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KRO Indices
Publisher: Kaiser Research Online

KRO Theme Indices
KRO Indices were initiated in 2009 as an attempt to track the performance of the resource sector based on thematic groups and to compare with measures such as the TSXV Index and the price of gold. All indices start with an equally weighted membership, but subsequent additions are added with the initial member weighting regardless of where the index has ended up. Some indices are "backdated", meaning they include index values prior to the "equal weighting" start date of the initial membership. When a member is delisted from trading pursuant to a takeover bid or merger, or discontinued because it is no longer eligible, the index value contribution by the "discontinued" member stays in the index. However, members who graduate to a higher level index, such as a junior gold producer becoming an intermediate gold producer, remain as an active member of the lower index. Each KRO Index Report includes charts showing how the index member company performed against the overall index and the benchmark measure. By the end of 2018 all KRO indices were discontinued, and the KRO Favorites 2019 Index was created to track the favorites within the new Spec Value rating system. We also create indices for smaller scale conferences such as the Metals Investor Forum which are unrestricted. We have left the closed index reports online so that we can study them both to understand the past and to help design new ones. We have the ability to construct and maintain a custom index for a negotiable fee. Contact John Kaiser to discuss.

Theme Type	Focus	Index Type	Theme Title	Description
Recommendations	Favorites	Main	KRO 2020 Favorites Index	Features companies with Bottom-Fish, Fair or Good Spec value ratings that were designated Favorites in 2020, effective December 31, 2019. Members Only

Conferences	Metals Investor Forum	Main	KRO MIF January 2019 Index	Features the 23 companies that presented at the MIF January 18-19, 2019 conference in Vancouver. Unrestricted.

	Metals Investor Forum	Main	KRO MIF March 2019 Index	Features the 32 companies that presented at the MIF March 2-3, 2019 conference in Toronto. Unrestricted.

	Metals Investor Forum	Main	KRO MIF May 2019 Index	Features the 26 companies that presented at the MIF May 24-25, 2019 conference in Vancouver. Unrestricted.

	Metals Investor Forum	Main	KRO MIF September 2019 Index	Features the 22 publicly traded companies that presented at the MIF September 6-7, 2019 conference in Vancouver. Unrestricted.

	Metals Investor Forum	Main	KRO MIF November 2019 Index	Features the 23 publicly traded companies that presented at the MIF November 15-16, 2019 conference in Vancouver. Unrestricted.

	Metals Investor Forum	Main	KRO MIF January 2020 Index	Features the 37 publicly traded companies that presented at the MIF January 17-18, 2020 conference in Vancouver. Unrestricted.

	Metals Investor Forum	Main	KRO MIF March 2020 Index	Features the 39 publicly traded companies that presented at the MIF Feb 29-Mar 1, 2020 conference in Toronto. Unrestricted.

Regions	James Bay - Quebec	Main	KRO James Bay Plan Nord Index	Features companies with a primary focus on the James Bay portion of Quebec's Plan Nord or an important project located within it. Members Only

	Yukon, Canada	Main	KRO Yukon Index 2019	The KRO Yukon Index 2019 was created on August 15, 2019 to feature companies with a primary project focus on the Yukon, or, if the primary focus is elsewhere, has a Yukon project that is the focus of current exploration activity whose outcome is potentially material to the company's valuation. The KRO Yukon Index 2019 was set at 1000 based on stock prices as of August 15, 2019. Members Only

Conceptual	Gold Producers	Main	KRO 2020 Gold Producer Index	The KRO 2020 Gold Producer Index consists of Australian, Canadian and US listed companies producing at least 100,000 oz annually and deriving 50% or more of their revenue from gold production. The index was normalized to 1000 on December 31, 2019 with each eligible member assigned an equal value weight based on the Dec 31, 2019 closing price. The index has been back-dated to January 3, 2017 to capture the start of the post-Obama presidency. The index normalization date was chosen to capture the collective value of gold producers before the covid-19 pandemic emerged. The price of gold ($1,523) and the TSXV Index (577.54) on Dec 31, 2019 were normalized each to 1000. The TSXV Index has been included to allow comparison of gold producer performance with that of resource juniors, with the caveat that the TSXV Index includes less than 25% of TSXV listings, of which only 58% are resource sector listings. Companies which underwent a rollback prior to Dec 31, 2019 are back dated only to the rollback date. Members Only


