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Tahoe Resources Inc.

TICKER: THO:TSX; TAHO:NYSE

Tahoe Resources Inc. is a silver exploration and development company led by a team of highly experienced mine builders. The company owns 100% of the high-grade Escobal silver project in southeast Guatemala and its strategy is to position itself as a leading silver producer anchored by this world-class asset. Tahoe Resources is focused on production and silver resource growth, low cash costs and zero precious metals hedging.


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

The Gold Report Interview with Michael Berry (4/14/14) "Tahoe Resources Inc. has a new mine down in Guatemala, which I think will be a very good producer." More >

The Gold Report Interview with Robert Cohen (3/31/14) "Tahoe Resources Inc. is a significant holding. The Escobal mine is fantastic. The knock on that stock is the fact that the mine is in Guatemala. Before Tahoe built Escobal, the company came through a lot of challenges from environmental groups. But Tahoe got it built. There are more than 360 Moz silver in this one project. A polymetallic silver mine is unusual. Escobal has zinc and lead. You don't often find rock in the ground that's worth more than $350/tonne. It's really hard to come up with a higher quality investment." More >

David Forster, Merrill Lynch (3/21/14) "We are initiating coverage on Tahoe Resources Inc. . .we like the company's low costs, strong cash flow outlook and experienced management. . .commercial production at Escobal was declared on January 1 and will drive the first year of revenues, earnings and free cash flows. We forecast cash flows from mine production ramp-up will move Tahoe's balance sheet into a net cash position by the end of 2014. By the end of 2014, we expect the company will announce a dividend policy."

The Gold Report Interview with Michael Gray (3/19/14) "Tahoe Resources Inc. recently achieved commercial production at the Escobal mine in Guatemala and has issued production guidance of 18–21 Moz for 2014. The company has an A team at Escobal. It delivered with minimal slippage in the timelines. It also delivered on corporate social responsibility initiatives. Escobal is an underground mine where the company has brought to bear all the latest technology to ensure that it is an environmentally responsible underground mine as it lies in the region of a farming community. That was a really important box ticked for Tahoe. . .Tahoe has a minimal debt for the production profile and the cash flow we see coming from the asset. At the same time, we would expect to see management address the debt before instituting a dividend policy." More >

Morning Coffee (3/17/14) "While not commercial in 2013, Tahoe Resources Inc. announced on Jan. 14, 2014 that Escobal had achieved commercial production as of Jan. 1. The company reiterated 2014 silver production guidance of 18–21 Moz. . . Kevin McArthur has been appointed vice chair and CEO."

more comments

The Gold Report Interview with Rick Rule (3/17/14) "There have been some really dramatic turnarounds so far this year in the gold and precious metals fund: Tahoe Resources Inc. was down 9% in Q4/12 and is it's up 48% year to date. . .Tahoe is, if not the finest, then one of the finest silver deposits in the world. It answered the question of "could it overcome its social license issues and mine construction issues by getting into production." It delivered value. The naysayers were proven wrong. The small increase in the silver price certainly helped it, too." More >

Chris Lichtenheldt, Dundee Capital Markets (3/14/14) "Tahoe Resources Inc.'s combined byproduct metal production in Q4/13 was 35% better than our forecast, which is a positive as we forecast byproduct metal production will account for roughly 13% of revenue going forward. . .capex was in line with our model."

Andrew Kaip, BMO Capital Markets (3/13/14) "As of year-end 2013, Tahoe Resources Inc. had ~262 Kt of ore developed with an additional 64 Kt stockpiled on surface. . .the company also announced a series of organizational changes. . .earnings came in line with BMO Research's expectations and the ramp-up continues to track on schedule. . .opportunity for a further rerate exists to align Tahoe's valuation with that of its senior producer peers. . .management has also signaled the potential for the inauguration of a dividend in 2014, which could provide a potentially positive catalyst for the share price. . .the company is rated Outperform."

Scott Wright, Seeking Alpha (2/28/14) "Tahoe Resources Inc. is one of the most exciting silver stocks out there; with it recently achieving commercial production at its massive Escobal mine on time and on budget, the silver industry has its newest major producer. In addition to massive production volume, the company will also be highly profitable; it is producing its silver at some of the lowest operating costs in the industry and for this reason, its stock should deliver outsized returns to investors."

Andrew Kaip, BMO Capital Markets (2/27/14) "BMO Research completed a site visit of Tahoe Resources Inc.'s Escobal mine in Guatemala with senior management of Tahoe. Mining operations are ramping up with average extraction rates ~3.2 Ktpd. . .plant operations continue to make improvements that should lead toward further increases in production rates through H1/14. . . the company continues to progress Escobal toward 3.5 Ktpd, in line with our expectations."

Andrew Kaip, BMO Capital Markets (2/24/14) "Tahoe Resources Inc. announced commercial production at the Escobal mine in January and is currently focused on ramping up production to the 3.5 Ktpd design rate. The plant has averaged more than 3.5 Ktpd for eight of the last nine days. . .the company expects to produce 18–21 Moz silver over 2014. . .the company has the primary development complete for approximately five years of production."

