Silver Recommendations

Wheaton Precious Metals Corp.

Ralph Profiti, Eight Capital (6/12/18) "WPM acquired a cobalt stream from Vale's Voisey's Bay mine."

Cosmos Chiu, CIBC World Markets (6/11/18) "WPM's stream from Voisey's Bay could generate $75M/year as of 2021."

Brian MacArthur, Raymond James (6/11/18) "WPM's cobalt acquisition provides FCF and gold equivalent growth."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Capital (6/1/18) "GPR reported PEA results for the Coricancha mine."

Jake Sekelsky, ROTH Capital Partners (6/1/18) "The PEA on GPR's Coricancha envisions 3.1 Moz/year Ag eq production."

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/18) "GPR's mines produced 1.03 Moz silver equivalent during Q1/18."

MAG Silver Corp.

Bhakti Pavani, Euro Pacific Canada (5/21/18) "MAG reported a break even Q1/18 with net income of $192K."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (5/18/18) "WPM's Q1/18 adjusted net earnings and EPS were within expectations."

MAG Silver Corp.

Joe Reagor, ROTH Capital Partners (5/18/18) "MAG's Q1/18 financials showed a lower cash burn rate than we previously anticipated but otherwise were essentially uneventful."

Tara Hassan, Raymond James (5/16/18) "MAG maintained that it will deliver the Juanicipio FS in later Q2/18."

Golden Arrow Resources Corp.

GoldLetter International (5/15/18) "First ore delivery to GRG's Pirquitas mill is expected in H2/18."

Wheaton Precious Metals Corp.

Andrew Kaip, BMO Capital Markets (5/13/18) "WPM posted an in line Q1/18."

Brian MacArthur, Raymond James (5/11/18) "In Q1/18, WPM produced ~7.4 Moz silver and ~79.7 Koz gold."

Ralph Profiti, Eight Capital (5/11/18) "WPM's 21M shares in First Majestic represent 11% of the company."

Carey MacRury, Canaccord Genuity (5/11/18) "We project WPM will have 31% growth in GEOs by 2020 (versus 2017)."

Cosmos Chiu, CIBC World Markets (5/10/18) "WPM offers a high-quality portfolio generating significant cash flow."

Great Panther Silver Ltd.

Jake Sekelsky, ROTH Capital Partners (5/4/18) "GPR reported a break even Q1/18 on revenue of $17M."

Bhakti Pavani, Euro Pacific Canada (5/4/18) "GPR reported Q1/18 revenue of $17M versus our estimate of $15.6M."

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/18) "Q1/18 production numbers suggest GPR is on the right track."

Jake Sekelsky, ROTH Capital Partners (4/11/18) "During Q1/18, GPR produced a total silver equivalent of 1.03 Moz."

Rye Patch Gold Corp.

George Topping, iA Securities (4/11/18) "RPM's Q1/18 Florida Canyon production was 10.8 Koz."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Capital (4/11/18) "GPR reported Q1/18 production of 1.03 Moz silver equivalent."

Wheaton Precious Metals Corp.

Trefis (4/11/18) "WPM's 2018 attributable sales should total 20 Moz Ag and 337 Koz Au."

Great Panther Silver Ltd.

Heiko Ihle, H.C. Wainwright & Co. (4/11/18) "GPR's Q1/18 Ag eq production increased 42% year over year."

Golden Arrow Resources Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "GRG embarked on a maiden drilling program on its Antofalla project."

MAG Silver Corp.

Bhakti Pavani, Euro Pacific Canada (3/28/18) "At 2017E, MAG had $160M in cash and a debt-free balance sheet."

Heiko Ihle, H.C. Wainwright & Co. (3/28/18) "We continue to believe that exploration upside potential at MAG's Juanicipio exists, especially given the potential for extension of known trends."

Tara Hassan, Raymond James (3/27/18) "MAG noted that the FS for Juanicipio will be completed in Q2/18."

Wheaton Precious Metals Corp.

Brian MacArthur, Raymond James (3/22/18) "WPM produced 28.6 Moz Ag and 355 Koz Au in FY17, exceeding guidance."

Ralph Profiti, Eight Capital (3/22/18) "WPM reported Q4/17 adjusted EPS of $0.19 versus our estimate of $0.16."

Rye Patch Gold Corp.

George Topping, iA Securities (3/19/18) "RPM announced a business combination with Alio Gold."

Silver Bull Resources Inc.

Ron Struthers, Struthers Resource Stock Report (3/15/18) "SVB identified two zones of high-grade sulphide mineralization."

Great Panther Silver Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/18) "GPR looks like a bargain at current trading levels."

MAG Silver Corp.

Tara Hassan, Raymond James (2/27/18) "Production at MAG's Juanicipio is still on track for mid-2020."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Canada (2/26/18) "GPR reported Q4/17 revenue of $17.4M versus our estimate of $15.8M."

Mark Reichman, Noble Capital Markets (2/26/18) "A catalyst for GPR's stock is greater visibility around Coricancha."

Jake Sekelsky, ROTH Capital Partners (2/25/18) "GPR could make a larger acquisition while still advancing Coricancha."

Wheaton Precious Metals Corp.

Brian MacArthur, Raymond James (2/23/18) "WPM has a diversified asset base and high-margin, scalable business."

Silver Bull Resources Inc.

Ron Struthers, Struthers Resource Stock Report (2/21/18) "SVB came out with more strong drill results this morning."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (2/15/18) "We expect WPM to become a majority gold streamer at San Dimas."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Canada (2/6/18) "GPR plans to drill at San Ignacio and at Guanajuato in 2018."