Closed Indices	Spec Value Picks	Main	KRO 2019 Favorites Index (Closed)	Features companies rated with bottom-fish, fair or good speculative value that were picked as Favorites for 2019 effective December 31, 2018. Discontinued December 31, 2019
		Main	Spec Value Hunter 2017-18 Index (Closed)	Features good and absolute relative spec value hunter recommendations made in 2017, starting with the keepers migrated from the Spec Value Hunter 2016 Edition effective December 30, 2016. Discontinued December 31, 2018
		Main	Spec Value Hunter 2016 Index (Closed)	Features good and absolute relative spec value hunter recommendations made in 2016, starting with the keepers migrated from the Spec Value Hunter 2015 Edition effective December 31, 2015. Discontinued December 30, 2016
		Main	Spec Value Hunter 2015 Index (Closed)	Features good and absolute relative spec value hunter recommendations made in 2015, starting with the keepers migrated from the Spec Value Hunter 2014 Edition effective January 2, 2015. Discontinued December 31, 2015
		Main	Spec Value Hunter 2014 Index (Closed)	Features good and absolute relative spec value hunter recommendations made in 2014, starting with the keepers migrated from the Spec Value Hunter 2012 Edition effective January 3, 2014. Discontinued January 2, 2015.
	Bottom-Fish	Main	Bottom-Fish 2016-18 Index (Closed)	Features bottom-fish from the 2016-2018 Edition launched on December 31, 2015. Discontinued December 31, 2018.
		Main	Bottom-Fish 2014-15 Index (Closed)	Features bottom-fish from the 2014 Edition launched on January 3, 2014. Discontinued on December 31, 2015
	Conferences	Basket	Tomorrow's Winners A&F Oct 2013 (Closed)	Features 8 KRO recommendations which presented at Academy & Finance's "Resource Investing with John Kaiser" mini-conferences in Geneva on Oct 1 and Zurich on Oct 3, 2013. Discontinued May 8, 2018. Unrestricted
	Conferences	Main	Sprott-Stansberry 2015 Symposium Exhibitor Index (Closed)	Features the 51 TSX/TSXV listed companies that exhibited at the Sprott-Stansberry 2015 Symposium in Vancouver on July 28-31, 2015. Discontinued on May 8, 2018. Unrestricted
	Conferences	Main	Gold Coast Investment Showcase 2018 Index	Features the 15 ASX-listed resource juniors who exhibited at the June 20-21, 2018 Gold Coast Investment Showcase Conference. Discontinued January 11, 2019.
Area Play	McFauld's Lake	Main	McFauld's Lake Index (Closed)	The McFauld's Lake area play that erupted in Sept 2007 was the inspiration for creating the first regional index to track group and relative performance of a conceptually linked group of juniors. To qualify a company needed a minimum 25% net interest in property within 150 km radius of Eagle One deposit in McFauld's Lake region of northern Ontario. Discontinued Feb 26, 2014 due to irrelevance as a regional play.
Country	Colombia	Main	Colombia Country Metals Index (Closed)	Companies which have a dedicated focus or significant precious or base metals project in Colombia. Discontinued on June 19, 2015 due to heavy membership attrition.
Regional	Nevada	Main	Nevada Gold Expl 2012 Index (Closed)	Includes companies with a primary focus on Nevada involving a gold exploration project whose feasibility has not yet been established. Created on August 31, 2012 to replace the Nevada Junior Gold Regional Index. Discontinued on May 8, 2018.
	Quebec	Main	Quebec 2013 Regional Index (Closed)	Companies are eligible for initial membership if they have a meaningful project focus in Quebec supported by being headquartered in Quebec or having a field office, or, failing that, their Quebec project is their flagship, and the company has positive working capital or a stock price above $0.05. Discontinued on May 8, 2018.
	Yukon	Main	Yukon Regional Index (Closed)	The Yukon index was created in 2010 to track the regional exploration interest generated by Underworld's White Gold discovery. It consists of companies which have a major project in the Yukon or focus at least 50% of their exploration efforts on Yukon projects. The KRO Yukon Regional Index was discontinued on April 23, 2015 due to heavy attrition as juniors gave up their focus on Yukon projects and due to extensive rollback activity that has diminished the sensitivity of the index to market activity affecting its members.
Single Page Display of short term Commodity Charts and 120 Day Performance
Commodity	Diamonds	Main	Cdn Diamond Juniors Index (Closed)	Created Jan 4, 2005, this Cdn junior diamond index includes TSX and TSXV listed companies whose primary focus is diamond exploration or mining. Discontinued December 30, 2011 due to heavy membership attrition from takeovers and strategic decisions to branch into other metal exploration or give up entirely on diamonds.
		Main	KRO Diamond Index (Closed)	Established December 30, 2011 to replace the discontinued Cdn Junior Diamond Index, the KRO Diamond Index includes TSX and TSXV listed companies whose primary focus is bedrock diamond exploration or mining. Discontinued on May 8, 2018.