Jay Taylor, Gold, Energy & Tech Stocks (1/31/14) "Tahoe Resources Inc. figures not only to be one of the largest silver producers in the world, producing between 18–21 Moz this year, but it is also projected to be one of the lowest-cost producers of silver in the world. . .if it executes according to plan, and I have no reason to think it won't given the quality of the management team and board of directors, these shares should perform well."

Raymond James (1/31/14) "Tahoe Resources Inc. recently announced that commercial production had been achieved (as of Jan. 1) from its Escobal mine. . .the company now enters the ranks of major silver producer with 2014 production estimated at 19.5 Moz Ag (mid-guidance range). . .we estimate free cash flow of $142M this year, and watch for the implementation of a dividend, prompted by a successful ramp-up to 3,500 tpd (in Q2/14)."

Rob Fuhrman, Visual Capitalist (1/16/14) "Tahoe Resources Inc. announced that commercial silver production is scheduled for Q1/14. The company has a world-class deposit with exceptional grade located in Guatemala. We expect Tahoe to be a contender for top spot in our Latin American producer database."

Chris Lichtenheldt, Dundee Capital Markets (1/14/14) "Tahoe Resources Inc.'s commercial production at Escobal has been declared as of January 1, 2014; Q4/13 results were strong. . .furthermore, silver production during Q4/13 of 2.1 Mozs was 37% above our forecast. Estimated throughput during Q4/13 was 159 Kt, which was 15% higher than our estimate and silver grades of 484 g/t were 8% higher than expected. January production is looking strong, with cash costs to decline throughout 2014."

The Mining Report Interview with Chris Thompson (12/31/13) "Out of the 10 silver producers we cover, four have the potential to outperform their peers, including Tahoe Resources Inc. . .the underlying preliminary economic assessment calls for a lower production, but in discussions with the company, we understand that there's potential for better-than-anticipated grade in the near term. That alone underpins the operation's capacity to deliver 20 Moz silver annually." More >

The Gold Report Interview with Robert Cohen (12/30/13) "Tahoe Resources Inc.'s Escobal is one of the best new silver mines in the world and is one of our preferred methods of getting exposure to silver. [Tahoe Resources has had a significant increase in its stock price] because Escobal has been derisked. I talked with management just the other day. Tahoe is working on getting its recoveries up to a steady state. Startups can be very tricky. This one is going fairly smoothly." More >

Leon Esterhuizen, CIBC World Markets (11/14/13) "Tahoe Resources Inc. reported Q3/13 financial and operating results, demonstrating that the solid ramp-up at Escobal continues. . .with the first shipment of concentrates now recorded, the company is fully funded to complete the remaining capex at site. . .its flawless project execution thus continues, which combined with the quality of Escobal, justifies Tahoe's premium rating, in our view."

Andrew Kaip, BMO Capital Markets (11/13/13) "Tahoe Resources Inc. provided an update of its mine plan for the Escobal project located in Guatemala, during the Q3/13 conference call. The company provided further detail on 2014E production guidance of 18–21 Moz silver. . .Tahoe is rated Outperform with a CA$25 target price."

Chris Lichtenheldt, Dundee Capital Markets (11/13/13) "Tahoe Resources Inc.'s management reiterated task 1 is to deliver Escobal and task 2 is to repay shareholders (i.e., a dividend). . .management expects the $39M of cash on hand to be enough to cover the rest of the ramp-up. . .the company's 2014 guidance is 18–21 Moz."

Chris Thompson, Raymond James (11/13/13) "We are increasing our target to $21 (from $19) based on the release of Tahoe Resources Inc.'s 2014 guidance. . .our $21 target is derived by applying a 50/50 weighting on a 1x NAV and a 10x 2014E CFPS multiple, which we believe adequately captures the company's growth profile, low cost structure and emerging major producer status."

Ana Komnenic, Mining.com (11/12/13) "Tahoe Resources Inc.'s Escobal just made it into Q3/13's financials after producing its first metals concentrates on Sept. 30, followed by the first shipment in mid-October. . .the company expects to ramp up to full production at Escobal of 3,500 tpd by Q1/14."

Andrew Kaip, BMO Capital Markets (11/12/13) "Tahoe Resources Inc.'s Escobal continues to impress. . .the company continues to demonstrate strong progress on the path to commercial production. In conjunction with the ramp-up to 3.5 Ktpd, Tahoe also continues to make inroads with underground infrastructure and tailings facility construction to support production levels of 4.5 Ktpd in 2016E."

Geordie Mark, Haywood Securities (11/5/13) "Tahoe Resources Inc.'s Escobal is in the ramp-up stage, has delivered its maiden concentrate shipment, and we await further data to ascertain recoveries and concentrate specifications. . .growth potential could augment the post-2021 output profile."

Morning Coffee (10/17/13) "Tahoe Resources Inc. announced that it has commenced shipping silver-bearing concentrate to smelters from its Escobal mine in Guatamala. . .the company noted that initial mill commissioning began in September and it expects to ramp up production to 3,500 tpd by year-end and to be in full production by early 2014. . .the company noted engineering, procurement and construction of the Escobal project was 99% complete."

