Sector Expert: Heiko Ihle

H.C. Wainwright & Co. , Rodman & Renshaw

Image: Heiko Ihle

Heiko Ihle joined H.C. Wainwright in March 2014 as a managing director for equity research, covering companies in the mining industry. Prior to joining H.C. Wainwright, Ihle spent 2.5 years at Euro Pacific Capital as a senior research analyst covering the mining industry. In addition, he spent over six years working on equity research with Gabelli & Company in Rye, NY. While at Gabelli, he was awarded second place in the 2010 Financial Times / StarMine Top Analyst Awards for the Engineering & Construction space. Prior to his time with Gabelli, he completed summer internships with Deutsche Bank on the foreign exchange trading desk in New York and in fixed income sales in Frankfurt. A native of Germany, Ihle received his Bachelor in Finance and Management from the University of Illinois at Chicago in 2004 and his Master of Business Administration from the University of Miami in 2006. He has been a CFA Charterholder since 2010 and is currently a member of the CFA Institute and the Stamford CFA Society. He holds FINRA 7, 24, 63, 86 and 87 registrations.



Recent Interviews

Heiko Ihle: Back to Precious Metals Equity Investing Basics (1/26/15)
Miner

Investing in mining equities can get rather complicated but Heiko Ihle, managing director at H.C. Wainwright & Co., says precious metals equity investors need to focus on just three criteria: jurisdiction, management and asset viability. In this interview with The Gold Report, he explains his rationale and discusses several of his preferred gold and silver names.

How to Avoid Pawnshop Lending: Heiko Ihle (1/15/14)

Heiko Ihle, senior research analyst at Euro Pacific Capital, wants to warn investors and companies about the perils of "pawnshop lending"Śpredatory lending scenarios that many junior miners find themselves in as a result of the current commodity price climate, the overall financing climate, lack of interest from the buy side and incremental deals. In this interview with The Gold Report, Ihle outlines some alternative financing options and describes the three things he looks for in junior miners at the start of 2014.

Something's Got to Give in the Precious Metals Market: Heiko Ihle (7/10/13)

These are scary times for precious metal investors. Resource equities are in the tank and, adding insult to injury, the gold price took a precipitous fall just days before summer, notoriously one of the slowest seasons for precious metals. Heiko Ihle, an analyst with Euro Pacific Capital in Connecticut, tells The Gold Report that something has to give. And soon. Ihle sets out a likely scenario and highlights some miners that are able to produce profitably at current metals prices.

Recent Quotes

"While most people regard MAG's Juanicipio as a high-grade project, we highlight the even higher-grade nature of the Deep Zone at the site."

— Heiko Ihle, Rodman & Renshaw (8/16/16)
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"EFR's long-term contracts continue to allow for production to be sold at prices significantly higher than current spot prices."

— Heiko Ihle, Rodman & Renshaw (8/8/16)
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"We are reiterating our Buy rating for PGLC and continue to estimate first production in late 2017.ö

— Heiko Ihle, Rodman & Renshaw (8/8/16)
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"GPR is well positioned to continue to produce at a steady state while improving costs and evaluating external opportunities for a potentially transformative acquisition."

— Heiko Ihle, Rodman & Renshaw (8/5/16)
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"The Guanajuato Mine Complex is a cornerstone asset that should serve as a foundation to fuel future growth initiatives for GPR."

— Heiko Ihle, Rodman & Renshaw (7/26/16)
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"FCU's recent drilling results at PLS have been quite encouraging."

— Heiko Ihle, Rodman & Renshaw (7/25/16)
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"PVG's measured resources reached 1.9 million ouncesŚa 58% increase over the previous resource estimate."

— Heiko Ihle, Rodman & Renshaw (7/22/16)
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"We are maintaining a Buy rating for GPL while increasing our price target."

— Heiko Ihle, Rodman & Renshaw (7/18/16)
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"KLDX's Q2/16 results represent a strong increase over Q1/16; we reiterate our Buy rating."

— Heiko Ihle, Rodman & Renshaw (7/13/16)
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"NMI's Fosterville is a world-class gold asset that continues to outperform."

