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Christos Doulis

PI Financial

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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

Christos Doulis Separates the Precious Metals Saints from the Sinners (4/13/15) Christos Doulis, mining analyst with PI Financial, hopes for the best but plans for reality. The bear market in precious metals is well into its fourth year and could persist into 2016. In this interview with The Gold Report, Doulis says he remains hopeful that this is the year things take a positive turn, but in case we see more of the same, he recommends a few low-cost producers with saintly management teams that keep delivering on promises.

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.

Recent Quotes

"We are increasing our target price on AXR." (4/30/15) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"With a backlog of ~$100M of business, AXR's AEG has many years ahead." (3/27/15) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"The creation of a New Tahoe represents a deal that is beneficial to both THO and Rio Alto." (2/9/15) Tahoe Resources Inc. - Christos Doulis, PI Financial Moreá>

"Infill drilling at AXR's Christal zone returned impressive results." (1/20/15) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"AXR's business model gives it access to resource opportunities where few other mining companies can compete." (1/6/15) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"PG has ample resources to continue advancing its projects in 2015." (1/6/15) Premier Gold Mines Ltd. - Christos Doulis, PI Financial Moreá>

"AXR's AEG division continues to generate sufficient cash to keep the lights on." (11/17/14) Alexco Resource Corp. - Christos Doulis, PI Financial Moreá>

"SMT delivered strong Q3/14 operating results." (11/14/14) Sierra Metals Inc. - Christos Doulis, PI Financial Moreá>

more comments

"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>

"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>

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