Henry Lazenby, Mining Weekly (10/16/13) "Tahoe Resources Inc. has started shipping silver concentrate to smelters from its Escobal mine, in Guatemala, saying the first container of bagged concentrate was placed on a ship on Tuesday. The company's announcement was significant, owing to the low current silver prices having driven many juniors out of the race to production. . .cash and cash equivalents on Sept. 30 stood at $39.2M, which Tahoe estimated would be adequate to carry the mine through to full production."

Michael Gray, Macquarie Capital Markets (10/16/13) "Tahoe Resources Inc. announced that the first container of bagged concentrate from its 100%-owned Escobal Au-Ag-Pb-Zn mine was shipped from a port on Oct. 15, 2013. The company also indicated the Escobal project is 99% complete. . .the Escobal Ag-Au-Zn-Pb mine in Guatemala has been built successfully in three years within the original timeline and budget guided in 2010. . .this concentrate shipping milestone again highlighted management's ability to execute and achieve guidance provided. . .Escobal is a world-class silver mine and ready to generate solid returns for shareholders."

Chris Lichtenheldt, Dundee Capital Markets (9/25/13) "Two sublevels at Tahoe Resource Inc.'s 100%-owned Escobal mine in Guatemala have been completely developed. One of the early stopes has 55 Kmt of 2,200 g/t silver. . .filter systems are the only remaining component to be commissioned. The company plans to put ore in the mill by September 27, 2013, and will be shipping concentrate in early October 2013. . .the Escobal property still has lots of exploration potential."

The Gold Report Interview with Charles Oliver (9/23/13) "I like Tahoe Resources Inc., a silver company run by Kevin McArthur, who has one of the best track records for building mines over the past decade. Tahoe has a Guatemalan property, which is a high-grade, low-capex project. It is ramping up into production as we speak. It could be a spectacular mine. We'll have to see how the ramp up goes, but it's at that point. . .hopefully, it will be cash-flow positive sometime next year. Ramp-ups can be challenging, but if there is someone in the industry that can do it, I'd bet on Kevin McArthur. Escobal is a very special deposit. Big, high-grade deposits are far and few between." More >

Brien Lundin, Gold Newsletter (Jefferson Financial) (8/29/13) "Tahoe Resources Ltd. has the good fortune to control the rich (and potentially wildly lucrative) Escobal polymetallic project in Guatemala. The project's potential is borne out by its economics. Using a 7% discount rate, Escobal has an NPV of $1.91B. The base case IRR is 68.3%. Project payback under this scenario is a mere 1.5 years and the mine at Escobal is expected to generate 20 Moz silver a year at a cash cost of just $4.87/oz, net of gold, lead and zinc byproducts. . .in a market where cash is hard to come by, this company has an ample supply to bring its flagship project into production."

Michael Gray, Macquarie Equity Research (8/23/13) "Tahoe Resources Inc. is a high-conviction target to be added to the new NYSE Arca Gold Miners Index (GDM) on September 13. . .we recommend buying the company on the likely GDM inclusion. . .Tahoe's world-class Escobal project is an emerging high-grade, high-margin silver mine that we model at +20 Moz/year."

Chris Lichtenheldt, Dundee Capital Markets (8/13/13) "We believe Tahoe Resources Inc.'s ramp-up is at low risk of major/long-term problems. . .Escobal's promising indicators include: use of common technologies, use of pilot testing and a management team with highly relevant experience. . .Escobal is one of the highest quality assets in the silver sector. . .we reiterate our Buy rating on the company based on its high-quality asset coupled with the rerating potential."

Chris Thompson, Raymond James (8/12/13) "Tahoe Resources Inc. remains well positioned to generate significant near-term production and forward cash flow (FCF), given its low cost profile and fully funded status. . .we continue to view the Escobal project's robust economics, which are underpinned by its size, grade and attractive all-in costs of ~$10.50 /oz Ag eq, as the necessary ingredients to generate significant FCF for investors. As such, we view the company as well positioned to ride out periods of significant metal price weakness."

The Gold Report Interview with Chris Lichtenheldt (8/12/13) "Tahoe Resources Inc. is uniquely positioned in that its grade is significantly higher than most of the other primary silver producers. At a silver-equivalent grade of over 450 g/t, Tahoe's Escobal project in Guatemala has about twice the average in the space. So the company has to make few or no changes to its mine plans to survive $20/oz or below. It is a company that is clearly well positioned despite the lower price environment. It has to be mentioned that Escobal is not in production yet, so Tahoe still has to execute what has been planned. But grade goes a long way to achieve the plan. . .Tahoe's entire asset is high-grade ore. Multi-asset companies typically will not have this good fortune." More >

Andrew Kaip, BMO Capital Markets (7/24/13) "Tahoe Resources provided clarity on disclosure contained in the May 7, 2012 PEA on the Escobal project in Guatemala. The amended technical report filed today is in response to a review by the B.C. Securities Commission and is intended to bring Tahoe disclosures in line with NI 43-101 standards. This clarification of disclosure is expected to be forthcoming for many junior companies as regulatory agencies continue to review filings and require more adequate disclosure. The company also announced that a court of appeal in Guatemala ruled that the Ministry of Energy and Mines should have conducted a hearing of a written opposition to the Escobal exploitation license during the permitting period. The legality of the license remains fully effective, contrary to claims by anti-mining groups based in Guatemala. MEM and Tahoe are appealing the ruling to the Constitutional Court. THO also reported the Escobal project remains within budget and on track for an early-2014 production start at 3.5 kptd."

