IKN #894Premium

The IKN Weekly
Week 894, week of July 19th 2026
Contents
This Week: Trade heads-up, In today’s edition, Asking for money, Bouncing bullion.
Fundamental Analysis: West Red Lake Gold (WRLG.v) 2q26 production, Amerigo Resources (ARG.to) 2q26
production, Wesdome Gold (WDO.to) 2q26 production.
Stocks to Follow: Xali Gold (XGC.v), Soma Gold (SOMA.v), Orecap Inv Corp (OCI.v), Marimaca Copper
(MARI.to), Amerigo Resources (ARG.to), Gold Royalty Corp (GORO), IMPACT Silver (IPT.v), Rio2 Ltd (RIO.to).
The Copper Basket: Overview, American Eagle (AE.v), Surge Copper (SURG.v), Aldebaran Resources
(ALDE.v), Pecoy Copper (PCU.v).
The Producer Basket: Overview, Lundin Gold (LUG.to), Americas Gold and Silver (USAS) (USA.to).
The TinyCaps Basket: Overview, Sranan Gold (SRAN.cn), Radius Gold (RDU.v).
Regional Politics: Colombia: The incoming mining minister.
Market Watching: Provenance Gold (PAU.cn) redux, Salazar Resources (SRL.v) and a new project
valuation, Clearing up my issues with Tiernan Gold (TNGD.v).
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
A small trade planned, as Xali Gold (XGC.v) has come down to a reasonable price and I am looking to add to
the foothold and make it a small position, instead of merely tiny. See Stocks to Follow notes section for more.
In today’s edition
 The “Asking for money” intro note is for a good cause, people helping people directly in the La Guaira
earthquake zone, Venezuela. I feel slightly cheesy about the request, it has nothing to do with mining,
and nobody needs another charity tyro pleading for cash so feel free to skip it. That said, with first-hand
knowledge of the situation, I know the work being done on the ground by Daniel makes a big difference
to people in a tough spot and that no donation is too small for this one.
 Today’s intro op-ed, Bouncing bullion, is an observation about the continued resilience of the gold price, a
follow-on from last week’s note that underscores what gold has been doing despite its considerable
headwinds. Yes, mining equities took a dump last week but the metals remain in healthy shape and when
that happens, producer profits and organic sector growth will continue. Four thousand dollar gold is a
thing, so is the real long-term reason two own some of the monetary metal.
 Today’s main fundies section considers the Q2 production results of three of our current holdings, namely
West Red Lake Gold (WRLG.v), Wesdome Gold (WDO.to) and Amerigo Resources (ARG.to). The way the
market reacted to the WRLG and ARG news releases is all you really need to know about the contents,
but of course we go into details. As for WDO, its initial moderately negative response reversed by the end
of the week and for me, that’s part and parcel of gold’s strength under current adversity.
 I received more mails and messages about Tiernan Gold (TNGD.v) than any other company last week
and I partly blame myself for that, the brief message left about the stock in IKN893 was meant to be
open and straightforward about my position on the stock this time last week probably did more harm
than good and I should have gone into detail. We remedy that today in the Market Watching section and
for the TL:DR in the audience, despite its stomach-churning ride on the markets last week I am still a
comfortable holder of the stock, its story is essentially unchanged.
1

 There are other things, too. There are always other things.
Asking for money
Please feel free to skip this section, it’s not about mining and there’s no obligation.
In the aftermath of the Venezuela earthquake, many readers asked for suggestions on ways to donate and at
the time, I didn’t have a decent answer. What I did know is that there are two efficient ways of getting help
to the people that need it in a country that has corruption hardwired into its system:
 Large-scale international aid, for example when countries fly in and give items directly to those affected,
literally from the country’s military or aid personnel. No government departments, no red tape, no extra
“administration costs”. We’re seeing this now with China flying in military-grade tents for those left
homeless, or food/sanitation packages from The USA, or well-equipped field hospitals from El Salvador.
 Small-scale aid that goes directly to the grassroots. Even charities such as Save the Children or Caritas or
Oxfam (am I allowed to mention Oxfam in mining circles?) will suffer from financial friction caused by the
Venezuelan government, but money donated directly to people in La Guaira and then used by those
people to help others by-passes the issues and makes sure every dollar gets to where it needs to go.
Small-scale money is also more flexible and can adapt quickly to the needs of those around, e.g. there’s
no point in buying tents as China, in particular, is now flooding the zone with military grade tents for
those left homeless. But food is an issue today and a respiratory health crisis is now starting to appear,
so cash can go for staples foodstuffs, or medicines, or hygiene items quickly. Small cash deployed in local
communities also reaches people who can easily slip between the cracks, e.g. the old and infirm who
physically cannot stand in a queue for a couple of hours.
And that’s where this GoFundMe comes in:
https://www.gofundme.com/f/aid-hope-for-the-victims-of-the-venezuelan-earthquake
It has been organized by Naomi Bhadreshwar in the UK, the wife of my close friend David Bhadreshwar, the
Christian missionary who longer-term subscribers may remember as the guy who helped an enormous
amount of people in Peru during the worst days of the pandemic (forget the politics, aside those who fell ill
and died people were literally starving in the first and worst weeks). The money involved is small-scale (if you
click through you’ll see their target is a modest £8,000 (approx U$10,700), but of course nobody will
complain if they raise more than that) and the plan is simple, they collect and then send to Daniel, a mutual
friend in La Guaira and part of their congregation. Daniel then deploys the cash in the best way he sees fit
(he has deep knowledge of the region and contacts in all sorts of places).
If you want to help, please be clear that no amount is too small. It’s also the best way to get full bang per
buck from your donation as aside from the very small GoFundMe commission, 100% of the money donated
goes to people who need it (and for what it’s worth we’re making sure Daniel and his family are kept in good
shape separately so that he can focus on the job at hand, so it really is 100% of the cash to the needy).
That’s the end of this pitch, thanks in advance.
Bouncing bullion
Before diving in, apologies for chewing up the first paragraph of the intro note “The resilience of the main
metals” last week. There are moments when an editor would be useful in my life; at all other times an editor
is essential. That’s out the way, now for a gold price chart:
2

In the last three weeks gold has dipped under the U$4,000/oz price line no fewer than four times, only to
rebound and hold the line successfully. To begin, let’s make it clear that $4k isn’t as pleasant a number as
U$4,500/oz or even those heady U$5k+ prices we enjoyed around the turn of the first quarter and I’m not
trying to pretend otherwise. However, U$4,000/oz is still a great price for the asset that props up our entire
sector and even after its recent re-trace, gold isn’t just
beating the S&P500 over the last few years, it’s trouncing
it. This chart shows the moment it all kicked off and as
noted in a couple of recent editions, gold’s return to
Central Bank Centre Stage (as it were) all started when
Russia invaded the Ukraine and the Biden presidency
decided to “financially strangle” Russia with dollar-led
sanctions. How that work out, Joe?
That’s when the fuse was lit but it was a slow burn at first,
gold’s tidal change masked (in USD terms at least) by the
US rates move to stifle domestic inflation. Once Jay Powell
had got a grip on the issue and halted the sharp rise cycle,
gold began to move yo and made its massive move in 2025 (as we now know). So the recent re-trace has
taken a thousand dollars or so from the price of an ounce but there’s nothing, repreat nothing that’s changed
from the buying habits of those who drove the new chapter. Central Banks bought and with only a couple of
notable exceptions (see IKN893 Turkey and Russia) Central Banks are still buying. The difference is that the
speculative froth got blown off the top of the gold market (you remember how smart those Costco buyer
felt?) and burned a few retail fingers, but that’s about it. Gold’s place in the big money world has
consolidated and though bears might not like the idea, it’s never going back down again and it the last few
weeks indicate that the line in the sand has been chosen, it’s 4k.
If you get to the end of this intro note, roll your eyes and think “Yah Mark, just another buy gold shill” or
“What about the Strait of Hormuz?” then fair enough, you’re not going to get detailed geopolitical arguments
and ultimately, this is indeed based on the position that gold, as sound money*, is the place to be in order to
navigate our rough financial waters. Holding gold doesn’t make you rich, it stops you from becoming poor
and has done so for at least a couple of millennia but deep discussions on the metal is not why The IKN
Weekly exists. We’re about the miners who produce or want to produce metals and for that, it’s time to get
on with the real task at hand.
*Or “the very essence of money”, phrase coined by Paul van Eeden to which I often return.
Fundamental Analysis of Mining Stocks
West Red Lake Gold (WRLG.v) 2q26 production
We’ll start with some good news, as Wednesday July 15th was when doubts finally started to lift from the
West Red Lake Gold (WRLG.v) story and its Madsen re-start operation. That morning, the company published
the mouthful headline NR (2), “West Red Lake Gold Reports Strong Q2 Operating Progress with 73%
Increase in Mined Ounces and 51% Higher Gold Production over Q1 at Madsen Mine”, the stock price shot
higher on the numbers and a collective sigh of relief was heard from retail holders of the stock, along with
several “Y’see toldyaso!” from the True Believer end of its followers. I find myself somewhere in the middle of
the spectrum, as while fairly confident WRLG would be able to deliver on its promise after a slower start to
production than planned, you have to be aware things could still could have gone wrong. Therefore, when
opening the NR and seeing the headline gold production number of 8,576 oz…
WRLG.v: Gold oz produced, per qtr
3
894
0625
5507 9737
7665
6758
Oz Au
10000
8000
6000
4000
2000
0
1q25 2q25 3q25 4q25 1q26 2q26
source: company filings, IKN ests

