Base Metals Recommendations

Trevali Mining Corp.

Brian MacArthur, Raymond James (5/11/18) "TV achieved 26,500m of exploration and conversion drilling in Q1/18."

Pierre Vaillancourt, Haywood Securities (5/11/18) "TV's Q1/18 EPS and CFPS were mostly in line with estimates."

Jacques Wortman, Eight Capital (5/11/18) "TV reported Q1/18 adjusted EBITDA of $59.5M and EPS of $0.03/share."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (5/9/18) "SEA discovered two new gold zones at its Courageous Lake project."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (5/4/18) "A strong Q3/18 saw ALK's Tomingley generate cash flows of AU$21.2M."

Trevali Mining Corp.

Brian MacArthur, Raymond James (5/1/18) "TV will buy shares of RPZC, taking its Rosh Pinah ownership to ~90%."

TerraX Minerals Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/18) "TXR is working on raising money for drilling at Yellowknife City."

Lion One Metals Limited

Derek Macpherson, Red Cloud Klondike Strike Inc. (5/1/18) "We visited LIO's Tuvatu and were generally impressed with this permitted high-grade project."

Trevali Mining Corp.

Jacques Wortman, Eight Capital (4/19/18) "TV's 2017 reserve and resource estimates were generally in line."

Pierre Vaillancourt, Haywood Securities (4/18/18) "TV is on target for a strong year."

Brian MacArthur, Raymond James (4/17/18) "TV increased its exploration budget in 2018 to $13M."

Pierre Vaillancourt, Haywood Securities (4/16/18) "Relative to 2016, TV's total 2P reserves at 2017E increased by 186%."

Jacques Wortman, Eight Capital (4/12/18) "TV's Q1/18 production was in line with expectations on a consolidated basis."

Pierre Vaillancourt, Haywood Securities (4/12/18) "TV's Q1/18 production results came in in line with expectations."

Brian MacArthur, Raymond James (4/12/18) "TV's Q1/18 results were generally in line with our estimates."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (4/11/18) "R's deal with Red Eagle Exploration should close in the next few days."

Gwen Preston, Resource Maven (4/11/18) "The recovery is starting to take shape at R's Santa Rosa gold mine."

Trevali Mining Corp.

Oscar Cabrera, CIBC World Markets (4/5/18) "TV has the highest leverage to zinc prices of the North American base metal companies under coverage."

TerraX Minerals Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "TXR assays give the sense that the area's potential remains uncapped."

Lion One Metals Limited

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/18) "Recent samples remind us that LIO's Tuvatu still has a lot of upside."

Trevali Mining Corp.

Dalton Baretto, Canaccord Genuity (3/29/18) "We initiate coverage on TV with a Buy rating."

Cabral Gold Inc.

Greg Nolan, Equity Guru (3/29/18) "CBR identified several new high-grade gold vein targets at Cuiu Cuiu."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (3/28/18) "With the $3M, TXR will keep looking for a Yellowknife gold deposit."

Cabral Gold Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/28/18) "I recommend CBR based on its near-term and long-term price catalysts."

Gwen Preston, Resource Maven (3/22/18) "CBR's flagship Cuiu Cuiu project already hosts 1.3 Moz gold."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (3/17/18) "R entered into an agreement with Red Eagle Exploration."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (3/15/18) "In Q4/17, TV generated $47M in free cash flow and repaid $40M of debt."

Scotiabank (3/15/18) "TV has a solid balance sheet and remains focused on improving it."

Jacques Wortman, Eight Capital (3/14/18) "TV reported Q4/17 earnings of $0.03/share."

Brian MacArthur, Raymond James (3/14/18) "TV'S 2017 and Q4/17 production results are in line with our estimates."

Pierre Vaillancourt, Haywood Securities (3/14/18) "TV's Q4/17 revenues ($188M) were up 131% quarter on quarter."

Eight Capital (3/5/18) "TV will be the operator of the Murray Brook properties, but Puma will act as project manager for the exploration and development of the properties, allowing Trevali to focus on its four key operating mines while leveraging Puma's exploration expertise."

Jacques Wortman, Eight Capital (3/2/18) "TV agreed to acquire the option to acquire the Murray Brook deposit."

Balmoral Resources Ltd.

Philip Ker, PI Financial (3/2/18) "BAR has a treasured land package ripe for future discoveries."

Trevali Mining Corp.

Shane Nagle, National Bank of Canada (3/1/18) "We are initiating coverage on TV; it is nearly a Top 10 zinc producer globally."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/18) "BAR is reporting visible gold in the first hole drilled on Martiniere."

Mineworx Technologies Ltd.

Tormont (2/20/18) "MWX is testing dry and wet side processes at its first commercial site."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (2/13/18) "SEA has grown Iron Cap by 14.5 Moz Au and 6.9 Blb Cu."

Tony Lesiak, Canaccord Genuity (2/13/18) "SEA's Iron Cap increased tonnage 133% and copper grades 27%."

TerraX Minerals Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/18) "TXR has agreed to buy the Ptarmigan mine."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (1/31/18) "R restarted the Santa Rosa mill at the beginning of this month."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (1/25/18) "ALK had a solid first quarter of production at Tomingley."

