Base Metals Recommendations

Silver Wheaton Corp.

Charles Gibson, Edison Investment Research (5/25/16) "SLW is trading on near-term financial ratios that are cheaper than its peers, despite being associated with less risk."

Andrew Kaip, BMO Capital Markets (5/24/16) "Salobo has a 48-year mine life, providing SLW a cornerstone long-lived stream."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (5/20/16) "CNX has signed a binding purchase agreement with Newmarket Gold whereby CNX will acquire the Point Leamington project."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (5/13/16) "TV delivered good Q1 results with the Santander mine matching our production forecast."

Stefan Ioannou, Haywood Securities (5/13/16) "We believe that TV is poised to become a marquee mid-tier pure-play zinc producer."

Pretium Resources Inc.

Eric Zaunscherb, Canaccord Genuity (5/12/16) "PVG's drill results are headlined by a 37K g/t gold intersection at Valley of the Kings."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (5/12/16) "We are extremely impressed with TV's operating performance; we are maintaining our Buy, Top Pick rating."

Alex Terentiew, Raymond James (5/12/16) "We reiterate our Outperform rating for TV and increase our target price on the back of stronger margins from Santander."

Falco Resources Ltd.

Andrew Mikitchook, M Partners (5/10/16) "FPC's project remains economic even at lower gold prices."

TerraX Minerals Inc.

Ryan Walker, Echelon Wealth Partners (5/4/16) "TXR's drilling results indicate a zone of broad and pervasive mineralization throughout a package of volcanic rocks."

Falco Resources Ltd.

Thibaut Lepouttre, Caesars Report (4/28/16) "FPC is mobilizing two drill rigs to start a new surface drill program at the Horne 5 mine in Québec, Canada."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (4/26/16) "Four of the five new holes CNX released contain significant copper mineralization."

Balmoral Resources Ltd.

The Gold Report Interview with Barry Allan (4/21/16) "BAR is definitely one of our favorites on the exploration side."

Falco Resources Ltd.

Mick Carew, Haywood Securities (4/19/16) "FPC is in the process of completing a PEA (due in Q2/16) for Horne 5."

TerraX Minerals Inc.

Mick Carew, Haywood Securities (4/19/16) "Drill results from TXR are expected over the next six to eight weeks."

Trevali Mining Corp.

The Gold Report Interview with Stefan Ioannou (4/18/16) "Caribou expands TV's geographic footprint and positions the company as the marquee, pure-play zinc producer in the space right now."

Trish Saywell, The Northern Miner (4/18/16) "All of TV's deposits are open for expansion."

Balmoral Resources Ltd.

The Gold Report Interview with Eric Lemieux (4/14/16) "BAR is well positioned, with the financial capacity and will to advance assets."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (4/14/16) "Performance at TV's Santander in Q1/16 was better than expected."

Joseph Gallucci, Dundee Capital Markets (4/14/16) "TV's Q1/16 was one of the best quarterly performances we have seen."

Stefan Ioannou, Haywood Securities (4/14/16) "Production continues to progress at TV's 100%-owned Santander mine."

Pierre Vaillancourt, Laurentian Bank Securities (4/5/16) "We are initiating coverage of TV with a Buy rating; it offers the most exposure to zinc, mostly unhedged."

Jeff Woolley, Paradigm Capital (4/4/16) "TV's Q4/15 and 2015 financials were broadly in line with expectations."

Stefan Ioannou, Haywood Securities (4/1/16) "TV's CFPS continues to reflect solid performance at its Santander zinc-lead-silver mine in Peru."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/1/16) "I'm excited about BAR's work at Martiniere, as previous exploration indicates this gold project is very much open to growth."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (3/31/16) "TV's balance sheet puts it in a good position to capture strong zinc markets in H2/16."

Joseph Gallucci, Dundee Capital Markets (3/22/16) "TV's drill results at Santander were very positive."

Alex Terentiew, Raymond James (3/18/16) "TV's first-ever free cash flow is forecasted for Q2/16."

Tahoe Resources Inc.

Geordie Mark, Haywood Securities (3/10/16) "THO's Q4/15 results show strong cash flow on solid operations performance and lower costs."

Callinex Mines Inc.

Equities.com (3/7/16) "CNX has a new discovery at a time when HudBay's 777 mine is near exhausted and no further ore sources are known within the Flin Flon Belt."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (3/7/16) "BAR continues to be one of the best exploration plays in Canada."

Mick Carew, Haywood Securities (3/7/16) "The initial resource estimate for Grasset is a positive first step for BAR."

Falco Resources Ltd.

Thibaut Lepouttre, Caesars Report (3/4/16) "FPC's Horne 5 has now reached the critical mass to be developed."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/25/16) "BAR has begun drilling at Grasset and Fenelon."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (2/24/16) "TXR reported some high-grade hits from two initial holes into a new target at the Yellowknife City gold project."

Trevali Mining Corp.

Alex Terentiew, Raymond James (2/24/16) "We continue to expect TV to deliver bottom-line cash-flow growth at spot metal prices."

TerraX Minerals Inc.

Ryan Walker, Euro Pacific Canada (2/22/16) "Two of four of TXR's holes at Mispickel returned high-grade mineralization."

Balmoral Resources Ltd.

Greg McCoach, Mining Speculator (2/17/16) "Even at current prices, BAR still represents excellent value."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (2/10/16) "CNX has already discovered a new VMS zone at Pine Bay."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (2/9/16) "BAR is about paying for one discovery and getting another for free."

