Silver Recommendations

GFG Resources Inc.

Craig Stanley, Eight Capital (6/21/17) "We are initiating coverage on GFG with a Buy rating."

MAG Silver Corp.

Gwen Preston, Resource Maven (6/21/17) "MAG provides strong leverage to silver, something a subset of metals investors seek because silver often outperforms gold in a bull market."

Gwen Preston, Resource Maven (6/18/17) "I have spent a fair bit of time looking at MAG and believe it's a Buy."

Wheaton Precious Metals Corp.

Brian MacArthur, Raymond James (6/15/17) "We are resuming coverage on WPM with an Outperform rating."

Rye Patch Gold Corp.

George Topping, iA Securities (6/2/17) "RPM poured 3,094 oz gold during May at Florida Canyon."

Great Panther Silver Limited

Heiko Ihle, Rodman & Renshaw (6/2/17) "The commissioning phase of GPR's Topia processing plant is complete."

Rye Patch Gold Corp.

Michael Gray, Macquarie Capital Markets (6/2/17) "RPM produced ~100 oz/day Au (3,094 oz Au) in May at Florida Canyon."

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/17) "RPM has elected to sell its 3.4% NSR to Coeur Rochester for $5M."

MAG Silver Corp.

Andrew Kaip, BMO Capital Markets (5/30/17) "We are upgrading MAG to Outperform, taking advantage of recent share price weakness."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (5/30/17) "Even if all-in costs creep up, the baseline was so low at US$671 per oz. that R's Santa Rosa mine should make very good money regardless."

Rye Patch Gold Corp.

Michael Gray, Macquarie Capital Markets (5/25/17) "RPM is sequentially derisking the ramp-up at Florida Canyon."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (5/25/17) "WPM's Q1/17 results were closely aligned with our prior expectations."

The Gold Report Article by Adrian Day (5/23/17) "Wheaton Precious Metals Corp. is the new name for Silver Wheaton, a reflection of the fact that the majority of its revenues no longer come from silver."

Jefferson Research (5/19/17) "SLW is showing strong earnings quality and cash flow quality."

Rye Patch Gold Corp.

George Topping, iA Securities (5/18/17) "RPM's Florida Canyon is on schedule for Q3/17 commercial production."

Canaccord Genuity Morning Coffee (5/18/17) "RPM's Florida Canyon mine restart project is largely complete."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (5/18/17) "WPM's Q1/17 results were closely aligned with our expectations. . .for the second quarter in succession, gold sales exceeded silver sales."

Golden Arrow Resources Corp.

Salma Tarikh, The Northern Miner (5/15/17) "GRG has jumped from an explorer to a silver producer in Argentina."

Wheaton Precious Metals Corp.

Michael Gray, Macquarie Equity Research (5/11/17) "SLW reported adjusted EPS/CFPS for Q1/17 of $0.14/$0.28."

Energy Fuels Inc.

David Talbot, Eight Capital (5/10/17) "EFR's alternate feed rose from 16% to 32% in Q1/17."

Wheaton Precious Metals Corp.

Cosmos Chiu, CIBC World Markets (5/10/17) "Of SLW's $198M Q1/17 revenue, 46% was from silver, 54% from gold."

Josh Wolfson, Eight Capital (5/10/17) "SLW reported Q1/17 adjusted EPS of $0.14, above our estimate of $0.13."

Andrew Kaip, BMO Capital Markets (5/9/17) "SLW paid down ~$130M in debt during Q1/17."

Great Panther Silver Limited

Bhakti Pavani, Euro Pacific Capital (5/5/17) "GPR's reported Q1/17 revenue of $12.3M was higher than our estimate."

Golden Arrow Resources Corp.

Christopher Ecclestone, Hallgarten & Co. (5/1/17) "GRG combining assets with Silver Standard's is a classic 'win-win.'"

Rye Patch Gold Corp.

Michael Gray, Macquarie Capital Markets (5/1/17) "RPM poured its first gold from its new leach pad at Florida Canyon."