…above our adjusted estimate of 8,330 oz for the quarter, the personal feeling was “Good, on the right track
now, time to get this company moving.” The table from the NR with the main data shows the decent
percentage improvement in most metrics during the quarter and also includes a useful 10,768mt surface
stockpile, containing 1,500 oz gold (implying a grade of 4.3 g/t), product of a higher mining rate than milling
rate. That’s a good indication of things to come, because it implies the potential bottleneck from underground
infrastructure limitations has been solved.
But the main numbers were about production and while many of the improvements were expected (in fact,
they needed to get better) it’s good to see solid results. This small table compares what we were looking for
from the quarter in our model and how it stacked up against the reality of Madsen in 2q26:
How WRLG Q2 went compared to our model
item IKN 2q26 guess cruel reality
tpd milled 589 842
head grade 5.2 g/t Au 4.3 g/t Au
recoveries 94% 95%
Gold prod. 8,330 oz 8,576 oz
source: IKN SWAGs, WRLG data
The close estimates were recovery rates (not a difficult guess) and the gold production number that beat our
target by 246oz (which might not sound like much but it’s worth U$1m), but the first two line items show
WRLG got to that production result in a different way than we imagined. Instead of improving grade/mine
dilution, WRLG cranked up the tonnage and grade stayed on the low side. The resulting head grade average
of 4.3 g/t gold compares to the 43-101 compliant indicated resource grade of 7.4 g/t for the entirety of
Madsen and 6.4 g/t for the McVeigh zone, where most of the feed is still coming from at present, with some
coming from the Austin zone (avg 6.9 g/t Au). Long story short, 4.3 g/t is plenty lower than the current
resource estimate and, along with the mined tonnages, tells us that WRLG is either favouring quantity over
quality in our high gold price environment (as some vein waste turns into ore), or it's running a high mine
dilution deliberately, or both.
However, I do have an issue with the preliminary metrics as supplied by WRLG last week, because the basic
math…
((842tpd X 91 days) X 4.3 grams per tonne) X 95% = 10,064 oz gold
…puts theoretical production 1,488 oz higher than the announced production for Q2. It’s probably something
to do with that 842tpd throughput not running for the full 91 days of the quarter and we’ll get to read the
details when the financials drop on August 25th (post-close). Not something I’m particularly concerned about
at this stage, simply keeping it in mind. As for that lower than expected 4.3 g/t average head grade, be clear
I have no particular issue with that either as long as WRLG has done the trade-offs and has decided it makes
good business sense to focus of tonnages over grades. It may also be part of the ramp-up process, allowing
the mine and mill to show what they can do production-wise before they start hitting higher grade zones
lower down in the system (e.g. South Austin average 8.7 g/t). Again, we’ll get the details with the official Q2
earnings drop, however it does mean I’m altering the model for the rest of 2026 to do as the company and
favour tonnes over grade. From the CEO comments in the NR…
“As processing rates during the first half of the year reflected the early stages of the ramp up, we
expect throughput to continue increasing over the balance of the year toward a sustained processing
rate of up to 1,000 tpd. The operational improvements demonstrated during Q2 reinforces our view
that Madsen remains on track to achieve full-year production guidance of 35,000 to 45,000 ounces of
gold.”
4

…we know the ballpark on a couple of key metrics, firstly that the company is looking to move throughput up
the gears to 1,000tpd by the end of the year, and that the current guidance is confirmed. Therefore, we
combine a flat average recovery rate of 95% with these two charts…
…and get this (below) with Q3 and Q4 estimates that bring the 2026 annual production to 37,587 oz and the
lower end of current 35k-45k oz guidance.
WRLG.v: Gold oz produced, per qtr
5
0625 5507 9737 7665
6758
79901
74321
Oz Au
14000
12000
10000
8000
6000
4000
2000
0
2q25 3q25 4q25 1q26 2q26 3q26est 4q26est
source: company filings, IKN ests
Our previous model had lower quarterly throughput and grade that moved up to 6.5 g/t by the end of 2026,
this time we model a smaller and gradual improvement in grade, but throughout that is nudging the 1ktpd
line by the end of Q4. The result is a target of just under 11k oz in Q3, then 12,347 oz in Q4. In other words,
as long as WRLG executes on its expectations for throughput and grade stays where it is, the 40k oz line
looks logical and reachable. The main unknown is grade, as that could move higher and improve output
considerably, for example add just 1 g/t to the average for the second half of the year and the calculated
production total moves up to 42,657 oz Au, over 5,000 oz more than our current estimate as seen in the
chart above. The reality may be somewhere between the two, so aiming for 37.5k oz gold at the moment is
probably pitching to the conservative side, which is the way I normally like to model these companies.
What does all this mean for earnings? Depends on the gold price of course, so for the moment we assume a
average received price of C$6,200/oz for 2q26 and then a flat C$5,600/oz (very close to U$4,000/oz at the
current forex). That H2 estimate is significantly lower than our previous assumption, more in line with the
market today and once again, a step to the conservative side.
WRLG: Mine ops
701.2 682.1 887.0
23.42
3.51 865.8
84.23
7.02
79.01
45.44
37.81 29.32
68.14
50.22 92.51
2.35
72 5.12
6.16
82 7.82
1.96
92
1.53
80
70
60
50
40
30
20
10
0
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
WRLG.v: TPD milled, per qtr
C$m Revs
COGS
Mine Op Inc
source: company filings
We’ve also adjusted for higher tonnage throughput by raising COGS estimates as seen in the red columns,
resulting in Mine Operating Income estimates of C$21.5m for Q2, C$28.7m for Q3 and C$35.1m for Q4.
435 275
248 988 659
mt WRLG.v: Head grade, per qtr
1200
1000
800
600
400
200
0
4q25 1q26 2q26 3q26est 4q26est
source: company filings, IKN ests
60.5
36.3 3.4 5.4 7.4
g/t Au
6
5
4
3
2
1
0
4q25 1q26 2q26 3q26est 4q26est
source: company filings, IKN ests

After that come adjustments for exploration, evaluation, G&A, share-based compensation and the mysterious
"other" gives us an operating income number for each quarter (chart below) which is, for the time being, the
most accurate benchmark for comparative purposes.
WRLG: Mine Op Inc versus Op Inc
6
887.0
393.5- 865.8 581.4
79.01
891.7
29.32
14.71
92.51
75.8
5.12
41
7.82
2.12
1.53
6.52
60
50
40
30
20
10
0
-10
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
C$m
Mine Op Inc
Operating Inc
source: company filings
So even with slightly higher costs and a lower assumed average gold price for the second half of the year,
WRLG earnings are beginning to look solid but before we get to a per-share calculation, a note about the
share count and three points to make:
 As at end 2q26 and today we estimate 412.96m
shares out, as seen right.
 We still assume WRLG runs a small and final
financing. As it’s now July and the company isn’t so
far from being truly free cash flow positive, I may be
wrong in that assumption (and I won’t mind at all if
I am) but for the time being, erring on the
conservative side and expecting the negative vibes
from one more dilution is the prudent path.
Therefore, I’m sticking with my estimate of 440m
shares out as at end 3q26.
 In our last look at WRLG, I failed to take into account the 21,548,400 warrants that are priced at 68c and
expire on November 28th and got chewed out by a couple of people for the omission (which was fair). In
fact the effect of a warrant exercise should be a wash on the share price, but we should assume they get
exercised in November and that means gross proceeds of C$14.65m to treasury with 21.5m or so new
shares fully paid-up. Therefore, we calculate Q4 earnings on an estimated 462m S/O (which may be less
if there’s no final placement, see above).
That done, we brings us to this:
WRLG: Operating income/share
200.0 520.0 820.0
060.0
730.0
250.0
560.0
670.0
0.10
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0.00
52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
WRLG: Shares out (m)
C$/share
source: company filings & data, IKN calcs & ests
While the upcoming 2q26 earnings will still live in the “proof of concept” realm, if WRLG performs as
expected by our model and delivers 14.1c/share in operating income (28.2c annualized) over the second half
of 2026 the it means it’s running on a sub-2.5X price/operating earnings, so even if the financial paybacks
take chunk of dollars away from the bottom line there will be an awful lot to like about this stock at this price
by the end of the year.
WRLG discussion and conclusion: My main concern about WRLG going forward is the milled head grade,
which at 4.3g/t in 2q26 is substantially lower than either our expectations, the soft guidance offered by the
company in 2025 and the start of 2026, or compared to the current 43-101 resource. What I want from the
868.41 20.25 744.65 851.481 371.512 641.322 532.962 83.172
878.813 74.343 10.843
714.293 907.693 549.214 69.214 044 264
500
450
400
350
300
250
200
150
100
50
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company financials, IKN ests

company are guidelines on how it expects grade to perform in the quarters to come and a pathway toward
all, or most of the 43-101 grade making it intact to the mill. That said, this was a much improved quarter
from WRLG at Madsen, both in absolute terms of gold ounces produced (it’s now “better than breakeven”)
and most importantly in tonnage throughput. One of the major question marks hanging over WRLG’s head
was whether it would “do a Pure Gold” and fail to deliver enough tonnage to surface, so this quarter plus the
clearly defined route to running at 1,000tpd by the end of this year is music to the ears of all longs. CEO
Williams has got the machinery and underground infrastructure he wants and it’s working well so all talk of
bottlenecks should now cease. At this stage, getting tonnage right is far more important than getting grade
right and while the improvement in the gold production number would have pleased the casual observer, the
real reason WRLG rallied on receipt of this NR was the news and revised guidance on throughputs. Regarding
the share price, as things turned out the stock ended
UNCH on the week at 67c but that was far more about
hitting the sector headwinds than anything else, as
this comparative chart to GDXJ illustrates (right).
At this price, WRLG is a very good purchase. There
are no rock-solid trade in our sector, but there’s no
doubt that WRLG delivered a big de-risking moment to
the market last week and the near-term machinations
of the market mean you can still buy stock at the
same price as the week before. The company lived up
to expectations in the quarter just gone, we now have
to wait five weeks for the financials to drop and when
they do, my eyes will be on the details of the
throughput, the potential COGS hike I’ve factored in from tonnage moved, plus any guidance or explanation
about grade in the quarter just gone or going forward. But overall, there’s a lot more to like about WRLG
today than there was before last week’s NR and these prices offer a real bargain.
Amerigo Resources (ARG.to) 2q26 production
Briefly mentioned in IKN893 last week, if I was less lazy I would have expanded on the stocks to follow note
on the stock and done what I’m about to do today, but last Monday evening I was more concerned about
getting the argument for Soma Gold (SOMA.v) right and decided to defer our standard look at quarterly
production at our #1 copper play to this week’s edition. So here we are and here we go.
On July 13th Amerigo Resources (ARG.to) gave us its preliminary 2q26 production numbers, along with its
usual suite of preliminary data (3) and we’ll start our review as usual with the most basic of datapoints,
copper produced/sold but to ring the changes, this time we provide long-term context:
ARG.to: Copper sales
22
20
18
16
14
12
10
8
6
4
2
0
7
11q1 11q3 21q1 21q3 31q1 31q3 41q1 41q3 51q1 51q3 61q1 61q3 71q1 71q3 81q1 81q3 91q1 91q3 02q1 02q3 12q1 12q3 22q1 22q3 32q1 32q3 42q1 42q3 52q1 52q3 62q1
source: company filings
rtq/uC
sblM
Not only is production of 16.91m lbs and sales of 16.93m lbs right up with the numbers we’ve been getting
used to from ARG and MVC, the reason to show the long-term chart is that it’s the best ever Q2 production
number. As ARG tends to produce more in the second half of the year than the first, its performance in the
first half of 2026 to produce 49% of the 2026 guidance figure is stealth excellent and something that
probably didn’t show up in the market reaction to the NR. This five-day chart (right shows that yes indeed,
ARG out-performed the copper stocks but that was mostly about people getting in on Monday, the limit date

to receive that 18c performance dividend. While the share price popped on Tuesday, so did the rest of the
copper complex and ARG was in basic lockstep for there on in.
So to the money: we are given the quantity of copper dispatched and an estimate of the M3 price to expect,
from that we can do this:
ARG: Gross Cu value, Cu revs and Revs total, per qtr
8
582.16 787.26 129.44 379.26 448.96 206.15 397.86 341.66 834.54 519.57 63.37 218.05 989.45 9.95
281.44
729.66 676.76
648.05
312.76 5.86
284.25
710.69
733.901
8.97
737.38 323.19
561.66
201 401
5.57
120
100
80
60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
U$m
Cu gross value Cu revs Revs total
We estimate gross copper value at U$102m, a minor adjustment for the rise in copper prices and once the
standards charges are factored in (below left) plus a guesstimate on revenues from the moly by-product
(below right) which always tough to get close (we’ve explained why too many times already)…
ARG: Charges to Cu revs
…we end up with an estimated top line revenue number of U$75.5m. Not quite the record set in 4q25 when
production hit 19m lbs Cu and the M+3 adjustment was an eye-popping U$13.3m, but still excellent money
and once we’re into the P+L items (below) things get even better. Assuming COGS at MVC come in around
the same level as Q1, we expect a record gross profit of U$35.5m.
626.51 834.81 799.31
336.01
477.51 86.61 674.81 361.91 450.12 560.61 298.91 95.02 32.23
923.13
63
40
35
30
25
20 15 10
5
0
22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
U$m ARG: Mo credits
Transport
smelting/refining
DET royalties
source: company filings, IKN ests
930.8 958.2 85.4 478.3 454.5 993.6 142.5 267.5 765.3 320.7 633.8 545.7 612.9 11
12
11
10
9
8
7
6
5 4 3 2
1
0
32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
U$m
source: company filings, IKN ests

