Base Metals Recommendations

MAG Silver Corp.

David Sadowski, Raymond James (6/29/15) "MAG is a likely take-out candidate, in our view."

Gwen Preston, Resource Maven (6/26/15) "There may be high-grade mineralization underneath MAG's Juanicipio project."

David Sadowski, Raymond James (6/26/15) "We see potential for MAG to double Juanicipio reserves at high grades."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/26/15) "The Grasset and Martiniere projects make BAR a compelling exploration story."

North American Nickel Inc.

Haywood Securities (6/25/15) "NAN has completed 14,589m drilling thus far at Maniitsoq in Greenland."

Trevali Mining Corp.

Derek Macpherson, M Partners (6/25/15) "We view TV's new equity financing positively, as it provides flexibility."

Cancana Resources Corp.

Thibaut Lepouttre, Caesars Report (6/23/15) "CNY is aiming for a BMC manganese project resource estimate by late 2016."

Pilot Gold Inc.

Tara Hassan, Haywood Securities (6/23/15) "We continue to see attractive upside at PLG's Kinsley."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (6/16/15) "TV is the best vehicle for zinc leverage on the TSX."

Alex Terentiew, Raymond James (6/16/15) "TV is on the verge of realizing positive free cash flow this year."

Quaterra Resources Inc.

The Gold Report Interview with Michael Berry (6/15/15) "QTA's Yerington property could become a major world-class copper resource."

Teresa Matich, Resource Investing News (6/15/15) "QTA announced that Freeport Nevada has completed stage 1 of the agreement."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (6/12/15) "TV's equity financing will provide flexibility during Caribou ramp-up."

Mark Turner, Scotia Capital (6/11/15) "TV's balance sheet is well capitalized and positioned for the ramp-up."

Mark Turner, Scotia Capital (6/11/15) "TV maintains one of the strongest balance sheets in our producer coverage universe."

Midland Exploration Inc.

Eric Lemieux, PearTree Securities Inc. (6/10/15) "Diamond drilling at MD's Casault is to begin in the next few days."

Source Exploration Corp.

Tickerscores (6/8/15) "SOP is a promising story worth looking at."

Trevali Mining Corp.

The Northern Miner (6/8/15) "Emerging producer TV is a preferred zinc play among analysts."

Pilot Gold Inc.

Gwen Preston, Resource Maven (6/5/15) "PLG is a company with too many good projects and people to ignore."

Balmoral Resources Ltd.

Peter Campbell, Mackie Research Capital (6/4/15) "BAR's stepout holes continue to define the limits of Horizon 3 at Grasset."

Eric Lemieux, PearTree Securities Inc. (6/4/15) "BAR's winter 2015 drill program expanded the nickel-copper-PGE zones."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (6/3/15) "The planning consent that ALK just received derisks its Dubbo asset."

Pilot Gold Inc.

Brent Cook, Exploration Insights (5/31/15) "PLG will explore Kinsley Mountain and Goldstrike this summer."

Balmoral Resources Ltd.

Haywood Securities (5/29/15) "BAR announced successful drill results along the Grasset Trend in Quebec."

Midland Exploration Inc.

Eric Lemieux, PearTree Securities Inc. (5/28/15) "MD has shrewdly acquired more land within the Québec Detour Trend."

Balmoral Resources Ltd.

Peter Campbell, Mackie Research Capital (5/27/15) "The Sirius transaction indicates potential upside for BAR's nickel assets."

Cancana Resources Corp.

Etienne Moshevitz, Alphastox.com (5/27/15) "The next 6–12 months could be very interesting for CNY shareholders."

Trevali Mining Corp.

Resource Investing News Interview with Stefan Ioannou (5/27/15) "As the only pure-play zinc producer, TV deserves a premium valuation."

Cancana Resources Corp.

Thibaut Lepouttre, Caesars Report (5/27/15) "CNY increased its stake in the world's highest-grade manganese project."

Wellgreen Platinum Ltd.

The Gold Report with Darrell Pasloski (5/26/15) "WG's project has the potential to become one of the world's largest, low-cost producers of PGMs and nickel from an open pit."

Balmoral Resources Ltd.

Peter Campbell, Mackie Research Capital (5/26/15) "We are initiating coverage on BAR with a Speculative Buy."

Peter Campbell, Mackie Research Capital (5/26/15) "BAR's Grasset has nickel-PGM mineralization along much of its length."

Eric Lemieux, PearTree Securities Inc. (5/26/15) "Drilling suggests some Ni-Cu-PGE mineralization at BAR's Grasset."

Trevali Mining Corp.

Raymond Goldie, Salman Partners (5/20/15) "TV announced that mill commissioning at Caribou has commenced."

Derek Macpherson, M Partners (5/20/15) "We view TV's update on initial mining at Caribou positively."

Alex Terentiew, Raymond James (5/20/15) "Caribou's startup sets the stage for transformation of TV in H2/15."

Peter Campbell, Mackie Research Capital (5/19/15) "We expect TV's Caribou to reach full production by the end of 2015."

Kristen Moran, Resource Investing News (5/19/15) "TV expects to have enough Caribou operational data by July or August."

Peter Campbell, Mackie Research Capital (5/19/15) "TV's revenue of $25.9M was slightly above our estimate for Q1/15."

The Gold Report with Ricardo Carrion (5/18/15) "TV is one of our favorite zinc producers in Peru."

Bear Creek Mining Corp.