Seabridge Gold Inc.

Gary Baschuk, PearTree Securities (1/22/18) "SEA is well-leveraged by its massive resource and expansion potential."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (1/17/18) "The Rosh Pinah mine has the most compelling organic upside for TV."

Jeff Woolley, Paradigm Capital (1/16/18) "At spot zinc prices, TV could become net cash positive in Q2/18."

Brian MacArthur, Raymond James (1/15/18) "For the year ending Dec. 31, 2017, TV's production set a new record."

Pierre Vaillancourt, Haywood Securities (1/15/18) "TV's Santander completed the upgrade of its pumping infrastructure."

Ian Parkinson, GMP Securities (1/15/18) "TV's costs and metals prices should lead to solid cash flow in 2018."

Craig Hutchison, TD Securities (1/15/18) "In Q4/17, TV's Perkoa achieved a quarterly production record."

Jacques Wortman, Eight Capital (1/15/18) "TV's Q4/17 grades and production were in line with our estimates."

Seabridge Gold Inc.

Tony Lesiak, Canaccord Genuity (1/8/18) "SEA's 2018 winter drill program at Courageous Lake will initially test up to seven targets with sufficient strike and width continuity within 200m of surface; this will be followed by infill drilling to support a resource estimate."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (12/29/17) "R plans to start the San Ramon mill up again in January."

TerraX Minerals Inc.

Gary Baschuk, PearTree Securities (12/21/17) "In 2017, TXR made new gold and base metal discoveries at Yellowknife."

Lion One Metals Limited

Eric Coffin, Hard Rock Analyst (12/18/17) "Adding Navilawa gives LIO many more targets to pursue."

TerraX Minerals Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "TXR is ideally situated to generate news flow in early 2018."

Lion One Metals Limited

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/15/17) "The recent, big acquisition gives LIO a ton of exploration blue sky."

Trevali Mining Corp.

Jacques Wortman, Eight Capital (12/11/17) "TV discovered a significant zone of massive sulphides near Caribou."

Balmoral Resources Ltd.

Philip Ker, PI Financial (12/8/17) "BAR's Bug South Lower zone now contains a vertical depth of >400m."

Trevali Mining Corp.

Jacques Wortman, Eight Capital (12/4/17) "TV hit multiple high-grade zinc intersects at its Santander Pipe."

Lion One Metals Limited

Mike Niehuser, Scarsdale Equities (12/1/17) "We believe LIO's Banana Creek to be an advanced exploration target."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (11/30/17) "Q4/17 into Q1/18 should prove pivotal to development of ALK's Dubbo."

Tom Hayes, Edison Investment Research (11/23/17) "A revised underground mine plan is due by 2017E for ALK's Tomingley."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (11/21/17) "SEA's Iron Cap is likely to expand beyond 6–8 Moz Au and 2–2.5 Blb Cu."

Tony Lesiak, Canaccord Genuity (11/21/17) "Drilling at SEA's Quartz Rise showed a gold-bearing system."

Lion One Metals Limited

Mike Niehuser, Scarsdale Equities (11/21/17) "LIO was awarded the Navilawa special prospecting license."

Eric Coffin, Hard Rock Analyst (11/20/17) "Major earthworks at LIO's Tuvatu should be completed by Q2/18."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (11/16/17) "TV's Q3/17 financial results were improved across the board QOQ."

Lion One Metals Limited

Mike Niehuser, Scarsdale Equities (11/16/17) "LIO announced the commencement of the Tuvatu gold project."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (11/15/17) "TV's Q3/17 EBITDA ($20M) was up 85% QOQ; we reiterate our Buy rating."

Craig Hutchison, TD Securities (11/15/17) "TV's overall production guidance remains unchanged at 398–416 Mlb Zn."

Jacques Wortman, Eight Capital (11/15/17) "At Q3/17E, TV had $103M in cash and cash equivalents."

Brian MacArthur, Raymond James (11/15/17) "TV achieved record overall production in Q3/17."

Cabral Gold Inc.

Bob Moriarty, 321 Gold (11/10/17) "CBR is in a reasonable jurisdiction and is run by great management."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (11/7/17) "Holes at SEA's Iron Cap showed significant widths of mineralization."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (11/7/17) "The PEA's alternate case for TV's Halfmile-Stratmat is most logical."

Jacques Wortman, Eight Capital (11/6/17) "TV released its Halfmile-Stratmat PEA study with two alternatives; processing ore from the two mines through the nearby Caribou mill has a higher NPV and IRR."

Jeff Woolley, Paradigm Capital (11/6/17) "At current zinc prices, TV's Q4/17 could deliver more free cash flow."

Brian MacArthur, Raymond James (11/6/17) "TV's Halfmile-Stratmat PEA shows production potential in the Bathurst."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (10/26/17) "A number of the Dubbo Project's product prices have seen a rebound over the past six months, and provide a clear reason to focus on ALK’s flagship asset."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (10/17/17) "The upside for TV stock remains compelling."