Base Metals Recommendations

Trevali Mining Corp.

Brian MacArthur, Raymond James (8/15/17) "We are resuming coverage on TV with an Outperform rating."

Stefan Ioannou, Cormark Securities (8/14/17) "We reiterate our Top Pick rating on TV."

Jeff Woolley, Paradigm Capital (8/14/17) "The acquisition from Glencore will more than double the size of TV."

Pierre Vaillancourt, Haywood Securities (8/11/17) "TV is on track to finalize the Perkoa and Rosh Pina deal by Aug. 31."

Jacques Wortman, Eight Capital (8/11/17) "We maintain our Buy recommendation on TV."

Stefan Ioannou, Cormark Securities (7/31/17) "The former Restigouche mine should augment TV's Caribou production."

Seabridge Gold Inc.

Don Maclean, Paradigm Capital (7/31/17) "The exploration season at SEA's KSM and Iskut is promising so far."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (7/28/17) "TV received the mining lease for the former Restigouche mine."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (7/27/17) "H2 FY17 saw a remarkable turnaround in production at ALK's Tomingley."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (7/27/17) "SEA has two rigs active at KSM's Iron Cap and one testing Iskut."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (7/26/17) "R is a Buy at current levels."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (7/26/17) "TXR's Yellowknife City has many good targets and interesting results."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (7/25/17) "Results from TV's Heath Steele continue to validate the historic data."

Jacques Wortman, Eight Capital (7/24/17) "In Q2/17, TV's Perkoa and Santander largely exceeded expectations."

Pierre Vaillancourt, Haywood Securities (7/21/17) "TV's Q2/17 lead and silver output were comparable to Q1/17."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (7/19/17) "Two zones at TXR's Yellowknife are exciting: Angel and Duck Lake."

Balmoral Resources Ltd.

Philip Ker, PI Financial (7/12/17) "BAR's final assay results continue to support expansion opportunities."

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/1/17) "BAR is definitely a company worth watching in the months ahead."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (6/29/17) "Positive H2/17 production sees ALK finishing FY17 with a flourish."

Tom Hayes, Edison Investment Research (6/27/17) "ALK revised upwards its H2/17 production target for Tomingley."

Balmoral Resources Ltd.

Philip Ker, PI Financial (6/27/17) "BAR commenced its exploration campaign across the Detour Gold trend."

Red Eagle Exploration Ltd.

Gwen Preston, Resource Maven (6/21/17) "The slide in R's share price this month is a buying opportunity."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (6/20/17) "We are resuming coverage on TV with a Buy."

Stefan Ioannou, Cormark Securities (6/19/17) "Infill drilling at TV's Halfmile hit mineralization in the Lower zone."

Red Eagle Mining Corp.

Bob Moriarty, 321 Gold (6/16/17) "R picked up some giant-in-potential land packages which it spun off."

Avrupa Minerals Ltd.

Jay Taylor, Gold, Energy & Tech Stocks (6/16/17) "We are initiating coverage on AVU; the Alvalade project appears to hold the potential to host a world-class volcanogenic massive sulphide deposit."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (6/15/17) "TV continues to advance work on a PEA for Halfmile and Stratmat."

Craig Hutchinson, TD Securities (6/2/17) "We are initiating coverage on TV with a Buy recommendation."

Avrupa Minerals Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/17) "AVU and Byrnecut have embarked on a 2017 drilling program at Slivovo."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/1/17) "BAR's Martiniere project hosts considerable mid- to high-grade gold."

Trevali Mining Corp.

Jacques Wortman, Eight Capital (5/25/17) "We are initiating research coverage on TV with a Buy recommendation."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (5/25/17) "ALK's Q3/17 activities indicate a complete turnaround at Tomingley."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (5/19/17) "TV's Q1/17A CFPS of $0.04 beat a consensus estimate of $0.02."

Balmoral Resources Ltd.

The Gold Report Interview with Louis James (5/17/17) "An explorer I like is BAR; it has two highly prospective projects right now that I like a lot."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (5/17/17) "TV reported Q1/17 financial results with few surprises."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (5/15/17) "We are reinitiating coverage on ALK; Q3/17 gold production recorded a quarter-over-quarter increase of 59%."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (5/12/17) "TV has initiated a 2017 underground drilling program at Caribou."

Stefan Ioannou, Cormark Securities (5/9/17) "Seven holes at TV's Heath Steele intersected the delineated E zone."

Canaccord Genuity Morning Coffee (5/8/17) "TV released initial results from its drill program on Heath Steele."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (5/3/17) "TXR announced results from 22 Yellowknife drill holes; all hit gold."