The Gold Report with Ricardo Carrion (5/18/15) "We expect an updated feasibility study BCM's Corani to be released real soon; it should show a lower capex."

MAG Silver Corp.

Heiko Ihle, H.C. Wainwright & Co. (5/18/15) "MAG exited Q1/15 with sufficient cash to fund the Juanicipio development."

Pilot Gold Inc.

Brent Cook, Exploration Insights (5/17/15) "PLG's shares are worth accumulating."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Markets (5/15/15) "TV is the best vehicle for zinc leverage on the TSX."

Derek Macpherson, M Partners (5/15/15) "TV's Q1/15 results demonstrate continued execution at Santander."

Ian Parkinson, GMP Securities (5/15/15) "TV's Caribou mine remains on track for commissioning in Q2/15."

Stefan Ioannou, Haywood Securities (5/15/15) "TV is poised to become the marquee midtier pure-play zinc producer."

Mark Turner, Scotia Capital (5/14/15) "We view TV's Q1/15 financial results as in-line with estimates."

Red Eagle Mining Corp.

Thibaut Lepouttre, Caesars Report (5/13/15) "You can buy RD for half of the fair value and get upside for free."

Source Exploration Corp.

Ryan Walker, Euro Pacific Canada (5/7/15) "SOP's assay results at Las Minas support the thesis of a larger combined target."

Midland Exploration Inc.

Eric Lemieux, PearTree Securities Inc. (5/7/15) "MD just completed a $14.2M private placement."

Callinex Mines Inc.

Wayne Hewgill, Mackie Research Capital (5/4/15) "CNX's next phase of drilling at Pine Bay will total 2,500m."

Balmoral Resources Ltd.

James Kwantes, Resource Opportunities (5/1/15) "BAR announced some nice high-grade hits at Martiniere."

Source Exploration Corp.

Haywood Securities (5/1/15) "SOP continues to deliver impressive copper-gold intersections at Las Minas."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/15) "BAR is one of the most attractive exploration plays on our list."

Midland Exploration Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (5/1/15) "MD's recent private placement will raise CA$10–15M by issuing units."

Source Exploration Corp.

Ryan Walker, Euro Pacific Canada (4/29/15) "SOP has announced assay results from two drill holes at Las Minas."

Mandalay Resources Corp.

Mike Parkin, Desjardins Securities (4/28/15) "MND's Cerro Bayo may be benefiting from currency and oil price weakness."

Trevali Mining Corp.

Derek Macpherson, M Partners (4/24/15) "Paste backfill would extend mine life and reduce costs per tonne at TV's Caribou."

Stefan Ioannou, Haywood Securities (4/24/15) "Paste backfill would meaningfully extend mine life at TV's Caribou project."

PolyMet Mining Corp.

Tom Meyer, CIBC World Markets (4/23/15) "We believe POM shares should trade at a premium to peers."

Trevali Mining Corp.

Alex Terentiew, Raymond James (4/23/15) "TV is on the cusp of generating free cash flow."

PolyMet Mining Corp.

Joe Reagor, ROTH Capital Partners (4/23/15) "POM is on track to have all permits by year-end."

Chris Krueger, Lake Street Capital Markets (4/22/15) "POM reported Q4/15 results that met expectations."

Cancana Resources Corp.

Peter Clausi, Maplegrow Capital Inc. (4/22/15) "CNY can charge a premium over other suppliers for its high-grade manganese."

Balmoral Resources Ltd.

Canaccord Genuity's Morning Coffee (4/21/15) "Nine BAR holes highlighted intercepts of 19.55 g/t gold over 44.5m."

Eric Lemieux, PearTree Securities Inc. (4/21/15) "BAR's drilling at Bug Lake showed fertile gold zones that remain open."

Trevali Mining Corp.

Wayne Hewgill, Mackie Research Capital (4/20/15) "TV discovered massive sulphides down-plunge of the Caribou resource."

Balmoral Resources Ltd.

Haywood Securities (4/16/15) "BAR continues to expand its Grasset Ni-Cu-PGE project."

TerraX Minerals Inc.

Haywood Securities (4/16/15) "Results from TXR's outstanding drill holes are expected soon."

North American Nickel Inc.

Haywood Securities (4/16/15) "NAN's exploration drilling at Maniitsoq has produced significant results."

Trevali Mining Corp.

Peter Campbell, Mackie Research Capital (4/16/15) "Results from one hole at TV's Caribou appear to be very positive news."

Derek Macpherson, M Partners (4/15/15) "TV's Q1/15 production suggests operations have reached steady state."

Excelsior Mining Corp.

Eric Coffin, Hard Rock Analyst (4/15/15) "MIN has a very salable story."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (4/14/15) "TV's Q1/15 production beat our estimates across all metals."

Mandalay Resources Corp.

Benjamin Asuncion, Haywood Securities (4/14/15) "MND's production at Cerro Bayo is expected to increase later this year."

Trevali Mining Corp.

Alex Terentiew, Raymond James (4/14/15) "TV remains one of our top picks among our covered base-metal producers."

Joseph Gallucci, Dundee Capital Markets (4/14/15) "We believe TV is the best vehicle for zinc leverage on the TSX."

Stefan Ioannou, Haywood Securities (4/14/15) "TV is poised to become a marquee midtier zinc producer."

Mark Turner, Scotia Capital (4/14/15) "TV reported record recovery rates for all three metals: zinc, lead and silver."