Silver Recommendations

Silver Wheaton Corp.

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

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."

Silver Wheaton 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."

Silver Wheaton 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."

Silver Wheaton 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."

Silver Wheaton 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%."

Silver Wheaton 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

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."