GFG Resources Inc.

Craig Stanley, Eight Capital (2/5/18) "GFG is developing a Rattlesnake Hills maiden resource estimate."

MAG Silver Corp.

Tara Hassan, Raymond James (2/5/18) "We are resuming coverage of MAG with an Outperform rating."

Golden Arrow Resources Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/18) "GRG plans to spin out its 200,000 ha of exploration properties."

Great Panther Silver Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/18) "GPR increased its Guanajuato M&I resources by 91% to 13.6 Moz Ag eq."

Rye Patch Gold Corp.

George Topping, iA Securities (2/1/18) "We estimate RPM's cash at ~$7M along with $20M gross from the deal."

Philip Ker, PI Financial (2/1/18) "RPM's CA$20M equity financing alleviates any balance sheet overhang."

Great Panther Silver Ltd.

Jake Sekelsky, ROTH Capital Partners (1/26/18) "GPR outlined a 91% increase in the M&I resources at Guanajuato."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (1/25/18) "WPM's shares are trading on near-term financial measures that are consistently cheaper than those of its royalty/streaming peers."

Golden Arrow Resources Corp.

Thibaut Lepouttre, Caesars Report (1/19/18) "GRG received approval of the EIA for the Chinchillas project."

Wheaton Precious Metals Corp.

Cosmos Chiu, CIBC World Markets (1/15/18) "WPM's restructured agreement at Sam Dimas is accretive to NAV by 2%."

Ralph Profiti, Eight Capital (1/15/18) "We value WPM's new streaming agreement at $530M vs. the prior $440M."

Great Panther Silver Ltd.

Jake Sekelsky, ROTH Capital Partners (1/12/18) "GPR's 2017 production of 3.98 Moz was in line with our estimates."

Wheaton Precious Metals Corp.

Brian MacArthur, Raymond James (1/12/18) "We believe WPM's stream agreement restructuring is a positive event."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Canada (1/12/18) "GPR reported Q4/17 production of 1.06 Moz Ag eq; we reiterate our Buy."

Rye Patch Gold Corp.

Philip Ker, PI Financial (1/10/18) "RPM's Florida Canyon mine achieved commercial production."

George Topping, iA Securities (1/9/18) "RPM's production figures should accelerate markedly in Q1/18."

Wheaton Precious Metals Corp.

Trefis (1/2/18) "Expected 2018 WPM production is 28 Moz silver and 340 Koz gold."

Great Panther Silver Ltd.

Bhakti Pavani, Euro Pacific Canada (12/21/17) "The M&I Ag eq ounces at GPR's Coricancha went from 21.96M to 24.2M."

Jake Sekelsky, ROTH Capital Partners (12/19/17) "GPR is now authorized to construct the tailings storage facility."

Golden Arrow Resources Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "Now is a good time to build a position in well-managed GRG."

Rye Patch Gold Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "RPM looks primed for an up-move in early 2018."

GFG Resources Inc.

Craig Stanley, Eight Capital (12/12/17) "GFG agreed to acquire 560 km sq of mineral rights west of Timmins."

Rye Patch Gold Corp.

George Topping, iA Securities (12/11/17) "RPM's Florida Canyon November production was up 20% from October's."

Michael Gray, Macquarie Capital Markets (12/11/17) "RPM's Florida Canyon November production increased 20% over October's."

Golden Arrow Resources Corp.

Steven Goldman, Seeking Alpha (12/4/17) "GRG presents a very attractive investment with a substantial upside."

Wheaton Precious Metals Corp.

Charles Gibson, Edison Investment Research (11/30/17) "WPM is trading consistently cheaper than its 'peers' and the miners."

Rye Patch Gold Corp.

George Topping, iA Securities (11/29/17) "Drill results from RPM's Florida Canyon will boost the balance sheet."

Michael Gray, Macquarie Capital Markets (11/29/17) "RPM documented thick sulphide mineralization at Florida Canyon."

Southern Silver Exploration Corp.

Thibaut Lepouttre, Caesars Report (11/22/17) "SSV will release an updated resource estimate in the coming weeks."

MAG Silver Corp.

Joe Reagor, ROTH Capital Partners (11/20/17) "MAG is nearly fully funded for its development costs at Juanicipio."

Wheaton Precious Metals Corp.

Ralph Profiti, Eight Capital (11/16/17) "We are resuming coverage on WPM with a Buy."

GFG Resources Inc.

Tyron Breytenbach, Cormark Securities (11/15/17) "The next major catalyst for GFG is a maiden resource (H1/18)."

Wheaton Precious Metals Corp.

BMO Capital Markets (11/14/17) "WPM could deliver a strong Q4/17 on increased sales."

Charles Gibson, Edison Investment Research (11/10/17) "In Q3/17, WPM showed improvements in production relative to Q2/17."

MAG Silver Corp.

Bhakti Pavani, Euro Pacific Canada (11/9/17) "The new PEA on MAG's Juanicipio project is robust."

Philip Ker, PI Financial (11/9/17) "The new PEA for MAG's Juanicipio showed an after-tax IRR of 44.5%."

Wheaton Precious Metals Corp.

Andrew Kaip, BMO Capital Markets (11/9/17) "WPM reported an in line Q3/17; adjusted EPS was $0.15."

Brian MacArthur, Raymond James (11/9/17) "WPM recorded sales of 158.4 Koz Au eq for Q3/17; EPS came in at $0.15."

MAG Silver Corp.

Chris Thompson, Raymond James (11/8/17) "We anticipate a positive construction decision on MAG's Juanicipio."