Silver Recommendations

MAG Silver Corp.

Heiko Ihle, H.C. Wainwright & Co. (11/17/14) "MAG's Juanicipio remains attractive even with the lower silver price."

Alexco Resource Corp.

Heiko Ihle, H.C. Wainwright & Co. (11/17/14) "AXR's AEG division brought in revenues of $4.6M and gross profit of $1.8M in Q3/14."

Primero Mining Corp.

Rob Chang, Cantor Fitzgerald (11/14/14) "P extended the known mineralization in San Dimas' Roberta vein."

Silver Wheaton Corp.

Michael Gray, Macquarie Capital Markets (11/13/14) "SLW is one of our top picks among senior producers."

SilverCrest Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (11/13/14) "SVL is still on track to see free cash flow in 2015."

Silver Wheaton Corp.

Alex Terentiew, Raymond James (11/13/14) "SLW's strong operations can recover capital even from its highest-cost assets."

Ash Guglani, Salman Partners (11/13/14) "We remain optimistic on SLW's organic growth profile."

SilverCrest Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (11/13/14) "SVL's transition to free cash flow is still on track for 2015."

Philip Ker, PI Financial (11/13/14) "SVL's Q3/14 net income of $3.6M was better than our $2.2M estimate."

Silver Wheaton Corp.

Andrew Kaip, BMO Capital Markets (11/12/14) "SLW's Constancia continues to be on target for first production in Q4/14."

Dan Rollins, RBC Capital Markets (11/12/14) "SLW's free cash flow potential remains robust even at spot prices."

Fortuna Silver Mines Inc.

Graeme Jennings, Cormark Securities (11/12/14) "FVI continues to be one of the lowest-cost producers among its peers."

Tahoe Resources Inc.

Geordie Mark, Haywood Securities (11/12/14) "THO's Q3/14 financial results beat expectations on higher realized prices."

Fortuna Silver Mines Inc.

Leon Esterhuizen, CIBC World Markets (11/11/14) "FVI has further upside potential at its asset base."

John Kratochwil, Canaccord Genuity (11/11/14) "FVI has delivered on all fronts and has been rewarded, outperforming silver peers by 63% YTD."

Tahoe Resources Inc.

Stephen Walker, RBC Capital Markets (11/11/14) "THO's expansion from 3,500 tpd to 4,500 tpd remains on track for late 2015."

Fortuna Silver Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (11/11/14) "FVI continues to add cash and implement further cost cutting."

Benjamin Asuncion, Haywood Securities (11/11/14) "FVI's solid Q3/14 results were headlined by cash flow of $17.8M."

Tahoe Resources Inc.

Andrew Kaip, BMO Capital Markets (11/11/14) "THO announced the inauguration of a $0.02/share monthly dividend."

Silver Wheaton Corp.

The Gold Report Interview with Frank Holmes (11/10/14) "SLW is probably the most profitable company per employee in the world."

MAG Silver Corp.

The Gold Report Interview with Frank Holmes (11/10/14) "MAG has advanced the Juanicipio ramp to around 600m in length."

Fortuna Silver Mines Inc.

Andrew Kaip, BMO Capital Markets (11/10/14) "FVI generated positive free cash flow in Q3/14 and is well capitalized."

Mandalay Resources Corp.

Chris Thompson, Raymond James (11/7/14) "We continue to rate MND a Strong Buy."

Mike Parkin, Desjardins Securities (11/7/14) "MND's Q3/14 EPS beat expectations on lower-than-expected operating costs."

Primero Mining Corp.

Barry Allan, Mackie Research Capital (11/7/14) "P's San Dimas mine in Q3/14 was spot on with our forecast."

Argonaut Gold Inc.

Barry Allan, Mackie Research Capital (11/6/14) "AR has turned a corner with El Castillo and La Colorada."

Tahoe Resources Inc.

Chris Thompson, Raymond James (11/6/14) "THO is a stock to own based on management, margin and exploration upside."

