Base Metals Recommendations

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Partners (12/5/16) "We believe Trevali Mining Corp. is in excellent position to capture strong zinc fundamentals."

Pierre Vaillancourt, Laurentian Bank Securities (11/22/16) "As a result of the first quarter of commercial production at TV's Caribou mine, most financial metrics nearly doubled QoQ."

Stefan Ioannou, Haywood Securities (11/17/16) "TV's Caribou is well on its way to establishing itself as a profitable mine through Q4/16."

Jeff Woolley, Paradigm Capital (11/16/16) "With TV's Santander mine generating positive cash flow and its second mine, Caribou, now commercial, the growth story is coming together."

Ian Parkinson, GMP Securities (11/15/16) "TV released Q3/16 financial results; the financial performance was impressive—costs were better than expected."

Pierre Vaillancourt, Laurentian Bank Securities (11/15/16) "We are encouraged by TV's first quarter of commercial production at Caribou, supported by ongoing strong performance at Santander."

Joseph Gallucci, Dundee Capital Markets (11/15/16) "With a great first quarter and the zinc market continuing to strengthen, TV could not have brought a new operation on-line at a better time."

Orest Wowkodaw, Scotia Capital (11/14/16) "TV is rated Sector Outperform based on relative valuation, growing exposure to zinc and diminishing operating/development risk."

Tahoe Resources Inc.

Michael Gray, Macquarie Equity Research (11/7/16) "We expect THO's strong performance at La Arena continuing into Q4/16."

Energy Fuels Inc.

David Talbot, Dundee Capital Markets (11/4/16) "UUUU's production beat our forecast slightly; COGS and realized prices beat considerably."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (10/31/16) "Exploration work at TV's Santander continues to return excellent results."

Ian Parkinson, GMP Securities (10/31/16) "TV reported drill results that intersected high-grade zinc, lead and silver mineralization; we maintain our Buy rating."

Stefan Ioannou, Haywood Securities (10/31/16) "We would argue TV's relatively unique 'pure play' zinc production profile stands to garner a premium valuation."

Energy Fuels Inc.

Rob Chang, Cantor Fitzgerald (10/27/16) "UUUU has discovered an extensive system of high-grade copper mineralization at its Canyon mine."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (10/17/16) "We are maintaining our BUY, Top Pick rating on TV."

Stefan Ioannou, Haywood Securities (10/14/16) "TV's Santander delivered a one-two punch underpinned by record zinc production in Q3/16 and additional high-grade exploration results."

Jeff Woolley, Paradigm Capital (10/14/16) "TV's Santander had another excellent quarter."

Joseph Gallucci, Dundee Capital Markets (10/13/16) "We are once again very impressed with the operating performance at Santander, where TV seems to set new production records every quarter."

Great Panther Silver Ltd.

Heiko Ihle, Rodman & Renshaw (10/13/16) "GPL is in a strong position to evaluate and execute an acquisition that should add production capabilities to the firm's portfolio."

Trevali Mining Corp.

Orest Wowkodaw, Scotia Capital (10/13/16) "We rate TV Sector Outperform based on an attractive relative valuation, growing exposure to zinc, and diminishing operating/development risk profile with the Caribou ramp-up."

Ian Parkinson, GMP Securities (10/13/16) "Production at TV's Caribou should improve as the throughput rate ramps up."

Alex Terentiew, Raymond James (10/13/16) "TV's Caribou ramp-up is moving along nicely."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (9/29/16) "We believe ALK long-held tenements are prospective enough to yield to further gold resources as evidenced by its two gold mines."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (9/21/16) "Exploration work at TV's Santander project continues to return excellent results."

Stefan Ioannou, Haywood Securities (9/21/16) "TV's relatively unique 'pure play' zinc production profile stands to garner a premium valuation."

Alex Terentiew, Raymond James (9/21/16) "TV's results are showing increasingly higher grades at depth, above those in the current mine plan."

Seabridge Gold Inc.

Raj Ray, National Bank Financial (9/19/16) "We expect the results of the upcoming PEA will include a positive updated resource estimate at SEA's KSM gold-silver-copper-Molybdenum project."

Trevali Mining Corp.

Stefan Ioannou, Haywood Securities (9/9/16) "We continue to recommend investors take advantage of TV's current share price."

Joseph Gallucci, Dundee Capital Markets (9/8/16) "We believe TV can mimic the Santander success, at Caribou, in terms of exceeding expectations."

Orest Wowkodaw, Scotia Capital (9/8/16) "We rate TV Sector Outperform based on it's attractive valuation, exposure to zinc and diminishing operating/development risk."

Alex Terentiew, Raymond James (9/8/16) "TV's management has targeted Q4/16 to reach the full 3,000 tpd mine production rate."