ARG.to: Quarterly Earnings overview
9
129.44
508.7
206.15 394.61 834.54
573.7
218.05 837.31 281.44
96.9
648.05 941.21 284.25 759.21
118.97
483.23
561.66
88.62
5.57
5.53
80
70
60
50
40
30
20
10
0
-10
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
U$m
revenues
COGS
Gross profit
source: company filings
Then once the minor financial friction is backed out (we remind readers that ARG is now debt free), operating
profit comes in at U$32.5m. In per-share terms, this
chart (right) offers the data and once again, we expect 0.24 ARG.to: operating and net earnings per share
0.22
record results that are nudged even higher by share 0.20
0.18
buybacks (another 393k bought back in 2q26). 0.16
0.14
0.12
But perhaps more important for our position as
0.10
shareholders of ARG is the chart below right, which 0.08
0.06
backs out the DD&A charge on the books and estimates
0.04
the state of cash flowing into the company (below 0.02
0.00
right). If my guesstimate for Q2 hits on the button, -0.02
that’s over U$105m in the last three quarters and a -0.04
better gauge of the reality of cash flow at ARG in 2026
and be clear, that’s United State Dollars.
It’s why the company has the treasury margin to offer its shareholders its recent C$0.18 performance bonus
on top of the regular 4c/qtr payments and the share buybacks. The estimated U$38.5m in the 2q26 column
above is C$54.2m at today’s fore, the cost of the performance bonus is C$29.1m (which will be slightly less to
the company, as shorts cover some of the cost) and that’s a company making good on its commitment to
return capital to shareholders.
Our final visual today is the table offered in IKN893 last week and left unchanged:
Amerigo (ARG.to): Dividend Yield Percentage Spread Table
Share Dividend per year (Cad Dollar Cents)
price CAD$ 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
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2
eps
op profit/share
source: ARG, IKN ests
ARG.to: operating profit
5.6
7.51
0.7
2.51
3.8
6.01 5.11
0.92
5.62
5.23 40
35
30
25
20
15
10
5
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
ARG: The real world margin
$m
source: company filings
61.0-
30.1 33.21 97.71
24.02 93.22
79.61
15.22 49.52
95.3 20.0- 57.51
4.81
8.1 80.1-
41.9
52.21
25.12
88.21
70.12
97.31 92.61 22.71
37.43 84.23
05.83
40
35
30
25
20
15
10
5
0
-5
02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2
U$m
source: ARG data, IKN calcs and ests

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
To underscore the argument for higher share prices, ARG is now on course to pay 50c Canadian this year and
assuming the market is willing to value ARG to the same level as it has been doing, one that lands the yield
at around 5% (or a little above), that points us to a C$9 share price target and a 27% upside to this
weekend’s price. More than enough to keep any holder happy while they continue to reap those cash
dividends.
Bottom line: What a machine this company has turned out to be. Another great quarter from ARG and one
that I’d even argue is stealth, as its best ever Q2 production number puts ARG ahead of schedule to beat
2026 guidance and impress us even further as the year rolls out.
Wesdome Gold (WDO.to) 2q26 production
The third and final Q2 production NR to consider in this
week’s main Fundies section is Wesdome Gold Mines
(WDO.to), which dropped on the evening of Monday July
13th (4) and saw the stock react in this way on Tuesday
morning (right). Not great to begin with, the stock sinking
on what was gold’s best day of a week and a generalized
relief rally for the PM stocks. However and as noted on the
chart, by Friday WDO was in the “less worse” category of
gold producers and even managed to rally 4.2% on a
flat/down day for GDX (-0.11% Friday), not such a bad
thing. So let’s see what went on in its 2q26 production
report, starting with the numbers that matter most:
WDO: Gold production vs sales, per qtr
10
22333 00753 53044 00004 90154 00924 76594 00784 29654 00354 18724 00954 56405 00474 83664 03494 30354 00654 32834 00144
55000
50000
45000
40000
35000
30000 25000 20000
15000
10000
5000
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2
Ozt Au Production
Sales
source: company filings
And according to CEO Anthea Bath WDO is still “…well-positioned to deliver on our full-year production
guidance of 180,000 to 205,000 ounces.” Fair enough, thought the YTD production of 89.126 oz means WDO
will have to pick up the pace just to reach the lower end of that range and even then, it’s not guaranteed to
beat last year’s total (which missed 2025 guidance, by the way)
WDO: Annual production and guidance
88619 97209
348321 058011 833321
330271 675581 000081
240000
220000
200000 25000
180000
160000
140000
120000
100000
80000
60000
40000
20000
0
9102 0202 1202 2202 3202 4202 5202 tse6202
Oz Au
source: company filings

Considering the two producing assets now, starting with the basic gold production breakdown tracker and in
2q26, Eagle River produced 21,797 oz gold and Kiena produced 22,026 oz gold.
WDO: Gold prod/qtr
11
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
77722
16832
75471
64872
62022
79712
55000
50000
45000
40000 35000
30000
25000
20000 15000
10000
5000
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2
Ozt Au Kiena
Eagle River
source: WDO filings
Our forecast for Q2 at Kiena was 22k oz so spot on there, but our Q2 forecast for Eagle River was 28k and
that’s a big gap to reality. Here’s why:
WDO: Tonnes milled, per qtr
Tonnages mined and milled were on-point at both mines, the
grade at Kiena managed a slight improvement to 11.1 g/t and is
in fact ahead of expectations at this point, but the drop in
average head grade at Eagle River to 9.7 g/t is concerning,
particularly after seeing a similar drip during 4q25 that the
company said was a temporary thing. Therein lies the price weakness we saw the day after the production NR, because if
we dial up the 2026 outlook table from the 1q26 MD&A, we see
that aside the production guidance for each mine and the
consolidated forecast, it shows forecast average grade at Eagle
River for 2026 at between 13 g/t and 14 g/t.
Under those circumstances, the 12.5g/t average in Q1 was acceptable but the 9.7 g/t in Q2 most certainly is
not and unless it’s the mining sequence, WDO is going to have to turn that around significantly in the second
half of the year. In other words, Eagle grade is
something to watch when WDO reports its
quarter on Thursday August 13th (post-close)
and to quiz the team on during the ConfCall the next morning. Before moving to the money side
of the equation, please note that I am
maintaining the current estimates for 3q26 and
4q26, until further notice.
44354
23615
96675
25525
12315
48975
12426
85306
09684
01006
99205
32684
74105
57517
03007
04277
05945
13717
51526
93427
mt g/t Au WDO: Average gold grade, per qtr Eagle River
160000 20 Kiena
Kiena
140000 Eagle River 18
16 120000 14 100000 12
80000 10
8
60000
6
40000 4
20000 2
0 0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26 2q26 3q23 4q23 1q24 2q24 3q24 4q241q25 2q25 3q25 4q25 1q26 2q26
source: company filings source: company filings
WDO: Eagle avg head grade, per qtr
5.51 8.11 1.31 3.41 6.51 9.61 3.51
01
5.21
7.9
g/t Au
18
16
14
12
10
8 6
4
2
0
1q24 2q24 3q24 4q24 1q25 2q25 3q25 4q25 1q26 2q26
source: company filings
WDO: Gold prod/qtr
2115
43391
4198
65771
8025
50471
4169
20552
7787
95102
7418
54822 19302
9637
44121
47042
3248
99842
36742
27291
12412
88632
56822
20762
39661
99982
96171
21652
96161
69243
77722
16832
75471
64872
62022
79712
00022
00082
00052
00062
55000
50000
45000 40000 35000
30000
25000
20000 15000
10000
5000
0
22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 62q2 tse62q3 tse62q4
Ozt Au Kiena
Mishi
Eagle River
source: WDO filings

If those come in as per (they won’t) it implies 2026 production of 190,126oz and just under the median of
current guidance. That may turn out to be a little optimistic and it gives WDO a 10k cushion to still meet
guidance, but it frames what we should expect if the company is going to impress us in the second half of the
year.
As for the money thing, by using the new and lower-pitched
gold price assumptions of C$6,200/oz for 2q26 and
C$5,600/oz (i.e. US4k, give or take) for the second half of
2026, we get this (right). To its credit, WDO based its 2026
financial projections of U$3,900/oz gold so it hasn’t been
trying to over-play its own hand, but the way we now
forecast top line revenues to have peaked in Q1 explains
why WDO’s share price hasn’t pushed higher or challenged
the C$30 line. We saw a costs hike in 1q26, which we expect
to consolidate in the quarters to come and have projected a
little more cost creep (and time will tell if I’m being too
optimistic on that), which combines to give this:
WDO.to: Costs overview
160
140
120
100
80
60
40
20
0
12
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
CAD$m
other expenses
G&A
depletion
mining process costs
Source: WDO.to filings, IKN calcs
We project operating earnings of C$152.4m in 2q26, then with a flat C$5,600/oz gold in the second half of
2026 it’s C$157m in 3q26 and C$162m in 4q26. Great money of course, but the recent drop in gold and the
cost creep we’ve already registered in 2026 means we’re not looking at record profits, ceteris paribus.
WDO.to: Operations overview chart
6.281
5.69
841.68
6.781
9.39
457.39
5.802
7.88
48.911
3.032
1.201
51.821 9.782
8.811
21.961
8.992
0.221
57.771
4.372 0.121
4.251
0.082 0.321 751 0.582 0.321 261
350
325
300
275
250
225
200 175
150
125
100
75
50
25
0
42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
WDO.to: Revenues
C$m
revenues
total op expenses
Op earnings
source: company filings, IKN calcs
Generalists care about bottom line profits more than closer watchers of WDO, so we present our best
guesses on that below left, while the more useful comparative Operating Earnings per Share is below right:
9.001
8.721 9.641
6.281 6.781 5.802 3.032 9.782 8.992 4.372 082 582
350
300
250
200
150
100
50
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
CAD$m
source: company filings
WDO.to: Net Earnings
7.01 1.92 0.93
6.65 5.26 7.28 9.68
4.711 9.811 0.701 0.211 0.511
140
120 100
80 60
40
20
0
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings
srallod
fo snoillim
WDO.to: operating earnings per share
11.0
03.0 93.0
75.0 26.0 55.0
58.0
21.1 02.1 30.1 80.1 31.1
1.60
1.40
1.20
1.00 0.80
0.60
0.40
0.20
0.00
42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
$
source: company financials/IKN calcs