— Heiko Ihle, Rodman & Renshaw (7/13/16)
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"We believe FCU's resources should continue to grow at what we already view as a world-class uranium asset."

— Heiko Ihle, Rodman & Renshaw (7/8/16)
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"NMI's mine continues to prove itself as a top-tier gold asset."

— Heiko Ihle, Rodman & Renshaw (6/28/16)
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"PVG reports high-grade mineralization confirmed by strong results."

— Heiko Ihle, Rodman & Renshaw (6/1/16)
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"We're raising our price target for GSV, which is in an envious position with a fully stocked treasury and plethora of targets to explore."

— Heiko Ihle, Rodman & Renshaw (5/25/16)
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"Our increased valuation of NMI is due to the release of the positive PEA."

— Heiko Ihle, Rodman & Renshaw (5/17/16)
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"MAG is fully funded to production; maintaining a Buy rating."

— Heiko Ihle, Rodman & Renshaw (5/16/16)
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"We expect PVG's fully funded Brucejack Project to be moved across the construction finish line and to enter production in 2H17."

— Heiko Ihle, Rodman & Renshaw (5/16/16)
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"We expect a bounce back for KDX in both grades and production rates over the remainder of the year."

— Heiko Ihle, Rodman & Renshaw (5/12/16)
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"EFR remains uniquely positioned to not only survive, but thrive."

— Heiko Ihle, Rodman & Renshaw (5/9/16)
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"Costs continue to trend lower across GPR's asset base."

— Heiko Ihle, Rodman & Renshaw (5/6/16)
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"We are initiating coverage of KDX with a Buy rating; it is currently operating two of the highest-grade underground gold mines in the world."

— Heiko Ihle, Rodman & Renshaw (5/2/16)
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"Robust operating performance coupled with a nearly debt free balance sheet strongly positions NMI to act on its strategy of reaching output of 400ľ500 Koz/year."

— Heiko Ihle, Rodman & Renshaw (5/2/16)
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"PVG's Brucejack project has been almost completely de-risked financially."

— Heiko Ihle, Rodman & Renshaw (4/19/16)
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"We expect NMI to continue to deliver on its strategy to provide low-cost gold exposure for investors."

— Heiko Ihle, Rodman & Renshaw (4/13/16)
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"PGLC's Relief Canyon remains a unique asset that is fully permitted and requires little additional capital."

— Heiko Ihle, Rodman & Renshaw (3/28/16)
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"NMI announced updated reserve and resource estimates with much higher grades."

— Heiko Ihle, Rodman & Renshaw (3/22/16)
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"FCU's PLS continues to prove itself as a world-class uranium asset."

— Heiko Ihle, Rodman & Renshaw (3/22/16)
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"During FY15, EFR reported a gross operating profit of $23.7M, or 39%."

— Heiko Ihle, Rodman & Renshaw (3/17/16)
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"We continue to view PVG's Brucejack as one of the world's premier development-stage gold assets."

— Heiko Ihle, Rodman & Renshaw (3/10/16)
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"MAG's capital raise serves as a significant derisking event."

— Heiko Ihle, Rodman & Renshaw (3/10/16)
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"During 2015, NMI handily beat production guidance and our estimate."

— Heiko Ihle, Rodman & Renshaw (3/7/16)
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"GPR beat both our financial and operational estimates for FY/15."

— Heiko Ihle, Rodman & Renshaw (3/7/16)
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"Strong interest from two major gold producers is a vote of confidence in GSV."

— Heiko Ihle, Rodman & Renshaw (2/24/16)
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"We are reiterating our Buy rating on PVG while increasing our price target."

— Heiko Ihle, Rodman & Renshaw (2/18/16)
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"GPR's 2015 production, a record 4.16 Moz Ag eq, beat our estimate."

— Heiko Ihle, Rodman & Renshaw (1/20/16)
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"NMI's record production was primarily due to grade improvements at Fosterville."