The Gold Report Interview with Stephan Bogner (7/15/13) "I speculate that Tahoe Resources Inc. will also become an exciting story; its world-class Escobal deposit in Guatemala is averaging around 490 g/t Ag eq, resulting in fantastic all-in production costs estimated to be below $15/oz. That is quite remarkable. Cash is king, even more notably in tough times, so I now look for newborn cash-flow machines that are poised to grow big during the next few years as I bet on much higher gold and silver prices." More >

Chris Lichtenheldt, Dundee Capital Markets (7/11/13) "Tahoe Resources Inc. reports the ramp-up of Escobal remains on schedule: Engineering, procurement and construction management was 85% complete as of June 30 and the company has begun commissioning the crusher. . .commercial production is expected in early 2014. While no ramp-up is without challenges, based on our site visits and discussions with management, we continue to believe Escobal is well prepared heading in to this important period."

Michael Gray, Macquarie Capital Markets (7/11/13) "Guatemala President Otto Perez Molina showed strong support for mining and Tahoe Resources Inc. in particular by his recent visit to the Escobal mine development project. . .according to Tahoe there is no impact regarding the proposed moratorium on new mining licenses (aside from applications for exploration licenses that are pending). . .Tahoe established a voluntary 1% royalty that will benefit the outlying communities that will see socioeconomic impacts from the Escobal mine. . .as of June 30, underground development for production was complete and engineering/procurement/construction management were 85% complete. . .Tahoe is our top pick among precious metal developers."

Raymond James (7/10/13) "We single out Tahoe Resources Inc. as a preferred choice for emerging producers. . .the company is well funded to satisfied its commitments. . .and best positioned to weather a low metal price environment supported by strong balance sheets and operations that offer healthy plus-50% operating margins from the Escobal mine."

Chris Lichtenheldt, Dundee Capital Markets (7/3/13) "Tahoe Resources Inc. is a single asset company, but in our view has the highest quality and most resilient asset in the sector; the company's Escobal project has an Ag eq grade of 486 g/t and we expect 'all-in cash costs' of ~$12–14/oz through 2024. If needed, we believe Tahoe could lower this figure further by targeting only higher-grade areas. In short, we believe Escobal is the lowest-cost mine in our coverage universe."

BMO Capital Markets (6/28/13) "Tahoe Resources Inc.'s Escobal is one of the most attractive projects in single-mine companies. . .the company has a proven management team with a track record of mine development in Guatemala. Escobal is a world-class mine that is scheduled to enter into commercial production in Q1/14 with annual payable silver-equivalent production of +20 Moz at first-quartile cash costs."

Chris Lichtenheldt, Dundee Capital Markets (6/4/13) "Tahoe Resources Inc's Escobal project in Guatemala is one of the highest-quality known silver deposits in the world. Escobal currently contains over 400 Moz silver (91% Indicated , 9% Inferred), with byproduct gold/lead/zinc for an Ag eq grade of roughly 470 g/t. With these high grades, average production over the first five years of nearly 20 Moz and a mine life in excess of 15 years, we view Escobal as a world-class deposit within the precious metals universe."

Andrew Kaip, BMO Capital Markets (6/4/13) "Tahoe Resources Inc. announced that it has secured and drawn down a $50M secured credit facility. The facility places the company in a financially strong position as it moves into the commissioning stage of the Escobal project through H2/13; the additional funding also provides Tahoe Resources with the flexibility to expedite the expansion from 3.5 Ktpd to 4.5 Ktpd."

Chris Thompson, Raymond James (5/10/13) "We are encouraged by Tahoe Resources Inc.'s progress at Escobal, which remains on budget and on schedule for commissioning in H2/13 and commercial production in 2014. Although the project remains fully funded, we are impressed to see the company take the prudent step of entering into a $50M credit facility to provide balance sheet flexibility. . .in addition, we are pleased by the finalization of the royalty agreement with the Guatemalan government."

The Gold Report Interview with Michael Gray (4/29/13) "Tahoe Resources Inc. [is a] top pick among the companies we cover. . .Tahoe Resources has a best-of-breed silver asset in Guatemala and is run by Kevin McArthur, former CEO of Goldcorp and Glamis Gold Ltd., along with his very strong team. Tahoe has built an underground mine for less than $400M, on time and on budget. It should be completed by July 2013. What stands out about Tahoe's Escobal mine development project is its high grade and large size. It has more than 400 Moz in silver resources and will mine average grades of 400 g/t, with some gold, zinc and lead credits. Another key is that the veins are very thick, averaging 10–15m in one zone, and over 15m in another. The company can, therefore, mine very efficiently and run the plant initially at 3,500 tpd, moving up to 5,000 tpd and potentially to 7,000 tpd. You are looking at 20 Moz/year silver for at least the first eight years. . .