A word required on the share count as the NR last week had a line stating that “Since launching our normal
course issuer bid in late November, we have repurchased more than 4% of our outstanding shares.” As we
knew from the 1q26 MD&A that WDO had “…repurchased a total of 3,013,300 shares since the inception of
its normal course issuer bid in November 2025”, that means the buybacks have continued and with this now
apparently established policy, we are estimating WDO leaves 2026 with 144m shares out.
WDO.to: Shares Out
(NB: cut down Y-axis)
13
303.631 97.631 22.731 299.731 544.831 544.831 380.931 213.931 276.931 520.041 388.041 436.141 24.241 784.241 784.241 80.441
625.741 259.841 259.841 769.841 463.941 375.941 478.941 198.941 391.051 39.051 769.051 183.051 134.841 492.841
641
441
155
150
145
140
135
130
125
120
115
110
91q1 91q2 91q3 91q4 02q1 02q2 02q3 02q4 12q1 12q2 12q3 12q4 22q1 22q2 22q3 22q4 32q1 32q2 32q3 32q4 42q1 42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2 tse62q3 tse62q4
source: company filings/IKN ests
serahs
fo
snoillim
But back to the op earnings/share chart and the house
WDO.to: Fwd Price / Op. Earnings Ratio
forecast adds up to C$4.43/share in 2026, which implies a
10
5.7X ratio and that’s roughly in-line with what we’ve seen
9
since late 2024. For what it’s worth, if WDO returns to
8
C$28 and the upper end of its current approximate 7
trading range, that ratio moves to just under 7X and 6
that’s also reasonable, but it’s not easy to see it moving 5
4
much higher. In other words, WDO is making very decent
3
money and can justify its current valuation, but it’s going
to take a higher gold price to see the stock move up
unless, of course, a third party steps up and makes our
trading theory into reality. I’ll leave you with the two-month
chart of WDO and its recent wide trading range (a nominal
C$24 to C$28 move is 16.7%), but one that notes the slight
tendency of higher-highs. We remain long and strong in WDO
because its corporate signature of a Canadian domiciled
company with two high grade gold mines and clear exploration
upside at both is still one that makes it one of the more
obvious buyout targets in the gold sector. Perhaps 200k isn’t
going to move the dial of Newmont, but there are plenty of
companies that would benefit from its combination of high
grade, low political risk and profitable ounces with implied long
mine life. Happy holder.
Stocks to Follow
On weeks when GDX drops 5.6% and GDXJ drops 6.8%, a junior mining portfolio can get extremely beaten
up so while it’s undoubtedly a negative week, the overall performance of the Stocks to Follow list could have
been much worse. There were five winners on the list (ARG.to, ECU.v, SOMA.v, MFG.v, RPX.v) and all from
the active end of the table as well, there were also three unchanged prices (WRLG.v, LMS.v, MIRL.cn), which
helps a little. But that means twelve losers, including double figure percentage losses taken by Salazar (SRL.v
down 16.7%), Tiernan (TNGD.v down 15.7%), Xali (XGC.v down 12.5%) and IMPACT (IPT.v down 10.0%).
There are currently 20 stocks on our list, the self-imposed maximum. Ten are in the green and there are
more of those in the top of the table. That’s the good news, the bad news is how ten are in the red.
42q2 42q3 42q4 52q1 52q2 52q3 52q4 62q1 tse62q2
P/BV
source: TSX, WDO filings, IKN ests

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$2.61 226.3% New C$6.84 tgt Feb'26
RECOMMENDED STOCKS
Amerigo Res ARG.to BUY C$1.54 28-Jul-24 C$7.07 359.1% Core copper position
Tiernan Gold TNGD.v STR BUY C$8.26 29-Dec-25 C$5.85 -29.2% Chile gold jr
Marimaca Copper MARI.to STR BUY C$3.34 14-Jan-24 C$7.08 112.0% Quality Cu dev, M&A tgt
Gold Royalty Co GROY STR BUY U$1.40 9-Mar-25 U$2.55 82.1% 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$1.47 12.2% Copper exploreco in Peru
Wesdome Gold WDO.to STR BUY C$22.42 30-Nov-25 C$25.32 12.9% 2026 M&A tgt, added Mar'26
Soma Gold SOMA.v SPEC BUY C$0.69 14-May-26 C$0.70 1.4% Colombia gold producer
Mayfair Gold MFG.v BUY C$4.39 16-Mar-26 C$3.36 -23.5% starter position taken
IMPACT Silver IPT.v SPEC BUY C$0.33 24-May-26 C$0.27 -18.2% Silver producer, added June
Salazar Res SRL.v BUY C$0.08 5-Jan-25 C$0.225 181.3% 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$0.115 43.8% top fundy value, illiquid
RPX Gold RPX.v SPEC BUY C$0.16 14-May-26 C$0.14 -12.5% gold dev Canada
Xali Gold XGC.v ADDING C$0.28 2-Mar-26 C$0.21 -25.0% 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
Kobrea Expl KBX.cn watch C$0.325 3-May-26 C$0.265 -18.5% Cu in Mendoza, Arg
BP Silver BPAG.v watch C$0.97 19-Apr-26 C$0.85 -12.4% silver exploreco in Bolivia
LONG-TERM NON-MINING HOLD
Mene Inc. MENE.v adding C$0.45 6-Dec-20 C$0.18 -60.0% LT bet, adding slowly
CLOSED TRADES IN 2025 date closed close price
American Eagle AE.v Jan'26 C$0.495 14-Dec-25 C$0.61 27.3% TLS trade, modest, successful
Electrum Disc ELY.v Jan'26 C$0.075 9-Nov-25 C$0.10 33.3% took quick profit on buyout
Amerigo Res ARG.to Jan'26 C$1.54 28-Jul-24 C$5.46 254.5% partial profit-take on port mgmt
XXIX Metal XXIX.v Jan'26 C$0.11 27-Aug-25 C$0.125 13.6% spec copper trade, bad result
Valkea Res OZ.v Jan'26 C$0.36 29-Dec-25 C$0.48 33.3% took NT profit TLS trade
Arizona Metals AMC.to Feb'26 C0.69 5-Oct-25 C$0.66 -4.3% sold to rebalance port, Feb'26
Red Pine Expl RPX.v Feb'26 C$0.12 8-Sep-24 C$0.195 62.5% sold to rebalance port, Feb'26
Minera Alamos MAI.v Feb'26 C$2.10 13-Oct-19 C$6.22 196.2% 75% of trade sold Q1
Blue Moon MOON.v Feb'26 C$4.18 30-Nov-25 C$5.84 39.7% sold to rebalance port, Feb'26
Minera Alamos MAI.v Mar'26 C$2.10 13-Oct-19 C$7.01 233.8% 25% of trade sold, now closed
Aurion Res AU.v Apr'26 C$1.07 21-Sep-25 C$2.56 139.3% Bot by Agnico, good trade
Arizona Metals AMC.to May'26 C$0.53 31-Mar-26 C$0.20 -62.3% failed risk trade
2015 to 2025 annual closed positions in appendices below, 2009 to 2014 closed positions in editions IKN553 or earlier
Now for a few notes on some of our covered stocks:
Xali Gold (XGC.v): ADDING. I’ve been darned patient
with this trade, first opening a small foothold position while
being clear that I thought even that was too expensive, then
watching it slowly come down from the 30c to the upper 20s
to the mid 20s until finally, this weekend, it’s at the price I
originally wanted to pay for a speculative position.
I don’t have a great deal of spare treasury left but as 1) the
original open was tiny and 2) it’s a spec long, not one to
14

rival ARG or RIO, it won’t need a big addition to make a sizeable difference to the cost average. I’m
comfortable about paying 22c, 23c is the max, fell free to front-run me if you care enough, I’m not chasing
this price.
In other news, XGC announced (5) the appointment of a new exploration manager:
“…is pleased to announce the appointment of Ing. Wilder Frank Garcia Haro as Exploration Manager,
effective immediately. Ing. Garcia is a bilingual geological engineer with more than 30 years of
international exploration and mine development experience, having held senior technical and
management positions with several leading mining companies, including Rio Alto, Tahoe Resources,
Newmont, Barrick Gold, Gold Fields, and Antamina.”
Wilmer García comes with a good reputation in Peruvian mining circles (not just Joanne Freeze’s glowing NR
testimony) but has been known to cause community friction in previous companies, so I hope XGC puts
plenty effort into its CSR team and allows Sr García to do his thing on the rocks and with the work teams.
And by the way, if I can go to the effort of putting the accent where his names requires it and spell it right, I
don’t see why the company can’t. Yes, I am that petty sometimes. Anyway, I’m looking to bring down my
cost average to around 24 by this time next weekend and markets willing, should do so.
Soma Gold (SOMA.v): POSITION OPENED. On the one hand I’m kind of annoyed at myself for paying
69c on Tuesday when better prices were available in what
was always going to be a volatile week.
On the other, I’m really not in the mood to faff and worry
about a penny here or there when upwards 30,000 people
are missing in the town where I used to live and the people
doing the official counting insist it’s just 5,000 or so. To its
credit, SOMA rallied nicely on Friday and finished with a
seven handle, so it’s not just me who thinks the risk/reward
balance is strongly in favour of longs at this gold price.
We await a 2q26 production number, which as last week’s
main note pointed out doesn’t have to be wildly impressive.
More important is any guidance offered for the second half of 2026.
Orecap Inv Corp (OCI.v): It’s been a couple of weeks since we last ran our liquid-ish assets table that
shows the financial backbone of OCI and the reason to own it, so today we catch up:
OCI.v: Marketable Secs, Investments in Assocs, Cash
ticker shares owned(m) PPS valueC$m Cents/share
AE.v 10.72 1.05 11.25 4.5
ARIC.v 10.631 0.74 7.87 3.2
XXIX.v 23.637 0.105 2.48 1.0
AUME.v 42.75 0.045 1.92 0.8
MERG.v 1.025 0.88 0.90 0.4
MERG warrant 0.5125 0.43 0.22 0.1
ZIGY.cse 4.942 1.09 5.39 2.2
KLDC.v 40.040 0.28 11.21 4.5
subtotal 41.25 16.6
Est.cash 0.25 0.1
Total 41.50 16.7c
At 248.332 S/O
It’s come back from the 20c+ numbers we saw a couple of months ago, but the 16.7c total is still more than
enough to support the current 11.5c share price. There’s plenty going on among the component stocks of the
OCI portfolio, not least the start of 2026 drill assay news flow from AE.v (see Copper Basket blow), but the
biggest fundies development at the stock last week was the qualifying financial transaction of Cadillac, the
new new name for the privco Gold Candle and key neighbour to Stardust (ZIGY.cn) at McGarry. The Pierre
Lassonde vehicle has apparently raised a cool C$450m, is bound to hit the ground running and with that sort
of money in the petty cash box, has more than enough to make the obvious move and buy McGarry from the
Orecap structure.
15

