Silver Recommendations

Silver Wheaton Corp.

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."

Rye Patch Gold

Michael Gray, Macquarie Capital Markets (2/9/17) "RPM's new heap-leach pad facility is ready for regulatory review."

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

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."

MAG Silver Corp.

Independent Investment Research (12/28/16) "MAG's 44% owned Juanicipio property is reportedly the highest grade developing silver project globally."

Columbus Gold Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/27/16) "I urge you to take advantage of any market-induced weakness to buy CGT in advance of the feasibility study."

Great Panther Silver Limited

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/27/16) "As one of our long-time primary silver stories, GPL continues to be a smart play for those looking to leverage rising silver prices."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (12/15/16) "SLW's shares are trading on near-term financial ratios that are cheaper than those of its royalty/streaming peers."

Charles Gibson, Edison Investment Research (12/6/16) "SLW's Q3/16 results were characterised by exceptionally strong production from its gold assets, supported by record quarterly output at Salobo and Minto and a strong performance at 777."

The Gold Report Article by Adrian Day (12/5/16) "SLW is my favorite way to gain exposure to silver."

Charles Gibson, Edison Investment Research (11/24/16) "SLW's Q3/16 results showed an exceptionally strong performance from its gold assets."

Golden Arrow Resources Corp.

The Gold Report Article by Matt Geiger (11/17/16) "I think GRG shareholders will be rewarded with a generous offer in short order."

MAG Silver Corp.

Philip Ker, PI Financial (11/16/16) "MAG and its JV partner Fresnillo are charging ahead into 2017 with solid advancements."

Golden Arrow Resources Corp.

Gecko Research (11/15/16) "At GRG's Chinchillas JV project with Silver Standard Resources a lot of technical work is being done with great results."

MAG Silver Corp.

Joe Reagor, ROTH Capital Partners (11/13/16) "MAG will provide an updated resource including an initial resource for Valdecanas Deeps early in 2017."

TerraX Minerals Inc.

Ryan Walker, Echelon Wealth Partners (11/11/16) "TXR's drilling has extended Mispickel to the North, cutting a new high-grade lode."

Silver Wheaton Corp.

Michael Gray, Macquarie Capital Markets (11/10/16) "SLW trades in-line with peers while offering high quality streams with the majority of assets operating in the bottom half of their respective cost curves."

Josh Wolfson, Dundee Capital Markets (11/10/16) "SLW revised its production targets, with 2016 gold production now forecast to be 335 koz, up from 305 kHz previously."

Michael Gray, Macquarie Capital Markets (11/10/16) "This is a key opportunity to buy SLW at a discount; Salobo is delivering as the cornerstone asset."

Phil Russo, Raymond James (11/10/16) "SLW remains our highest FCF yielding name among our large caps and has increased the quarterly dividend by 20% this quarter."

Andrew Kaip, BMO Capital Markets (11/9/16) "SLW's Q3/16 production beat was due to higher gold production at Salobo."

Integra Gold Corp.

Phil Russo, Raymond James (11/9/16) "ICG's Lamaque C4 and C5 continue to return positive results outside the limit of the current resource estimate."

Klondex Mines Ltd.

Jeff Killeen, CIBC World Markets (11/8/16) "KLDX has set up to post a strong Q4 that will reflect increased production and lower costs."

Heiko Ihle, Rodman & Renshaw (11/7/16) "KLDX is an underground gold mining powerhouse in the making."

Tahoe Resources Inc.

Cosmos Chiu, CIBC World Markets (11/7/16) "TAHO continues to track towards the high end of 2016 silver production guidance."

Great Panther Silver Limited

Bhakti Pavani, Euro Pacific Canada (11/4/16) "Given the operating performance of GPR for the first nine months, we believe the Company might beat its own revised cash cost guidance of $4.00-$6.00."

Heiko Ihle, Rodman & Renshaw (11/4/16) "We feel strongly positions GPR to meet management's guidance of 4.0-4.2 million silver equivalent ounces as well as beat our estimate."

Southern Silver Exploration Corp.

Martin Wood, Vicarage Capital Ltd. (11/4/16) "SSV has an experienced board of directors and strong management team with a good track record in project exploration, discovery and development."

Tahoe Resources Inc.

Michael Gray, Macquarie Capital Markets (11/4/16) "TAHO's Q3/16 financials were better than Macquarie estimates; we rate it Outperform."

Klondex Mines Ltd.

Barry Allan, Mackie Research Capital (11/4/16) "KDX continues to achieve good operating results while digesting two new mines; we see it as a leader in high-grade mining."

Tahoe Resources Inc.

Chris Thompson, Raymond James (11/4/16) "TAHO's Escobal delivered an in-line quarter on production and costs, as did La Arena."

Andrew Kaip, BMO Capital Markets (11/3/16) "We expect a strong finish to 2016 to contribute to TAHO reaching its guidance targets for gold."