TerraX Minerals Inc.

Ryan Walker, Euro Pacific Canada (2/5/16) "TXR has begun a 6,500m winter drill program at Yellowknife City."

Viscount Mining Corp.

Ron Struthers, Struthers Resource Stock Report (2/5/16) "VML stock responded well to drill results from Cherry Creek showing moderate to high-grade silver mineralization."

NOVAGOLD

Jefferson Research (2/5/16) "NG's stock deserves a Buy rating."

Trevali Mining Corp.

Alex Terentiew, Raymond James (2/3/16) "We believe TV is poised to benefit from its peer-leading zinc leverage."

Alkane Resources Ltd.

Mike Millikan, Hartleys (2/1/16) "ALK's gold production provides some funding for pre-construction at DZP."

Trevali Mining Corp.

Alex Terentiew, Raymond James (1/22/16) "TV had another strong quarter operationally."

North American Nickel Inc.

The Gold Report Interview with Rick Mills (1/21/16) "NAN has a huge land package, pretty much the entire Greenland Norite Belt."

Falco Resources Ltd.

Haywood Securities (1/21/16) "In Q1/16 FPC is expected to release an updated resource estimate and a PEA."

Balmoral Resources Ltd.

Haywood Securities (1/21/16) "A maiden resource estimate for BAR's Grasset project is expected in Q1/16."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (1/21/16) "We believe TV's 2016 production guidance is impressive."

Balmoral Resources Ltd.

Eric Lemieux, PearTree Securities (1/19/16) "BAR is in the good situation of having two expanding deposits and has blue-sky exploration potential."

Philip Ker, PI Financial (1/11/16) "We see future value and deposit expansion from BAR's Grasset."

TerraX Minerals Inc.

Haywood Securities (1/8/16) "TXR's final results returned significant anomalous gold values."

Trevali Mining Corp.

Alex Terentiew, Raymond James (1/5/16) "We now expect TV to have enough liquidity at spot prices through Q3/17."

Jeff Woolley, Paradigm Capital (1/4/16) "TV arranged 12-month repayment holidays with noteholders and partners."

Stefan Ioannou, Haywood Securities (1/4/16) "TV amended its $52.5M senior secured notes debt facility."

Joseph Gallucci, Dundee Capital Markets (12/31/15) "We have a Buy, Top Pick rating for TV."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (12/23/15) "CNX will be one of the busiest base metals exploration companies this winter."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (12/17/15) "High-potential stories are developing at BAR's Grasset and Martiniere."

Haywood Securities (12/11/15) "BAR released good preliminary test results from the Bug Lake gold trend."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (12/9/15) "TV's mill throughput was up 19% MOM; zinc recovery improved by 9%."

Stefan Ioannou, Haywood Securities (12/9/15) "Progress at TV's Caribou is in line with our ramp-up expectations."

Quaterra Resources Inc.

The Gold Report Interview with Dudley Baker (12/7/15) "QTA is going to weather this downturn and be a great performer when the markets turn."

Trevali Mining Corp.

Stefan Ioannou, Haywood Securities (12/1/15) "TV's drilling to date has demonstrated Santander's geological pedigree."

The Gold Report Interview with Philip Richards (11/23/15) "Our favorite in the zinc space is TV."

Jeff Woolley, Paradigm Capital (11/18/15) "Q3/15 production at TV's Santander was another record for the mine."

Balmoral Resources Ltd.

Gwen Preston, Resource Maven (11/18/15) "BAR gets the nod as the drill result of the week."

Trevali Mining Corp.

Stefan Ioannou, Haywood Securities (11/18/15) "Q3/15 was another strong operational quarter for TV's Santander."

Joseph Gallucci, Dundee Capital Markets (11/17/15) "Ramp-up at TV's Caribou is advancing well ahead of the PEA schedule."

Alex Terentiew, Raymond James (11/17/15) "TV's underground operations at Caribou are ramping up well."

Ian Parkinson, GMP Securities (11/17/15) "TV's Caribou mill continued to progress."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (11/17/15) "CNX announced plans for a 2016 drill campaign."

Balmoral Resources Ltd.

Philip Ker, PI Financial (11/16/15) "BAR announced positive drill results at the H3 zone on Grasset."

Falco Resources Ltd.

Ryan Walker, Euro Pacific Canada (11/16/15) "An FPC hole yielded 108.9m grading 2.2 g/t Au and 14.16 g/t Ag."

MAG Silver Corp.

David Sadowski, Raymond James (11/16/15) "MAG is our analyst current favorite and top precious metals developer pick."

Franco-Nevada Corp.

Michael Siperco, Macquarie Capital Markets (11/16/15) "We continue to prefer FNV (and the royalty/stream sector) versus producers."

MAG Silver Corp.

Heiko Ihle, Rodman & Renshaw (11/16/15) "MAG's Juanicipio is one of the world's highest-grade undeveloped silver deposits."

Balmoral Resources Ltd.

Mick Carew, Haywood Securities (11/16/15) "BAR's drill results demonstrate very high grade potential at the Grasset project."

Sunridge Gold Corp.

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/13/15) "SGC is a Buy for the likelihood of a nice-sized, quick profit."

Midland Exploration Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/13/15) "MD has a lot of chances to come up with a flagship project."