"This is an asset built by a veteran team that contemplates that upside. The incremental expansion is more or less designed and factored in to get to 5,000 tpd. . .we show Tahoe being cash flow positive in Q4/13 and overall guidance of 5 Moz silver being produced into 2013. Looking out to 2014, and using a forward curve from Feb. 6, 2013, and a higher silver price ($32/oz silver), we are looking at $353M cash flow from operations in 2014 for $2.33/share. Another attraction with Tahoe is that management suggested last summer that it would pay a significant dividend." More >

The Gold Report Interview with Greg Dorsey (4/17/13) "[I get silver exposure] from Tahoe Resources Inc. in Guatemala. It just received the final exploitation permit needed to move forward with its mine and should be in production in early 2014. That approval took a lot of risk out of the stock. This is a large project, rich in silver. It works out to 13–13.5 oz/ton ore and is one of the highest-grade deposits around. Once the mine is up to speed, it will produce 20 Moz/year, without the gold, lead and zinc in the mix. It also will be one of the lowest-cost producers around. You have good, smart management. Kevin McArthur, a former CEO of Goldcorp and Glamis Gold Ltd., is running the show." More >

Morning Coffee (4/4/13) "Shares of Tahoe Resources Inc. jumped after the company announced that it has received its Escobal mine exploitation license from Guatemala's Ministry of Energy and Mines. Tahoe Resources commented that construction activities remain on budget and on schedule for mill commissioning in H2/13 and commercial production in early 2014."

Andrew Kaip, BMO Capital Markets (4/3/13) "Tahoe Resources Inc. has received the exploitation permit for the Escobal project in Guatemala. . .receipt of the exploitation permit clears the way for the company to commence commissioning and ramp-up of operations toward commercial production through H2/13. Receipt of the exploitation permit was identified as a key catalyst [and] is an important milestone that should remove permitting uncertainty. . .the company is rated Outperform."

Chris Thompson, Raymond James (4/3/13) "Tahoe Resources Inc. announced the receipt of the final mining license, the Oasis exploitation license, for the Escobal project in Guatemala. We are upgrading the company to Outperform from Market Perform and are increasing our target price to $23 (from $21 previously). . .we believe the license removes an overhang on the stock."

Steven Butler, Canaccord Genuity (4/3/13) "Tahoe Resources Inc. has announced that it has received the Escobal exploitation license from Guatemala's Ministry of Energy and Mines. This is the final permit required for Escobal and now allows the company to shift from development to production once construction is complete. . .the development of Escobal remains fully financed."

Chris Thompson, Raymond James (3/12/13) "Tahoe Resources Inc. ended 2012 with ~$165M in cash, and remains fully funded to complete construction at Escobal on time and on budget. . .the company's premium valuation reflects Escobal's rank as a world-class, fully funded project and as an emerging low-cost, 15 Moz+/year silver producer."

Steven Butler, Canaccord Genuity (3/8/13) "Tahoe Resources Inc.'s Escobal project is on track for mill commissioning in H2/13 and commercial production in Q1/14. The company's cash balance at year end was $164.6M, indicating that it remains fully funded to complete construction. . .Tahoe is fully financed and on track for production of 20 Moz/year commencing 2014."

Andrew Kaip, BMO Capital Markets (2/25/13) "Tahoe Resources Inc.'s Escobal remains on track for commercial production in 2014. . .once at design rates, Escobal is expected to produce ~20 Moz silver annually. The plant is currently being constructed for throughput of 3.5 Ktpd with plans to expand to 4.5 Ktpd by 2017."

Barry Cooper, CIBC World Markets (1/7/13) "Drilling in 2012 has increased the optionality with respect to adding reserves, growing production and extending mine life. All of these are likely to lead to higher multiples being afforded Tahoe Resources Inc. once permitting approvals have been cleared. . .Escobal shows signs of complex faulting that will likely offer surprises going forward. . .we suspect that the surprises are more likely to be to the upside in terms of added resources for the project."

Steven Butler, Canaccord Genuity (12/6/12) "We visited Tahoe Resources Inc.'s Escobal asset recently and came away with a positive view of the development progress both underground and at the surface. . .the company has completed about 4,000m of underground development. . .surface installations are progressing well with the ball mill and crushers in place. . .the foundations and steel work have also been completed on the flotation circuit. . .the company is fully financed and on track for production of 20 Moz/year, commencing 2014. . .it is our top Focus List pick among the explorers/developers."

Chris Lichtenheldt, UBS Securities (12/5/12) "Tahoe Resources Inc. hosted an analyst/investor site visit today: With all major equipment now on site, management remains highly confident to complete the Escobal project within the $327M budget. . .the underground tour showcased significant progress to date, including roughly 4km of development as well as initial ore access. . .we reiterate our Buy rating."

Morning Coffee (12/4/12) "Tahoe Resources Inc. announced an exploration update at its 100%-owned Escobal project in southeastern Guatemala. . .since the last update, 49 new drill holes for 34,715m have been completed on the Escobal vein, bringing the project total to 399 holes for 156,384m. . .drilling has significantly extended the Escobal vein laterally over 600m west and 400m east. . .mineralization can now be traced over a 3,000m strike length and a 1,600m vertical range along the Escobal range."