Marimaca Copper (MARI.to): The feelgood from that excellent drill NR on July 7th (see IKN893 last week)
didn’t last very long and we’re back with MARI struggling to gain market traction. With Pampa Medina failing
to create momentum, there’s no escaping the fact that the true headwind here is MOD and the lack of a deal
to either sell (more likely) or finance and develop (still possible) the project.
Amerigo Resources (ARG.to): Up 9.2% the week before last (see IKN893), ARG managed to swim against
the tide for another week, added another eight cents in difficult market circumstances and gave us its first
weekly close above C$7.00. As pointed out quickly last week, the new performance dividend and the way in
which ARG isn’t holding back on distributing its bonanza cash flow means there’s room for more share price
growth, as pointed out more slowly today in the main fundies section, Q2 looks great.
Gold Royalty Corp (GORO): I still can’t quite believe GROY has gone this low, but that’s just me and here
we are with significant newsflow about to drop. GROY should announce its preliminary sales number in the
coming days and assuming its portfolio performs as expected, they’re going to deliver record revenues and
may be able to shine a light on the value this equity now offers.
,
IMPACT Silver (IPT.v): If there were one stock that was scheduled to drop by a double figure percentage
amount in last week’s market it was this one and, sure enough, IPT moved from 30c to 27c and his the 10%
number on the head. I like gold more than silver in this current market so I’m not in a hurry to average
down, you may think otherwise and are able to scalp a 20% difference when the stock gets back to my buy
price. Equally, I’m comfortable about holding the shares I have at this level and see no reason to panic.
Rio2 Ltd (RIO.to): When IKN893 went out on Monday evening and talked up the newsflow potential from
its Kalzas tungsten project in Canada, some 180 miles North of Whitehorse in the Yukon…”, it turns out we
didn’t have to wait more than a few hours. This NR (6) from the company announced the arrival of a 43-101
compliant technical report on Kalzas, which among other matters noted the historic drill intercepts we
mentioned in the last edition. According to the NR, the technical report concludes that Kalzas is “…a
geologically coherent, well-characterized porphyry-style wolframite vein-stockwork system with meaningful
bulk-tonnage exploration potential” and proposes a 2026 exploration program that won’t cost much to the
company in its first phase, with a phase 2 with a budget of up to C$2m that includes a drill program. Notably,
any development is first dependent on an agreement with relevant First Nations tribe and that’s fair enough.
Overall, there’s nothing here that moves the dial at Rio2 for the time being. I saw a sell side note that
sketched a value of between $50m and $100m to RIO.to for Kalzas, but that’s long into the future and the
share price today depends on Fenix and Condestable, period.
The Copper Basket
After twenty-eight weeks of 2026, The Copper Basket shows a gain of 21.84% to level stakes:
company ticker price 1/1/26 Shares out m Market Cap current pps gain/loss%
1 Faraday Copper FDY.to 2.73 292.271 1519.81 5.20 90.5%
2 Aldebaran Res. ALDE.v 3.67 185.358 485.64 2.62 -28.6%
3 Los Andes Copper LA.v 9.20 30.392 385.07 12.67 37.7%
4 Andina Copper ANDC.v 0.56 273.361 303.43 1.11 98.2%
5 Hot Chili HCH.v 1.33 202.218 293.22 1.45 9.0%
6 Pecoy Copper PCU.v 1.32 209.489 282.81 1.35 2.3%
7 Element 29 Res ECU.v 1.20 187.989 276.34 1.47 22.5%
8 American Eagle AE.v 0.56 204.923 215.17 1.05 87.5%
9 Hercules Metals BIG.v 0.74 342.898 192.02 0.56 -24.3%
10 Surge Copper SURG.v 0.475 385.7 177.42 0.46 -3.2%
11 Copper Giant CGNT.v 0.49 210.239 168.19 0.80 63.3%
12 Fitzroy Min FTZ.v 0.48 327.178 130.87 0.40 -16.7%
13 Metal Energy MERG.v 0.64 45.2 39.78 0.88 37.5%
14 Algo Grande Copper ALGR.v 0.53 42.34 21.17 0.50 -5.7%
15 Kobrea Exp KBX.cse 0.51 53.272 14.12 0.265 -48.0%
NB: All stocks in CAD$ Portfolio avg 21.84%
16

A hefty drop for the Copper Basket average on the week, down 7.52% and we're back at the lowest level
since early April, when the copper stocks were digging
The Copper Basket 2026, weekly evolution
themselves out of the hole created by the onset of the 45%
Iran conflict (remember when that was going to be all 40%
35%
over in six weeks? Yeah, me too).
30%
25%
Just two of our component stocks evaded the pain last 20%
week with both Element 29 (ECU.v and Copper Giant 15%
10%
(CGNT.v) managing to add exactly one penny to their
5%
share prices. The other thirteen stocks on our list were
0%
week-over-week losers so you’re not getting all the
names, instead we highlight the biggest percentage
losers Algo Grande (ALGR.v down 15.3%), Hot Chili
(HCH.v down 13.7%), Faraday Copper (FDY.to
down 12.6%) and as it only missed double
figures by a whisker let’s tack Surge Copper
(SURG.v down 9.8%) to the list of shame.
Interestingly, however, that sell-off came
despite copper remaining basically flat on a
week-over-week basis. What we do have is
plenty of intra-hebdomadal volatility and the
impression that copper took a sharp dive, but
only because it spent Tuesday, Wednesday and
half of Thursday at the top end of the price
range. So the style of copper’s week turned
out to be more of a factor than its substance,
as the equities failed to rally with the metal but
sold down when it couldn’t hold the upper end
of the current trading range. That’s sentiment, not fundamentals so stock action does not contradict the
position laid out by UBS in its note to clients last week (7)
UBS maintains a favorable outlook on copper despite recent price volatility, with LMS copper prices
holding above $13,000 per metric ton after surrendering some earlier gains.
Ongoing uncertainty surrounding US tariffs on copper continues to pull material into the US COMEX
market, affecting inventory dynamics outside the United States, according to the firm.
The broader supply and demand fundamentals remain unchanged despite near-term headwinds.
Attention is focused on Section 232 copper tariffs and the Cobre Panama mine decision expected
later this year.
UBS anticipates a market deficit of 520,000 metric tons in 2026, supporting long copper exposure,
particularly on price dips.
Interesting to see the Panama Cobre talking point show up, we’ve watched this ever since Mulino took over
the presidency of Panamá and while slow, the process to make the mine more socially acceptable to the
general public it’s going according to script. We’ve seen the government green light the sale of its stored
concentrate (which in turn re-opens the blockades dedicated port), we’re now awaiting the verdict on the
environmental review and when (not if) Panama Cobre gets its conditional approval, the cogs will start
turning to put the asset back into production. However and once again, the Trump Tariff is on UBS’s mind
and rightly so, as these days Comex warehouses have enough conc to cover that supposed 2026 market
deficit.
That’s my silky smooth segue into our regular weekly world copper inventories update, data from Cochilco:
 The total for world copper stocks in the three official futures systems keeps dropping, but it’s still
above 1mmt as 1,003,270, down 15,942mt from this time last week.
 The speed at which SHFE stocks are dropping has moved from interesting to full-scale eye-
catching, as another 20,362mt leaves its stores to bring the total down to 79,909mt. That level
17
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 ht91
source: IKN calcs

on week 29 was only lower in 2022 and the sharp gradient of the 2026 black line is a visual
indication of Asia’s appetite to secure copper stock.
 Another week in which the LME downtrend continues and finally dipped under the 300kmt line,
with 8,575mt leaving for total of 296,625mt this weekend. That’s still a healthy level.
 Anyone looking for Trump Tariff indicators should be paying attention to Comex copper stocks,
which have steadily moved up for the last couple of months and with last week’s add of
12,995mt, now total 626,736mt. It’s telling us POTUS47 is about to get busy on primary copper,
not just finished products.
Here’s the dedicated SHFE inventory tracker and if this keeps up, we’ll be back under 50kmt sooner rather
than later. For those with a memory, that’s the “scraping the barrel” level at SHFE and in real terms, when
buyers are turned away with nothing to show or no metal to put into their machines.
SHFE copper inventory levels, 2018 to 2025
500000
450000
400000
350000
300000
250000
200000
150000
100000
50000
0
18
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 (AE.v): Even though AE dropped by
7.1% it still managed to offer up one of the better pieces
of news of the week when on Wednesday morning it gave
us another one of its long-winded title lines in (inhale) (8)
“American Eagle Opens Drill Season with 154 Metres of
1.21% CuEq within 280 Metres of 0.96% CuEq from
Surface, Extending the South Zone 100 Metres North”
(exhale). The headline hole in question, 26-83, shows up
on this supplied drill map and is located in the Sweet Spot
South zone, which AE.v seems to have zeroed in on for
this year’s program and will make it the central pillar of its
development toward a 43-101 resource. That’s a eye-
catching assay, even though it’s more about getting
rock out of inferred and into the indicated category
rather than plugging into a zone that will expand
tonnage by much which is probably why the initial
price pop didn’t hold and AE went back to trading with
the median last week (chart right).
However, there’s going to be plenty of time to add
tonnes to NAK this year as AE CEO Anthony Moreau
pointed out in his comments:
“NAK26-83 is exactly the start we wanted:
wide, high grade, and from surface, extending
the South Zone another 100 metres. It is the
first of roughly 80 holes planned this year, so
expect steady results. With our new road
network in place, the rigs are moving faster

