps a little
spoiled by the run to over U$5,000/oz and while hindsight is easy, the overbuying at that time looks obvious.
But don’t confuse that will the end of a bull market for gold, there’s plenty of fundamental evidence to
suggest otherwise.
Fundamental Analysis of Mining Stocks
Buying Soma Gold (SOMA.v)
Four weeks ago in the main fundies note “A close look at Soma Gold (SOMA.v)” in IKN890, dated June 14th,
we laid out the case to go long the stock while making it clear that it would be far from a riskless trade. The
attraction was the new low price (it was a C$1.80 and C$2.00 stock as recently as the third week of April)
3

and the potential it offered at these prices as long as its new plan worked reasonably well, but were clear-
eyed about the risks of betting on a small producer that has shown managerial deficiencies and disappointing
late 2025 and early production and financial results. We’re now four weeks on from that note and the
decision to out it on the Watch List, rather than buy at the 77c price available at the time, has turned out to
be the right one because SOMA is now available at 66c [EDIT Monday, 63c] and effectively, that’s enough to
tip my scales. Therefore, this note exists to announce I’m a buyer of SOMA.v in the days to come and the
next few pages detail that simple decision.
As a lot of the information required to understand this stock and its operations in Colombia is in IKN890,
that’s not going to be repeated here. Instead we focus on any changes and start with the updated topbox for
the corporate structure and so forth:
Shares out: 151.89m
Options: 5.66m
RSUs: 0.383m
Warrants: 13.764m
Fully diluted: 171.497m
Current share price: C$0.63
Market Cap: C$95.69m
All prices are in Canadian Dollars unless stated. Forex U$0.71=CAD$1
The above data include the recently closed C$7.5m placement and the brokers warrants emitted from that
deal, it also uses the today Monday evening closing price of C$0.63, though be clear my decision to open on
SOMA came this weekend when the price was 66c. That puts SOMA on a market cap of C$95.69m (U$68m)
and for that, if things go well in the second half of 2026, you’re getting a gold miner that can run at
30,000/oz per year annualized. Let us be clear, that’s very cheap as long as things go to plan.
And what’s that plan? As seen in IKN890, production was hit mostly due to grade and mine dilution issues, so
while we don’t expect massive improvement in the upcoming 2q26 production number for either grade or
throughput…
SOMA.v: tonnes per day mined/milled
…as from 3q26 we should see throughput improve modestly as new sources are added to mill capacity, but
the big change should come from average grade that’s set to return to the levels seen before the wheels
came off in 2025 thanks a return to higher grading muck at its main mine and the addition of small tonnage
of high grade material from outlaying mines now coming online. Our model and that of SOMA suggests that
they should reach a 7 g/t gold median in the second half of 2026 and while that looks like a big jump
compared to the last few quarters, there’s decent reason to suppose that is achieved given a clear run.
In its updated guidance, SOMA offered these numbers for the next three quarters’ worth of production:
 2q26: 3,828 oz AuEq
 3q26: 7,605 oz AuEq
 4q26: 8,439 oz AuEq
This desk has no particular problem with those forecasts but stick to the model math and finish with slightly
lower numbers (and we remind readers that the silver component in the SOMA metals mix is minor, typically
less than 100 oz AuEq, so this really is all about the gold):
4
404 563 282
612
373 083 314 754
550
500
450 400
350
300 250 200 150
100
50
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
tpd 10 SOMA.v: Avg head grade, per qtr
tpd mined 9
tpd milled (numbers) 7 8 7.07 6.8 7.1 6.44 6.166.25 7 7 5.555.75
6
4.38 5 3.58 3.8 4 3
2
1
0
source: company filings
32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
llim
ta uA t/g

SOMA.v: Au and AuEq in silver sold, per qtr
5
9776
3515
5204
9172
9273 0673
5257
0538
9000
8000
7000
6000
5000
4000
3000
2000
1000
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
)qEuA(uA
zO
AuEq of Ag oz sold
Au Oz sold
Again, we’re not expecting great shakes from the upcoming 2q26 quarter, it’s all about Q3 and Q4 so when
the 2q26 financial results are filed, all eyes should be on any ongoing guidance language offered.
The other big variable is costs. We're looking for 2q26 to come in roughly equivalent to 1q26 in both absolute
and cash cost/oz terms, but the per ounce cost to start tracking lower in Q3 and Q4 as the mine starts to
produce a more meaningful amount of gold (and again, this is all about returning grade from whence it
came). This is where our model has to be looser than we’d like, as there may be one-time costs associated
with the ramp back up that take a bit out of gross profits, particularly in Q2. We also need to be aware of
input inflation and how that continues to raise cost across the board, as a small mine is particularly
susceptible and they can produce large percentage swings in gross and operating profit. Therefore we’ve kep
our cost projections to the conservative side. On top of that, our IKN890 model assumed U$4.200/oz gold for
the second half of 2026 but with the way things have gone since then, it seems wiser to add an extra layer to
our conservative approach and assume U$4,000/oz going forward. But even with higher costs and lower gold
prices, as from Q3 we expect SOMA to run a cash margin per ounce of gold of around U$1,800/oz, that
moving to U$2,000/oz as the mine gets back to full speed.
SOMA.v: Total cash cost, realized gold price, difference
2461 8951 6761 3621 6351 0051 0081 0002
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
U$/oz tot cash cost/oz Realized price USD Avg cash margin
source: company filings, IKN calcs
That’s good money for a small mine, so it’s time to put that into Canadian Dollar context and look at how we
think the P+L will develop. Here’s a Canadian dollar gold price chart and for 2q26, we assume an average
received price of C$6,200/oz, dropping to C$5,800/oz for the second half of the year.
So we do a bit of math and get to this:

SOMA.v: Revenues vs Prod Costs
Honestly, I’m not particularly worried about the 2q26 result as we know it’s going to be a transition quarter,
what matters most are clear indications from SOMA that its plan is in place and Q3 is going to hit the
forecast. These charts show why, as if it does so the company gets to benefit from our high gold prices for
the first real occasion and a number like C$16m implies a mine operating income per share of 10.5c in one
quarter…darned good money for a 63c stock. We don’t get all that MOI running through to the bottom line
(of course), so by taking some prudent lines we estimate pre-tax and post-tax income to look roughly like this
on a cash basis (below left) and net EPS (below right):
If, repeat IF, underscore and highlight IF (and you need to be fully aware of the risk, as SOMA’s recent
delivery hasn’t been good) the numbers go as per the chart by the end 2026 this 63c stock would be on
course for a 25c/share EPS even after taking into account gold recent weakness and drop to U$4k/oz. And I
don’t care how you value your miners, but they get more than a 2.5X P/E these days. As for the balance
sheet items, we went into more detail in IKN890 and you’ll get more from me on those once the 2q26
earnings are filed in August, but the cash crunch aspect of SOMA needs to be addressed as it’s one of the
main issues that saw the stock dump the way it did. Once again, working capital (below left) looks reasonable
but a lot of that is tied up in non-liquid items, so the big difference comes when we consider the cash&eq
position after the closing of the recent C$7.5m placement (below right):
6
978.72
960.81
110.32
543.71 221.81
518.21
042.81 849.71
794.22
866.91 8.32
12
44
82
94
03
60
50
40
30
20
10
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m SOMA.v: Mine Operating Income, per qtr
Revenues
op ex
source: company filings
18.9
666.5 703.5 292.0
928.2
8.2
61
91
22
20
18
16
14
12
10
8
6
4
2
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
source: company filings
SOMA.v: pre-tax and net earnings, per qtr
20
15
10
5
0
-5
-10
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m SOMA.v: EPS/qtr
income before tax
Net income
source: company filings
430.0
710.0
400.0 960.0- 810.0- 010.0-
350.0
270.0
0.08
0.06
0.04
0.02
0.00
-0.02
-0.04
-0.06
-0.08
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$
source: company filings
SOMA.v: Working cap, per qtr
156.3- 883.0- 653.2 434.0 980.0 472.3 841.5 232.6 794.6 662.1- 851.1 890.51 662.31 856.61 345.51
28.72
412.71 346.31 81
30
25
20
15
10
5
0
-5
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
C$m SOMA.v: Cash & Eq, per qtr
18
16
14
12
10
8 6
4
2
0
source: company filings
12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
C$m
source: company filings