Steven Butler, Canaccord Genuity (12/3/12) "Tahoe Resources Inc. provided an update on exploration drilling at its 100%-owned Escobal project in Guatemala, the first since the May 2012 PEA. . .drilling has extended the Escobal vein laterally over 600m west and 400m east. . .mineralization can now be traced over a 3,000m strike length and 1,600m vertical range. . .the company is our top Focus List pick among the explorers/developers based on the rerating potential from further derisking of Escobal in addition to the upside resource potential on the main Escobal vein and blue-sky potential associated with 12 other satellite targets."

Andrew Kaip, BMO Capital Markets (12/3/12) "Construction at Tahoe Resources Inc.'s Escobal continues to proceed on schedule and within budget. . .BMO Research forecasts annual production for Escobal of 16.5 Moz silver at co-product cash costs of US$7.84/oz over a ~19-year mine life beginning in Q4/13. . .the company is rated Outperform (Speculative) with a target price of $27."

The Gold Report Interview with Ralph Aldis (11/30/12) "Tahoe Resources Inc. is run by Kevin McArthur, former CEO of Goldcorp. A proven mine builder, and we particularly like that he owns 4M shares of that stock, so he has a vested interest in the company's success, which may translate into a substantial dividend yield. . .Tahoe is entering a sweet spot in the lifecycle of a mine. It is far along in development and is poised to start production. If you look at the earnings power Tahoe has at current silver prices, it looks cheap to us. . .the Escobal project in Guatemala is a world-class deposit. The further along it gets in development, the more derisked Tahoe becomes and the higher the share price." More >

Chris Thompson, Raymond James (11/27/12) "We are initiating coverage on Tahoe Resources Inc. . .we view the company as an emerging, major silver producer capable of delivering in excess of 20 Moz/year silver (plus 25 Moz silver equivalent). . .Tahoe shares provide exposure to silver and a world-class, fully financed, development-stage asset with a near-term production focus, led by an experienced management team, well versed in mine building."

Dale Mah, (11/22/12) "Tahoe Resources Inc. provides investors with access to one of the world's best, undeveloped precious metals projects. . .the company continues to guide receipt of the exploitation permit by year-end, however, there can be no guarantee on any timeline. We believe Escobal will get permitted. . .once in production, Escobal will be Guatemala's largest royalty and taxpayer contributing over $50 million per year; pay out annual wages and salaries averaging $17.1M; employ approximately 650 Guatemalans; and become the world's second largest primary silver mine with over 20 Moz/year for the first 10 years. . .Escobal is far too important economically to be put on the shelf."

Chris Lichtenheldt, UBS Securities (11/15/12) "We continue to like Tahoe Resources Inc. based on the quality of the deposit: The Escobal project is a high-grade, low-cost, long-life and fully funded silver project. Escobal is located in Guatemala, a country considered to carry relatively high political risk and/or uncertainty with respect to mining laws; Nevertheless, we currently believe the shares are attractively valued based on risk/reward and asset quality."

The Gold Report Interview with Charles Oliver (10/24/12) "There are lots of great silver names. We own a whole smattering of names in the mid-cap section, companies like Tahoe Resources Inc., which is building what's going to be one of the world's largest silver mines in Guatemala. The valuations on these things—on ounces in the ground or at potential earnings and cash flow metrics—all look very attractively priced at the current silver price." More >

Dale Mah, Dundee Capital Markets (10/22/12) "We are upgrading Tahoe Resources Inc. to a Buy from a Neutral recommendation with a target price of $22.30 from $21.20. . .there are numerous reasons why we cover the company: top management team, world-class silver deposit with both size and grade, full funding through construction with no debt and low projected cash costs."

Dale Mah, Dundee Capital Markets (10/16/12) "Recently, the Guatemalan government tabled amendments to the country's mining law and we believe the proposals indicate the government is ready to move ahead with mining projects in the country. . .the 'up to a 40% state equity stake' in mining operations has again been tabled, however, we reiterate our belief this will not affect Tahoe Resources Inc.'s NAV. . .the proposed amendments provide further specifics which would generally be positive for the project if legislated. . .any weakness in share price would present a buying opportunity as we believe Escobal is one of the world's best undeveloped projects."

Stephen Walker, RBC Capital Markets (10/2/12) "We recommend companies with. . .potential for new discoveries and development stories: We believe select junior Tahoe Resources Inc. . .could outperform in a flat gold and silver price environment through exploration success."

