Sector Experts

Subscribe to
Streetwise Reports

Ask this Expert

Companies Commented On

Christos Doulis

PI Financial

Image: Christos Doulis

Christos Doulis, a mining analyst with PI Financial, has spent 20 years in a wide variety of roles within the mining industry. Doulis was a mining research analyst at Stonecap Securities from 2010 to 2014. Previously he was a partner at Gryphon Partners Canada, an advisory firm in the mining industry that was acquired by Standard Chartered, and a Vice President at Blackmont Capital. Doulis began his career as a research associate in 1994 at Scotia Capital. He covers a variety of gold and silver companies in the small- to mid-cap market with a focus on producers and late-stage development companies. Doulis obtained a Bachelor of Arts in economics from Queen's University and holds the CFA designation.




Recent Interviews

Tell Us, Christos Doulis, Can Gold Act as a Safe Haven Again? (9/22/14) PI Financial mining analyst Christos Doulis says six years ago when the financial crisis was in full swing, safe-haven buying made gold skyrocket. Today, the fear component is down, as is the price of gold. That is why Doulis believes investors need to own bulletproof, low-cost names that can survive this environment. In this interview with The Gold Report, Doulis discusses some M&A possibilities and points to management teams getting the most out of their low-cost precious metals assets.

International Gold Analyst Christos Doulis Names Four Miners that Could Make Money at the MarginsŚand One that Probably Won't (3/29/13) Christos Doulis travels the world for Stonecap Securities looking for mining companies that can contain costs; companies that can't contain costs because of rising labor and energy bills are not profiting from higher gold prices. From Mexico to Europe and Canada, he has singled out four companies that could actually make money for shareholdersŚand one that probably won't. And for those not ready to pick one company, Doulis, in this Gold Report interview, names his first small royalty company selection that could profit from the current challenging financing environment.

Christos Doulis Uses Cash Flow and a Good Story to Find the Next Midtier Producer (11/9/12) Christos Doulis is a mining analyst with Stonecap Securities covering emerging precious metals producers with market capitalizations under $1 billion. He combines financial modeling of current and future cash flows with detailed first-hand analysis to find out what is really going on at smaller producers, some of which he believes will outperform the market. Could one or more of these companies become the next big midtier producer? The future darlings of Wall Street need to start somewhere. One starting point is cash flow and a good story. In this Gold Report interview, Doulis discusses several companies that have both.

Recent Quotes

"AXR's new Flame & Moth deposit should allow it to run its 400 tpd mill at capacity." (9/22/14) Alexco Resource Corp. - The Gold Report Interview with Christos Doulis Moreá>

"CYD has a quality project that will likely be among the lower-cost producers." (9/22/14) Cayden Resources Inc. - The Gold Report Interview with Christos Doulis Moreá>

"ICG is putting all the pieces together to build a mine." (9/22/14) Integra Gold Corp. - The Gold Report Interview with Christos Doulis Moreá>

"I believe PG is an M&A target." (9/22/14) Premier Gold Mines Ltd. - The Gold Report Interview with Christos Doulis Moreá>

"SMT's Yauricocha is the engine that provides the cash for the growth of the company in Mexico." (9/22/14) Sierra Metals Inc. - The Gold Report Interview with Christos Doulis Moreá>

"We recommend AXR as a Buy and believe it deserves a premium multiple relative to peers." (9/10/14) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"We expect ongoing drill results from PG's Cove project in Nevada." (8/26/14) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

"Our site visit to PG's Hardrock reinforced its open-pit viability." (8/18/14) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

more comments

"PG's Trans-Canada Hardrock project is a major value driver and of potential M&A interest." (8/6/14) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

"We are initiating coverage on SMT with a Buy recommendation." (7/29/14) Sierra Metals Inc. - Christos Doulis, PI Financial Moreá>

"PG increased its Indicated resources at Hardrock by 1.63 Moz." (7/8/14) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

"PG's 200 Koz/year Hardrock Au project is a possible M&A target." (6/26/14) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

"SVL's total 2013 production beat guidance and our estimate." (1/17/14) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"GPR's 2013 production exceeded company guidance and our forecast." (1/15/14) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"AR's Magino prefeasibility study outlines a robust, high-grade project." (12/19/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"GPR has successfully replaced ore mined since the last resource update." (12/4/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"PG has multiple prospective projects and the capital to advance them." (11/20/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"AR can continue advancing projects while generating free cash flow." (11/13/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"GPR has delivered record quarterly results." (11/8/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are pleased to see AR building out its pipeline of projects." (11/7/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"PG's resource at Hardrock now is more than 6 Moz Au and continues to grow." (10/30/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SVL." (10/22/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"We continue to believe AR is well positioned to benefit from its 2013 capital program." (10/17/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"SVL has the potential for a significant rerating in the market." (10/15/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS offers investors good leverage to gold in a safe political jurisdiction." (10/11/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"GPR has delivered record quarterly production; we are increasing our rating and price target." (10/11/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"SVL's positive drill results highlight Santa Elena's exploration upside." (9/6/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"SVL offers good exposure to both silver and gold." (8/16/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS has delivered another solid quarter of results in line with our expectations." (8/15/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"AR is entering H2/13 well positioned to benefit from its substantial program at both El Castillo and La Colorada." (8/13/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"Drill results demonstrate the large, robust nature of PG's Hardrock." (7/31/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"Total H1/13 production puts GPR well on its way to meeting 2013 guidance." (7/12/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"AR's total Q2/13 production is expected to be ~26 Koz gold." (7/5/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"We expect total production of ~25 Koz gold from SAS in Q2/13." (7/5/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"PG has multiple prospective projects and the financial resources to continue to advance them." (7/2/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"Reserves at SVL's Santa Elena are now at 327 Koz gold and 19.7 Moz silver, up 50% and 103%." (5/30/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"Free cash flow at AR should be stronger in H2/13 as production ramps up at La Colorada." (5/15/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS is well positioned to continue creating value." (5/13/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"BTO is our top pick in the intermediate Au producer space." (4/26/13) B2Gold Corp. - Christos Doulis, Stonecap Securities Moreá>