and more efficiently than ever, and our large step-outs are already being drilled. NAK has
consistently delivered, and we believe Hole 83 is a sign of things to come.”
I’ll give him credit where due, he’s improved no end in his role in the last couple of years and these days,
strikes the right balance of promotion and factual.
Surge Copper (SURG.v): Down 9.8% on the week and it could have been a lot worse, SURG traded at a
new 2026 low of 42.25c on Friday morning at which point, its weekly loss was 17.2%. More on SURG in the
next note.
Aldebaran Resources (ALDE.v): Ah the feedback/pushback received due to one simple phrase last week:
“…(m)ore advanced than SURG or AE…”
Mail on ALDE was only second to that on Tiernan, which tells me a few things. Firstly, people think I’m hating
on Surge Copper or have some sort of chip on my shoulder about the company. Sorry guys, for one thing
you’re wrong and for another, the fact that you profess such fondness for a stock is a window on your own
investment fragility, not mine. Secondly, I’m happy to defend that above statement and did so to at least two
of you. Here’s how I replied to one of you:
Have you met Black and Heather? The technical information at Altar was FS level for its PEA,
meanwhile Berg is your actual optimized PFS on a project that falls between stools. For the future
timeline of Berg, see Schaft Creek. Meanwhile, Altar will change hands this cycle. Get used to the
idea that you married the wrong bride, it's not down $100m since the PFS by sheer chance.
And I don't own ALDE.
So be clear, John Black and Kevin Heather have reason to dislike me professionally as I’ve pointed out the
fatal flaw in Regulus Resources (REG.v) for at least six years and so far, have been exactly right with the
position (e.g. seen the drills turning there recently? Wondered why?). I haven’t exchanged a single word with
Black since dumping REG, as long-term readers will recall I never stopped kvetching and complaining about
ALDE while holding it and I have no affinity or particular reason to support them and recommend their
companies, aside from the fact they are simply world class on a technical level and in the way they compile
data on their projects. It’s how they sold Antares to First Quantum, it’s how they’ve gone about their work at
ALDE and REG, it’s why majors take them seriously so when these guys publish a PEA, its standards on
nearly all metrics aside the inclusion of inferred resources are way above the norm in the wonderful world of
junior explorecos. I’d take the ALDE PEA in a nanosecond over the PFS published by SURG this year and yes,
that means it is more advanced. It’s also way more likely to find a buyer in the current cycle.
What’s more and without naming names, it’s on record that at least some of the people who took me to task
about that simple phrase in IKN893 last week are the same who will launch into long public diatribes about
the deficiencies of CIMM 43-101 reporting system and how it’s abused by juniors of all shapes and sizes.
However when it suits them any PFS is always superior to any PEA. And now take your hurt feelings and
unsubscribe, but remember me when ALDE sells before SURG.
Pecoy Copper (PCU.v): Down another 5.6% on the week after I wrote in IKN893 that “I’d tentatively
suggest PCU is a fliptrader buy at these levels”, it’s now down at the bottom of its range and if there’s going
to be a bounce point, it’s here. PCU’s deterioration hasn’t been quite as eye-catching at that or SURG because
19

it’s come off a lower level, but it’s still quite a drop in the last few weeks for a stock that’s been a constant
C$1.70 / C$1.90 all year (aside the Iran-induced dump in late March). Same as last week, this is till the one
I’d choose for a chart-based rebound in this sub-sector, above and beyond any stock mentioned above.
UPDATE Monday: I nearly edited this note on PCU out, but in the end left it as written over the weekend.
Sure enough, the stock ran up 14.8% on Monday to close at C$1.55. Ugh.
The Producer Basket
After twenty-eight weeks of 2026, the Producer Basket shows a loss of 20.10% to level stakes:
company ticker price 1/1/26 Shares out MktCap(U$Bn) current pps gain/loss%
1 Newmont NEM 99.85 1079.933 96.87 89.70 -10.2%
2 Agnico Eagle AEM 169.53 500.989 68.62 136.97 -19.2%
3 Barrick B 43.55 1705.994 59.59 34.93 -19.8%
4 Wheaton PM WPM 117.52 454.037 47.30 104.18 -11.4%
5 Lundin Gold LUG.to 114.02 241.833 13.38 76.82 -32.6%
6 Alamos Gold AGI 38.58 419.947 11.87 28.26 -26.7%
7 IAMGOLD IAG 16.49 588.8 8.33 14.14 -14.3%
8 Eldorado Gold EGO 35.92 198.571 5.55 27.95 -22.2%
9 B2Gold Corp BTG 4.51 1343.243 4.93 3.67 -18.6%
10 Americas G & S USAS 5.11 326.928 1.24 3.78 -26.0%
All prices and stock quotes in U$, except share price of LUG (in CAD$) Port. avg -20.10%
Another highly negative week for the PM producers, gold dropped by 2.3% (GLD proxy) and dragged the
entire complex down and, as GDX dropped 5.6% and GDXJ dropped 6.8%, your author’s 2026 picks are
always going to feel the sharp side of the double-edged sword we know as leverage (beta). All ten of our
stocks were losers and most of those dropped in the same range as GDX/J, but there were outliers on both
sides and the least worst by some distance was Lundin Gold (LUG.to down 1.8%) while the biggest loser,
also by some distance, was Americas Gold & Silver (USAS down 12.1%) and that one has been severely
beaten up this month, as seen below.
The tracking charts show how the drop just don’t stop and the gap between us and the benchmark has
grown to over 3%...and that’s not good.
The 2026 Producer Basket: Weekly performance and
comparative to GDX control
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
Lundin Gold (LUG.to): To borrow from Jim Morrison, Been down so long it looks like up to me. The least
worst of the week was tracking GDX just like all the
others right up to Friday, when buyers came for the
stock (as last) and LUG put in its own private relief
rally:
Not a bad thing, especially when you consider that
LUG is one of the worst performing mid/large cap gold
20
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 ht5luj ht21 ht91
The 2026 Producer Basket: Percentage diff. Between
GDX benchmark & basket (negative = IKN ahead)
4%
3%
ikn
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 ht91
source: IKN calcs

producer in the world in 2026 and easily the worst on the Producer Basket.
Americas Gold and Silver (USAS) (USA.to): The beatings will continue until morale improves. USAS was
already dropping along with everything else, but as from a
week and a half ago the dump has accelerated and now,
the Q1 market darling is 26% in the hole for 2026 and has
dropped from #1 performer of our ten to #8.
The move last week reminded me of my reasoning for its
inclusion in this year’s list, so instead of reporting on it
here’s a copypaste of the relevant section of IKN867
5) Americas Gold & Silver (USAS): This year’s final pick
is the risky one, as until recently USAS was a failed ruin
of a company. Its rise in 2025 was all about the
leverage it offers to silver and gold, as well as the
capital now getting ploughed into its assets. This is the
stock that provides most leverage to the GDX, it’s by far the smallest market cap of the ten and one
to gauge whether the market is ready to reward the midcaps more than the Tier 1s.
In Q1 the market was ready and willing to reward, most recently it’s been all about punishment. But the year
is not over and as pointed out last week, it’s the USAS stocks of this world that run like the clappers if/when a
rebound turns into a full-scale rally. We’ll need the gold price (and silver in this case) to play ball of course.
USAS provided a 4q25 production results NR on January 21st 2026, it then provided a 1q26 production NR on
April 16th. That means we’re due for a 2q26 report at any moment, which is also when we get to find out
whether the out-sized drop of the last few days has been driven by insider knowledge.
The TinyCaps List
After twenty-eight weeks of 2026, the TinyCaps show a loss of 13.79% 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 11.90 0.045 -35.7%
Canex Metals CANX.v 0.215 208.63 49.03 0.235 9.3%
Sranan Gold SRAN.cn 0.30 60.42 6.65 0.11 -63.3%
Enduro Metals ENDR.v 0.155 117.96 16.51 0.14 -9.7%
Latin Metals LMS.v 0.21 138 30.36 0.22 4.8%
Precore Gold PRCG.cn 0.26 32.093 7.86 0.245 -5.8%
Radius Gold RDU.v 0.14 115.7 17.36 0.15 7.1%
Silver Wolf SWLF.v 0.135 62.18 6.84 0.11 -18.5%
Trifecta Gold TG.v 0.195 47.7 8.59 0.18 -7.7%
Viva Gold VAU.v 0.19 182 28.21 0.155 -18.4%
Prices in CAD$, data from TSXV basket avg -13.79%
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.
21

A big drop for the TinyCaps List average, down 6.72% and
back to near its lowest point of the year on the back of TinyCaps, 2026 weekly tracker
seven losers (AUME.v, CANX.v, SRAN.cn, ENDR.v, RDU.v, 20%
15%
SWLF.v, VAU.v), two unchanged stocks (LMS.v, TG.v) and
10%
just one winner, so a cheer and a round of applause for
5%
Precore (PRCG.cn). There were four stocks that dropped 0%
big, namely Auriginal (AUME.v down 18.2%), Sranan -5%
-10%
(SRAN.cn down 15.4%), Enduro (ENDR.v down 15.2%) &
-15%
Canex (CANX.v down 14.6%) and between them, did most -20%
of the damage.
Sranan Gold (SRAN.cn): Brought in as a replacement to the bought out Electrum Discovery as much out of
curiosity as anything else, SRAN has been a one-way ticket to Bagholdersville this year and last week, upheld
one of the old adages about the market. If a headline that included (9) “…Assays of Up To 101 g/t gold”
landed in the midst of a rampant bull market, it would have enough to drive the stock up another 20% and
get the C-suite licking their lips about the next private placement. But in less frothy times, e.g. now, people
immediately point to the words “Grab Samples” that precede the numbers and use the news as a liquidity
event. This is far from my favourite stock and has the faint smell of a scam about it, but to be absolutely fair
that NR and headline is justified, this is the type of work and results that a tinycap should do on its early
stage properties and in this case, probably didn’t deserve the reception it got.
Radius Gold (RDU.v): In the words of Albert Einstein, madness is doing the same thing over and over
again and expecting a different result (10)
Vancouver, British Columbia – Radius Gold Inc. (TSX-V: RDU) (“Radius” or the “Company”) is
pleased to announce that it has executed a formal Option Agreement (the “Agreement”) with Minera
Joncijirca S.A.C. for the Jonco Silver Project (the “Project”) in central Peru.
Located in the Ancash region, Jonco is a “…large-scale polymetallic silver-gold-lead-zinc system” (the Andean
triumvirate of metals) and “…covers 3,830 hectares with multiple drill and geophysical targets, 11 historic drill
holes (3,195m), and significant potential for bulk-tonnage mineralization.” Those historic (i.e. non-43101
compliant holes include a 254.5m hole that returned 27.0 g/t silver with kickers, an 85.5m holes that
returned 0.43g/t gold, 14.1 g/t silver and kickers, and a 90m holes that returned 0.32 g/t gold, 31.3 g/t silver
and kickers. In other words, a potential open pit mine that grades an ounce per tonne silver and do not hold
your breath on this one ever becoming a mine, but it will give Ridgway the chance to throw some more
sequins in our faces. Sic transit gloria mundi.
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
Next week we’ll run a better catch-up of regional political news affecting the mining industry as there are a
growing list of latent stories on the niche subject. Today, just one.
Colombia: The incoming mining minister
We ran a few words on Colombia President-Elect Abelardo de la Espriella’s pick for Environment Minister last
week and while that, somewhat strangely, probably a more important policy position for us in junior world
than that of the standard mining minister when it comes to Colombia, it’s only right to complete the job with
a few words on the woman picked by ADLE last week to the new Minister of Energy and Mining (11).
Her name is María Noemí Arboleda, she’s an engineer by profession and comes from the energy sector,
specializing in hydrocarbons production and electricity transmission (we remind readers that in Colombia, the
oil & gas industry is normally categorized as a sector of mining). In other words she’s not a specialist hard
rock mining person and so we’ll have to wait a little longer to find out who the incoming government appoints
as Vice-Minister of mining to something of worth to report. However, it is fair to say that Ms. Arboleda is a
free-market advocate and is bound to be a set of ears to which mining companies can appeal their case.
22
ts1naJ ht4naJ ht11 ht81 ht52 ts1bef ht8 ht51 dn22 ts1raM ht8 ht51 dn22 ht92 ht5rpA ht21 ht91 ht62 dr3yam ht01 ht71 ht42 ts13 ht7 ht41 ts12 ht82 ht5luj ht21 ht91
source: IKN calcs, TSX data

