Silver Recommendations

Comstock Mining Inc.

Heiko Ihle, H.C. Wainwright & Co. (4/17/15) "In Q1/15, LODE's gold grades held steady; silver grades increased."

Silver Wheaton Corp.

Trefis (4/17/15) "SLW's production is expected to total 43.5 Moz Ag eq in 2015."

Great Panther Silver Ltd.

Heiko Ihle, H.C. Wainwright & Co. (4/16/15) "GPR's overall Q1/15 production rose to a record 987,887 oz Ag eq."

Comstock Mining Inc.

Marco Rodriguez, Stonegate Capital Partners (4/16/15) "In Q1/15, LODE made steps via mine drilling that showed progress."

Argonaut Gold Inc.

Ovais Habib, Scotia Capital (4/15/15) "AR reported Q1/15 production of 43.3 Koz Au eq, ahead of our estimate."

Mike Parkin, Desjardins Securities (4/15/15) "AR's Q1/15 production represents ~31% of annual guidance."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (4/14/15) "MND's production at Cerro Bayo is expected to increase later this year."

MAG Silver Corp.

Kevin MacKenzie, Salman Partners (4/13/15) "We initiate coverage on MAG with a Buy recommendation."

Mandalay Resources Corp.

Mike Parkin, Desjardins Securities (4/13/15) "We model MND beating its production guidance for 2015."

Tahoe Resources Inc.

Andrew Kaip, BMO Capital Markets (4/13/15) "THO is working toward an early 2016 start-up for Shahuindo."

Mandalay Resources Corp.

Chris Thompson, Raymond James (4/13/15) "We are maintaining our Strong Buy rating on MND."

Andrew Kaip, BMO Capital Markets (4/13/15) "MND's Q1/15 sales were in line with our forecasts."

Tahoe Resources Inc.

Matthew O'Keefe, Dundee Capital Markets (4/13/15) "We continue to recommend the new THO."

Anup Singh, Seeking Alpha (4/9/15) "The Rio Alto merger will drive impressive operating margin growth for THO."

Alexco Resource Corp.

Mike Niehuser, Scarsdale Equities (4/8/15) "AXR is selling below book value; we reiterate our Buy rating."

Tahoe Resources Inc.

Andrew Kaip, BMO Capital Markets (4/8/15) "We are removing the Speculative rating on THO's shares."

Kootenay Silver Inc.

The Gold Report with Rick Mills (4/6/15) "KTN's initial phase 2 assays position La Negra as one of the richest, near-surface, pure-silver plays in northwest Mexico in the past decade."

Wayne Hewgill, Mackie Research Capital (4/2/15) "High-grade zones in KTN's La Negra drilling include 8m of 963 g/t Ag."

Tahoe Resources Inc.

Geordie Mark, Haywood Securities (4/2/15) "We have upgraded our rating on THO."

Andrew Kaip, BMO Capital Markets (4/2/15) "THO is projected to maintain lower-quartile cash costs."

Matthew O'Keefe, Dundee Capital Markets (4/2/15) "We continue to recommend the new THO."

Silver Wheaton Corp.

The Gold Report Interview with David H. Smith (4/1/15) "SLV's Salobo gold stream could double and even triple by early in the next decade."

Alexco Resource Corp.

The Gold Report Interview with David H. Smith (4/1/15) "AXU has moved its cost structure way down."

MAG Silver Corp.

Heiko Ihle, H.C. Wainwright & Co. (4/1/15) "We continue to view MAG's Juanicipio as a world-class project."

Tahoe Resources Inc.

Chris Thompson, Raymond James (4/1/15) "We are upgrading THO to Outperform and increasing our target price."

Kootenay Silver Inc.

Philip Ker, PI Financial (3/31/15) "We remain bullish on KTN's exploration potential at La Negra."

Alexco Resource Corp.

Heiko Ihle, H.C. Wainwright & Co. (3/27/15) "AXR should release an updated mine plan for Keno Hill later in 2015."

Christos Doulis, PI Financial (3/27/15) "With a backlog of ~$100M of business, AXR's AEG has many years ahead."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (3/27/15) "SLW's Q4/14 and FY14 were closely in line with our expectations."

Franco-Nevada Corp.

Phil Russo, Raymond James (3/26/15) "FNV's Q4/14 production of 93 Koz was 13% above our estimate."

Great Panther Silver Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/26/15) "GPR remains in reasonably solid financial condition."

Tahoe Resources Inc.

The Gold Report Interview with Ralph Aldis (3/25/15) "One of our favorite silver producers is THO."

Mandalay Resources Corp.

The Gold Report Interview with Ralph Aldis (3/25/15) "MND is one of our top five holdings."

Silver Wheaton Corp.

The Gold Report Interview with Frank Holmes (3/23/15) "SLW has one of the best records in the business when it comes to most revenue per employee and most cash flow per employee."

MAG Silver Corp.

Hard Asset Investments, Seeking Alpha (3/23/15) "MAG will be profitable at nearly any silver price."

Silver Wheaton Corp.

Phil Russo, Raymond James (3/23/15) "We are resuming coverage of SLW with an Outperform rating."

Canaccord Genuity's Morning Coffee (3/20/15) "SLW remains a preferred avenue to silver exposure."

John Bridges, J.P. Morgan (3/20/15) "We continue to like SLW's business model with its limited risk."

Ash Guglani, Salman Partners (3/20/15) "SLW is expecting +40% growth by 2019 with its current pipeline."

Cosmos Chiu, CIBC World Markets (3/19/15) "We believe SLW's Salobo acquisition can achieve a 10% internal rate of return."

Andrew Kaip, BMO Capital Markets (3/19/15) "SLW's latest Salobo transaction is 12% accretive to net present value."

