Base Metals Recommendations

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."

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."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (11/13/15) "BAR is completing an up to CA$4.5M flow-through financing."

Bear Creek Mining Corp.

Eric Zaunscherb, Canaccord Genuity (11/11/15) "BCM's Corani should produce an average 8.3 Moz/year Ag for 18 years."

Balmoral Resources Ltd.

The Gold Report Interview with Eric Lemieux (11/9/15) "Considering its potential, BAR could make Grasset a buyout target or push it to another level."

Sunridge Gold Corp.

Gwen Preston, Resource Maven (11/6/15) "If you want to pick up 30%, buy SGC right now."

North American Nickel Inc.

Haywood Securities (10/23/15) "NAN announced positive drill results at its Maniitsoq project."

Cancana Resources Corp.

Thibaut Lepouttre, Caesars Report (10/21/15) "CNY's BMC joint venture manganese project has world-class potential."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (10/20/15) "CNX has added James Pickell, one of the world's most renowned experts on VMS systems, to its technical team."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (10/14/15) "Q3/15 operational updates for TV's Santander and Caribou are strong."

TerraX Minerals Inc.

Haywood Securities (10/13/15) "Two TXR maiden resources are expected early next year."

Balmoral Resources Ltd.

Haywood Securities (10/13/15) "BAR continues to expand its Grasset Ni-Cu-PGE project."

North American Nickel Inc.

Haywood Securities (10/13/15) "NAN is focused on its Maniitsoq nickel project in Greenland."

Trevali Mining Corp.

Alex Terentiew, Raymond James (10/9/15) "We expect TV to start generating free cash flow in Q4/15."

Derek Macpherson, M Partners (10/9/15) "TV reported Q3/15 production results that were ahead of our estimates."

Joseph Gallucci, Dundee Capital Markets (10/8/15) "TV's Q3/15 production performance was one of the best to date."

North American Nickel Inc.

The Gold Report Interview with Andrew Pullar (10/5/15) "NAN's Maniitsoq is district scale, and it could be a long-life, low-cost, world-class asset."

Cancana Resources Corp.

The Gold Report Interview with Andrew Pullar (10/5/15) "CNY's manganese project has some of the highest grades anywhere in the world."

Trevali Mining Corp.

Itinerant, Seeking Alpha (10/2/15) "TV remains a bet on zinc and growth."

Balmoral Resources Ltd.

Philip Ker, PI Financial (10/2/15) "Ore from BAR's Grasset project can generate a high-grade concentrate."

Falco Resources Ltd.

Eric Lemieux, PearTree Securities (10/1/15) "The results from FPC's drilling at Horne 5 reconcile well with historical data, confirming grade and geometry."

Balmoral Resources Ltd.

Canaccord Genuity's Morning Coffee (10/1/15) "BAR announced positive metallurgical test results at its Grasset project."

Pope & Company (9/30/15) "Testing produced excellent nickel, copper and palladium recoveries at BAR's H3 zone."

Brien Lundin, Gold Newsletter (Jefferson Financial) (9/30/15) "BAR is clearly establishing value at Martiniere and Grasset."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (9/28/15) "TV's Santander mine is a Santander Claus."

Derek Macpherson, M Partners (9/28/15) "Based on the anticipated resource growth, we assume expansion at TV's Santander from 2,000 tpd to 4,000 tpd in 2017."

Stefan Ioannou, Haywood Securities (9/28/15) "TV's drilling has demonstrated Santander's geological pedigree."

Alkane Resources Ltd.

David Radclyffe, Petra Capital (9/27/15) "ALK's Dubbo is capable of generating >AU$300M/year in EBITDA."

Quaterra Resources Inc.

The Gold Report Interview with Dudley Baker (9/24/15) "For a small company, QTA has incredible upside potential."

Cancana Resources Corp.

Thibaut Lepouttre, Caesars Report (9/23/15) "CNY is sitting on something special at the Brazil manganese project."

North American Nickel Inc.

Mick Carew, Haywood Securities (9/23/15) "NAN confirmed high-grade nickel mineralization at P-053 in its Maniitsoq project."

Trevali Mining Corp.

The Gold Report Interview with David Morgan (9/21/15) "TV has pretty good silver exposure, so it is a win-win."

Callinex Mines Inc.

Wayne Hewgill, Mackie Research Capital (9/21/15) "CNX discovered a new horizon at its Pine Bay project in Manitoba."

Balmoral Resources Ltd.

Haywood Securities (9/16/15) "BAR continues to advance its Martiniere and Grasset projects in Quebec."

Louis James, Casey Research (9/14/15) "BAR's drill results add a lot of metal, and value, to the Grasset deposit."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (9/14/15) "We are impressed with TV's progress at the Caribou mill and mine."

Alex Terentiew, Raymond James (9/14/15) "TV's newly refurbished mine at Caribou is ramping up well."

Ian Parkinson, GMP Securities (9/14/15) "TV's Caribou mine is on track for commercial production this year."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (9/14/15) "BAR is one of the best exploration plays in Canada."

Callinex Mines Inc.

Raymond Goldie, Salman Partners (9/14/15) "CNX plans two holes, geophysical surveys and winter stepout drilling."

Franco-Nevada Corp.

Andrew Kaip, BMO Capital Markets (9/13/15) "We are initiating coverage of FNV with an Outperform rating."

Balmoral Resources Ltd.

Jay Taylor, Gold, Energy & Tech Stocks (9/11/15) "BAR is in the process of outlining two world-class mineral deposits."