Great Panther Silver Limited

Brien Lundin, Gold Investment Letter (11/1/16) "GPR remains on track to meet its 2016 production guidance."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (10/31/16) "TV reported drill results that intersected high-grade zinc, lead and silver mineralization; we maintain our Buy rating."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (10/31/16) "SLW's shares are trading on near-term financial ratios that are cheaper than those of its peers in at least 75% of instances, despite being associated with materially less operational and cost risk."

Charles Gibson, Edison Investment Research (10/27/16) "SLW Q216 earnings were close to Edisonís forecast, but were still almost 50% better than the previous quarter."

Southern Silver Exploration Corp.

Eric Muschinski, Gold Investment Letter (10/26/16) "Visual results from SSV's drill program on the Oro project have been encouraging; samples have been submitted and assays are pending."

Thibaut Lepouttre, Caesars Report (10/21/16) "SSV has designed a new drill program that should increase confidence in the El Sol and Blond deposits."

MAG Silver Corp.

The Gold Report Interview with Doug Groh (10/18/16) "MAG's Deep Zone discovery is likely to be one of the best this decade."

Klondex Mines Ltd.

Heiko Ihle, Rodman & Renshaw (10/17/16) "KLDX is well on its way to becoming an underground gold mine consolidator in Nevada."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (10/13/16) "We are once again very impressed with the operating performance at Santander, where TV seems to set new production records every quarter."

Great Panther Silver Limited

Heiko Ihle, Rodman & Renshaw (10/13/16) "GPL is in a strong position to evaluate and execute an acquisition that should add production capabilities to the firm's portfolio."

Bhakti Pavani, Euro Pacific Capital (10/13/16) "Given the environment in the metals and mining industry, GPL has successfully managed to lower its cash cost and all-in sustaining cost."

Red Eagle Mining Corp.

Stuart McDougall, M Partners (10/11/16) "RD is an emerging, low-cost junior gold producer focused on the historic Santa Rosa project in Colombia."

Seabridge Gold Inc.

Raj Ray, National Bank Financial (10/7/16) "The importance of SA's KSM project lies in its significant scale (one of the largest undeveloped copper-gold deposits)."

TerraX Minerals Inc.

Ryan Walker, Echelon Wealth Partners (10/6/16) "TXR launched a three-rig, 27,000m drill program on the Yellowknife City Gold Project along the prolific shear system."

Golden Arrow Resources Corp.

Presmont Group (10/5/16) "GRG is the place to be for any investor and will become a prime takeover candidate."

Silver Wheaton Corp.

Kevin MacKenzie, PI Financial (10/5/16) "We view SLW to be a strong overall market hedge, and levered proxy to precious metal prices."

MAG Silver Corp.

Joe Reagor, ROTH Capital Partners (10/4/16) "We are increasing our target price and our rating to Buy, as we believe MAG's exploration potential is a near-term opportunity."

Michael Gray, Macquarie Capital Markets (10/3/16) "Our site visit reinforced our view that MAG's Juanicipio JV is the world's best undeveloped precious metals asset that a developer has exposure to."

Heiko Ihle, Rodman & Renshaw (10/3/16) "MAG could eventually be taken out by a larger firm as Juanicipio has proven itself to be a cornerstone asset with exceptional potential."

Chris Thompson, Raymond James (10/3/16) "MAG offers significant fully funded production and cash flow growth potential unlocked through organic development; it's our favorite developer."

Eric Zaunscherb, Canaccord Genuity (10/2/16) "We are increasing our target price for MAG and our rating to Speculative Buy, following a successful site visit to the Juanicipio JV."

Avrupa Minerals Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/1/16) "A great long-term play on metals discovery in Europe, AVU remains a Buy at current levels."

Silver Wheaton Corp.

Kevin MacKenzie, PI Financial (9/30/16) "SLW continues to tick all of the investment boxes."

Phil Russo, Raymond James (9/30/16) "We continue to like SLW today for its leading portfolio of mines, peer leading cash flow profile and favorable valuation profile."

Michael Gray, Macquarie Equity Research (9/30/16) "The in-house due diligence team provides SLW with a key competitive advantage."

Josh Wolfson, Dundee Capital Markets (9/30/16) "SLW maintains several key development projects which could add an incremental ~19 Moz Ag eq annually to its production profile."

NexGen Energy Ltd.

James Kwantes, Resource Opportunities (9/30/16) "I remain confident that NXE and its rapidly growing high-grade Arrow deposit will be taken out by a major."

Silver Wheaton Corp.

Andrew Kaip, BMO Capital Markets (9/29/16) "We came away impressed with SLW, a company that manages a portfolio of high-quality, long-life assets."

Cosmos Chiu, CIBC World Markets (9/29/16) "The presentation of SLW's Salobo and Sudbury reaffirmed the quality and significance of these as world-class assets."

Charles Gibson, Edison Investment Research (9/29/16) "SLW's Q2/16 performance was buoyed by record gold sales."

Josh Wolfson, Dundee Capital Markets (9/20/16) "SLW's management outlined it maintains a sector-leading low-cost portfolio, with >95% of production sourced from assets within the lower half of the cost curve."