"AR is well positioned to weather low precious metals prices." (4/22/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on AR." (4/17/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"For investors seeking silver exposure, we continue to recommend GPR." (4/16/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"SAS is on track to break the 100 Koz gold production barrier in 2013." (4/12/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"SVL's drill results extended the main mineralized zone by 300m." (4/9/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"AR has been a big success story." (3/29/13) Argonaut Gold Inc. - The Gold Report Interview with Christos Doulis Moreá>

"ORV's management seems to have hit its stride." (3/29/13) Orvana Minerals Corp. - The Gold Report Interview with Christos Doulis Moreá>

"SAS delivered three quarters in a row of free cash flow." (3/29/13) St Andrew Goldfields Ltd. - The Gold Report Interview with Christos Doulis Moreá>

"It is encouraging to see PG's Trans-Canada project moving forward." (3/28/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"SVL remains on track to double annual production to ~4 Moz in 2014." (3/15/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"For investors seeking exposure to silver, we continue to recommend GPR." (3/15/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"SAS' high-grade intercepts from Hislop are particularly exciting." (3/5/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"PG is currently trading at a compelling valuation." (3/4/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"PG has many prospective projects and the finances to advance them." (2/28/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"Current SVL investors are getting Santa Elena cheap and paying nothing for La Joya." (2/27/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"The current AR share price represents an attractive entry point." (2/26/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"We are increasing our rating on AR to Outperform; recent price weakness represents an attractive entry point." (2/20/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS produced its third straight quarter of positive free cash flow." (2/19/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"GPR's Guanajuato is a treasure box of bonanza-grade drill results." (2/6/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on PG." (1/30/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SVL." (1/30/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on AUN." (1/25/13) Aurcana Corporation - Christos Doulis, Stonecap Securities Moreá>

"We continue to expect RVM's mining operations to resume at Troy." (1/23/13) Revett Mining Co. Inc. - Christos Doulis, Stonecap Securities Moreá>

"AR's operating results include record Q4/12 production of 32 Koz Au." (1/18/13) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating for AUN." (1/18/13) Aurcana Corporation - Christos Doulis, Stonecap Securities Moreá>

"SVL significantly beat its revised, 2012 total production guidance." (1/17/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"For exposure to silver, we continue to recommend GPR." (1/17/13) Great Panther Silver Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SAS." (1/11/13) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on PG, our Top Pick." (1/10/13) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SVL." (1/8/13) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"SVL's drilling returned 80m at 78.8 g/t Ag, 0.31 g/t Au and 0.5% Cu at La Joya." (12/24/12) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"PG's global resource at Trans-Canada increased substantially." (12/21/12) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating for AUN." (12/17/12) Aurcana Corporation - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SAS." (12/11/12) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating for AUN." (12/10/12) Aurcana Corporation - Christos Doulis, Stonecap Securities Moreá>

"PG has ample financial flexibility to advance its various projects." (12/6/12) Premier Gold Mines Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We are maintaining our Outperform rating on SVL." (12/5/12) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"SVL's Santa Elena delivered another strong quarter of production." (11/16/12) SilverCrest Mines Inc. - Christos Doulis, Stonecap Securities Moreá>

"AR has delivered another solid quarter of operating and financial results." (11/15/12) Argonaut Gold Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS has generated positive free cash flow in a second straight quarter." (11/13/12) St Andrew Goldfields Ltd. - Christos Doulis, Stonecap Securities Moreá>

"We continue to believe RVM offers substantial value to investors." (11/9/12) Revett Mining Co. Inc. - Christos Doulis, Stonecap Securities Moreá>

"SAS has turned the corner and has a compelling story and valuation." (11/9/12) St Andrew Goldfields Ltd. - The Gold Report Interview with Christos Doulis Moreá>

"By the end of 2013, SVL should double its silver equivalent production." (11/9/12) SilverCrest Mines Inc. - The Gold Report Interview with Christos Doulis Moreá>

"RVM's Rock Creek is an asset that a senior mining company would be very interested in." (11/9/12) Revett Mining Co. Inc. - The Gold Report Interview with Christos Doulis Moreá>

"Both mines, with successful expansions, get AUN an annual production of 8 Moz silver." (11/9/12) Aurcana Corporation - The Gold Report Interview with Christos Doulis Moreá>

"That growth from 100 Koz to 500 Koz is the story that makes AR an exciting company." (11/9/12) Argonaut Gold Inc. - The Gold Report Interview with Christos Doulis Moreá>

"PRB's acquisition of the Ava-Claire property bodes well for the company." (11/8/12) Probe Mines Limited - Christos Doulis, Stonecap Securities Moreá>

fewer comments


Due to permission requirements, not all quotes are shown.