Silver Recommendations

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."

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.

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."

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.

Philip Ker, PI Financial (10/2/14) "We continue to remain positive on SVL's Santa Elena operation."

Chris Thompson, Raymond James (10/2/14) "With its fiscal discipline and operational flexibility, SVL is well positioned."

Silver Wheaton Corp.

Ash Guglani, Salman Partners (10/1/14) "SLW is a large metal streaming company with a robust organic growth pipeline."

Fortuna Silver Mines Inc.

John Kratochwil, Canaccord Genuity (9/30/14) "Trinidad North added 77% of FVI's 6.1 Moz silver reserve increase at San Jose."

Silver Wheaton Corp.

Trefis (9/30/14) "SLW's streaming agreement for the Constancia mine in Peru is a good deal."

Fortuna Silver Mines Inc.

Andrew Kaip, BMO Capital Markets (9/30/14) "FVI's 2P reserves at San Jose are 31.2 Moz silver and 242.6 Koz gold."

Matthew O'Keefe, Dundee Capital Markets (9/30/14) "FVI's strong balance sheet, quality assets and proven management make it our top pick."

SilverCrest Mines Inc.

The Gold Report Interview with Jay Taylor (9/29/14) "I expect SVL will continue to grow organically without shareholder dilution."

Almaden Minerals Ltd.

The Gold Report Interview with Jay Taylor (9/29/14) "AMM's Ixtaca has developed quite nicely into a low-cost, multimillion-ounce project."

SilverCrest Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (9/26/14) "SVL's optimized milling rate of 3 Ktpd is targeted for Q4/14."

Philip Ker, PI Financial (9/26/14) "SVL is evaluating re-opening Santa Elena's pit and is taking tenders."

Fortuna Silver Mines Inc.

Chris Thompson, Raymond James (9/25/14) "We are upgrading FVI to Strong Buy after our San Jose site visit."

Sierra Metals Inc.

The Gold Report Interview with Christos Doulis (9/22/14) "SMT's Yauricocha is the engine that provides the cash for the growth of the company in Mexico."

Alexco Resource Corp.

The Gold Report Interview with Christos Doulis (9/22/14) "AXR's new Flame & Moth deposit should allow it to run its 400 tpd mill at capacity."

Tahoe Resources Inc.

John Bridges, J.P. Morgan (9/18/14) "THO generates significant cash flows and plans to initiate a dividend."

Klondex Mines Ltd.

Derek Macpherson, M Partners (9/16/14) "KDX intercepted 2,184 g/t gold and 27 g/t silver over 0.4m at Honeyrunner."

Primero Mining Corp.

Jeff Killeen, CIBC World Markets (9/16/14) "We expect shares of P to trade at a premium to its peer group."

Brian Szeto, PI Financial (9/16/14) "P's Black Fox Deep zone connects the 400m level to the 700m level."

Matthew Sheppard, Jacob Securities (9/15/14) "P continues to intercept high grades at its Black Fox project."

Mike Parkin, Desjardins Securities (9/15/14) "P's Black Fox and Grey Fox both showed some promising drill results."

Dan Rollins, RBC Capital Markets (9/15/14) "P's Grey Fox continues to show exploration upside."

Fortuna Silver Mines Inc.

Silver Investing News (9/14/14) "FSM has no long-term debt and its production is expected to grow to 6 Moz silver this year."

Tahoe Resources Inc.

Silver Investing News (9/14/14) "THO is a top-five holding of the Global X Silver Miners ETF."

MAG Silver Corp.

Global Mining Observer (9/12/14) "MAG raised CA$86M last month in an oversubscribed share placement."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (9/11/14) "MND completed the acquisition of Elgin for 50M shares and $27M in cash."

Mike Parkin, Desjardins Securities (9/11/14) "MND's feasibility study for Challacollo is on track and on budget."

Almaden Minerals Ltd.

Bob Moriarty, 321 Gold (9/11/14) "AMM's updated Ixtaca PEA shows a significant cost reduction."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/10/14) "Tuligtic's exploration upside and economic viability make AMM a good long-term gold and silver pick."

Alexco Resource Corp.

Christos Doulis, PI Financial (9/10/14) "We recommend AXR as a Buy and believe it deserves a premium multiple relative to peers."

Tahoe Resources Inc.

The Gold Report Interview with Charles Oliver (9/8/14) "THO has one of the largest producing silver mines on the planet."