	Gold	Main	Major Gold Producer Index (Closed)	Company produces at least 500,000 ounces gold annually and is listed on a North American stock exchange. Discontinued on May 8, 2018.
		Main	Intermediate Gold Producer Index (Closed)	Company produces 100,000-500,000 ounces gold annually and is listed on a North American stock exchange. Discontinued on May 8, 2018.
		Main	Junior Gold Producer Index (Closed)	Company produces 25,000-100,000 ounces gold annually and is listed on a North American stock exchange. Discontinued on May 8, 2018.
		Main	2013 Major Non-Producer Gold Index (Closed)	Effective July 26, 2013 replaces the Major Non-Producer Index which had an effective date of January 2, 2003. It includes companies primarily involved in the exploration and development of an gold project. Index eligibility occurs when the company reports a net gold resource in excess of 3 million oz whose GMV represents more than 50% of the total GMV in a dual metal resource, and more than 40% of the GMV in multi-metal resources. Unlike the discontinued index, companies which are index members and commence commercial production are frozen in the index at the price when commercial production is announced. Discontinued on May 8, 2018.
		Main	2003 Major Non-Producer Gold Index (Closed)	Non-producing companies primarily involved in the exploration and development of a gold project. Index eligibility occurs when the company reports a net gold resource in excess of 3 million oz whose GMV represents more than 50% of the total GMV in a dual metal resource, and more than 40% of the GMV in multi-metal resources. Companies which are index members and commence commercial production stay in the index. Due to the large number of taken over companies, this index is superseded by the KRO 2013 Major Non-Producer Gold Index which includes only active listings effective July 26, 2013. Although now discontinued, because this index was effective January 2, 2003, it provides a good review of how the juniors performed during the 2003-2013 gold boom.
		Main	2013 Intermediate Non-Producer Gold Index (Closed)	Effective July 26, 2013, features non-producing companies with a net gold resource in the range of 1-3 million oz for at least one deposit, with the gold content exceeding 50% of the overall GMV in the case of multi-metal deposits. When an index member graduates to the Major Non-Producer Gold Index, drops to the Junior Non-Producer Gold Index (ie a farmout), or commences production, its index value is frozen. This index supersedes the 2003 Intermediate Non-Producer Index. Discontinued on May 8, 2018.
		Main	2003 Intermediate Non-Producer Gold Index (Closed)	Company is primarily involved in the exploration and development of an gold project. Index eligibility occurs when the company reports a net gold resource in the range of 1-3 million oz. Companies which are index members and commence commercial production or graduate to the Senior Non-Producer Index stay in the index. Due to the large number of taken over companies, this index is superseded by KRO 2013 Intermediate Non-Producer Gold Index which includes only active listing effective July 26, 2013. Although now discontinued, because this index was effective January 2, 2003, it provides a good review of how the juniors performed during the 2003-2013 gold boom.
		Main	2013 Junior Non-Producer Gold Index (Closed)	Effective July 26, 2013, features non-producing companies primarily involved in the exploration and development of an gold project, with the gold content exceeding 50% of the overall GMV in the case of multi-metal deposits. Index eligibility occurs when the company reports a net gold resource in the range of 500,000-1,000,000 oz. Companies which are index members and commence commercial production or graduate to the Intermediate Non-Producer Index are frozen in the index. Discontinued on May 8, 2018.
		Main	2007 Junior Non-Producer Gold Index (Closed)	Company is primarily involved in the exploration and development of an gold project. Index eligibility occurs when the company reports a net gold resource in the range of 500,000-1,000,000 oz. Companies which are index members and commence commercial production or graduate to the Intermediate Non-Producer Index stay in the index.
	Silver	Main	Silver Index (Closed)	Features companies which have positioned themselves as "silver" companies, in which case they must have either a minimum net resource of 10 million oz silver or a producing silver mine, or which have a polymetallic resource base in which silver represents the highest GMV percentage among the suite of metals present. Companies are added to the index on the day a major silver acquisition was made. Effective October 18, 2013 the Silver Index was discontinued and replaced by the Silver Explorer Index and the Silver Developer Index which feed the Silver Producer Index.
