Base Metals Recommendations

Trevali Mining Corp.

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

Craig Hutchison, TD Securities (10/17/17) "Zinc production at TV's Perkoa was slightly higher than our estimate."

Brian MacArthur, Raymond James (10/17/17) "TV's upgrade projects at Rosh Pinah and Santander remain on track."

Ian Parkinson, GMP Securities (10/17/17) "We remain bullish on the zinc price; TV has a strong torque to it."

Stefan Ioannou, Cormark Securities (10/17/17) "Our near- to medium-term outlook on TV remains unchanged."

Jacques Wortman, Eight Capital (10/17/17) "The two new African assets continue to show their significance to TV."

Alex Terentiew, BMO Capital Markets (10/16/17) "Zinc produced from TV's Santander exceeded our estimate by 10%."

Orest Wowkodaw, Scotiabank (10/16/17) "TV's Q3/17 results were largely in line with our expectations."

Blue Moon Zinc Corp.

Clive Maund, CliveMaund.com (10/13/17) "MOON is a rated a buy again."

Trevali Mining Corp.

Jacques Wortman, Eight Capital (10/12/17) "We are increasing our target price on TV after our quarterly review."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (10/1/17) "BAR assays indicate a new discovery (Bug NW) along the Bug gold trend."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (9/21/17) "The resource and reserve statements have been updated for ALK's TGO."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (9/15/17) "Asset integration into TV's portfolio appears to be extremely rapid."

Jacques Wortman, Eight Capital (9/14/17) "TV's Rosh Pinah and Perkoa represent 68% of our operating NAV."

Pierre Vaillancourt, Haywood Securities (9/14/17) "Plant upgrades at TV's Rosh Pinah should be complete by year-end."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (9/13/17) "There are some interesting ideas developing up at TXR's Yellowknife."

Seabridge Gold Inc.

Don Maclean, Paradigm Capital (9/12/17) "SEA's Iron Cap is positioned to materially improve the project."

Trevali Mining Corp.

Brian MacArthur, Raymond James (9/11/17) "Regionally, we expect over 5 Mt could be added to TV's Rosh Pinah."

Seabridge Gold Inc.

Tony Lesiak, Canaccord Genuity (9/7/17) "SEA's Iron Cap zone could move to the front of the mining queue."

Mike Kozak, Cantor Fitzgerald (9/6/17) "SEA's 2017 exploration will likely add 68 Moz Au and 22.5 Blb Cu."

Trevali Mining Corp.

Pierre Vaillancourt, Haywood Securities (9/1/17) "The acquisition of Rosh Pinah and Perkoa more than doubles annual zinc production for TV."

Jacques Wortman, Eight Capital (8/31/17) "The Rosh Pinah and Perkoa deal closing marks a positive step for TV."

Charlotte McLeod, Zinc Investing News (8/31/17) "TV has established itself as one of the world's 10 top zinc producers."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (8/30/17) "COO Nic Earner will replace Ian Chalmers as ALK's managing director."

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."

Blue Moon Zinc Corp.

Clive Maund, CliveMaund.com (6/19/17) "Fundamentally and technically the outlook for MOON is good."

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 Inc. (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 Inc. (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."