Great Panther Silver Limited

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/17) "I still like GPR as a leveraged play on a bull market for silver."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (4/27/17) "SLW shares are trading more cheaply than those of its 'peers.'"

Josh Wolfson, Eight Capital (4/24/17) "SLW's Q1/17 production in concentrate was an estimated 13 Moz Ag eq."

Michael Gray, Macquarie Capital Markets (4/16/17) "We think SLW shares benefit from the pending restart of San Dimas."

Great Panther Silver Limited

Bhakti Pavani, Euro Pacific Canada (4/12/17) "GPR reported Q1/17 production of 727,372 oz Ag eq."

Heiko Ihle, Rodman & Renshaw (4/12/17) "GPR should meet our annual production estimate of 4 Moz Ag eq."

MAG Silver Corp.

Philip Ker, PI Financial (4/11/17) "Increased operations at MAG's Deep zone to 4,000 tpd appear likely."

Golden Arrow Resources Corp.

Byron King, Gold Speculator (4/11/17) "There's upside built into GRG, and I'd hate to miss out on it."

MAG Silver Corp.

Raymond James (4/6/17) "MAG prices offer high-margin precious metals exposure with upside."

Rye Patch Gold Corp.

George Topping, iA Securities (4/5/17) "We are initiating coverage on RPM with a Buy recommendation."

Golden Arrow Resources Corp.

Haywood Securities (3/31/17) "A JV will combine GRG's Chinchillas and Silver Standard's Pirquitas."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (3/30/17) "SLW's shares are trading more cheaply than those of its peers."

MAG Silver Corp.

Bhakti Pavani, Euro Pacific Canada (3/29/17) "We are initiating coverage on MAG with a Buy rating."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (3/29/17) "In Q4/16, SLW's gold sales and cash flow exceeded silver's."

Michael Gray, Macquarie Capital Markets (3/22/17) "Salobo contributed 71.3 Koz Au to SLW's record Q4/16 production."

Josh Wolfson, Eight Capital (3/22/17) "SLW reported Q4/16 adjusted earnings of $0.19, above our estimate."

Cosmos Chiu, CIBC World Markets (3/22/17) "Importantly, SLW's proposed name change to Wheaton Precious Metals Corp. reflects an ongoing focus for future acquisitions."

Andrew Kaip, BMO Capital Markets (3/21/17) "SLW reported in line Q4/16 EPS."

GFG Resources Inc.

Michael Gray, Macquarie Capital Markets (3/17/17) "GFG discovered a new area of gold mineralization at Rattlesnake Hills."

MAG Silver Corp.

Eric Zaunscherb, Canaccord Genuity (3/16/17) "MAG recently revealed plans to develop Juanicipio."

Wheaton Precious Metals Corp.

Josh Wolfson, Eight Capital (3/14/17) "For SLW, we forecast 2017 Ag eq concentrate production of 53.3 Moz."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (3/13/17) "TV remains our most leveraged name to benefit from the improving zinc and lead pricing environment and a Top Pick for those seeking financial exposure to these commodities."

Southern Silver Exploration Corp.

Martin Wood, Vicarage Capital (3/13/17) "SSV's 2017 program will allow for more Cerro Las Minitas exploration."

MAG Silver Corp.

Heiko Ihle, Rodman & Renshaw (3/9/17) "We anticipate first production at MAG's Juanicipio by H1/19."

Michael Gray, Macquarie Capital Markets (3/8/17) "MAG's Peter Megaw won Prospector of the Year for Juanicipio."

Macquarie Capital Markets (3/8/17) "MAG potentially is on the cusp of justifying another expansion."

Southern Silver Exploration Corp.

Eric Muschinski, Gold Investment Letter (3/8/17) "The National Inflation Association initiated coverage on SSV."

Wheaton Precious Metals Corp.

Andrew Kaip, BMO Capital Markets (3/7/17) "SLW's Antamina mine has considerable resources."

Michael Siperco, Macquarie Capital Markets (3/6/17) "SLW's Antamina mine and infrastructure are robust."