The Gold Report Interview with David Christensen (9/19/12) "At the moment, we prefer to get most of our silver exposure through a little company called Tahoe Resources Inc., which has been a strong performer in the portfolio during the last year. Tahoe is developing a high-grade silver asset in Guatemala, which we think is very attractive. . .Tahoe has commenced construction of its project. It is starting the second decline into its operations, and things seem to be going very well. It doesn't have its operating permits yet, but it wasn't expecting to have them by this time. Tahoe doesn't need them for another nine months or so before it commences operations. At this point, the development of the asset seems to be on time and on budget, and the stock has continued to perform very well. We believe it has one of the better management and operating teams in this industry." More >

Daniel Earle, TD Newcrest (8/8/12) "Media reports yesterday suggested that President Otto Molina's administration has backtracked on the proposed amendment to the constitution of Guatemala that would have allowed the government to acquire up to a 40% stake in new natural resource projects in the country, which could have included Tahoe Resources Inc.'s flagship Escobal silver project. . .we anticipate the following developments over our 12-month target price horizon: Exploration results from drilling at Escobal and regional targets—ongoing; receipt of exploitation license—guidance H2/12; mill commissioning—H2/13. . .[there is the] immediate expansion potential of the Escobal project and the attractive exploration potential of the company's regional land package in Guatemala."

Morning Coffee (8/8/12) "Investors piled into Tahoe Resources Inc. with renewed confidence after a Reuters article reported that the government of Guatemala is withdrawing proposed changes to the constitution pertaining to mining law reform. . .while the company has previously suggested that the proposed constitutional reform does not apply to Escobal, the news was seen as positive as it removes uncertainty surrounding the previously proposed changes."

Dale Mah, Dundee Capital Markets (8/7/12) "Tahoe Resources Inc. released its Q2/12 financial results, which showed that development of Escobal is both on schedule and within its estimated budget. The company concluded the quarter with a cash balance of $271.1M. . .with construction on schedule, we continue to anticipate Escobal will commence production in Q3/13. . .we reiterate our belief that Escobal is one of the world's best, undeveloped precious metals projects and maintain our Buy rating."

Steven Butler, Canaccord Genuity (8/7/12) "We reiterate our Speculative Buy rating on Tahoe Resources Inc. shares following news reports suggesting the withdrawal of a proposed mining law reform in Guatemala. . .while media reports suggested that the government is not looking to gain a stake in Escobal, the news removes any uncertainty which overhung the stock. . .the company is our top Focus List pick among the explorers/developers."

Chris Lichtenheldt, UBS Securities (8/6/12) "Tahoe Resources Inc. reported Q2/12 results; most importantly, management stated that the Escobal project remains on track with the $327M budget, of which $148M has been spent to date. Furthermore, Escobal is reportedly on schedule for mill commissioning in H2/13 and commercial production in Q1/14. . . We continue to like the company based on the quality of the deposit—its Escobal project is a high-grade, low-cost, long-life and fully funded silver project. . .we currently believe the shares are attractively valued."

Andrew Kaip, BMO Capital Markets (8/6/12) "Guatemalan President, Otto Perez Molina has formally withdrawn two proposed amendments to the national constitution regarding mining law reform, including Article 125, which would permit state ownership of up to 40% of new mining projects. . .BMO Research views the withdrawal of the amendments as positive for Tahoe Resources Inc., as it removes an overhang that has plagued the company's share price over the last six weeks. It also clearly demonstrates the Guatemalan government's commitment to providing a legal framework conducive to foreign investment."

Dale Mah, (7/11/12) "Tahoe Resources Inc.: Guatemalan President Otto Perez Molina confirmed to media his government does not intend to nationalize the country's mining projects, instead stating that the proposed amendments to the constitution were misunderstood. . .the clarification is certainly welcomed as it confirms our view that the initial comments on June 26, 2012, were misinterpreted. . .we reiterate our belief that Escobal is one of the world's best undeveloped precious metals projects and continued share price weakness would be an excellent buying opportunity. We maintain our Buy rating and $21.70 price target."

Steven Butler, Canaccord Genuity (7/4/12) "Tahoe Resources Inc. is our top 2012 Focus List pick among the explorers/developers based on the rerating potential from further derisking of Escobal in addition to the upside resource potential on the main Escobal vein and further regional blue-sky potential associated with 12 other satellite targets. . .Escobal also appears to be located in a jurisdiction where there is a greater level of local community support towards mining development."

Craig West, GMP Securities (6/29/12) "The exploitation permit for Tahoe Resources Inc.'s Escobal, the last step in the permit process, is still anticipated in H2/12; construction efforts at Escobal are continuing and remain on track and on budget. We continue to anticipate first production in early 2014."

Brian Quast, BMO Capital Markets (6/28/12) "We do not expect the Guatemalan government will take 40% of Tahoe Resources Inc.'s Escobal project. . .we still believe that Escobal will be built, and will remain 100% in the hands of Tahoe. The Escobal property represents one of the world's greatest primary silver development projects."

Dale Mah, Dundee Capital Markets (6/28/12) "This morning, shares in Tahoe Resources Inc. dropped 40% based on media reports and we believe the market overreacted as the news does not justify the price decline. . .constitutional reform in Guatemala is currently in the discussion phase; the proposed amendment is a suggestion only and will be presented to various affected sector groups for discussion. . .we believe that even at 60% of our net asset value, the company makes a good investment and any weakness in share price provides opportunity to accumulate shares."

