### Sector Expert: Philip Ker

Philip Ker is a mining analyst for PI Financial. He has field experience as an exploration geologist working across Canada on gold, diamond and base metal projects. He holds a Master of Business Administration degree in finance at the University of Alberta and also completed a Bachelor of Science degree in geology.

### Recent Interviews

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**
Why Miners with Positive Cash Flow Deserve Your Attention: Philip Ker** (3/2/15)

Cash flow. Cash Flow. Cash flow. That's where investors should focus in 2015, says Philip Ker, mining analyst with PI Financial. Ker says that Canadian and Mexican gold producers are generating greater cash flow owing to a stronger U.S. greenback and more finely tuned mine plans. In this interview with *The Gold Report,* he shares his top stock pick for 2015 and some equity stories that could unlock further shareholder value with the drill bit.

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**
Thinning the Junior Mining Herd Tough but Necessary: Philip Ker** (4/12/13)

A dearth of financing is culling the junior mining herd. Who will be left? Philip Ker, a mining analyst with PI Financial in Toronto, believes cash-flow generators in safe jurisdictions will continue to perform in this market. In this interview with *The Gold Report,* Ker talks about a few favorite companies that fit the bill.

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**
Junior Miners Still Giving the Street Something to Talk About: Philip Ker** (7/30/12)

Which junior miners are giving the Street something to talk about? Some shining examples of promising companies with good balance sheets do exist despite what seems like a market dominated by bad news. In this exclusive interview with *The Gold Report,* Philip Ker, an analyst with Vancouver-based Union Securities, shares the good news his latest site visits have revealed about projects in Nevada and Mexico.

### Recent Quotes

**"NMI announced further positive drill results from Stawell's Aurora B target."**

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Philip Ker, PI Financial
(1/26/16)

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**"KDX's total 2015 results were in line with expectations."**

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Philip Ker, PI Financial
(1/20/16)

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**"NMI reported in-line Q4/15 production results."**

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Philip Ker, PI Financial
(1/19/16)

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**"We are initiating coverage of NMI with a Buy rating."**

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Philip Ker, PI Financial
(1/13/16)

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**"MAG and its joint venture partner continue construction of Juanicipio."**

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Philip Ker, PI Financial
(1/11/16)

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**"KDX continues to be one of the sector darlings."**

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Philip Ker, PI Financial
(1/11/16)

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**"We see future value and deposit expansion from BAR's Grasset."**

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Philip Ker, PI Financial
(1/11/16)

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**"KDX will acquire a turnkey Rice Lake asset at a fraction of book value."**

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Philip Ker, PI Financial
(12/18/15)

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**"KDX announced a 32% increase in gold reserves at Fire Creek."**

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Philip Ker, PI Financial
(12/4/15)

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**"BAR announced positive drill results at the H3 zone on Grasset."**

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Philip Ker, PI Financial
(11/16/15)

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**"TMM announced positive drill results at its Ana Paula project."**

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Philip Ker, PI Financial
(11/13/15)

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**"KDX announced in-line earnings of $0.03/share for Q3/15."**

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Philip Ker, PI Financial
(11/12/15)

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**"KDX announced in-line production results for Q3/15."**

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Philip Ker, PI Financial
(10/23/15)

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**"Ore from BAR's Grasset project can generate a high-grade concentrate."**

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Philip Ker, PI Financial
(10/2/15)

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**"TMM's El Sauzal acquisition is expected to reduce capex by $40–60M."**

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Philip Ker, PI Financial
(9/25/15)

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**"KDX continues to see increases in gold ounces from its drill efforts."**

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Philip Ker, PI Financial
(9/16/15)

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**"BAR reported assay results that extend Grasset's H3 zone at depth."**

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Philip Ker, PI Financial
(9/8/15)

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**"Given the sector's state, the most attractive M&A target would be MAG."**

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Philip Ker, PI Financial
(9/2/15)

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**"We believe BAR's Bug Lake target may contain grades that could support a stand-alone operation." **

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Philip Ker, PI Financial
(8/27/15)

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**"KDX continues incremental tonnage increases at both its operations."**

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Philip Ker, PI Financial
(8/13/15)

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**"We are initiating coverage of BAR with a Buy recommendation."**

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Philip Ker, PI Financial
(8/11/15)

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**"We are confident that KDX's exploration and development efforts will lead to further discoveries."**

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Philip Ker, PI Financial
(8/4/15)

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**"TMM will amend its San Francisco mine plan to target high-grade ore zones."**

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Philip Ker, PI Financial
(7/31/15)

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**"KDX continues to deliver on all fronts of its operations."**