MAG Silver Corp.

Michael Gray, Macquarie Capital Markets (3/2/17) "The Ag eq resource at MAG's Deep zone increased +221% to 254 Moz."

Great Panther Silver Limited

Bhakti Pavani, Euro Pacific Capital (3/1/17) "For 2016, GPR reported revenue of $61.8M; we reiterate our Buy."

Heiko Ihle, Rodman & Renshaw (3/1/17) "GPR's 2016 Ag eq production was in line with our estimate of 4 Moz."

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "The Coricancha mine could boost GPR's annual production by over 70%."

Wheaton Precious Metals Corp.

Andrew Kaip, BMO Capital Markets (2/28/17) "SLW's cornerstone assets include Salobo, Penasquito and Antamina."

Charles Gibson, Edison Investment Research (2/23/17) "SLW had exceptionally strong performance on the gold side in Q3/16."

Great Panther Silver Limited

Bhakti Pavani, Euro Pacific Canada (2/22/17) "GRP's drilling at Guanajuato increased the M&I resource by 15%."

MAG Silver Corp.

Philip Ker, PI Financial (2/22/17) "MAG announced very positive assay results from the Deep zones."

Heiko Ihle, Rodman & Renshaw (2/15/17) "MAG's Juanicipio project continues to outperform both construction and exploration-related expectations, making it one of the leading development-stage silver projects in the world."

Joe Reagor, ROTH Capital Partners (2/15/17) "MAG's continued expansion of the Juanicipio deposit is encouraging."

Andrew Kaip, BMO Capital Markets (2/14/17) "Drill results at MAG's Juanicipio continue to validate the emerging potential of both the Deep Zone and Anticipada vein."

Chris Thompson, Raymond James (2/14/17) "Drill results continue to support the prospectivity and size potential offered by Juanicipio, and MAG's rank as our Top Pick among silver developers."

Southern Silver Exploration Corp.

Lesley Stokes, The Northern Miner (2/3/17) "SSV expects the drill program at Cerro Las Minitas to end by mid-May and plans to update the resource estimate by July."

Rye Patch Gold Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/17) "RPM is now on track for commercial production by April 2017."

Great Panther Silver Limited

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/17) "GPR's acquisition of Coricancha is expected to close this quarter."

Klondex Mines Ltd.

Stuart McDougall, M Partners (1/25/17) "KLDX released what we view as more positive underground delineation and stepout drill results from its True North underground gold mine."

Jamie Spratt, Clarus Securities (1/25/17) "KLDX offers best-in-class production growth, low-cost production and a solid management execution track record."

Columbus Gold Corp.

Gwen Preston, Resource Maven (1/25/17) "I like that CGT is racing to get exploration drill work done at Montagne d'Or even as M&A potential ramps up."

Klondex Mines Ltd.

Heiko Ihle, Rodman & Renshaw (1/20/17) "We expect KLDX to reach record production in 2017 and think Au Eq production could reach approximately 220 Koz for the year."

Philip Ker, PI Financial (1/19/17) "Given the high-grade nature of Fire Creek and the potential of Hollister coming on-line sooner than anticipated, KDX could potentially see production above its current guidance."

Stuart McDougall, M Partners (1/19/17) "KDX's Q4/16 production totaled 7% better than our estimate and 40% better QoQ."

MAG Silver Corp.

Macquarie Research (1/17/17) "MAG continues to be an attractive takeover target in our view and we note Fresnillo owns ~12% of MAG."

Great Panther Silver Limited

Heiko Ihle, Rodman & Renshaw (1/12/17) "GPR's production should bounce back to over 4 Moz AgEq in 2017, which we expect to remain consistent."

Tahoe Resources Inc.

Michael Gray, Macquarie Equity Research (1/8/17) "We expect increased catalyst news flow for THO through 2017."

Azure Minerals Ltd.

Independent Investment Research (12/28/16) "AZS is well placed to progress the development studies at the very promising Alacran Project."