Market Watching
Provenance Gold (PAU.cn) redux
After featuring the stock on these pages for the first time in a long time in the Market Watching note
“Provenance Gold (PAU.cn): A return to a buyable price”, it would be remiss not to mention what happened
to the stock price last week [EDIT Monday: And today, it traded and closed at 15c as well]:
After bouncing around at 17c for the week, a quick flurry of selling pressure saw PAU.cn take another leg
down on Friday, its 15c close the lowest price since it made its breakout move way back in October 2024.
This gives me the chance to use the classic promo pump shiller argument “Hey now, you liked it at 17? You
gonna love it at 15!” but in fact, nothing has changed aside a moderate seller, willing to take any price
offered and a complete lack of interest from bargain hunters. If you like your explorecos when they’re hated,
put it on your shortlist because the company has demonstrated via the drillbit that there’s plenty of gold at
Eldorado.
Salazar Resources (SRL.v) and a new project valuation
The 16.7% week-over-week drop in SRL.v last week is not, in the considered opinion of this desk,
representative of what’s going on at the company and for two reasons. First up, SRL normally trades in a
wide range and it so happened that two Fridays ago it closed at the top of that range and this Friday, it
closed at the lower end. This six-month chart (right) tells you most of what there is to know and also shows
how the range is putting in regular higher-highs and higher-lows…healthy.
Secondly, we had substantive news out of SRL last week that puts real asset value behind this stock. On
Wednesday SRL published a NR (12) with updated economics on El Domo / Curipamba that values the
project at U$573m using an 8% discount rate using the gold and cost numbers for this year and a more
obvious pitch for a 50c valuation is difficult to come by. Here are some thoughts arising, starting with the
least important and it’s not often the case, but here an 8% discount rate is a reasonable pitch for a small
exploreco’s flagship project. The construction is funded by major partner Silvercorp (SVM), it’s fully funded,
it’s underway and circumstances allow us to bring down the cost of capital as pertains directly to SRL to
something approaching background interest rates.
With that out the way, now for the numbers and the new El Domo compares to the previous and clearly out-
dated 2021 Feasibility Study that an NPV of US$259m at the same 8% discount rate. The new NPV of
U$573m values SRL’s 25% free carry of at U$143.25m. Under the circumstances a fair price, so we note that
the morning of the NR, SRL was priced at C$0.235 (though admittedly it has been fluctuating in a fairly wide
20c – 27c range recently). That puts its market cap at C$58.5m, or approx U$41.5m. Do the math, stick a
finger in the air and you arrive at a full valuation for SRL’s portion of El Domo/Curipamba of C$0.81 (which
doesn’t include its early-stage projects, of course). So here’s the thing: If VM want to consolidate its
ownership, they are not going to screw over their own balance sheet and pay under NPV for SRL’s 25%, as it
would imply an impairment on their own 75% as stands. SRL is free-carried to production and while the
terms of the deal mean they don’t get much of the revenue stream until SVM’s capex bill is paid off, the asset
is still the asset and (metals price fluctuations notwithstanding) it makes basic business sense for SVM to buy
out the minority sooner, rather than later. But whether or not SVM buys out SRL, this valuation means the
market will begin to recognize the SRL asset value as El Domo re-rates toward and into production.
23

Finally, I thank reader MC for writing in and reminding me of my own stupidity. Here’s the bit of his mail that
counts…
“One question regarding Salazar. You refer to their 15% part of El Domo. I was always under the
impression it was 25%? Did I miss something obvious?”
…and here’s my reply:
You're absolutely right and it's about the 5th time I've been pulled up on this. I have a recurring
brainfart about this and i think it comes from the old SolGold deal with Cornerstone.
I need a hammer to my brain.
I have no idea why I’ve had 15% free carry in my head about this trade, the above is my only excuse. So to
be crystal clear and to correct any previous mention using the fifteen word, SRL has a 25% free carry on El
Domo and that’s worth way more than its current market cap.
To clear up my issues with Tiernan Gold (TNGD.v)
As noted in today’s intro bullet points, hindsight tells me that I shouldn’t have dashed off a last minute
thought or three about the weak price action in Tiernan Gold (TNGD.v) in IKN893 because it probably did
more harm than good. The substance of that brief note in last week’s edition…
 Recognition of its poor trading action
 I have been on the trail of a couple of issues that may have added doubt to the story
 I still hadn’t got to the bottom of the matters when going to press last week
 I’m not a seller of the stock
…was 100% true and factual, but when the mails started coming in, I read your concerns and re-read my
own words, only then did it occur to me how easy it was to read more negativity into my position than I felt.
The idea was to tip hat to the price drop, voice my own concerns about they way TNGD was making me
poorer and tell you I was on the case and had noted a couple of things that could be behind the drop, but it
came out wrong. Inadvertently or not, my phrasing sowed too much concern among readership and that’s on
me, I apologize.
However and after chasing up the loose ends on the potential issues between then and now I can now
address the issue with more knowledge. Three matters arising:
1) Price action: It was bad enough in IKN893 when noting
the drop to C$6.90, in the days following last week’s
edition the stock went haywire (chart right), dropping
briefly to under C$5 and below its IPO price (which back in
late 2025 was considered a drop dead bargain. The cherry
on top of the crazy was the rally on Friday, which
suddenly saw buyers move in and a 15% rally [Update
Monday: Today TNGD closed down 2.7% at C$5.69 on
very thin volume]. In particular, the accelerated drop last
week was stomach churning (for me and others, I have
the correspondence) and while it has the fingerprints of a
towel-throwing bottom, you never can tell in this market.
At this point, it’s worth remembering the tight share structure at TNGD and
the visual (right), from part of page four of its latest corporate presentation,
helps the memory. With 62% of shares locked up in main backer (and
previous owner of Volcan) Hochschild, even if the 26% held by instos isn’t
quite as tight-handed as the corporate literature would like us to believe it’s
still a thin float. In fact and if we consider the quality of the instos that make
up the 26%, I’d strongly suspect most (not all) are passive long-termers that
are ready and willing to let TNGD deliver on its timeline. That leaves the
12% held by retail and when there are only 47.9m shares out, that’s not
many. Long story short, as unpleasant as the share price action may have
been it’s not something that deserves massive alarm bells, in these
circumstances it only takes one or two medium-sized holders to sell for their own reasons to cause a vacuum
on the bid.
24

2) The corporate timeline: Prompted by A. Reader, your author noticed a couple of weeks ago that along with
a stretched timeline, corporate wording had changed at TNGD about its upcoming milestones. Originally and
at IPO, TNGD told the world it would deliver a PFS on Volcan by the end of 2026. In 1q26 that PFS got
quietly pushed back to "the first half of 2027" and to be perfectly honest, I had no problem about that. For
one thing, from the getgo I thought that raising the right team and doing the work required for a PFS in one
calendar year was being optimistic and for another, word was already out that the environmental work
required to get to PFS status was going to hit bureaucratic delays due to the change of government in Chile
(Kast and all that). However, the latest iteration of the corporate timeline changed the wording, told us the
company would be doing "Engineering" to end 1h27 and then, from the end of next year, start work on a full
Feasibility Study (FS). That was odd (and when it comes to mining projects I tend not to like odd) so it was a
matter I wanted to chase up and come this time last week, had got reasonable non-official explanations but
still wanted a word from the C-suite. That arrived between Monday evening and today, when CEO Fausto Di
Trapani got in touch so rather than put it all into my own words, read his:
The short answer is yes, we still expect to publish a PFS. The reason the more recent presentation puts
greater emphasis on engineering and the EIA is that permitting is the critical path for Volcan, and the
engineering work is being sequenced around what is required to support a robust EIA submission.
Our current plan is to have the key engineering package substantially advanced before the end of H1
2027. That work will support the PFS and the EIA, with certain critical-path items advanced in more
detail where the permitting process requires it. We have been careful not to turn the PFS date into the
headline milestone, because in the current Chilean permitting environment we believe advancement of
the EIA is the more important value driver for the project.
I can see how the change in emphasis between presentations created a fair question. The intent was
not to move away from publishing a PFS, but to be clearer internally and externally that the PFS sits
within the broader permitting and engineering path, rather than being the sole driver of the schedule.
For the record, I’ve heard good things about CEO Di Trapani from people I trust, so take that for what it’s
worth and by the way, I think his reply is worth reading a second time because it’s telling us the engineering,
i.e. something fully in the hands of TNGD, is on track but implies the permitting track (i.e. on which TNGD
will be dependent on the government of Chile and its bureaux) is the “critical path” and the place where
delays may show up. Nuanced for sure, but it’s there all right. And that makes a lot of sense to this desk
because unbeknown to Mr. Di Trapani, it fits like a glove with the third issue that had my attention around
Tiernan and Volcan. Read on.
3) Permitting issue: Which brings us to the third and final issue, one that isn’t directly related to Tiernan at
Volcan but its ramifications are such that we need to take them into account. This is mostly about Kinross
Gold at Lobo Marte, the U$1.5Bn gold mine development that got plenty of trade paper coverage. Here’s an
example report on April 1st, when Kinross announced it was submitting for its EIA at Lobo Marte (8) and
here’s one from April 14th when the submission was formally accepted for review by Chile’s environmental
authority, the SEA (8). There are plenty more where those two came from and the general tone on both days
was that the submission was a major milestone for the project and the mining world should be very pleased
this big capex gold mine was now moving forward. Which is all well and good, except for the small detail that
the Kinross EIA report is a load of crap and we on the outside only found out how bad it is when, on July 8th,
the SEA published its initial evaluation report of the Kinross EIA
submission.
Now for a slight aside, as to best understand what’s going on we take
a moment to consider a normal EIA permitting track for a mine, be it
in Chile or anywhere else. Firstly, the company compiles its data and
submits its application. Then the authority reads the document and
writes a formal reply with what’s normally termed “observations” on
things it wants improved, or requires more details about, or wants
changed. At that point, the company will address the observations,
collect extra data if required and answer the Environment people in a
new report. Then more observations are made. Then the company
answers those. Then more are made, etc etc until at some stage in the
proceedings there are no more questions, queries or details left
unaccounted for by the company. A that point the government people
are normally satisfied and it’s when the permit will be expedited. It’s a
25