Pierre Vaillancourt, Laurentian Bank Securities (9/8/16) "Steady progress should position TV's Caribou mine to deliver in 2017."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (9/7/16) "BAR represents one of the best exploration companies in Canada; we are increasing our target price."

Thom Calandra, The Calandra Report (9/1/16) "BAR fortunately had cash in the bank to continue working its Detour Trend gold project in Québec and a joint venture gold dig in Ontario."

Southern Silver Exploration Corp.

Christopher Ecclestone, Hallgarten & Co. (8/31/16) "If the resource keeps evolving SSV’s project will become a “must-have” for a major or mid-tier miner."

Trish Saywell, Northern Miner (8/25/16) "SSV has caught the eye of the Electrum Group, a privately owned, natural resource investment management company founded by billionaire Thomas Kaplan."

Golden Arrow Resources Corp.

The Gold Report Article by Matt Geiger (8/23/16) "GRG's Chinchillas is a massive project, particularly when you consider that at least 50% of the land package has yet to be explored."

Balmoral Resources Ltd.

Philip Ker, PI Financial (8/22/16) "BAR's joint venture intersected high-grade mineralization at its Northshore property."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (8/16/16) "ALK exclusive agreement with Minchem is a major key derisking event that should provide key assurances for project financing."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (8/15/16) "Both of TV's operations are performing well, with guidance increased at the Santander mine twice this year and Caribou achieving commercial production on July 1."

Stefan Ioannou, Haywood Securities (8/15/16) "We're increasing our target price for TV, which is poised to become the marquee mid-tier pure-play zinc producer in a market facing supply issues."

Joseph Gallucci, Dundee Capital Markets (8/12/16) "With Caribou now online, we believe TV is in excellent position to capture strong zinc fundamentals that have begun to take hold."

Orest Wowkodaw, Scotia Capital (8/12/16) "We rate TV Sector Outperform based on its attractive relative valuation, growing exposure to zinc (our preferred near-term commodity) and diminishing operating/development risk profile."

Ian Parkinson, GMP Securities (8/12/16) "TV stands to benefit from higher zinc prices."

Stefan Ioannou, Haywood Securities (7/20/16) "TV's timing appears to coincide well with improved zinc market sentiment."

Gwen Preston, Resource Maven (7/20/16) "TV is the only primary zinc producer on the TSX, which makes it a clear go-to stock for those seeking zinc exposure."

Joseph Gallucci, Dundee Capital Markets (7/19/16) "TV now has two operating zinc mines on line at the perfect time to catch positive zinc fundamentals."

Joseph Gallucci, Dundee Capital Markets (7/18/16) "TV now has two operating zinc mines on line at the perfect time to catch positive zinc fundamentals."

Alex Terentiew, Raymond James (7/12/16) "We continue to rate TV Outperform and recommend investors add positions."

Ian Parkinson, GMP Securities (7/11/16) "TV remains one of the best Canadian companies to play a continued zinc price recovery; we maintain our Buy rating."

Joseph Gallucci, Dundee Capital Markets (7/11/16) "We are once again very impressed where TV seems to set new production records every quarter."

Jeff Woolley, Paradigm Capital (7/8/16) "We look for TV to deliver another good quarter when it announces financial results early next month."

Stefan Ioannou, Haywood Securities (7/7/16) "TV's declaration of commercial production should coincide well with an anticipated zinc market rally in H2/16."

Joseph Gallucci, Dundee Capital Markets (7/7/16) "Declaring commercial production at Caribou is a major milestone for TV."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (7/7/16) "Based on my optimism about the results from the summer-fall work at Martiniere and about junior explorers in general, I'm moving BAR to a buy."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (7/5/16) "TV's Caribou mine is expected to declare commercial production in July."

Balmoral Resources Ltd.

Byron King, Gold Speculator (6/21/16) "BAR's management announced that it raised $6M in a bought deal."

Trevali Mining Corp.

Alex Terentiew, Raymond James (6/10/16) "With Caribou on track to declare commercial production, Santander continuing to outperform and zinc prices increasing, we are reiterating our Outperform rating for TV."

Stefan Ioannou, Haywood Securities (6/3/16) "TV's drilling continues to deliver high grades."

Joseph Gallucci, Dundee Capital Markets (6/2/16) "As TV releases another set of impressive drill results from Santander, we're maintaining our Top Pick rating."

Falco Resources Ltd.

The Gold Report Interview with Thibaut Lepouttre (5/31/16) "FPC's PEA shows an all-in sustaining cost of less than $450/oz."

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 (5/24/16) "CNX increases its exposure to Zinc in Canada"

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."