That C$9m guesstimate may be a little optimistic on my part, but it’s not going to be a million miles out and
what it shows, above all, is that as long as the company delivers in Q3 and Q4 it will be over the cash crunch
danger period. We can be sure they didn’t want to dilute further with the recent placement but by doing so
they’ve bought the time required to get the corporate financials back on an even keel.
Discussion and conclusion
A month ago in IKN890, I thought hard about going straight in and buying a starter position in Soma Gold
(SOMA.v) before deciding to put it on the Watch List and waiting a while. The 77c price at the time was
fundamentally attractive enough, but the reasoning was that 1) there wasn’t any big rush to buy at this time
of year, what with the summer lull now setting in, 2) two minds about taking a position at that moment.
Here’s how I put it at the time:
“…after long and hard thought, I have decided to add Soma Gold (SOMA.v) to the IKN Weekly Stocks
to Follow Watch List as from next week. Now some of you might be saying at this point “Mark, you
made me read 12 pages of this bunkum for that?” to which I say “yes”, they’re not all crazy strong
buys. However, be clear that I was very close to buying and the decision to wait and watch won out
for two main reasons:
1) I think the market may misunderstand its 2q26 results, as a “breakeven at
best” quarter on another low end production result isn’t going to impress many.
2) They have trust issues. If I’m going to buy, I won’t mind paying a higher price
a little further down the line, enjoying most-not-all of a rapid rise to previous levels,
mitigating risk and only having to hold the stock a quarter or two.
IKN893 back and the change in plan is basically because I’ve got the lower price that I thought might appear
along with the Q2 results earlier than expected. The 66c [EDIT Monday, 63c and even better] this weekend is
a decent bargain and while that Q2 earnings report may end up shaving a few more pennies off the share
price if the market pays more attention to results headlines than forward guidance, it’s not going to be far
away from the bottom. As such, I’ve run out of excuses not to own some SOMA.v and will pull the trigger on
a relatively small starter position this week. As for a price target, there isn’t one yet but if things go according
to plan (and what could possibly go wrong?), I’ve mentally penciled in C$1.50 as some sort of attainable
number. Nothing fixed about that though and I reserve the right to adjust drastically if need be, once more
numbers are known.
There is one final reason for pulling the trigger on SOMA today and yes, it’s personal. I’ve thought long and
hard about priorities and money and so forth in the last three weeks and one of those aspects is the way
there are far better things to do with my money at the moment. I can guarantee you I am indeed doing
better things with my money than just spending it on stocks, but I also recognize that at some point I owe it
to this audience to resume normal service and be the
“eats his own lunch” trader, rather than just talking
junior mining stocks. This is, therefore, a trade I believe
I need to do more than want to do and I’ve talked
myself into it over the last few days. But that’s just me
and I don’t want to over-emphasize this angle, SIOMA at
66c [63c] is a great price and brings more than enough
reward potential to the table to outweigh the risks. I’ll
leave you with the two-year chart of Soma Gold,
showing the round trip it has just completed. Here’s
hoping it does another one, starting now.
Stocks to Follow
After the relief rally documented in IKN892, it was a little disappointing to see the market sag again and with
it, the net worth of my juniors portfolio as documented here. Of the 20 stocks on our Stocks to Follow table,
just three were winners on the week (ARG.to, SRL.v, LMS.v) with three others unchanged (WRLG.v, MIRL.cn,
7

KBX.cn) and that means fourteen losers so I’m not listing them all. The pain was mitigated somewhat by the
decent improvement in Amerigo Resources (ARG.to up 9.2%) and to be fair to myself, most of the losers
weren’t too heavy and stayed inside current trading ranges. That said, there were two double figure
percentage losers in Mayfair Gold (MFG.v down 11.0%) and the Top Pick Rio2 Ltd (RIO.to down 10.1%), the
latter accounting for a lot of the hole in my back pocket this weekend. So be it.
There are currently 20 stocks on our list, the self-imposed maximum. 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$2.68 235.0% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$6.99 353.9% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$6.90 -16.5% Chile gold jr
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.58 126.9% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.62 87.1% 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$1.46 11.5% Copper exploreco in Peru
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$26.27 17.2% 2026 M&A tgt, added Mar'26
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.32 -24.4% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.33 24-May-26 C$0.30 -9.1% Silver producer, added June
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.27 237.5% Ecuador buyout trade
Latin Metals LMS.v SPEC BUY C$0.19 10-Jun-25 C$0.22 15.8% proj.gen, Cerro Bayo drilling
Orecap Inv OCI.v STR BUY C$0.08 4-May-24 C$0.12 50.0% top fundy value, illiquid
RPX Gold RPX.v SPEC BUY C$0.16 14-May-26 C$0.135 -15.6% gold dev Canada
Xali Gold XGC.v SPEC BUY C$0.28 2-Mar-26 C$0.24 -14.3% 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 BUYING C$0.77 14-May-26 C$0.66 -14.3% 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$0.88 -9.3% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.185 -58.9% 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:
8

Soma Gold (SOMA.v): BUYING. As noted in today’s main fundies section, the discount price window has
come earlier than expected and as such, I’m going to buy a few shares, take this Watch List stock and as
from next weekend put it in the main Recommended section. Price dictates value.
Marimaca Copper (MARI.to): Another strong drill assay NR out of MARI last week, when on Tuesday July
7th the company published (3) “Marimaca Copper Extends High-Grade Bornite Zone at Pampa Medina – 6m
of 6.11% Cu and 24.0g/t Ag; 40m of 2.04% Cu and 11.1g/t Ag from SPRD-07 Investor Webinar to be held
July 14, 2026”, its usual mouthful of a headline. The grades and widths in that header are certainly eye-
catching, but what matters most to this desk is a phrase seen a little further down the NR:
“The ongoing step-out program continues to support the geological model”
That bullet point then goes on with a list of nice geology words (“multiple high-grade, stacked mantos with
dominantly bornite-chalcocite mineralization hosted in interbedded sediments and volcaniclastics”…all very
sexy) but “support the geological model” is the magic phrase, because those paying attention to MARI at
Pamp Medina know the company is trying to catch a very big fish indeed. That’s the “geological model”
referenced and as long as step-outs continue to show the mineralization where it’s predicted, the sky is the
limit for this deposit.
That’s something which has still not registered in the wider market, you can tell because you can buy shares
of this stock for under C$8.
Amerigo Resources (ARG.to): Up 9.2% on the week and another outstanding performance from our core
copper position. As for the driving reason, maybe this should have made last week’s edition, as the news
came out on Monday (4):
“…on July 6, 2026, Amerigo's Board of Directors declared a performance dividend in the amount of
Cdn$0.18 per share, payable on August 6, 2026, to shareholders of record as of July 13, 2026.”
We got the happy and snappy CEO quote from Aurora Davidson, too:
"This Cdn$0.18 per share performance dividend reflects the strength of Amerigo's business model,
the consistency of our operating performance, and our ability to generate significant free cash flow.
Including this declaration, Amerigo has returned Cdn$0.34 per share in performance dividends to
shareholders year-to-date. These performance dividends are in addition to our annualized quarterly
dividend of Cdn$0.16 per share. We have also continued to repurchase shares under our Normal
Course Issuer Bid, demonstrating our commitment to allocating capital where it creates the greatest
value for shareholders, while maintaining a strong debt-free balance sheet and financial flexibility,"
Those buybacks now sum up to 1.9m shares or so (and there are probably more to come), but the size of the
performance + regular quarterly dividends in 2026 is what really makes this company stand out. That’s now
50c scheduled, we may even get another one paid out later in the year but even so, this development blows
my previous assumption that the ARG share price may be hitting a ceiling around the C$7.00 price level out
of the water. Here’s our updated dividend yield table to make the point:
Amerigo (ARG.to): Dividend Yield Percentage Spread Table
Share Dividend per year (Cad Dollar Cents)
price CAD$ 16 20 25 30 35 40 45 50 55 60
5.00 3.20 4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.00
5.50 2.91 3.64 4.55 5.45 6.36 7.27 8.18 9.09 10.00 10.91
6.00 2.67 3.33 4.17 5.00 5.83 6.67 7.50 8.33 9.17 10.00
6.50 2.46 3.08 3.85 4.62 5.38 6.15 6.92 7.69 8.46 9.23
7.00 2.29 2.86 3.57 4.29 5.00 5.71 6.43 7.14 7.86 8.57
7.50 2.13 2.67 3.33 4.00 4.67 5.33 6.00 6.67 7.33 8.00
8.00 2.00 2.50 3.13 3.75 4.38 5.00 5.63 6.25 6.88 7.50
8.50 1.88 2.35 2.94 3.53 4.12 4.71 5.29 5.88 6.47 7.06
9.00 1.78 2.22 2.78 3.33 3.89 4.44 5.00 5.56 6.11 6.67
9.50 1.68 2.11 2.63 3.16 3.68 4.21 4.74 5.26 5.79 6.32
10.00 1.60 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00
source: ARG data, IKN estimates
Up to last week, the market seemed to have put a 5% yield ceiling on the stock (our model represents that
previous level with the 35c and 40c annualized dividend columns), but if ARG can continue to deliver 50c
9

