Base Metals Recommendations

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (4/19/17) "Our Buy thesis for TV stock remains intact."

Orest Wowkodaw, Scotia Capital (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 7,000–8,000m to 10,000m."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (4/10/17) "TV's exploration continues to return high-grade intersections."

Pilot Gold Inc.

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."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (3/30/17) "ALK is progressing Dubbo, mainly focusing on financing negotiations."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/29/17) "The ~$400M zinc mine acquisition will boost TV's production by ~150%."

Orest Wowkodaw, Scotia Capital (3/29/17) "TV paid fair value for the Rosh Pinah and Perkoa zinc mines."

Peter Arendas, Seeking Alpha (3/16/17) "TV announced an acquisition of two zinc mines from Glencore."

Seabridge Gold Inc.

Don Maclean, Paradigm Capital (3/16/17) "SEA is focusing on two key exploration programs: KSM and Iskut."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/13/17) "TV should be considered as a core position underpinning any investment strategy looking for zinc exposure."

Seabridge Gold Inc.

Jeffrey Briggs, Singular Research (3/13/17) "SEA has made advances on several fronts over the past few months."

Trevali Mining Corp.

Ian Parkinson, GMP Securities (3/10/17) "We are particularly impressed by the strong start at TV's Caribou."

Seabridge Gold Inc.

Tony Lesiak, Canaccord Genuity (3/8/17) "We continue to believe SEA's KSM will find a development partner."

Trevali Mining Corp.

Jeff Woolley, Paradigm Capital (3/7/17) "TV's updated Santander resource is in line with our expectations."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (3/4/17) "An R holder sells 23M shares, and the share price doesn't notice."

Seabridge Gold Inc.

Gary Baschuk, PearTree Securities (3/2/17) "SEA's Deep Kerr resources grew by 3 Moz gold and 2.1 Blb copper."

Balmoral Resources Ltd.

Gary Baschuk, PearTree Securities (3/2/17) "BAR released the final assay results from the 2016 drill program."

Trevali Mining Corp.

Stefan Ioannou, Cormark Securities (3/1/17) "TV is poised to become a (the) marquee 'pure play' zinc producer."

Avrupa Minerals Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "AVU transferred 85% of its interest in Slivovo to Byrnecut."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/1/17) "BAR began its 2017 25,000m drilling program at Martiniere this month."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (2/23/17) "ALK's Q2/17 gold sales of 12,519 oz resulted in AU$20.9M in revenue."

Red Eagle Mining Corp.

Gwen Preston, Resource Maven (2/22/17) "R now has the chance to explore some of its other opportunities."

Balmoral Resources Ltd.

Gary Baschuk, PearTree Securities (2/21/17) "BAR discovered a near-surface gold zone east of the Bug Lake trend."

TerraX Minerals Inc.

Gwen Preston, Resource Maven (2/15/17) "TXR just tripled its land position; it staked another 253 sq km."

Trevali Mining Corp.

The Gold Report Interview with Paul Beattie (2/14/17) "Our favorite zinc producer is TV."

Broadway Gold Mining Ltd.

Kyle Born, Canadian Mining and Energy (2/6/17) "BRD has raised over $2M, which will fund its exploration project."

Balmoral Resources Ltd.

Barry Allan, Mackie Research Capital (2/2/17) "The intercept announced today is the fourth significant intersection illustrating BAR's Bug Lake Trend is a major mineralized system."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Partners (2/1/17) "TV is in an excellent position to capture strong zinc fundamentals."

Alex Terentiew, BMO Capital Markets (2/1/17) "We believe TV is just starting its operating and financial turnaround and investors will be rewarded by accumulating shares in the company."

Balmoral Resources Ltd.

Brien Lundin, Gold Newsletter (Jefferson Financial) (2/1/17) "BAR should continue to release more assays from Martiniere."

Trevali Mining Corp.

Peter Arendas, Seeking Alpha (1/22/17) "TV experienced a great ride in 2016, but there is still a lot of growth potential left."

Joseph Gallucci, Dundee Capital Partners (1/9/17) "Ramp-up is going extremely well at TV's Caribou: the operation is already cash-flow positive, after only one quarter of commercial production."

Balmoral Resources Ltd.

The Critical Investor (12/30/16) "At BAR's Martiniere, the combination of high-grade near-surface mineralization and decent grade underground mineralization will most likely provide a substantial, economic operation."

Trevali Mining Corp.

Joseph Gallucci, Dundee Capital Partners (12/15/16) "We are very impressed with the exploration success TV has had in Peru."

Pierre Vaillancourt, Laurentian Bank Securities (12/15/16) "We are encouraged by the production at TV's Caribou project, supported by ongoing performance at Santander."

Seabridge Gold Inc.

Mike Kozak, Cantor Fitzgerald (12/12/16) "SEA's KSM ranks as the largest undeveloped mining project globally; we are initiating coverage with a Speculative Buy recommendation."

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 Limited

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."