Primero Mining Corp.

Canaccord Genuity's Morning Coffee (3/19/15) "P's $19M exploration program for 2015 is underway."

Silver Wheaton Corp.

Ash Guglani, Salman Partners (3/19/15) "At Q4/14E, SLW had working capital of $322.3M."

Michael Gray, Macquarie Capital Markets (3/19/15) "We are resuming coverage on SLW; we maintain our Outperform rating."

Dan Rollins, RBC Capital Markets (3/19/15) "SLW is well positioned to provide investors with solid cash flow."

Primero Mining Corp.

Jeff Killeen, CIBC World Markets (3/19/15) "Black Fox is expected to generate free cash flow despite a weak gold price."

Silver Wheaton Corp.

Trevor Turnbull, Scotia Capital (3/19/15) "We firmly reiterate our Sector Outperform rating for SLW."

Primero Mining Corp.

Joseph Fazzini, Dundee Capital Markets (3/19/15) "We maintain our Buy rating on P."

Silver Wheaton Corp.

Cosmos Chiu, CIBC World Markets (3/19/15) "SLW continues to be positioned for further acquisitions."

Andrew Quail, Goldman Sachs (3/19/15) "We expect SLW to generate free cash flow of $1.7B over FY15–FY19."

Primero Mining Corp.

Mike Parkin, Desjardins Securities (3/18/15) "P's M&I resources increased YOY by 1% for gold and 4% for silver."

Matthew Sheppard, Jacob Securities (3/18/15) "Since 2007, P increased reserves by 62% and reserve grade by 27%."

Rob Chang, Cantor Fitzgerald (3/18/15) "Samples at P's Jessica vein reveal 10.4 g/t Au and 1,606 g/t Ag."

Ovais Habib, Scotia Capital (3/18/15) "For 2014, underground grades increased at P's San Dimas and Black Fox."

Dan Rollins, RBC Capital Markets (3/18/15) "The Jessica vein could meaningfully impact P's reserves/resources."

Silver Wheaton Corp.

Ralph Profiti, Credit Suisse (3/18/15) "SLW reported Q4/14 adjusted EPS of $0.14 versus our $0.13."

Argonaut Gold Inc.

Mike Parkin, Desjardins Securities (3/16/15) "AR projects a year-end 2015 cash balance of $50M."

Source Exploration Corp.

Ryan Walker, Euro Pacific Canada (3/16/15) "SOP expects an initial resource estimate in Q4/15."

Argonaut Gold Inc.

Andrew Kaip, BMO Capital Markets (3/16/15) "In 2014, AR built its cash balance by $6.9M in a depressed market."

Tahoe Resources Inc.

Geordie Mark, Haywood Securities (3/13/15) "THO's Q4/14 results were generally in line with expectations."

Matthew O'Keefe, Dundee Capital Markets (3/12/15) "For 2014, THO's net earnings amounted to $90.8M, or $0.62/share."

Silver Wheaton Corp.

The Gold Report Interview with John Hathaway (3/11/15) "One strategy that has really worked for us is that we've been heavily into the royalty stocks, which come down to names like SLW."

Great Panther Silver Ltd.

Heiko Ihle, H.C. Wainwright & Co. (3/6/15) "GPR ended FY/14 with enough cash buffer to weather the downturn in prices."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (3/5/15) "The additional 25% stream from Salobo takes SLW's interest to 50%."

Great Panther Silver Ltd.

Deborah Sterescu, Proactive Investors (3/5/15) "GPR reported a strong finish to 2014."

Alkane Resources Ltd.

The Mining Report Interview with Gareth Hatch (3/3/15) "ALK is funding the Dubbo Zirconia project with nearby gold production."

Silver Wheaton Corp.

Andrew Kaip, BMO Capital Markets (3/2/15) "SLW's restructuring of its credit facility enhances financial flexibility."

Ash Guglani, Salman Partners (3/2/15) "SLW has added financial flexibility to potentially grow its pipeline."

Primero Mining Corp.

SmallCapPower.com (2/27/15) "P's production is expected to increase by up to 20% in 2015."

Great Panther Silver Ltd.

Kristen Moran, Resource Investing News (2/26/15) "GPR entered into a binding letter agreement to acquire Cangold."

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/26/15) "GPR won't lack for precious metals to mine anytime soon."

MAG Silver Corp.

Andrew Kaip, BMO Capital Markets (2/25/15) "At MAG's Juanicipio, decline sinking continues to advance at 4m/day."

Mandalay Resources Corp.

Andrew Kaip, BMO Capital Markets (2/25/15) "MND continues to be focused on growth of sustainable cash margins."

MAG Silver Corp.

The Mining Report Interview with Lawrence Roulston (2/24/15) "MAG is advancing Juanicipio, its big Mexico silver project, toward production."

Great Panther Silver Ltd.

The Gold Report Interview with Olivier Tielens (2/24/15) "GPR's discoveries at San Ignacio are amazing."

Heiko Ihle, H.C. Wainwright & Co. (2/24/15) "We expect GPR's overall grades to increase while cash costs fall at San Ignacio."

Silver Wheaton Corp.

Andrew Kaip, BMO Capital Markets (2/24/15) "SLW has $230M cash on hand and strong projected cash flow."

Primero Mining Corp.

Jeff Killeen, CIBC World Markets (2/24/15) "We expect a modest boost in reserves when P releases an update."

Great Panther Silver Ltd.

Ash Guglani, Salman Partners (2/24/15) "GPR's drill results increased the mineral resource at San Ignacio."

MAG Silver Corp.

David Sadowski, Raymond James (2/24/15) "We have upgraded MAG from Outperform to Strong Buy."