annually, our previous assumption means we’re now looking at a share price of between C$9 and C$10. You’ll
note I’ve also coloured in some of the squares that offer a 5% yield at a slightly more sober 45c which gives
us a range of between C$8 and C$9, but equally there’s nothing to stop this money machine from awarding
another performance divi later this year, or raising the
standard quarterly divi again to 5c or 6c. In other ARG: Production breakdown by source, per qtr
words, those 55c and 60c columns aren’t just there for
show.
The stock reacted favourably in a tough market and
went on the run even further today Monday when its
2q26 production numbers were released (5), closing at
C$7.23. We’ll take a better look at the numbers next
week, suffice to say here that the 16.91m lb copper
and 0.4m lbs moly produced were above our estimates
for the quarter and with the second half of the year
typically stronger than the first, sets ARG up for
another year of beating its guidance. The most notable data point was the 105,241 tonnes of fresh tailing
processed, that’s the feed directly from El Teniente and the best quarter since 2024, which means the issues
caused by the El Teniente underground failure are apparently a thing of the past for ARG at MVC. But more
on that next week in IKN894.
Element 29 (ECU.v): Still waiting on three long holes, at the labs and pending. ECU doesn’t run big
volumes when there isn’t newsflow (we’ll see f the newly contracted market maker can do something about
that), so its price is now drifting in this somewhat wide range.
West Red Lake Gold (WRLG.v): According to rumour, WRLG will drop its 2q26 production numbers this
coming week. I’ll be on the lookout, but if they don’t show I won’t be too concerned. It’s been trading okay-
ish for the last few days, while still stuck in the 60s.
IMPACT Silver (IPT.v): Another that should offer Q2 production numbers ahead of its earnings report in
August, IPT is stuck at 30c which means I paid slightly too much for mine. Again. The trade is fundies-based
and we expect good earnings for the next three quarters to shine new light on this old silver play.
Rio2 Ltd (RIO.to): I can confirm that RIO.to will not be offering a NR with initial production numbers for
Q2 or any other quarter in 2026. That type of pre-read on production may begin in 2027, but this year we’ll
only get the numbers from Condestable and Fenix with its earnings report and for 2q26 we have to wait until
mid-August for that.
In other news, a few days ago on X, Rio2 Chair Alex
Black teased (6) some newsflow potential from its Kalzas
tungsten project in Canada, some 180 miles North of
Whitehorse in the Yukon…that’s real GWN (screenshot
right). Kalzas is the small legacy project that came with
NEX listed shell used by Rio2 to go public, way back
when and up to now, nobody has paid much attention to
Kalzas. Rightly so, what with Fenix to worry about and
now Condestable, but with those main assets now
producing and the price of tungsten doing what it’s done recently,
as seen in this chart (right) brazenly stolen from this June 30th
Bloomie note (7) there’s clearly latent value to be had from
moving it forward even if Wo retreats from what look like a spike
high. Kalzas doesn't have a 43-101 resource of any type and all
numbers at this point are historic in nature and therefore
unreliable, but there has been drilling done on the project
including hits of...
 101.4m of 0.224% Wo
 48m of 0.153% Wo
 24.4m of 0.304% Wo
10
74.8
30.7
16.7
73.7
73.7
26.8
46.7
62.9
68.6
16.9
97.5
31.9
73.7
36.8
52.6
63.01
83.6
41.01
48.4
97.8
19.2
12.8
86.7
96.8
54.7
55.8
5
89.8
88.4
93.11
45.5
77.21
62.5
79.7
15.6
10.9
77.7
87.6
39.9
89.8
28.6
94.7
49.5
79.01
20
18
16
14 12
10
8 6 4
2
0
12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2
Mlb Cu
Cauquenes tailings
Fresh tailings
source: company filings

...in limited programs run between 2004 and 2008, grades that make the project very playable with tungsten
now strategic and fashionable. With Chair Black clearly cooking up something around a project that’s
currently valued at zero dollars and zero cents on the market cap, we’ll be keeping an eye on the wires from
news in the days and weeks to come.
Tiernan Gold (TNGD.v): This has been trading weakly and I’ll have more to say on the stock and its
performance next week. I’m not about to sell and walk away but there are a couple of developments that
have added a seed of doubt into the story and before publishing, I want to find out more. That’s going to
take a couple of extra days.
The Copper Basket
After twenty-seven weeks of 2026, The Copper Basket shows a gain of 29.36% 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 1739.01 5.95 117.9%
2 Aldebaran Res. ALDE.v 3.67 185.358 487.49 2.63 -28.3%
3 Los Andes Copper LA.v 9.20 30.392 390.54 12.85 39.7%
4 Hot Chili HCH.v 1.33 202.218 339.73 1.68 26.3%
5 Andina Copper ANDC.v 0.56 273.361 319.83 1.17 108.9%
6 Pecoy Copper PCU.v 1.32 209.489 299.57 1.43 8.3%
7 Element 29 Res ECU.v 1.20 187.989 274.46 1.46 21.7%
8 American Eagle AE.v 0.56 204.923 231.56 1.13 101.8%
9 Hercules Metals BIG.v 0.74 342.898 205.74 0.60 -18.9%
10 Surge Copper SURG.v 0.475 385.7 196.71 0.51 7.4%
11 Copper Giant CGNT.v 0.49 210.239 166.09 0.79 61.2%
12 Fitzroy Min FTZ.v 0.48 327.178 142.32 0.435 -9.4%
13 Metal Energy MERG.v 0.64 45.2 42.49 0.94 46.9%
14 Algo Grande Copper ALGR.v 0.53 42.34 24.98 0.59 11.3%
15 Kobrea Exp KBX.cse 0.51 53.272 15.45 0.29 -43.1%
NB: All stocks in CAD$ Portfolio avg 32.69%
A negative week for the copper explorecos, with our
Copper Basket average losing 3.33% on an adverse The Copper Basket 2026, weekly evolution
45%
headcount of six winners (ALDE.v, LA.v, AE.v, CGNT.v,
40%
MERG.v, ALGR.v), one unchanged stock (KBX.cn) and 35%
eight losers (FDY.to, PCU.v, HCH.v, BIG.v, ECU.v, 30%
SURG.v, FTZ.v, ANDC.v). There were big moves in both 25%
20%
directions and the average would have been worse hit if
15%
it weren’t for the pops in Metal Energy (MERG.v up 10%
25.3%) and Algo Grande (ALGR.v up 11.3%) down at 5%
the lower end of the market cap league table, but there 0%
was more damage done by big losers Surge Copper
(SURG.v down 17.7%), Pecoy Copper (PCU.v down
13.9%) and Hot Chili (HCH.v down 13.0%). To be fair,
the exploreco sub-sector is still perky and the average is still higher than it was two weekends ago. That’s a
better look than the PM producers, as you’ll see below in the Producer Basket.
As for copper-the-metal, on a week-over-week level (or even from when IKN892 dropped, see chart) the
price action was okay, but the sharp drop we saw Wednesday morning was enough to put the jitters into
traders again and even thought the metal bounced back quickly, stocks weren’t as ready to follow.
11
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 ht21
source: IKN calcs