Andrew Kaip, BMO Capital Markets (6/25/12) "Guatemala's changes formalize new royalty rates of 4% for gold and silver as well as 3% for base metal production; we believe the impact to Tahoe Resources Inc. is negligible, as the company voluntarily entered the proposed royalty rates in Q1/12. . .the amendments also demonstrate progress within the Ministry of Energy and Mines that could pave the way to final permitting of the Escobal project in the near term."

The Gold Report Interview with Ron Hera (6/6/12) Ron Hera: Gold and silver exploration offers the most potential upside in the near-term. We are watching that for what I call a value entry point into the stocks. Tahoe Resources Inc. is at one of those.

TGR: Its high-grade Escobal silver project in Guatemala would have significant byproduct credits.

RH: If you're a silver investor. . .you almost have to own it as a core position. The question is what's the right entry point? More >

Andrew Kaip, BMO Capital Markets (6/5/12) "Tahoe Resources Inc. expects to receive the exploitation permit in H2/12 for the Escobal project in Guatemala. . .no deficiencies were identified during the review of the application by the Ministry of Energy and Mines and no additional information was requested. . .construction at Escobal continues to proceed on schedule and within budget. . .the company is rated Outperform (Speculative)."

The Gold Report Interview with Chris Thompson (5/16/12) "Developers like Tahoe Resources Inc. may offer development opportunities in the space. . .Tahoe is a very interesting company. It's a development-stage story at the moment, but it offers potential to be a near-term producer. The company recently announced a revised resource estimate that showed a 50% increase in Indicated silver resource to 367.5 Moz. . .Escobal also offers potential to achieve good operating margins. It's a company we're watching very closely." More >

Dale Mah, Dundee Capital Markets (5/8/12) "Tahoe Resources Inc. released an updated NI 43-101 resource estimate for its Escobal project, which is located 70km southeast of Guatemala City, Guatemala. The estimate includes 368 Moz Indicated resources (27.1 Mt at 422 g/t Ag) plus Inferred resources of 37 Moz (4.6 Mt at 254 g/t Ag). . .Escobal boasts a 28% increase in total silver inventory, plus a 34% increase in total tonnage. . .Tahoe also posted a 50% increase in its Indicated silver resources. . .A revised PEA incorporates the recent changes to the tax and royalty regimes in Guatemala; we believe the PEA demonstrates that expansion economics for the project remain robust."

Michael Gray, Macquarie Capital Markets (5/7/12) "Tahoe Resources Inc. announced a 50% increase of the Indicated resources and an updated PEA for its 100%-owned, 404 Moz high-grade Escobal silver deposit. . .we note that there still is potential to increase the mineralized zones, particularly to depth at the Central zone, Margarito zone and East zone extension. . .we maintain our $28 target price and our Outperform rating; we believe the company's 100%-controlled Escobal mine development project is a world-class silver asset."

Steven Butler, Canaccord Genuity (5/7/12) "Tahoe Resources Inc. released the results of a PEA, which includes an updated NI 43-101 global resource (Indicated and Inferred) of 404 Moz silver of 398 g/t, representing an increase of approximately 28%. . .the mineable resource has increased by 22% to 367 Moz silver grading 383 g/t from the November 2010 estimate of 302 Moz silver grading 415 g/t. . .we continue to believe that regional exploration will provide upside to the current mineable resource estimate."

Daniel Earle, TD Newcrest (5/7/12) "Tahoe Resources Inc. announced the results of an updated PEA for its 100%-owned Escobal silver (gold-zinc-lead) project in Guatemala this morning. . .the results of the PEA were broadly in line relative to our model with slightly lower throughput and average silver production offset by lower capital and operating cost estimates. . .we believe the revised study confirms Escobal's standing as one of the top silver development projects in the world and the company as one of the best-positioned development-stage companies in our coverage universe."

Andrew Kaip, BMO Capital Markets (5/7/12) "Tahoe Resources Inc. released the results of a new PEA for the Escobal project in Guatemala, highlighting a 50% increase in the Indicated resource to 367.5 Moz, albeit with a 16% decline in silver grade. . .BMO Research's analysis of the PEA suggests that lower resource grades, higher costs and increased taxes are offset by the increased mine life and processing expansion to 4.5 Ktpd in 2017E and 5.5 Ktpd in 2020E. . .BMO Research reiterates an Outperform (Speculative) rating and $30 target price for the company."

Dale Mah, Dundee Capital Markets (5/1/12) "Several key catalysts are pending that we believe will have material impact on Tahoe Resources Inc.'s shares. . .we believe there is potential of resource growth of 25% in addition to the upgrade of Inferred resources to the Indicated category. . .The current PEA for Escobal envisions a 3,500 tpd underground mining operation. . .increasing mill throughput to 5,000 tpd could produce 25 Moz Ag per year for years 1-5, and average 19 Moz per year for a 16-year mine life. . .the increased metal production in the early years, and a shorter mine life would have a positive impact on the project's economics."

Daniel Earle, TD Securities (4/24/12) "We believe that Tahoe Resources Inc. is one of the best-positioned development stage companies in our coverage universe. The company has what we view as a proven management team and is in possession of a world-class silver project that we believe is fully funded. . .an updated resource estimate and preliminary economic assessment in May and possibly a new discovery from regional drilling may serve as catalysts."

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