Argonaut Gold Inc.

Mike Parkin, Desjardins Securities (11/6/14) "AR could be an outperformer in a rising gold price environment."

Comstock Mining Inc.

Jeff Wright, H.C. Wainwright & Co. (11/6/14) "LODE's YTD gold and silver pours increased 15% and 33%, respectively."

Primero Mining Corp.

Brian Szeto, PI Financial (11/6/14) "P's Q3/14 production and cash costs were slightly better than expected."

Mandalay Resources Corp.

Andrew Kaip, BMO Capital Markets (11/6/14) "MND's unit costs are trending downward at Cerro Bayo and Costerfield."

Argonaut Gold Inc.

Andrew Kaip, BMO Capital Markets (11/6/14) "AR expects completion of a PEA on San Agustin by year-end."

Primero Mining Corp.

Rob Chang, Cantor Fitzgerald (11/6/14) "P's Q3/14 financial results met our adjusted EPS expectations."

MAG Silver Corp.

Jeff Wright, H.C. Wainwright & Co. (11/6/14) "MAG is advancing the underground decline toward high-grade silver veins in Mexico."

Tahoe Resources Inc.

Michael Gray, Macquarie Equity Research (11/6/14) "THO's Escobal is a best-in-class silver mine managed by a top-notch management team."

SilverCrest Mines Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/6/14) "SVL remains a prime candidate to deliver leverage on silver prices."

Franco-Nevada Corp.

Alex Terentiew, Raymond James (11/5/14) "FNV reported a high-quality Q3/14, delivering a beat to sales in gold."

Primero Mining Corp.

Joseph Fazzini, Dundee Capital Markets (11/5/14) "P's stock should be able to regain its previous premium valuation."

Tahoe Resources Inc.

Andrew Kaip, BMO Capital Markets (11/5/14) "THO has made significant inroads to ramp-up to full production levels by year-end 2015."

Alexco Resource Corp.

Heiko Ihle, H.C. Wainwright & Co. (11/4/14) "AXU's agreement with Silver Wheaton was extended to Dec. 31, 2015."

Mike Niehuser, Scarsdale Equities (11/3/14) "AXU is better positioned to restart production at the optimal time."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (11/3/14) "SLW remains the cheapest of its royalty/streaming peer group."

Comstock Mining Inc.

Resource Investing News (11/2/14) "LODE is planning to begin drilling in Nevada again at the end of November."

Great Panther Silver Ltd.

Ash Guglani, Salman Partners (10/31/14) "Drill results from GPR's first six San Ignacio holes were positive."

Almaden Minerals Ltd.

Lawrence Roulston, Resource Opportunities (10/31/14) "AMM's spinout is positive and could unlock value for shareholders."

MAG Silver Corp.

David Sadowski, Raymond James (10/30/14) "We recommend investors bolster positions in MAG at these levels."

Almaden Minerals Ltd.

Bob Moriarty, 321 Gold (10/29/14) "AMM has a giant gold project in Mexico and is one of my favorite stories."

Continental Gold Ltd.

Ben Kramer-Miller, Seeking Alpha (10/29/14) "CNL has produced very promising drill results that should make Buriticá more economical."

Klondex Mines Ltd.

Ben Kramer-Miller, Seeking Alpha (10/24/14) "KDX is one of the better and lower risk opportunities in the junior gold mining space."

Great Panther Silver Ltd.

Heiko Ihle, H.C. Wainwright & Co. (10/22/14) "We are initiating coverage on GPR with a Buy recommendation."

Heiko Ihle, H.C. Wainwright & Co. (10/22/14) "Guanajuato and Topia should provide future organic growth for GPR."

Almaden Minerals Ltd.

Ben Kramer-Miller, Seeking Alpha (10/21/14) "AMM's share split is a compelling development with the potential to draw in investors."

Timmins Gold Corp.

Stuart McDougall, Jennings Capital (10/20/14) "We are upgrading our recommendation for TMM from Sell to Buy."