Along with its standard weekly report of price and inventory
movements, Chile’s reliable Cochilco beancounters also added a little
list of factors (inset right) to explain why copper prices have remained
strong in recent weeks. It may be a brief bullet point list and nothing
you haven’t already heard, but when compiled in this snappy list I
thought it was a useful reference point so, rather than copying and
pretending it my own, here’s what it says
1) Inventories are dropping n London and Shanghai, with lower
availability outside of The USA
2) The premium offered by Comex of LME and the tariff uncertainty in The USA
3) Lack of concentrate supply and TC/RC either low or negative
4) Risks for oil & gas, sulfur and sulfuric acid due to instability in the Strait of Hormuz
5) Structural demand from electricity networks, energy storage, data centres, AI and electrification
Straightfoward, factual and useful. While some of those factors play in the near-term and some in the longer-
run, there’s enough stoking the near-end of the supply/demand balance to keep copper above U$6.00/lb
(more precisely, enough to keep customers willing to pay that price). That checklist also fits with this end-
week copper market report (8) from Trading Economics, which starts like this:
"Copper futures climbed to around $6.26 per pound on Friday, reversing losses from earlier this week
as investor appetite for risk assets improved, led by a rebound in semiconductor and artificial
intelligence-related stocks.”
Fair enough, however the same report continued with…
Market participants also looked past the renewed fighting in the Middle East after reports indicated
that the US and Iran will continue peace negotiations aimed at securing a lasting resolution to the
conflict."
…and we’ll just have to see how those same market participants react to the way both Iran and The USA
have been slinging bombs at each other all weekend [EDIT Monday evening, we watched the metals
complex drop today and more red ink next to mining stocks of all shapes and sizes, copper included]. So
returning to the list of five Cochilco points, we have some that affect the near-term price and have been
doing so for a while, but there’s also enough in that list, e.g. the structural demand and the clear lack of
supply into Asian (i.e. Chinese) smelters to make sure
copper doesn’t dip back lower. Which leaves us with the
single biggest potential influence and the one we’ve most
often mentioned on these pages in June (and July I
suppose, let’s include last week), that of Trump’s decision
on copper tariffs. Any decision to exempt copper from
tariffs on a more permanent basis would not only crush
the Comex arbitrage, but it would also free up inventory
that has built in the North American markets. We saw
what happened eleven months ago (chart right) when
after a will-we-won’t-we period in The USA the Trump
12

admin decided to exempt primary copper from import tariffs and while the trend is still certainly out friend,
even if another drop moment is temporary and less sharp, it’ll still be unpleasant.
And on the subject of inventories, it’s 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:
 Another click down for world copper stocks in the three official futures systems last week, the
grand total down by 28,715 metric tonnes (mt) and closing the weekend at 1,019,931mt.
 Once again the big story is the SHFE, which is showing accelerating demand and for the second
week running dropped by 20kmt+,, the exact number this week being 22,406mt. That has pulled
the total in SHFE warehouses down to 100,271mt and means it has reached the 100kmt line by
mid-year, not the fastest ever (see chart below) but quicker than most and more importantly, the
trend is notable and if this continues, come Labor Day the supply situation may get that
“stockout” chatter starting at the permabull end of the commentariat.
 The LME downtrend continues, this week down 8,450mt to close Friday at 306,500mt. There’s
still plenty of copper stock here, but mostly housed in European warehouses (Rotterdam first
among equals) but the slow but sure drain of copper moving to Comex continues.
 And once again Comex stocks have moved up, another modest move of 6,534mt compared to
the total under roof of 613,160mt.
We could repeat with deleting our comment on the dedicated SHFE tracking chart from last week, it’s all
about healthy demand for copper on the Chinese mainland and buyers willing to pay this new price level.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
13
1 2 3 4 5 6 7 8 9 01 11 21 31 41 51 61 71 81 91 02 12 22 32 42 52 62 72 82 92 03 13 23 33 43 53 63 73 83 93 04 14 24 34 44 54 64 74 84 94 05 15 25
MT Cu 2026
2025
2024
2023
2022
2021
2020
2019
2018
source: Cochilco data
Now for some comments on basket stocks:
American Eagle and Surge Copper (SURG.v): On June 15th, the day Surge Copper (SURG.v) announced
the results of its Berg project PFS (we await the full 43-101), I tried to keep my lip buttoned online but in the
end blurted out what was, for me at least, a rather obvious read (9)
Since then, AE.v has for all intents and purposes trodden water while SURG.v has sunk under the same
surface, the gap has opened to 35% in percentage terms and the market cap reversed to the tune of
C$105m…and that’s a lot of money.

Going forward, SURG has just announced the start of its 2026 work program for Berg (10) and while it
includes “…includes up to 46 drill holes totalling approximately 6,330 metres of drilling” along with another
potential 1,650m of geotechnical drilling, the real takeaway from the NR is this:
The program will focus primarily on the collection of geotechnical, groundwater, hydrogeological, acid
rock drainage (“ARD”), geophysical, LiDAR, and baseline environmental data in and around the Berg
deposit and across proposed project infrastructure areas. This work is intended to advance a
significant portion of the expected data requirements needed to progress the Project toward
feasibility-level engineering and to support the Project’s readiness to enter the environmental
assessment and permitting process.
In other words, SURG is now entering the heavy lifting phase at Berg, the period during which a company
does what it needs to do to turn a PFS into an FS. That’s all good, but under normal circumstances it’s also a
fallow period for market moving news and if SURG follows the classic pattern, we’re not going to get fancy
dancy price moves until near the end of this period. Meanwhile, AE is about to start returning drill assays
from NAK and as this year’s program is its biggest year for drilling the newsflow is likely to be regular and
with luck, include eye-catching grades and lengths.
Pecoy Copper (PCU.v): A sharp 13.9% drop on no
news and no big volume spike, the only thing we can
point to is that it’s not the first time the stock has
done this in 2026. If we sit the stock against COPX,
we see the leverage to copper (ugh, that phrase) it
has offered both to the upside and the downside, with
the good news being that so far at least, it stops when
it gets back to the copper stock median.
Sometimes in the weird world of juniors things happen
because they just do, these stocks are somewhat
illiquid and it only takes one larger player to get
involved and then get cold feet for the type of dump
we witnessed in PCU last week. So unless we get
some negative news in the days to come and the selling continues for good reasons, I’d tentatively suggest
PCU is a fliptrader buy at these levels. It’s not massively liquid, but typically does 100k+ daily volumes and
sometimes 500k+, so there’s enough bandwidth for the small flipper reading these words. Then again, you
may like this stock as a longer-term play on copper and if so, it’s the right price to add.
Metal Energy (MERG.v): On the other hand, the market sure liked this NR (11):
Metal Energy Commences Inaugural Drill Program at its NIV Project, Toodoggone District, British Columbia
With many of people connected to American Eagle (first among equals the MERG CEO Charlie Greig), the NIV
project is being promoted at “the next NAK” and has picked up plenty of adherents as a result. And that’s fair
enough, because despite its good share price action in 2026 and the +25% last week, it’s still only running a
14

C$43m market cap and that alone offers a better risk/reward balance than other early stage copper projects
aiming for the same type of large porphyry-type deposit (witness the dump in Mogotes (MOG.v), down nearly
35% this week on a disappointing follow-up to its hyped hole #16, but even this weekend running a C$200m
market cap). But back to our company in question and to frame the upcoming phase one drill program, let’
steal the bullet points from the NR:
 Drilling at NIV is underway, with the first hole collared at the Property’s high-priority northern target
 6,000+ metres planned across 12 drill holes along the full length of the large-scale NIV porphyry
system
 Drilling will target compelling geophysical features that coincide with strongly anomalous soil
geochemistry and exposures of altered volcanic and intrusive rocks
 Metal Energy is well financed with approximately $9 million in cash
 Centerra Gold and Teck Resources both 9.9% shareholders of Metal Energy
The 4th and 5th points are for those new to the company and it’s good make mention of them at this key
moment, what matters to us are points two and three; They’re aiming for the sweet spots from day one and
they’re aiming 500m average holes at the target. We’ll know a lot more about NIV once they’re in.
NIV and MERG have plenty of promo about them and the sector regulars are talking the stock up. That’s not
a bad thing of course, we also know CEO Greig is really
good at this game and he’s liked what he’s seen at the
project for many years, not for nothing is he heading this
one up. However, the truth machine is the truth machine
and anyone who decides to position before the assays
start coming back better be 100% crystal clear about the
risks involved. And to be honest, this is one that tempts
me. If I took a position it wouldn’t be a big on to start
with, I’d also be ready to lose 90% of my cash if things
went badly, but at some point one needs to stick one’s
neck out in this crazy sector of ours and there’s enough
about NIV to make it one of the “serious juniors” out
there, one with real prospects of hitting something nice.
I’m not technical analyst or chart soothsayer (as you
should well know by now), but a brief look at the 12-month chart for MERG tells me there’s no real reason to
chase the stock yet, so if a trade does happen I’d target a sub-80c entry point of some shape or form,
perhaps even 70c.
Aldebaran Resources (ALDE.v): Last but not least in this catch-up of copper basket stories, we have this
news from ALDE on Friday (12) that marks a key moment in its upcoming spin-out of Centauri:
“Aldebaran Resources and Centauri Minerals Announce C$17 MM Brokered and
Concurrent C$8 MM Non-Brokered Private Placements by Centauri”
The placement is being run under subscription receipts (i.e. paper that becomes shares when the spin-out
executes and both brokered and non-brokered are priced at C$1.00 (no warrant), to raise projected gross
proceeds of C$25m. “In the words of Centauri CEO Sam Leung, “The proceeds from this financing will
provide the resources necessary to complete the spin-out, advance our exploration work programs at our
projects in Argentina, and position Centauri for success as a standalone public company.” We’ll see how much
is left after the brokers, finders and lawyers have had their slices, but we can reasonably suppose Centauri
will start life with around C$20m in treasury and that’s more than enough for the first year and a half.
Rio Grande is the project used to spin out sister company Regulus from Antares way back when, then
Aldebaran came into existence when the option on Altar became available to the REG team and the other
Argentine assets, including Rio Grande, went in with the ALDE package. Rio Grande is an interesting project,
but is very large and will need a lot of time and money to bring forth any development of worth. It’s likeable
enough as a standalone, but this spin-out and the fringe benefit shares that go to ALDE holders are definitely
not the reason to own this stock at this time, mid-2026. A small extra yes, but Altar is the beginning and end
of this story. On that subject, it has to be said that the recent pullback in ALDE stock has made it more
attractive to a speculation on copper. Altar still ticks many of the boxes required by Tier 1 world level mining
companies and while not quite the superstar grades of Vicuña, still offers the scale required by the top table.
15