Trevali Mining Corp.

Orest Wowkodaw, Scotia Capital (5/1/17) "We continue to forecast very strong 2018-2019 free cash flow for TV."

Avrupa Minerals Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/17) "AVU optioned its Alvito iron oxide-copper-gold project to OZ Minerals."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/17) "Holes increased the central high-grade core size at BAR's Bug South."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (4/27/17) "We are resuming coverage on SEA following its equity financing close."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (4/27/17) "ALK's Q3/17 report indicates a complete turnaround at Tomingley."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (4/19/17) "Our Buy thesis for TV stock remains intact."

Orest Wowkodaw, Scotia Capital (4/17/17) "TV reaffirmed its 2017 guidance at both Santander and Caribou."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (4/12/17) "R's San Ramon mine has reached commercial production!"

Balmoral Resources Ltd.

Philip Ker, PI Financial (4/10/17) "BAR expanded its winter drilling from 7,0008,000m to 10,000m."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (4/10/17) "TV's exploration continues to return high-grade intersections."

Liberty Gold Corp.

Michael Gray, Macquarie Capital Markets (4/4/17) "Tests at PLG's Goldstrike showed consistent and rapid leach kinetics."

Mick Carew, Haywood Securities (4/3/17) "PLG's Goldstrike produced a weighted average extraction of 85.9%."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (3/31/17) "TV closed a CA$265M financing to acquire two mines from Glencore."

Jeff Woolley, Paradigm Capital (3/30/17) "TV agreed to purchase the Rosh Pinah and Perkoa zinc mines for $400M."

Seabridge Gold Inc.

Raj Ray, National Bank of Canada (3/30/17) "Recent financings allow SEA to proceed with ongoing exploration."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (3/30/17) "ALK is progressing Dubbo, mainly focusing on financing negotiations."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/29/17) "The ~$400M zinc mine acquisition will boost TV's production by ~150%."

Orest Wowkodaw, Scotia Capital (3/29/17) "TV paid fair value for the Rosh Pinah and Perkoa zinc mines."

Peter Arendas, Seeking Alpha (3/16/17) "TV announced an acquisition of two zinc mines from Glencore."

Seabridge Gold Inc.

Don Maclean, Paradigm Capital (3/16/17) "SEA is focusing on two key exploration programs: KSM and Iskut."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/13/17) "TV should be considered as a core position underpinning any investment strategy looking for zinc exposure."

Seabridge Gold Inc.

Jeffrey Briggs, Singular Research (3/13/17) "SEA has made advances on several fronts over the past few months."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (3/10/17) "We are particularly impressed by the strong start at TV's Caribou."

Seabridge Gold Inc.

Tony Lesiak, Canaccord Genuity (3/8/17) "We continue to believe SEA's KSM will find a development partner."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (3/7/17) "TV's updated Santander resource is in line with our expectations."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (3/4/17) "An R holder sells 23M shares, and the share price doesn't notice."

Seabridge Gold Inc.

Gary Baschuk, PearTree Securities (3/2/17) "SEA's Deep Kerr resources grew by 3 Moz gold and 2.1 Blb copper."

Balmoral Resources Ltd.

Gary Baschuk, PearTree Securities (3/2/17) "BAR released the final assay results from the 2016 drill program."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/1/17) "TV is poised to become a (the) marquee 'pure play' zinc producer."

Avrupa Minerals Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "AVU transferred 85% of its interest in Slivovo to Byrnecut."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "BAR began its 2017 25,000m drilling program at Martiniere this month."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (2/23/17) "ALK's Q2/17 gold sales of 12,519 oz resulted in AU$20.9M in revenue."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (2/22/17) "R now has the chance to explore some of its other opportunities."

Balmoral Resources Ltd.

Gary Baschuk, PearTree Securities (2/21/17) "BAR discovered a near-surface gold zone east of the Bug Lake trend."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (2/15/17) "TXR just tripled its land position; it staked another 253 sq km."

Trevali Mining Corp.

The Gold Report Interview with Paul Beattie (2/14/17) "Our favorite zinc producer is TV."

Broadway Gold Mining Ltd.

Kyle Born, Canadian Mining and Energy (2/6/17) "BRD has raised over $2M, which will fund its exploration project."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (2/2/17) "The intercept announced today is the fourth significant intersection illustrating BAR's Bug Lake Trend is a major mineralized system."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Partners (2/1/17) "TV is in an excellent position to capture strong zinc fundamentals."

Alex Terentiew, BMO Capital Markets (2/1/17) "We believe TV is just starting its operating and financial turnaround and investors will be rewarded by accumulating shares in the company."