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Philip Ker, PI Financial
(7/22/15)

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**"KTN is raising funds to advance its exciting La Negra discovery in Mexico."**

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Philip Ker, PI Financial
(7/17/15)

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**"TMM has begun underground drifting at its San Francisco operation in Mexico."**

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Philip Ker, PI Financial
(7/8/15)

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**"KTN's La Negra discovery amplifies the potential of the district."**

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Philip Ker, PI Financial
(6/15/15)

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**"Based on upside at Fire Creek and Midas, we maintain our Buy rating on KDX."**

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Philip Ker, PI Financial
(5/21/15)

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**"KTN's final assays confirm broad intercepts of silver mineralization."**

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Philip Ker, PI Financial
(5/20/15)

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**"KDX remains well positioned to meet capital requirements over the remainder of 2015."**

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Philip Ker, PI Financial
(5/14/15)

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**"We are upgrading TMM's stock from Neutral to Buy."**

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Philip Ker, PI Financial
(5/6/15)

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**"We are increasing our price target for KTN and maintaining our Buy rating."**

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Philip Ker, PI Financial
(4/30/15)

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**"MAG's highlight intercept boasted a wide interval of mineralization."**

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Philip Ker, PI Financial
(4/24/15)

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**"KDX announced a slight beat to Q1/15 production estimates."**

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Philip Ker, PI Financial
(4/15/15)

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**"TMM had gold production of 24,155 oz for Q1/15." **

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Philip Ker, PI Financial
(4/14/15)

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**"Highlight intersections at KDX's Midas lead to 2015 mine plan upside."**

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Philip Ker, PI Financial
(4/7/15)

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**"We remain bullish on KTN's exploration potential at La Negra."**

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Philip Ker, PI Financial
(3/31/15)

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**"For 2014, TMM met annual guidance by selling ~121 Koz Au eq."**

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Philip Ker, PI Financial
(3/11/15)

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**"BAR's Grasset nickel discovery is on its way to becoming a world-class asset."**

—
*The Gold Report *Interview with Philip Ker
(3/2/15)

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**"The recently announced reserve calculation for Midas was a fantastic milestone for KDX."**

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*The Gold Report *Interview with Philip Ker
(3/2/15)

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**"Ana Paula is a very attractive project and a good bolt-on asset for TMM to possess and develop."**

—
*The Gold Report *Interview with Philip Ker
(3/2/15)

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**"We are increasing our target price for KDX."**

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Philip Ker, PI Financial
(2/24/15)

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**"Ana Paula could yield ~170% growth to TMM's production profile."**

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Philip Ker, PI Financial
(2/18/15)

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**"KDX's Fire Creek has blue-sky potential to grow beyond the updated resource."**

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Philip Ker, PI Financial
(1/30/15)

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**"Progress on Caballo Blanco's permitting would reduce TMM's risk."**

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Philip Ker, PI Financial
(1/27/15)

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**"We are raising our target price for KDX."**

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Philip Ker, PI Financial
(1/20/15)

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**"MAG is well positioned to meet funding requirements for the development of Juanicipio."**

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Philip Ker, PI Financial
(1/6/15)

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**"Our best performing precious metals mining top pick for Q4/15 was KDX."**

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Philip Ker, PI Financial
(1/6/15)

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**"TMM plans to advance Caballo Blanco into construction."**

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Philip Ker, PI Financial
(1/6/15)

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**"KTN confirmed broader mineralization over the breccia at La Negra."**

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Philip Ker, PI Financial
(11/26/14)

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**"SVL's Q3/14 net income of $3.6M was better than our $2.2M estimate."**

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Philip Ker, PI Financial
(11/13/14)

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**"KDX provides investors with a low-cost, expanding operation."**

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Philip Ker, PI Financial
(11/13/14)

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**"TMM generated positive net income despite low gold prices and record rainfall."**

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Philip Ker, PI Financial
(10/29/14)

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**"KDX announced a strong beat for Q3/14 production."**

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Philip Ker, PI Financial
(10/28/14)

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**"TMM's recovery rates of 74% in Q3/14 beat our expectation of 68%."**

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Philip Ker, PI Financial
(10/17/14)

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**"KTN confirmed a significant silver discovery was made at La Negra."**

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Philip Ker, PI Financial
(10/16/14)

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**"SVL is a compelling investment with low costs in a weakened metal price environment."**

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Philip Ker, PI Financial
(10/15/14)

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**"KDX announced an increase in grade and in situ ounces at Midas."**

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Philip Ker, PI Financial
(10/2/14)

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**"We continue to remain positive on SVL's Santa Elena operation."**