There are technical concerns over the speed at which the current mine plan moves from open-pit to block
caving, as that is technically more difficult and will limit the number of companies willing and able to bid for
the project. However, at this price for this size in this copper price environment, there comes a time when
ALDE at Altar starts to look compellingly cheap. More advanced than SURG or AE, in the right country at the
right time and with infrastructure expected to be built out around it, Altar is an obvious place to look for the
second wave of copper projects that can come after Pachon, Vicuña, Taca Taca, Los Azules, Agua Rica etc. I
owned some between 2021 and 2024, moaned and kvetched my way through its quiet period and eventually
sold for nearly a triple on my money at C$2.11, which worked out well enough. Don’t be shocked if I buy
again and return to ALDE one of these fine days.
The Producer Basket
After twenty-seven weeks of 2026, the Producer Basket shows a loss of 14.85% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 102.91 95.29 -4.6%
2 Agnico Eagle AEM 169.53 500.989 73.58 146.87 -13.4%
3 Barrick B 43.55 1705.994 62.58 36.68 -15.8%
4 Wheaton PM WPM 117.52 454.037 49.97 110.05 -6.4%
5 Lundin Gold LUG.to 114.02 241.833 13.62 78.23 -31.4%
6 Alamos Gold AGI 38.58 419.947 12.37 29.46 -23.6%
7 IAMGOLD IAG 16.49 588.8 9.02 15.32 -7.1%
8 Eldorado Gold EGO 35.92 198.571 6.00 30.24 -15.8%
9 B2Gold Corp BTG 4.51 1343.243 5.17 3.85 -14.6%
10 Americas G & S USAS 5.11 318.26 1.37 4.30 -15.9%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -14.85%
The second half of 2026 is off to an inauspicious start for PM producers, with last week the GDX down 3.7%
and GDXJ down 3.9% on the back of a sharp drop in the gold price (GLD proxy down 2.68%). And our
Producer Basket did worse than any of those, with all ten component stocks negative on the week and all
except “least worst” Newmont (NEM down 1.8%) dropping at least 4%. As for the biggest movers, they were
Americas Gold & Silver (USAS down 12.1%) and Eldorado Gold (EGO down 10.2%) both chunky losses under
the circumstances.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
50%
40%
30%
20%
10%
0%
-10%
-20%
And that means we’re suddenly 2.91% behind the GDX benchmark for 2026, the biggest deficit in 2026 to
date. Our leveraged basket of stocks with level weights for the Tier 2 names will benefit from a rally in the
sector, but last week’s reversal is a reminder that leverage is a doubled-edged sword.
B2Gold (BTG) (BTO.to): BTG used to be one of the larger-scale gold producers that gave us a pre-earnings
production NR, but there days it waits and drops all information at once. For 2q26, that’s going to be post-
close Thursday August 6th, with the standard ConfCall to discuss the numbers the next morning at 11am ET,
but this time headed up by Mike Cinnamond rather then Clive Johnson.
16
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 ht21
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 ht82 ht5luj ht21
source: IKN calcs

Barrick Mining (B) (ABX.to): As for Barrick, we get its 2q26 earnings reports pre-open on Monday August
10th, with the ConfCall that same morning at 11am ET. As a fair whack of the B production overlaps with
Newmont at NGM + Pueblo Viejo, and NEM tends to report before B, we’ll have a few clues before the
earnings day on the Barrick numbers.
Agnico Eagle (AEM): This time last week we
reported on the issues AEM had encountered at its big
Canadian Malartic mine and commented in passing on
the way in which the market seemed to have cut AEM
some slack and not punished the stock too hard.
Here’s the updated ten-day comparative chart with
GDX to see how things have gone since then and
while still a clear underperformer to GDX, there’s not
been much sign of the catch-up we mooted upon in
IKN892. Along with BTG and B (above), AEM is
another that won’t give us a pre-earnings production
NR for Q”, but in this case we only have to wait until
July 29th for its earnings.
Americas Gold and Silver (USAS) (USA.to): In a week of losers, this was the biggest of all:
And with last week’s drop, the process is complete and USAS, the stock that nigh-on doubled in the first
weeks of the year, is back in the pack and even under-performing the GDX. The dump on Tuesday came on
no news and a volume increase to 4.4m on the US ticker and 1.4m on the Toronto USA.to, both of which are
higher than the 3 month rolling average but they’re not wildly heavy either (e.g. June 24th traded more
shares). Looking further out, we know USAS under Paul Huet made moves in the first half of this year to
improve its balance sheet position and use the bonanza silver and gold prices to its advantage so
fundamentally speaking this now looks oversold. However, this smaller producer is all about leverage, both to
its growth plans and to silver, so part of the equation is always going to be volatility and that worse to the
downside as much as to the upside.
Assuming the metals level out (and that’s what they look like to me), USAS is a decent option for those
looking through the producer ranks for that (ugh, here we go again) “leverage to precious metals”. It is a
better option than even a year ago, Galena works at these silver prices and it seems to have found a better
working relationship at Cosalá in Mexico (where no news has to be good news, compared to the Blasutti
years of course). I don’t own any so call me a shill and a hypocrite if you want (my spec silver trade is now
IPT.v, so more fool me) but at this price, you’re getting a decent turnaround story and a company that’s
finally making a real profit at a substantial discount.
The TinyCaps List
After twenty-seven weeks of 2026, the TinyCaps show a loss of 7.07% to level stakes:
17

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 57.37 0.275 27.9%
Sranan Gold SRAN.cn 0.30 60.42 7.85 0.13 -56.7%
Enduro Metals ENDR.v 0.155 117.96 19.46 0.165 6.5%
Latin Metals LMS.v 0.21 138 30.36 0.22 4.8%
Precore Gold PRCG.cn 0.26 32.093 7.70 0.24 -7.7%
Radius Gold RDU.v 0.14 115.7 18.51 0.16 14.3%
Silver Wolf SWLF.v 0.135 62.18 7.15 0.115 -14.8%
Trifecta Gold TG.v 0.195 47.7 8.59 0.18 -7.7%
Viva Gold VAU.v 0.19 182 29.12 0.16 -15.8%
Prices in CAD$, data from TSXV basket avg -7.07%
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
TinyCaps, 2026 weekly tracker
companies that have teams or people with good peer 20%
reputations. 15%
10%
There were four winners on the week (CANX.v, LMS.v,
5%
RDU.v, VAU.v), one unchanged stock (AUME.v) and five 0%
losers (SRAN.cn, ENDR.v, PRCG.cn, SWLF.v, TG.v) but -5%
despite the adverse head count, the percentage moves for -10%
-15%
the winners were slightly better than for the loser and as a -20%
result, there was just about enough to improve the average
by a thin 0.22%. Nothing to get excited about, but a small
win is better than a small loss.
Precore (PRCG.cn): This two month chart on 30 minute splits shows the way PRCG is still bouncing around
between 21c and 24c (which means you shouldn’t pay 24c) on thinnish volume and nothing about to change
its trajectory.
Radius Gold (RDU.v): I’m slightly late to this one, as on June 16th RDU announced (13) that CEO Bruce
Smith “is being resigned” which is logical, as the permitting process for its Tierra Roja project may have been
18
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 ht21
source: IKN calcs, TSX data

