Critical Metals Recommendations

eCobalt Solutions Inc.

Eric Zaunscherb, Canaccord Genuity (4/12/18) "We highlight ECS for its Idaho cobalt project in low-risk Idaho."

Cobalt 27 Capital Corp.

Eric Zaunscherb, Canaccord Genuity (3/15/18) "We are increasing our target price on KBLT."

MacMurray Whale, Cormark Securities (3/14/18) "We expect KBLT will conclude a streaming deal."

Eric Zaunscherb, Canaccord Genuity (3/12/18) "We increase our KBLT target price to reflect the $200M equity issue."

Rupert Merer, National Bank of Canada (3/12/18) "In a private placement, KBLT issued 16.2M shares at $11.40/share."

Jonathan Guy, Numis (3/12/18) "We expect KBLT to target assets with cobalt as a nickel byproduct."

Craig Hutchison, TD Securities (3/12/18) "We estimate that KBLT has ~$206M in cash to fund potential growth."

MacMurray Whale, Cormark Securities (2/27/18) "KBLT's NSR royalty features exposure to all metals mined at Dumont."

Colin Healey, Haywood Securities (2/23/18) "The 1.75% NSR royalty acquisition is a positive development for KBLT."

Eric Zaunscherb, Canaccord Genuity (2/23/18) "The NSR acquisition is a step toward KBLT diversifying its portfolio."

Craig Hutchison, TD Securities (2/23/18) "We are assuming coverage on KBLT; we remain a Buy."

David Talbot, Eight Capital (2/22/18) "KBLT acquired a 1.75% NSR on all metals from the Dumont Ni-Co project."

Rupert Merer, National Bank of Canada (2/22/18) "We derived a $30M value for KBLT's NSR royalty agreement on Dumont."

Michael Doumet, Scotiabank (2/22/18) "We increased our target on KBLT; we see continued upside in it."

Anoop Prihar, GMP Securities (2/22/18) "Dumont, on which KBLT has an NSR, could begin production in 2021."

Andrew Mikitchook, BMO Capital Markets (2/22/18) "We are increasing our target for KBLT and reiterate our Outperform rating."

Rupert Merer, National Bank of Canada (2/15/18) "We are initiating coverage on KBLT with an Outperform rating."

eCobalt Solutions Inc.

Eric Zaunscherb, Canaccord Genuity (2/12/18) "ECS is targeting completion of an updated feasibility study in Q2/18."

David Talbot, Eight Capital (2/7/18) "M&I tonnage grew 12.5% in the updated resource model for ECS' Idaho."

Cobalt 27 Capital Corp.

David Talbot, Eight Capital (2/1/18) "KBLT has a mandate to pursue income stream or royalty arrangements."

eCobalt Solutions Inc.

David Talbot, Eight Capital (2/1/18) "We have increased our ECS target price to reflect new cobalt pricing."

Cobalt 27 Capital Corp.

Eric Zaunscherb, Canaccord Genuity (1/31/18) "We are raising our target price on KBLT."

Scott Patterson, The Wall Street Journal (1/29/18) "KBLT's shares have quadrupled since it went public in Toronto in June."

Andrew Mikitchook, BMO Capital Markets (1/9/18) "We have initiated coverage on KBLT with an Outperform rating."

Anoop Prihar, GMP Securities (1/3/18) "KBLT closed a bought deal equity financing for a gross $85M."

Jonathan Guy, Numis (12/28/17) "KBLT completed the purchase of 800 t high-grade cobalt."

Colin Healey, Haywood Securities (12/19/17) "KBLT's $80.5M financing sets the stage for a streaming transaction."

Michael Doumet, Scotiabank (12/19/17) "We see continued upside in KBLT's shares."

eCobalt Solutions Inc.

David Talbot, Eight Capital (12/18/17) "ECS' second Ram hole averaged 0.46% Co over a 43 ft core thickness."

David Talbot, Eight Capital (12/7/17) "ECS' plan to shift to cobalt concentrate has positive attributes."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (10/26/17) "A number of the Dubbo Project's product prices have seen a rebound over the past six months, and provide a clear reason to focus on ALK’s flagship asset."

Azure Minerals Ltd.

Independent Investment Research (12/28/16) "AZS is well placed to progress the development studies at the very promising Alacran Project."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (12/19/16) "ALK's revised two-stage development concept underlines the continuing commitment to build out its flagship diversified rare metals and chemicals project."

Tom Hayes, Edison Investment Research (8/25/16) "ALK has signed an exclusive worldwide marketing, sales and distribution agreement with UK based specialist chemicals firm, Minchem, for its entire annual DZP zirconium output."

The Gold Report Article by Richard Karn (8/8/16) "ALK's polymetallic Dubbo Zirconia Project has a revenue stream spread between both light and heavy REE, which are quite profitable at current REE prices."

Christopher Ecclestone, Hallgarten & Co. (7/19/16) "We are initiating coverage on ALK, one of the most cashed up REE plays whose ability to self fund separates it from the rest of the pack."

Tom Hayes, Edison Investment Research (7/4/16) "ALK remains one of the most active junior mining companies in the exploration space."

Tom Hayes, Edison Investment Research (4/28/16) "ALK is set to raise A$16M in capital."

Mike Millikan, Hartleys (4/21/16) "ALK's subsidiary was granted the environmental protection license for the Dubbo Zirconia project."

Balmoral Resources Ltd.

The Gold Report Interview with Barry Allan (4/21/16) "BAR is definitely one of our favorites on the exploration side."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (4/14/16) "ALK signed an LOI relating to the toll treatment of Dubbo's RE output."

