Silver Recommendations

Franco-Nevada Corp.

Phil Russo, Raymond James (3/26/15) "FNV's Q4/14 production of 93 Koz was 13% above our 82 Koz estimate."

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.

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

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."

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."

Silver Wheaton Corp.

The Gold Report Interview with Shane Nagle (2/23/15) "We see significant production growth for SLW in the years to come."

MAG Silver Corp.

The Gold Report Interview with Shane Nagle (2/23/15) "MAG has about $85M cash."

Tahoe Resources Inc.

The Gold Report Interview with Shane Nagle (2/23/15) "Primary silver producers like THO have been focusing on reducing all-in operating costs."

Great Panther Silver Ltd.

Charlotte McLeod, Resource Investing News (2/23/15) "GPR announced a 30% increase in San Ignacio's Indicated resource."

Primero Mining Corp.

Joseph Fazzini, Dundee Capital Markets (2/23/15) "P's Black Fox continues to demonstrate resource growth potential."

Mike Parkin, Desjardins Securities (2/23/15) "P is finding higher grades over wider intercepts at depth."

Dan Rollins, RBC Capital Markets (2/23/15) "P should outperform given its positive Black Fox exploration update."

MAG Silver Corp.

Andrew Kaip, BMO Capital Markets (2/20/15) "Ramp advancement at MAG's Juanicipio appears to be progressing."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (2/19/15) "MND replaced reserves at Cerro Bayo and Costerfield, net of depletion."

MAG Silver Corp.

Heiko Ihle, H.C. Wainwright & Co. (2/19/15) "We like MAG, both on an individual asset and a management level."

Kevin MacKenzie, Salman Partners (2/19/15) "Development is on track for mine commissioning at MAG's Juanicipio."

Silver Wheaton Corp.

The Gold Report Interview with Gwen Preston (2/18/15) "SLW provides exposure to rising gold and silver prices without the risks inherent in exploration and development."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (2/18/15) "Q4/14 provided a positive read-through for MND's operating mines."

Chris Thompson, Raymond James (2/18/15) "We regard MND as a top quality story and sound investment option."

Mike Parkin, Desjardins Securities (2/18/15) "MND's Q4/14 adjusted earnings of $5.5M were in line with our estimate."

Tahoe Resources Inc.

Matthew O'Keefe, Dundee Capital Markets (2/17/15) "The Rio acquisition will result in a key transformation for THO."

Mandalay Resources Corp.

Andrew Kaip, BMO Capital Markets (2/17/15) "MND projects a further $7M in exploration for 2015."

Tahoe Resources Inc.

Charlotte McLeod, Resource Investing News (2/17/15) "THO notched low cash costs of $4.91/oz in Q4/14."

Alexco Resource Corp.

The Gold Report Interview with Mike Niehuser (2/16/15) "AXR's environmental business continues to grow and cover overhead while the company unlocks the exploration upside at Keno Hill."

Primero Mining Corp.

Rob Chang, Cantor Fitzgerald (2/13/15) "P's Q4/14 financial results were largely in line with forecasts."

Mike Parkin, Desjardins Securities (2/13/15) "Operationally, the outlook for P's San Dimas is positive."

Jeff Killeen, CIBC World Markets (2/13/15) "P's cost base has room to generate free cash flow today."

Brian Szeto, PI Financial (2/13/15) "San Dimas continues to be P's flagship asset."

Joseph Fazzini, Dundee Capital Markets (2/12/15) "Overall, P's Q4/14 and FY14 financial results were as we expected."

Barry Allan, Mackie Research Capital (2/12/15) "P still has underlying value compared to its peers and share price."

MAG Silver Corp.

The Gold Report Interview with Chris Thompson (2/11/15) "MAG's Juanicipio is probably the second most high-grade, undeveloped primary silver project in the world."

Bear Creek Mining Corp.

The Gold Report Interview with Chris Thompson (2/11/15) "BCM has a well-respected management team."

Rye Patch Gold Corp.

Matthew Sheppard, Jacob Securities (2/11/15) "RPM is focusing on the projects where the most value can be added."

Tahoe Resources Inc.

Canaccord Genuity's Morning Coffee (2/10/15) "The new THO will have strong free cash flow, superior financial returns and a strong balance sheet."

Charlotte McLeod, Resource Investing News (2/9/15) "THO's takeover of Rio Alto may signal more industry consolidation to come."

Primero Mining Corp.

Rob Chang, Cantor Fitzgerald (2/5/15) "P plans to access higher-grade ore in 2015 at both San Dimas and Black Fox."

Silver Wheaton Corp.

The Gold Report Interview with Mary Anne Aden (2/4/15) "SLW is our favorite way to have our foot in the door on silver."

Primero Mining Corp.

Mike Parkin, Desjardins Securities (2/2/15) "We expect P's Black Fox mine to increase its underground mining rate significantly in 2015."

Great Panther Silver Ltd.

Ash Guglani, Salman Partners (1/30/15) "GPR has committed to increasing the drilling budget for 2015."