tied up in Peruvian red tape, but at least half the mess is of RDU’s own doing (e.g. not understanding the
regional permits required) and at some point, the buck has to stop. Smith is being replaced by company
founder and Numero Uno Simon Ridgway in the CEO role, with the recently arrived Luke Longridge put in as
President. A native of South Africa, Dr Longridge a structural geologist, a relatively new guy on the scene and
has been involved with a consultancy firm (ERM) and a couple of small juniors (eg Canterra) before most
recently working at the Teck-owned Zafranal copper project, also in South Peru and with plenty of similarities
to the theory behind the Tierra Roja copper project. Presumably, Ridgway will do the office stuff and
Longridge the real work.
The reason to watch RDU is the Tierra Roja project in Peru and as mentioned on these pages several times,
the “straightforward permitting” promised by RDU in late 2024 has turned into a red tape nightmare, with still
no permit to drill to date. The government transition period in Peru right now is one in which we should
expect nothing to happen, the most optimistic window from here will be once Keiko’s team has its people
installed in the Ministry of Energy and Mining. That’s not an instant process either, so with Keiko’s admin
starting on July 28th I’m going to best-guess a September window for the long-awaited piece of paper.
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: ACM looking forward to ADLE
First up it’s Keiko in Peru on July 28th , but on August 7th Abelardo de la Espriella gets his inauguration
ceremony, becomes Colombia’s President and the mining sector in the country is already looking forward to
what that may do for the sector.
In a live interview on Colombia’s biggest talk radio station (14), Blu Radio, the president of the Colombian
Mining Association (La Asociación Colombiana de Minería. Or ACM), one Juan Camilo Nariño, first launched
into the outgoing Petro government for being more hindrance than help to mining in Colombia, then talked
up the U$2.6Bn in mining investment waiting in the wings for the country. According to Señor Nariño,
copperis the biggest growth story for mining at the moment and estimates include some U$200m earmarked
for copper exploration programs alone. He also made it clear that the line the new government is going to
use to sell copper mining to the general public would be that of “the metal for clean energy, electricity supply
and future mobility”.
Meanwhile, we also hear that the outgoing Petro government is planning to pass last minute legistlation to
stop any type of mining development on the Páramo de Santurbán, the hotly contested high country that is
the main water source for the region, including the large city of Bucaramanga. Location of the Aris Mining
Soto Norte gold project among other mining operations and projects, the Páramo has always been a poster
child for Colombia’s environmental lobby and the Petreo government may have decided to use its cause to
aim a last shot at the right wing before leaving.
Colombia: President-Elect Abelardo de la Espriella appoints (most of) his ministers
The other news story out of President-Elect ADLE’s transition government last week was thew announcement
of 11 of his 19 ministerial positions. We don’t know who will be his mining minister yet, but we do know who
will take up the more important role for our sector, the Minister of the Environment and Sustainable
Development. That’s one, Fabio Arjona Hincapié, a social scientist and marine biologist who isn’t as lefty as
most in his World. In his opening remarks on being announced as the incoming enviro guy, he made the right
noises for the mining sector (amongst others) by telling the press that (15) “…the environmental policy of the
Abelardo De La Espriella government will be centred on three axes: water, biodiversity and communities, a
strategy which he called the “ABC of his ministry””. In Spanish it’s Agua, Biodiversidad and
Comunidades…geddit?. He went on to say that Colombia “…had to go from discussions to results” on
environmental matters and that his policy formed part of a central idea in the incoming ADLE government,
that the country did not have to choose between environmental protection or economic development, it could
have both.
19

Market Watching
The Brazil election trade
We are four weeks on from IKN890, when we first floated the idea of trading Flavio Bolsonaro for the Brazil
Presidential election. Here’s how the (Poly)market has developed since then (16):
Virtually unchanged, with in fact Flavio now available at 23c and 24c, instead of the general 26c a month
ago. The Bolsonaro campaign took an apparent image hit when Flavio’s step-mother, the politically very
active Michelle, published a video criticizing her step-son for a number of political and semi-personal issues.
However, there is a feeling of the spat being staged to allow a public reconciliation closer to the voting date
(we’re now three months from round one, not long. Meanwhile, the shadow of Trump is now clear in the
Flavio strategy, with Flavio publicly calling on POTUS47 to hold off on punitive tariffs on Brazilian goods until
after the election. The implication isn’t difficult to work out, “Vote for Lula and Brazil will be slapped by The
USA” and at this point, it’s worth underscoring the long-standing and close personal relationship between the
Bolsonaro and Trump families, i.e. last week’s declaration by Flavio didn’t happen in a vacuum. Finally, in a
couple of weeks’ time, July 29th to be exact, Argentina’s President Javier Milei is due to travel to Brazil in
order to meet with…yes you guessed it, not sitting President Lula but with Flavio to show support for his
candidacy. Expect double thumbs-up photos (and for what it’s worth, Milei is also attending Keiko’s
inauguration ceremony in Peru on the 28th). In so many words, the Flavio campaign to date has been a bit of
a car wreck and that explains why he’s now on 23% at Polymarket instead of 26%, but it’s early days and
once the international support group starts its motors and the real Flavio campaign trail gets underway, these
early hiccups will be a distant memory.
Finally, we remind readers of our theoretical trade set-up as this is a risk-adjusted trade that will NOT need
Flavio to become next President in order to pay. Our trade rests on the near-certainty that as we get to the
business end of this election, the race will tighten and while 50/50 would be nice, this is all we need for a
nice profit. We model 1 unit as 1 dollar:
 100 units Flavio YES this weekend: $230
 Cover 50 units when Flavio reaches 40%: $200 returned
 Cover 50 units when Flavio reaches 45%: $225 returned
 Pre-commissions profit: $195 (a 85% return)
As mentioned in IKN890, there are many other ways to play this election but the above provides plenty of
potential reward for limited risk and is based firmly on the repeated pattern in Brazil Presidentil votes, that
the race always tightens and becomes something of a coinflip. Lula, as incumbent, enjoys tremendous
funding and media advantages so nobody should expect a “fair fight” or that he loses the position of
favourite. For what it’s worth, put a gun to my head and I’d pick Lula to win his re-election at this point, but
this isn’t about picking the winner of the near-inevitable second round run-off, it’s all about running a trade.
Buy low, sell high.
Provenance Gold (PAU.cn): A return to a buyable price
A quick reminder and back story, as after tracking the stock in 2024 and early 2025 via the Watch List, we
managed to run a small, speculative and ultimately successful trade on Provenance Gold (PAU.cn) between
August and October of 2025, luckily managing to pick up shares at what was the effective bottom tick of 15c
and selling them a couple of months later at 26.5c. Speculative in natures, it wasn’t a big trade but it was
quick and successful, a combination that sticks in the brain and makes for fond memories. The thing is…
20