type of ping-pong affair that normally ends well, as long as the company covers the questions and issues and
be clear, there are ALWAYS observations made by a government and the EIA submission that gets pure
green lights from the first document submission does not and never will exist. However, there are levels of
competency and I’m afraid to say that Kinross at Lobo Marte has been found lacking and, due to its location
and similarities to Volcan, that matters here.
Feel free to get your own copy of the submission and the SEA observations reply (on this link (8), scroll to
the bottom of the list in line item 63) and it you do, you’ll be rewarded with a 238 page report in dense and
dry Spanish. All good fun I’m sure and I’ll be frank, not something that I’d normally bother with myself.
However I know people that do and just a couple of days after the report dropped, I heard from a reliable
contact inside Chile, one professionally involved with the mining sector’s legal and permitting, who told me
that all was not right with the Lobo Marte EIA submission. Off I scampered, downloaded my copy and gave it
a couple of careful reads. Long story short, Kinross has done a really bad job of preparing and submitting for
this EIA. As in really bad and consensus is that Lobo Marte’s submission lacks in substance, is often ignorant
of the parameters required for an EIA in Chile in 2025 and in several places offers slipshod level of work.
There are a lot of issues and I’m not going to break your head with a long list, instead here are the four main
areas in which the Lobo Marte submission misses the mark:
 Potentially breaches Chilean law, specifically the laws that protect nature reserves and protected
area
 Fails to meet minimum standards under the Protected Wild Areas Act
 Deficient and out-dated methods used to collect data on fauna/flora and archeology in the area
set for development
 Failure to achieve consent from community and indigenous in zone
 Underestimation of the effects of the project on the water table
Those are all big issues and under each of those heading are several, often many different aspects of the
same problem. If it were a few problems or a failure to collect enough data on certain criteria then fair
enough, the company then has to put in more man hours and improve on the work already done, but for
example “deficient, out-dated methods used” means the company is going to have to start that part of the
process form zero again. The ignorance of the current laws and regulations is manifest all through the
submission and to add a touch of irony, one of the specific problems is that Kinross has gone about collecting
data on the local chinchilla population (yeah, those critters) in a poor way and was directed by SEA to take a
look at what Rio2 did and copy them. The lack of community and indigenous consulting is not only
amateurish at this stage in the 21st century, it smacks of pure arrogance. However, perhaps most serious is
the potential effects on the water table as, according to Sea, the company has failed to take into account the
effect of its two local projects in combination and in the Lobo Marte application, only considers the effects of
the single mine despite knowing full well that both projects will draw on the underground water table.
I’ve tried to capture the gravity of the situation in as few words as possible and it’s not easy, but the bottom
line is that Kinross Lobo Marte has done a bad job of EIA submission and it’s going to cost them time and
money to fix it, with the former being the more precious. It’s tough to estimate but the plan to green light
construction next year and have first production from the mine as early as 2028 is now dead as a dodo and
best guesses now revolve around production as from 2031. In a nutshell, the poor EIA work done at the
project will cost Kinross two years (and those in the know expect firings to happen among the team).
Which is all well and good, but begs the question why a Kinross project is important to Tiernan at Volcan, so
here goes on that. According to reliable sources, Tiernan was using Lobo Marte as their model for EIA
submission and while the projects are different, they have enough in common for that to be concerning.
There are levels of problems here and while Tiernan has certainly done more work on its community relations
work with remote communities and indigenous to the zone (it has three communities to deal with and has
been doing so from day one), we believe at least some of its work to date has been a copy of the Kinross
playbook. Be clear, the issues are not as serious for Tiernan as they are for Kinross (underlined, bold
typed) and for several reasons, first and foremost because Tiernan has not submitted its application yet.
That’s basic but it’s important, as it allows TNGD to learn quickly from the mistakes made by Kinross and beef
up its data and use the right criteria now, not later. The state of its EIA was my main worry this time last
week and since then, I’ve learned enough to consider the issue is not a dealbreaker. It is, however, a very
logical reason as to why TNGD has stretched its PFS timeline somewhat and is considering the engineering
26

and the permitting on slightly different tracks now. Overall and to make a best guess, I’d say the need to re-
work and improve its baseline EIA work will add three to six months onto the TNGD timeline and whole
annoying, that’s no reason to give up on what is a very attractive project with gold where it is. What’s more,
if the Kinross permit submission scuttlebutt and gossip is the main reason for the new skittishness among
shareholder and the reason for the big drop in the past couple of weeks (and I suspect that to be so), it’s
been way, WAY overblown and the current price is a real bargain.
Bottom line: I unduly worried this readership in IKN893 last week, it wasn’t my intention and my motives
were honorable*, but after finding out what I wanted to know I am a confirmed holder of Tiernan Gold
(TNGD.v) and consider the current share price very oversold. The Kinross Lobo Marte EIA is the main source
of concern but as long as TNGD goes about its work diligently and learns from Kinross’s mistakes, there’s
every reason to expect the project to get a more normal passage through the Chilean permitting system.
*Or as honorable as things get in our Godforsaken sector
Conclusion
IKN894 is done, we close with bullet points:
 The addition planned to the foothold trade in Xali Gold (XGC.v) is of minor importance compared to
other matters covered in this edition, but it’s still the only trade I have planned.
 The West Red Lake Gold (WRLG.v) quarter was good, the Amerigo Resources (ARG.to) quarter was
great and while Wesdome’s (WDO.to) had a weak point in the Eagle River grade, there’s still plenty to
like and with big mining companies making money hand-over-fist at U$4k/oz gold, it’s still one of the
most obvious buyout targets in the sector.
 Hopefully the Tiernan Gold (TNGD.v) settles a few nerves. I’ve derived zero fun from its recent trading
too, but when you buy into a story and are willing to let it develop well…you let it develop.
 Copper continues to look particularly strong and gold at U$4,000/oz has found its hard baseline.
I wish you good trading fortune, ladies and gentlemen.
Best wishes, Mark.
Footnotes, appendices, references, disclaimer
(1) https://www.gofundme.com/f/aid-hope-for-the-victims-of-the-venezuelan-earthquake
(2) https://westredlakegold.com/west-red-lake-gold-reports-strong-q2-operating-progress-with-73-increase-in-mined-ounces-and-51-
higher-gold-production-over-q1-at-madsen-mine/
(3) https://amerigoresources.com/investors/news/amerigo-reports-strong-q22026-operational-results
(4) https://www.wesdome.com/English/investors/latest-news/news-details/2026/Wesdome-Announces-Second-Quarter-2026-Production-
Results-On-Track-to-Achieve-Full-Year-Consolidated-Production-Guidance/default.aspx
(5) https://xaligold.com/news-releases/xali-gold-strengthens-technical-team-at-pico-machay/
(6) https://www.rio2.com/post/rio2-files-ni-43-101-technical-report-for-the-kalzas-tungsten-project-yukon-canada
(7) https://www.hellenicshippingnews.com/ubs-sees-copper-market-deficit-supporting-long-positions/
(8) https://americaneaglegold.ca/news/american-eagle-opens-drill-season-with-154-metres-of-1.21-cueq-within-280-metres-of-0.96-cueq-
from-surface-extending-the-south/
(9) https://sranangold.com/news/sranan-golds-lawatino-reconnaissance-sampling-program-returns-grab-sample-assays-of-up-to-101-5-g-
t-gold/
(10) https://radiusgold.com/projects/jonco-project-1/
(11) https://www.bloomberglinea.com/latinoamerica/colombia/hoja-de-vida-y-quien-es-maria-noemi-arboleda-la-nueva-ministra-de-minas-
y-energia-de-de-la-espriella/
27

(12) https://salazarresources.com/investors/regulatory-news/salazar-resources-reports-el-domo-after-tax-npv-8-discount-rate-of-us-573-
million-representing-a-121-increase-compared-to-the/
(13) https://www.latercera.com/pulso/noticia/proyecto-minero-lobo-marte-de-la-canadiense-kinross-ingresa-a-tramite-ambiental-con-
inversion-de-us-1500-millones/
(14) https://www.portalminero.com/proyecto-lobo-marte-es-admitido-a-tramite-por-el-servicio-de-evaluacion-ambiental
(15) https://seia.sea.gob.cl/expediente/expedientesEvaluacion.php?modo=ficha&id_expediente=2168238560
Stocks To Follow Closed Positions 2025
CLOSED TRADES IN 2025 date closed close price
Arizona Sonoran ASCU.to Jan'25 C$1.39 22-Dec-24 C$1.68 20.9% nice NT trade, took profit
Libero Copper LBC.v Jan'25 C$0.34 20-Oct-24 C$0.245 -30.0% small spec loser
Barrick Gold GOLD Feb'25 U$15.70 22-Dec-24 U$18.26 16.3% taking profit on NT trade
Ero Copper ERO Mar'25 C$19.37 22-Dec-24 C$17.64 -8.9% closed badly timed trade
IMPACT Silver IPT.v Apr'25 C$0.30 14-Apr-24 C$0.195 -35.0% closed small Ag trade fail
Pan Global Res PGZ.v Apr'25 C$0.19 19-Feb-24 C$0.11 -42.1% closed sm Cu on -ve mkt turn
Aftermath Silver AAG.v Jun'25 $0.425 22-Dec-24 C$0.64 50.6% took profits, decent result
Lumina Gold LUM.v Jun'25 C$0.78 23-Feb-25 C$1.25 60.3% successful buyout trade.
Eldorado Gold EGO Aug'25 U$15.93 11-Aug-24 U$21.73 36.4% took profit, underperf'd peers
AbraSilver ABRA.to Aug'25 C$2.73 26-Jan-25 C$5.67 107.7% took profit, good result
Minera Alamos MAI.v Aug'25 C$0.21 13-Oct-19 C$0.345 64.3% lightened overweight position
Surge Copper SURG.v Sep'25 $0.105 22-Dec-24 C$0.215 104.8% took profits, good result
Provenance Gold PAU.cse Oct'25 C$0.15 27-Aug-25 C$0.265 76.7% took profits, good result
Stocks To Follow Closed Positions 2024
CLOSED TRADES IN 2024 date closed close price
Amerigo Res ARG.to Jan'24 C$1.36 12-Dec-21 C$1.34 -1.5% reduced Cu exposure
Fortuna Silver FSM Jan'24 U$2.92 13-Aug-23 U$3.09 3.4% Time ran out on NT trade
Argonaut Gold AR.to Jan'24 C$0.42 17-Dec-23 C$0.395 -6.0% NT specflip closed on poor Q4
Equinox Gold EQX May'24 U$4.42 30-May-23 U$5.57 26.0% Took sm.profit, disappointing
Adventus Mining ADZN.v May'24 C$0.305 7-Jan-24 C$0.445 45.9% bot out, nice win
SolGold SOLG.to May'24 C$0.22 19-Feb-23 C$0.165 -25.0% ran out of patience
Western Copper WRN.to July'24 C$1.57 26-Feb-24 C$1.53 -2.5% Sold on regional risk
Contango Ore CTGO Sep'24 U$18.70 30-Jul-23 U$20.23 8.2% Port rebalance sale
Florida Can. Gold FCGV.v Oct'24 C$0.63 21-Jul-24 C$0.71 12.7% failed trade with a lucky win
Bear Creek Min BCM.v Oct'24 C$0.35 10-Jun-24 C$0.67 91.4% took profits on spec trade
American Eagle AE.v Oct'24 C$0.43 25-Aug-24 C$0.69 69.8% taking profit on NT flip
SilverCrest Met SILV Nov'24 U$6.90 31-Mar-24 U$9.76 41.4% sold on CDE buyout
Newcore Gold NCAU.v Nov'24 C$0.205 23-Oct-22 C$0.32 56.1% sold on advisor appt
Aldebaran Res. ALDE.v Dec'24 C$0.72 16-May-21 C$2.11 193.1% closed trade, took profits
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
28

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
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
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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
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
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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
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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