Silver Wheaton Corp.

The Gold Report Interview with Charles Oliver (9/8/14) "SLW has been one of the best performers over the last few years."

Alexco Resource Corp.

Mike Niehuser, Scarsdale Equities LLC (9/8/14) "AXR's expanded mining operation at Keno Hill has the potential to produce for decades."

SilverCrest Mines Inc.

Philip Ker, PI Financial (9/4/14) "SVL's drill results showed intercepts with good widths and grades."

Almaden Minerals Ltd.

Ash Guglani, Salman Partners (9/4/14) "AMM's updated PEA for Ixtaca demonstrates stronger economics."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (9/3/14) "MND's acquisition of Elgin Mining should close on or about Sept. 10."

Almaden Minerals Ltd.

Thibaut Lepouttre, Caesars Report (9/3/14) "AMM intecepted approximately 4.6 g/t Au eq just outside the limits of the resource estimate at Tuligtic."

Fortuna Silver Mines Inc.

Matthew O'Keefe, Dundee Capital Markets (8/28/14) "FVI remains our top pick in the silver sector."

Tahoe Resources Inc.

The Gold Report Interview with Keith Phillips (8/27/14) "THO's Escobal silver mine in Guatemala is truly world class."

Fortuna Silver Mines Inc.

Benjamin Asuncion, Haywood Securities (8/27/14) "FVI's global resources have demonstrated significant growth, increasing 57% year over year."

John Kratochwil, Canaccord Genuity (8/27/14) "Based on the resource growth at FVI's San Jose, we are upgrading to a Buy rating."

Andrew Kaip, BMO Capital Markets (8/27/14) "FVI's San Jose continues to demonstrate strong resource growth."

Vivien Diniz, Silver Investing News (8/27/14) "FVI's Indicated resource at San Jose increased by 42% for gold and 29% for silver."

Chris Thompson, Raymond James (8/27/14) "FVI's operations, cash balance and near-term organic growth are strong."

Lion One Metals Ltd.

Lawrence Roulston, Resource Opportunities (8/26/14) "LIO is making tremendous progress on its Tuvatu gold project in Fiji."

Silver Wheaton Corp.

Trefis (8/23/14) "SLW's production should total 35 Moz Ag eq in 2014 and 48 Moz in 2018."

Argonaut Gold Inc.

Sam Crittenden, RBC Capital Markets (8/22/14) "Measured, Indicated and Inferred oxide silver and gold estimates for AR's San Agustin have doubled."

Pretium Resources Inc.

Joe Reagor, ROTH Capital Partners (8/22/14) "PVG continues to exceed our expectations and the company has reinforced our Buy rating."

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (8/21/14) "Despite being notably less risky, SLW is still the cheapest royalty/streaming play among its peers."

SilverCrest Mines Inc.

The Mining Report Interview with Björn Paffrath (8/19/14) "SVL sits on a healthy cash position, which should increase from future free cash flow."

MAG Silver Corp.

The Mining Report Interview with Björn Paffrath (8/19/14) "MAG shows a long history for discovering promising silver assets."

Fortuna Silver Mines Inc.

The Mining Report Interview with Björn Paffrath (8/19/14) "FVI recently had some great drill results at San Jose."

Excellon Resources Inc.

The Mining Report Interview with Björn Paffrath (8/19/14) "We took a deeper look at EXN and started to build a position."

Silver Wheaton Corp.

John Bridges, J.P. Morgan (8/19/14) "SLW's sales and production numbers should both see gains in H2/14."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (8/15/14) "The 40M share transaction does not impact MND's financial position."

SilverCrest Mines Inc.

Stuart McDougall, Jennings Capital (8/15/14) "SVL's Q2/14 financials were in line with our expectations."

Almaden Minerals Ltd.

Ash Guglani, Salman Partners (8/15/14) "AMM has found new volcanic-hosted mineralization beside the Ixtaca deposit."

Silver Wheaton Corp.

Dan Rollins, RBC Capital Markets (8/15/14) "SLW is a preferred investment given its asset quality, liquidity, optionality and attractive growth prospects."

Canaccord Genuity's Morning Coffee (8/15/14) "SLW's Sudbury stream should have a strong rebound in H2/14."

SilverCrest Mines Inc.

Benjamin Asuncion, Haywood Securities (8/15/14) "In Q2/14, SVL delivered operating cash flow of $1.6M."