…PAU.cn has in recent weeks returned to what I consider a very buyable price, with a generally available 17c
and reasonable liquidity on most days. With 186.57m shares out and a price this weekend of C$0.17, PAU
has a market cap of C$31.72m (U$23m approx) and plenty of treasury on hand to do what it wants in 2026
at its Eldorado project in Oregon USA. It’s currently drilling and hitting more long widths of open-pittable
mineralization in two main zones, with a third zone about to see drilling happen now that it has the
environmental permits in-hand to do so.
There are two main drawbacks with PAU as a trade, firstly it still has no 43-101 compliant resource on its
Eldorado project and the way in which its drill program seems set up for 2p26, doesn’t seem to be in a big
rush to offer one. Secondly it’s in Oregon, one of the least welcoming USD States for mining activity though
that poor reputation is mainly due to the ambivalence it receives in the central and western zones of the
State, In the case of PAU at Eldorado, it’s in the far right region and bang up against border with Idaho, that
makes mining somewhat easier to move forward.
That said, there’s no doubt PAU is drilling out a highly prospective gold deposit of the size required by
medium-scale operators. If it can show the specific zone as miner friendly, there’s a lot more upside in this
stock even without a large resource but the way things are going, Eldorado could easily become a multi-
million ounce gold resource with high grade and easy mining compared to most other peer operations. At its
current U$23m there’s a lot to like and as such, I’m going to pay more attention to PAU.cn going forward and
particularly if gold starts running higher again. Plenty of bang per buck here.
Conclusion
IKN893 is done, we close with bullet points:
 The decision to buy Soma Gold (SOMA.v) is wholly logical on its new price and potential for the second
half of this year. It’s also another moment that will do me some good.
 Though I said at the top of this report that there wouldn’t be any personal stuff this time, it would be
remiss not to thank you once again for the concern and messages received. It continues to be greatly
appreciated. I’m happy to report we’re now basically settled into our new rental apartment, the kids are
doing well and after a blitz week of buying, we have all the furniture and kitchen appliances we need
for something approaching normal life. One thing I’ve always had is a wad of “rainy day” dollars on-
hand, outside the banking system and available as instant liquidity in times of emergency and I believe
me, that turned out to be a very good idea this time around. I recommend it to one and all.
 Same as last week, own shares in Rio2 before following me into any other trade or acting on any other
suggestion I might have. There’s no better gold junior out there. Gold/copper these days, I suppose.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
21

Footnotes, appendices, references, disclaimer
(1) https://www.gold.org/goldhub/gold-focus/2026/07/central-bank-gold-statistics-central-banks-remain-committed-gold
(2) https://discoveryalert.com.au/china-pboc-gold-purchases-central-bank-reserves-2026/
(3) https://marimaca.com/marimaca-copper-extends-high-grade-bornite-zone-at-pampa-medina-6m-of-6-11-cu-and-24-0g-t-ag-40m-of-2-
04-cu-and-11-1g-t-ag-from-sprd-07-investor-webinar-to-be-held-july-14-2026/
(4) https://amerigoresources.com/investors/news/amerigo-declares-cdn-018-per-share-performance-dividend
(5) https://amerigoresources.com/investors/news/amerigo-reports-strong-q22026-operational-results
(6) https://x.com/i/status/2072672387628241339
(7) https://www.bloomberg.com/graphics/2026-opinion-australia-tungsten-mine-us-war-defense-china/
(8) https://x.com/i/status/2066523648748359910
(9) https://tradingeconomics.com/commodity/copper/news/565888
(10) https://surgecopper.com/news-releases/surge-copper-launches-comprehensive-2026-field-program-at-the-berg-copper-project/
(11) https://metalenergy.ca/news-releases/metal-energy-commences-inaugural-drill-program-at-its-niv-project-toodoggone-district-british-
columbia/
(12) https://aldebaranresources.com/aldebaran-resources-and-centauri-minerals-announce-c17mm-brokered-and-concurrent-c8mm-non-
brokered-private-placement-by-centauri/
(13) https://radiusgold.com/news/radius-gold-announces-leadership-transition-to-support-next-phase-of-growth/
(14) https://www.portafolio.co/economia/gobierno/agua-y-biodiversidad-marcaran-la-agenda-ambiental-del-gobierno-de-de-la-espriella-
dice-su-minambiente-497419
(15) https://polymarket.com/event/brazil-presidential-election
Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
22