Great Panther Silver Ltd.

Ash Guglani, Salman Partners (10/17/14) "GPR reported total silver production of 566 Koz for Q3/14, a 35% QOQ increase."

Argonaut Gold Inc.

Andrew Kaip, BMO Capital Markets (10/15/14) "Grades at AR's La Colorada moved to 0.7 g/t from 0.53 g/t gold."

SilverCrest Mines Inc.

Philip Ker, PI Financial (10/15/14) "SVL is a compelling investment with low costs in a weakened metal price environment."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (10/15/14) "MND's Q3/14 consolidated production represents a quarterly record."

SilverCrest Mines Inc.

Benjamin Asuncion, Haywood Securities (10/15/14) "SVL recovered 72% silver and 92% gold in Q3/14."

Joe Reagor, ROTH Capital Partners (10/15/14) "SVL's higher-than-expected recovery rates and residual leaching led to the beat."

Stuart McDougall, Jennings Capital (10/15/14) "SVL produced 7.09 Koz Au and 385.25 Koz Ag at its Santa Elena mine in Q3/14."

Tahoe Resources Inc.

David Forster, Bank of America Merrill Lynch (10/15/14) "We have increased our rating on THO to Buy from Neutral."

SilverCrest Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (10/15/14) "Once Santa Elena reaches a steady state, SVL should generate free cash flow."

Soltoro Ltd.

The Mining Report Interview with John Kaiser (10/14/14) "SOL has both an existing resource demonstrating feasibility at the prevailing metal prices and exploration potential for the future."

Mandalay Resources Corp.

Andrew Kaip, BMO Capital Markets (10/14/14) "MND's Q3/14 production numbers were a solid beat compared to our expectations."

Mike Parkin, Desjardins Securities (10/14/14) "MND reported record production of 39.021 Koz Au eq in Q3/14."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (10/13/14) "RD's Santa Rosa is a perfect fit for investors looking for low-capex and high-margin projects."

Fortuna Silver Mines Inc.

Benjamin Asuncion, Haywood Securities (10/10/14) "FVI's expansion studies at San Jose continue toward a decision by year-end."

Graeme Jennings, Cormark Securities (10/10/14) "We are upgrading our recommendation on FVI from Market Perform to Buy."

Matthew O'Keefe, Dundee Capital Markets (10/9/14) "FVI announced production of 1.8 Moz Ag and 10 Koz Au, 15% and 13% above our expectations, respectively."

Craig Johnson, Scotia (10/9/14) "FVI is one of the best internally funded growth stories in the silver space."

Great Panther Silver Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/9/14) "GPR is a staple of Gold Newsletter's primary silver plays."

Rye Patch Gold Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/9/14) "RPM has a steady source of cash flow to finance exploration."

Guyana Goldfields Inc.

The Gold Report Interview with David Morgan (10/8/14) "GUY was able to secure the proper financing rather easily because of the quality of its Aurora asset."

Silver Wheaton Corp.

The Gold Report Interview with David Morgan (10/8/14) "SLW has significant organic growth taking place."

Excellon Resources Inc.

The Gold Report Interview with David Morgan (10/8/14) "EXN's all-in costs are down to almost $16/oz through the first half of the year."

Franco-Nevada Corp.

Don Maclean, Paradigm Capital (10/8/14) "The Candelaria stream will add 20% to FNV's cash flow over the next five years."

Alex Terentiew, Raymond James (10/7/14) "FNV announced a $648M precious metals stream deal on Candelaria."

Tahoe Resources Inc.

Ralph Profiti, Credit Suisse (10/7/14) "THO is one of the better positioned mid-tier precious metals companies."

Fortuna Silver Mines Inc.

Leon Esterhuizen, CIBC World Markets (10/6/14) "San Jose should sharply increase FVI's profit margins at even $17/oz silver."

SilverCrest Mines Inc.

Eric Coffin, HRA Journal (10/3/14) "SVL is an obvious early candidate when precious metals prices recover."