Trevali Mining Corp.

Alex Terentiew, Raymond James (3/31/16) "We reiterate our Outperform rating on TV's stock."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (3/15/16) "ALK received the final development permit for the Dubbo Zirconia project."

Callinex Mines Inc.

Thibaut Lepouttre, Caesars Report (3/15/16) "CNX confirmed discovery of a high-grade copper and zinc zone at Pine Bay."

Largo Resources Ltd.

Charlotte McLeod, Investing News Network (2/7/16) "LGO closed the first tranche of a private placement."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (2/1/16) "ALK reports a second cash flow-positive quarter in Q2/16."

Largo Resources Ltd.

The Gold Report Interview with Philip Richards (11/23/15) "LGO continues to ramp up production successfully at its Maracas vanadium mine in Brazil."

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."

Falco Resources Ltd.

The Gold Report Interview with Eric Lemieux (11/9/15) "FPC's Horne 5 is a well-executed brownfield project that may have both deep and shallow resources."

Mason Graphite Inc.

Daniel Greenspan, Macquarie Capital Markets (11/4/15) "LLG is a compelling, high-quality graphite development story."

Midland Exploration Inc.

Eric Lemieux, ZZZZZPearTree Securities (11/2/15) "MD provided an update of its summer 2015 exploration at the Heva project."

Eric Lemieux, ZZZZZPearTree Securities (10/23/15) "MD provided an update of its summer exploration drilling at Casault."

Alkane Resources Ltd.

Tom Hayes, Edison Investment Research (10/19/15) "Our value of ALK's Dubbo Zirconium project has improved."

Midland Exploration Inc.

Eric Lemieux, PearTree Securities (10/13/15) "MD discovered several new gold occurrences at the Willbob project."

Commerce Resources Corp.

Stephan Bogner, Rockstone Research (10/5/15) "CCE's pilot at Ashram demonstrated robustness and scalability."

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."

Mason Graphite Inc.

Daniel Greenspan, Macquarie Capital Markets (9/28/15) "LLG's Lac Guéret feasibility study is an important derisking event."

David Talbot, Dundee Capital Markets (9/28/15) "LLG's Lac Gueret feasibility study provides improved economics."

Midland Exploration Inc.

Eric Lemieux, PearTree Securities (9/17/15) "MD announced an exploration program at its La Peltrie property in Quebec."

Cancana Resources Corp.

Thibaut Lepouttre, Caesars Report (9/17/15) "CNY's focus on Jaburi should reduce cost and increase throughput."

Largo Resources Ltd.

Teresa Matich, Vanadium Investing News (8/27/15) "LGO keeps hitting production records at its Maracás Menchen vanadium mine."

Cancana Resources Corp.

Etienne Moshevich, Alphastox.com (8/21/15) "CNY's joint venture increased its monthly production by 186% in July."

Falco Resources Ltd.

The Gold Report Interview with Florian Siegfried (8/17/15) "FPC is a good way to gain exposure to M&A upside."

Commerce Resources Corp.

The Gold Report Interview with Jeff Mosseri and Doug Loud (8/13/15) "CCE recently announced excellent drilling results at its Ashram rare earth deposit."

Mason Graphite Inc.

The Gold Report Interview with Simon Moores and Andrew Miller (8/10/15) "LLG CEO Benoît Gascon knows what it takes to develop specialist products."

Largo Resources Ltd.

The Gold Report Interview with Luisa Moreno (7/23/15) "LGO's Maracás Menchen is the most significant vanadium project at the moment."

Commerce Resources Corp.

The Gold Report Interview with Luisa Moreno (7/23/15) "CCE's Blue River tantalum-niobium project in British Columbia is noteworthy."

Falco Resources Ltd.

Jay Turner, Pope & Company (7/20/15) "We are maintaining our Speculative Buy recommendation for FPC."

Jay Turner, Pope & Company (7/9/15) "FPC is fully funded to complete its 2015 drill program and a revised resource estimate."

Midland Exploration Inc.

Brien Lundin, Gold Newsletter (Jefferson Financial) (6/30/15) "MD has succeeded in acquiring projects and forming joint ventures."

Syrah Resources Ltd.

Simon Moores, Mining.com (6/25/15) "SYR plans to build the world's largest coated spherical graphite facility."

The Gold Report Interview with Paul Renken (6/22/15) "SYR's Balama graphite and vanadium deposit is so large it could produce all the graphite needed in the world for the next 100 years."

Commerce Resources Corp.

The Gold Report Interview with Paul Renken (6/22/15) "CCE is developing its Ashram REE deposit in far northern Québec."

Syrah Resources Ltd.

E.I.M Capital Managers (6/16/15) "SYR's management has demonstrated a capacity to secure prospects and recognize their potential."

Quaterra Resources Inc.

Joseph Gallucci, Dundee Capital Markets (6/16/15) "Freeport-McMoRan committed $7.1M to further delineate QTA's Bear deposit."

Alkane Resources Ltd.

The Gold Report with Richard Karn (6/1/15) "ALK is uniquely positioned to become the first company to offer primary mine supply of hafnium."

Cancana Resources Corp.

Pinnacle Digest (5/26/15) "A drill campaign at CNY's BMC is expected to commence in late May."

The Gold Report Interview with Thibaut Lepouttre (5/21/15) "CNY has the highest-grade manganese ore in the world."

Mason Graphite Inc.

Ben Kramer-Miller, Seeking Alpha (5/21/15) "LLG plans to negotiate short-term sales contracts with many end users."

David Talbot, Dundee Capital Markets (5/21/15) "LLC's agreements with NanoXplore open up potential for value-added products."