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
Aurelius Min. AUL.v dec'21 C$0.75 28-Jun-20 0.24 -68.0% cut end 2021, failed trade
Argonaut Gold AR.to dec'21 C$2.95 25-Jun-21 C$2.15 -27.1% cut on capex blowout
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Stocks To Follow Closed Positions 2020
Closed in 2020 closed close price
TMAC Resources TMR.to Jan'20 C$3.41 20-Dec-19 C$3.61 5.9% TLS flip play, sold new year
Regulus Res REG.v Jan'20 C$1.10 20-Dec-19 C$1.30 18.2% TLS flip play, profit taken
Bonterra Res BTR.v Jan'20 C$1.90 9-Dec-19 C$1.66 -12.6% TLS flip play, loss taken
McEwen Mining MUX Jan'20 U$1.12 2-Dec-19 U$1.18 5.4% TLS flip play, profit taken
Core Gold CGLD.v Jan'20 C$0.255 7-Apr-19 C$0.305 19.6% arb trade, profit taken
HudBay Min HBM Jan'20 U$3.56 9-Dec-19 U$3.36 -5.6% TLS flip play, loss taken
Midas Gold MAX.to Feb'20 C$0.71 5-Jan-20 C$0.57 -19.7% sm & silly trade
Warrior Gold WAR.v Feb'20 C$0.08 3-Aug-18 C$0.05 -31.3% clean out non-perf sm stocks
Contact Gold C.v Feb'20 C$0.40 19-Aug-18 C$0.18 -55.0% clean out non-perf sm stocks
Sandstorm Gold SAND Feb'20 U$3.73 17-Apr-16 U$7.21 93.3% Sold during port rebalance
NexGen Energy NXE Feb'20 U$1.20 2-Dec-19 U$1.06 -11.7% TLS flip play, loss taken
MAG Silver MAG Apr'20 U$8.95 1-Mar-20 U$10.07 12.5% Sold to cut silver exposure
Alexco Res AXU Apr'20 U$1.69 7-Sep-17 U$1.69 0.0% sold to close Ag exp. in FY20
Bonterra Res BTR.v Jun'20 C$1.62 2-Feb-20 C$1.10 -32.1% under-performer cash moved
Regulus Res REG.v Jun'20 C$0.64 6-Apr-15 C$0.79 23.4% moved $ TMQ/MIN & Au stocks
Great Panther GPR.to Aug'20 C$0.60 21-Jun-20 C$1.10 83.3% Profit taken, good trade
Jaguar Mining JAG.v Aug'20 C$0.42 21-Jun-20 C$0.65 54.8% Profit taken, good trade
Sandstorm Gold SAND Aug'20 U$7.76 10-May-20 U$9.37 20.7% Profit taken, good trade
Integra Resources ITR.v Aug'20 C$2.23 13-Aug-18 C$5.40 142.2% Profit taken, good trade
Wesdome Gold WDO.to Aug'20 C$2.37 14-Oct-17 C$14.82 525.3% last 1/2 of big win closed
INV Metals INV.to Sep'20 C$0.40 17-May-20 C$0.45 12.5% Cut all Ecuador exposure
Cartier Resources ECR.v Nov'20 C$0.155 3-Aug-18 C$0.25 67.7% Exact close price TBA
Tinka Res TK.v Dec'20 C$0.195 19-Apr-16 C$0.195 0.0% Closed on a round trip fail
2015 to 2019 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Stocks To Follow Closed Positions 2019
Closed in 2019 closed close price
Atico Mining ATY.v jan'19 C$0.55 24-Jul-16 C$0.32 41.8% patience ran out, made room
Candente Copper DNT.to jan'19 C$0.075 3-Aug-18 C$0.05 -33.3% tiny trade, made room for new
B2Gold BTO.to feb'19 C$2.11 12-Sep-14 C$4.05 91.9% Took 1/2 profits, reduce size
Western Copper WRN.to mar'19 C$0.80 20-Jan-19 C$0.81 1.3% Spec trade that didn't work
B2Gold BTO.to mar'19 C$2.11 12-Sep-14 C$4.15 96.7% Took rest of profit.
GT Gold GTT.v mar'19 C$1.17 10-Oct-18 C$0.90 -23.1% Took loss. Story changed
NovaGold NG apr'19 U$3.84 13-Jan-19 U$4.15 -8.1% Short that didn't work, sm loss
Zinc One Z.v jun'19 C$0.47 14-Sep-17 C$0.025 -94.7% clearing out dead trade
Amarillo Gold AGC.v jun'19 C$0.24 22-Aug-18 C$0.20 -16.7% clearing out dead trade
New Gold NGD aug'19 U$1.44 31-Jul-19 U$1.23 14.6% ST short win thru Q2 earnings
IMPACT Silver IPT.v aug'19 C$0.39 21-Jul-19 C$0.46 18.0% took a quick profit
Fiore Gold F.v aug'19 C$0.34 26-May-19 C$0.56 64.7% Took profit, 2q19 avg
Chakana Copper PERU.v oct'19 C$0.84 22-Mar-18 C$0.16 -81.0% Exploreco trade fail. Want space
Wesdome Gold WDO.to oct'19 C$2.37 14-Oct-17 C$7.57 219.4% Sold half, profit taking
Superior Gold SGI.v oct'19 C$1.46 8-Apr-18 C$0.47 -67.8% Failed sm spec on Au. Moved on
Amerigo Res ARG.to nov'19 C$0.91 23-Sep-18 C$0.50 -45.1% worst trade of year, hefty loss
Guyana Goldfields GUY.to dec'19 C$0.94 14-Apr-19 C$0.56 -40.4% taking the loss, financials weak
Tethyan Res TETH.v dec'19 C$0.30 8-Sep-19 C$0.16 -46.7% tiny trade, word of probs in co
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Stocks To Follow Closed Positions 2018
Closed in 2018 closed close price
Amarillo Gold AGC.v jan'18 C$0.38 24-Mar-17 C$0.31 -18.4% Cut away losing trade
Riverside Res RRI.v jan'18 C$0.39 27-Jun-16 C$0.31 -20.5% Cut away losing trade
Eros Res ERC.v jan'18 C$0.175 1-Mar-17 C$0.16 -8.6% CEO sudden exit, not good
Excellon Res EXN.to jan'18 C$1.54 9-Oct-16 C$1.66 7.8% 4q17 poor, one too many bad qtrs
Wesdome Gold WDO.to jan'18 C$1.68 15-Dec-17 C$2.06 22.6% Near-term trade block, took profit
Sabina G&S SBB.to apr'18 C$2.06 17-Dec-17 C$1.77 -14.1% Near-term trade, bad timing, small
B2Gold BTO.to May'18 C$2.11 12-Sep-14 C$3.67 73.9% sold 25% to reduce exposure
Lara Expl. LRA.v May'18 C$0.65 11-Feb-18 C$0.58 -13.8% Spec on Brazil didn't work
Solitario XPL June'18 U$0.72 19-Mar-17 U$0.41 -43.1% Failed trade, may return in 4q18
SolGold plc SOLG.to July'18 C$0.475 19-Nov-17 C$0.415 -12.6% cut, trade didn't perform
Pan American PAAS July'18 U$17.90 1-Jun-18 U$16.30 8.9% modest win on short position
NGEx Res NGQ.to Sep'18 C$1.01 22-Oct-17 C$1.00 -1.0% Closed to reduce Argentina exp
Sandstorm Gold SAND Oct'18 U$3.73 17-Apr-16 U$4.13 10.7% partial sale to raise cash for GTT
Aldebaran Res ALDE.v Nov'18 n/a n/a n/a n/a liquidate spin out of REG
Stocks To Follow Closed Positions 2017
Closed in 2017 closed close price
Continental Gold CNL.to Jan'17 C$2.68 22-May-16 C$4.17 55.6% trade closed, profit taken
Focus Ventures FCV.v Jan'17 C$0.23 1-Jul-12 C$0.05 -78.3% Give up, a disaster trade
Wesdome Gold WDO.to Feb'17 C$1.72 28-Aug-16 C$3.00 74.4% Target hit, sold, good trade
Belo Sun BSX.to Mar'17 C$0.90 30-Jan-17 C$0.90 0.0% failed near-term flip trade
Lara Expl. LRA.v Mar'17 C$1.15 8-Apr-12 C$1.05 -8.7% cut to make room for new trade
Rye Patch Gold RPM.v Apr'17 C$0.31 2-Sep-16 C$0.32 3.2% cut for doubts & new stock
Cordoba Min. CDB.v Jun'17 C$0.75 15-Sep-16 C$0.63 -16.0% closed
Constantine Metal CEM.v Aug'17 C$0.135 9-Apr-17 C$0.28 107.4% spec trade closed, good win
Red Eagle Min. R.to Sep'17 C$0.67 13-Dec-16 C$0.27 -59.7% IKN's biggest failure in years
Starcore Intl SAM.to Sep'17 C$0.61 10-Jan-15 C$0.31 -49.2% Patience ran out
B2Gold BTO.to Dec'17 C$2.11 12-Sep-14 C$3.39 60.7% sold small portion for liquidity
Stocks To Follow Closed Positions 2016
Closed in 2016 closed close price
Phoscan Chem FOS.to jan16 C$0.28 29-mar-15 C$0.265 -5.4% Buyout trade, bot but poor deal
True Gold TGM.v jan16 C$0.18 23-aug-15 C$0.25 38.9% okay trade, sold on pol risk
McEwen Mining MUX jan16 U$1.09 25-jan-15 U$1.20 10.1% sold due to lack of value
Lake Shore Gold LSG.to feb-16 C$1.10 07-apr-15 C$1.69 53.6% bot out, sold early in process
Atacama Pacific ATM.v feb-16 C$0.19 26-apr-15 C$0.40 110.5% sold for a double on big pop
New Gold NGD feb-16 U$2.06 24-jan-16 U$2.96 43.7% closed good near-term trade
Sandspring Res SSP.v mar-16 C$0.195 18-oct-15 C$0.32 64.1% Hit tgt, took profit
Teranga Gold TGZ.to mar-16 C$0.54 15-feb-15 C$0.60 11.1% disappointing trade
B2Gold BTG mar-16 U$0.85 13-jan-16 U$1.30 52.9% Separate trade on B2, hit tgt
Dalradian Res DNA.to mar-16 C$0.67 27-oct-13 C$1.00 49.3% Hit target, sold, good win
HudBay Min. HBM may-16 U$4.10 03-apr-16 U$4.36 -6.3% Short trade, poor timing
Nevada Sunrise NEV.v may-16 C$0.185 28-feb-16 C$0.23 24.3% V. small, no big deal either way
Richmont RIC jun-16 U$7.60 01-may-16 U$9.30 22.4% near-term trade, profit taken
INV Metals INV.to jul-16 C$0.25 03-apr-16 C$0.95 280.0% Trade closed on time
HudBay Min. HBM aug16 U$4.98 09-jun-16 U$4.80 3.6% short trade covered, no big deal
Miranda Gold MAD.v oct-16 C$0.125 03-jul-16 C$0.10 -20.0% tiny spec trade, didn't work
Avino G & S ASM nov-16 U$2.00 21-oct-16 U$1.40 -30.0% Abandon trade on bad bot deal
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Stocks To Follow Closed Positions 2015
Closed in 2015 closed close price
Argonaut Gold AR.to jan'15 C$1.47 14-dec-14 C$2.53 72.1% Big gain small time, profit taken
Amerigo Res ARG.to jan'15 C$0.405 20-jul-14 C$0.285 -29.6% Given up on weak Cu prices
Reservoir Min. RMC.v jan'15 C$6.05 18-jun-14 C$4.12 -31.9% sold on Cu downturn
Coro Mining COP.to jan'15 C$0.075 26-jan-14 C$0.035 -53.3% sm, sold on Cu downturn
Fortuna Silver FSM mar'15 U$4.12 10-nov-14 U$3.75 9.0% Short used as hedge
GoldQuest Min. GQC.v mar'15 C$0.26 27-oct-13 C$0.085 -67.3% given up ghost
Rio Alto Mining RIO.to apr'15 C$2.30 07-apr-11 C$3.57 55.2% Top pick, bot out, big win
Timmins Gold TGD jun'15 U$0.60 19-apr-15 U$0.62 3.3% near-term trade, out of time
First Majestic AG jul'15 U$10.51 10-aug-14 U$4.55 56.7% horrible failed trade
NovaCopper NCQ.to jul'15 C$1.05 09-apr-14 C$0.50 -52.4% no more Cu exposure, sm sell
McEwen Mining MUX aug'15 U$0.695 21-jul-15 U$0.92 32.4% Closed nearterm flip for win
Midas Gold MAX.to sep'15 C$0.39 21-sep-15 C$0.35 -10.3% Sm. trade idea that didn't work
New Gold NGD oct'15 U$2.18 23-aug-15 U$3.05 39.9% trade closed, profit taken
Legend Gold LGN.v nov'15 C$0.085 01-mar-15 C$0.035 -58.8% tiny "land grab" idea, failed
Timmins Gold TGD nov'15 U$0.245 20-sep-15 U$0.15 -38.8% small near-term loser
Please note that due to space considerations closed positions 2009 to 2014 are now available on
request, or were published in any edition to IKN553 (end 2019).
Important Disclosure
The information and opinions contained within this report reflect the personal views of the author and therefore all material within should
not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and
discussions with ones own investment and business advisor is strongly recommended. Accordingly, nothing in this report should be
construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with
respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included in
this report are subject to change without notice. It is prohibited to copy or redistribute this report to any type of third party without the
express permission of the author.
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