		Main	Silver Explorer Index (Closed)	Companies focused on exploring a project with silver as the primary target for which an economic study has not yet been published. Once a company has published an economic study and indicated it plans further work, it is frozen in the Explorer Index and added to the Silver Developer Index. Discontinued on May 8, 2018.
		Main	Silver Developer Index (Closed)	Silver Developer Index eligibility requires the company to have published an economic study for a project that has silver as its primary metal and which is the company's main focus. A company is also eligible if it has not published an economic study but is engaged in the advanced stages of developing a silver focused mine at any output level. Companies which achieve commercial production of at least 500,000 oz silver annually are frozen in the Silver Developer Index and added to the Silver Producer Index. Discontinued on May 8, 2018.
		Main	Silver Producer Index (Closed)	Company is primarily a silver producer and added at the startup of silver production. Discontinued on May 8, 2018.
	Copper	Main	Intermediate Copper Index (Closed)	Company is primarily involved in the exploration and development of an advanced copper project. Index eligibility occurs when the company reports a net copper resource in excess of 2 billion lbs. Includes companies that are predominantly copper producers but excludes those with a market capitalization greater than $5 billion at start of index. Discontinued on May 8, 2018.
	Nickel	Main	Junior Nickel Index (Closed)	Includes North American listed companies whose primary focus is the exploration and development of an advanced nickel project where nickel is the target metal. Discontinued February 6, 2018.
	Zinc	Main	2014 Junior Zinc Index (Closed)	Includes North American listed companies whose primary focus is the exploration and development of an advanced zinc project where zinc is the dominant metal. Index created December 17, 2013 with 11 initial members. Discontinued on May 8, 2018.
			Junior Zinc Index (Closed)	Includes North American listed companies whose primary focus is the exploration and development of an advanced zinc project where zinc is the dominant metal. Due to the large number of bankruptcies and zinc project dispositions this index started on January 5, 2005 was discontinued on December 31, 2013.
	Molybdenum	Main	Junior Moly Index (Closed)	Includes North American listed companies whose primary focus is the exploration and development of a molybdenum project where molybdenum is the target metal. Discontinued on May 8, 2018.
	Uranium	Main	Uranium Pounds in the Ground Index (Closed)	Companies become a member when they acquire a project with a historical uranium resource, or, if an exploration company, when they report a uranium resource estimate. Discontinued on May 8, 2018.
		Main	Uranium Exploration Juniors Index (Closed)	Includes companies which have made uranium exploration their primary focus, and which have not acquired a project with a historical resource, and have not yet reported a resource estimate for an exploration play. Index members which subsequently acquire a project with a resource or report a resource for a new discovery will be added to the Uranium Pounds in the Ground Index, but will also remain an active member of the Uranium Exploration Juniors Index. Discontinued May 8, 2018.
		Main	Rare Earth Index (Closed)	Included in this index are Australian and Canadian listed public companies who are focused on the exploration, development and/or production of an advanced rare earth deposit. The one exception is Neo Materials which has specialized in sourcing rare earth oxides from Chinese producers and processing them into downstream products. Neo is shifting toward developing its own rare earth supply outside of China. The index starts on Jan 2, 2004. Although some of the members owned a rare earth deposit before inclusion in the index, the timing of inclusion was based on the judgement as to when the junior publicly made its advanced rare earth project its primary focus. Discontinued on May 8, 2018.
		Main	Lithium Index (Closed)	Included in this index are Canadian listed public companies who are focused on the exploration, development and/or production of brine or hardrock sourced lithium. Because only a couple lithium juniors existed at the end of 2008, the index starts on July 2, 2009. The index was constructed on May 10, 2011; companies which claimed a lithium project but are now reporting on other metal projects are excluded, as are those who include lithium in their list of "rare metals" they are seeking. Discontinued on May 8, 2018.
	Industrial Minerals	Main	Fertilizer Index (Closed)	Primary focus is development or production of a mineral such as potash or phosphate used as a fertilizer or feed supplement by the agriculture industry. Discontinued May 8, 2018.

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