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Philip Ker, PI Financial
(10/2/14)

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**"SVL is evaluating re-opening Santa Elena's pit and is taking tenders."**

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Philip Ker, PI Financial
(9/26/14)

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**"KDX's drilling will amass ~240,000 ft over the next 18 months."**

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Philip Ker, PI Financial
(9/5/14)

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**"SVL's drill results showed intercepts with good widths and grades."**

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Philip Ker, PI Financial
(9/4/14)

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**"Its Grasset project is rapidly driving value for BAR's share price."**

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Philip Ker, PI Financial
(8/29/14)

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**"SVL had a successful Q2/14 and we expect continued production growth to come."**

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Philip Ker, PI Financial
(8/14/14)

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**"KDX announced positive assay results from its initial drifting along the Hui Wu vein."**

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Philip Ker, PI Financial
(8/5/14)

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**"KDX realized excellent average widths of 4.2 ft on the Karen vein."**

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Philip Ker, PI Financial
(7/30/14)

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**"TMM's San Francisco mine is running smoothly and efficiently."**

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Philip Ker, PI Financial
(7/29/14)

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**"We expect consistent growth from SVL."**

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Philip Ker, PI Financial
(7/18/14)

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**"KDX had strong sales and production in Q2/14, both of which beat our projections."**

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Philip Ker, PI Financial
(7/16/14)

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**"The CA$14M financing provides KDX with a security blanket to support initiatives."**

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Philip Ker, PI Financial
(7/15/14)

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**"TMM's positive operations are leading to free cash flow."**

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Philip Ker, PI Financial
(7/10/14)

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**"MAG's new source of cash allows it to be financially comfortable for a while."**

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Philip Ker, PI Financial
(7/7/14)

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**"KDX's Fire Creek project has significant exploration potential."**

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Philip Ker, PI Financial
(7/4/14)

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**"SVL's new 3 Ktpd mill is progressing on time and on budget."**

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Philip Ker, PI Financial
(6/18/14)

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**"CMM's $5M bought-deal financing should support the required capital to further advance the Castle Mountain Mine feasibility study."**

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Philip Ker, PI Financial
(6/11/14)

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**"TMM announced a $5M regional exploration program at San Francisco."**

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Philip Ker, PI Financial
(5/29/14)

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**"MAG's increased tonnage at Juanicipio provides additional upside."**

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Philip Ker, PI Financial
(5/28/14)

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**"KDX beat our gold and silver recovery projections and made progress with the Midas mill in just five weeks."**

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Philip Ker, PI Financial
(5/15/14)

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**"SVL's low cash costs contributed $6.6M to Q1/14 operating cash flow."**

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Philip Ker, PI Financial
(5/15/14)

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**"The commissioning of SVL's Santa Elena mill proves management's credibility and level of execution."**

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Philip Ker, PI Financial
(5/5/14)

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**"A considerable increase to the NPV of KDX's Fire Creek is likely."**

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Philip Ker, PI Financial
(5/5/14)

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**"KDX's robust economics at Fire Creek position the company nicely for growth."**

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Philip Ker, PI Financial
(5/1/14)

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**"TMM prereleased Q1/14 record gold production and sales results."**

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Philip Ker, PI Financial
(4/30/14)

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**"CMM delivered positive economics on its flagship project in California."**

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Philip Ker, PI Financial
(4/25/14)

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**"The in-situ resource and in-hand, approved operating permits make CMM an attractive takeover candidate." **

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Philip Ker, PI Financial
(4/16/14)

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**"We are confident SVL can attain the higher end of guidance in 2014."**

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Philip Ker, PI Financial
(4/15/14)

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**"TMM announced record Q1/14 production, a beat to our target."**

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Philip Ker, PI Financial
(4/9/14)

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**"SVL can more rapidly develop the underground at Santa Elena."**

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Philip Ker, PI Financial
(4/7/14)

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**"KDX has been one of the sector's top performers in Q1/14."**

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Philip Ker, PI Financial
(4/3/14)

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**"The commissioning of SVL's mill is expected in early April."**

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Philip Ker, PI Financial
(4/1/14)

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**"We expect positive operating results from SVL going forward."**

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Philip Ker, PI Financial
(3/19/14)

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**"MAG has significant potential to make additional discoveries on the Juanicipio JV land package."**

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Philip Ker, PI Financial
(3/19/14)

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**"TMM generated higher-than-expected free cash flow in Q4/13."**

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Philip Ker, PI Financial
(3/7/14)

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**"We continue to favor accumulating shares of KDX."**

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Philip Ker, PI Financial
(3/3/14)

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