— Heiko Ihle, Rodman & Renshaw (1/19/16)
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"NMI's exploration targets could become accretive to production totals."

— Heiko Ihle, Rodman & Renshaw (1/12/16)
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"FCU is taking the right steps regardless of whether PLS is ultimately acquired or developed into a mine."

— Heiko Ihle, Rodman & Renshaw (12/22/15)
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"PVG continues to advance Brucejack toward production in H2/17."

— Heiko Ihle, Rodman & Renshaw (12/16/15)
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"We expect PGLC's Relief Canyon site to be meaningfully advanced in 2016."

— Heiko Ihle, Rodman & Renshaw (12/16/15)
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"MAG met the requirement for the 55% earn-in option on Salamandra."

— Heiko Ihle, Rodman & Renshaw (12/16/15)
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"We are initiating coverage on NMI with a Buy rating."

— Heiko Ihle, Rodman & Renshaw (12/9/15)
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"We believe further drilling at FCU's R600W zone is warranted."

— Heiko Ihle, Rodman & Renshaw (11/27/15)
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"Investors should look toward PGLC's Relief Canyon project in a down market."

— Heiko Ihle, Rodman & Renshaw (11/20/15)
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"MAG's Juanicipio is one of the world's highest-grade undeveloped silver deposits."

— Heiko Ihle, Rodman & Renshaw (11/16/15)
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"Two GSV Railroad drill holes appear to have uncovered a new gold zone."

— Heiko Ihle, Rodman & Renshaw (11/11/15)
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"PGLC's Relief Canyon could be producing in just a few short months."

— Heiko Ihle, Rodman & Renshaw (11/11/15)
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"In Q3/15, EFR achieved a strong $7.2M gross profit for a 38% margin."

— Heiko Ihle, Rodman & Renshaw (11/9/15)
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"Due to the recent financing, PVG now has $453.2M cash."

— Heiko Ihle, Rodman & Renshaw (11/9/15)
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"We view EFR as a unique U.S. uranium producer."

— Heiko Ihle, Rodman & Renshaw (11/9/15)
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"GPR kept all-in sustaining costs below spot silver prices in Q3/15."

— Heiko Ihle, Rodman & Renshaw (11/6/15)
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"Considering its robust economics and resources, we still view FCU's PLS as a strong takeout candidate."

— Heiko Ihle, Rodman & Renshaw (10/21/15)
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"Great Panther Silver Ltd.'s third quarter gold production reached 6,079 ozŚa record quarterly figure for the company."

— Heiko Ihle, Rodman & Renshaw (10/15/15)
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"FCU's PLS project still has significant potential as a take-out target."

— Heiko Ihle, Rodman & Renshaw (10/14/15)
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"GSV is expected now to focus on drilling at North Bullion."

— Heiko Ihle, Rodman & Renshaw (10/1/15)
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"FCU's summer drill program at PLS boasted a 100% mineralization hit rate."

— Heiko Ihle, Rodman & Renshaw (9/18/15)
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"PVG's credit agreement is on favorable terms."

— Heiko Ihle, Rodman & Renshaw (9/17/15)
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"TV has shown MOM improvements for zinc, lead and silver recoveries."

— Heiko Ihle, Rodman & Renshaw (9/11/15)
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"FCU's PEA outlines a robust open-pit and underground operation."

— Heiko Ihle, Rodman & Renshaw (9/4/15)
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"PGLC increased resources 34% over the previous estimate at Relief Canyon."

— Heiko Ihle, Rodman & Renshaw (9/3/15)
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"FCU's new drill results from PLS increase the width of the R600W zone."

— Heiko Ihle, Rodman & Renshaw (9/2/15)
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"PVG's Brucejack is a robust gold project with strong economics despite current precious metals prices."

— Heiko Ihle, Rodman & Renshaw (9/2/15)
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"PVG's Brucejack hole VU-463 intersected 29.94 g/t gold over 29.5m."

— Heiko Ihle, Rodman & Renshaw (8/20/15)
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"We highlight the favorable economics of WG's Wellgreen project."

— Heiko Ihle, Rodman & Renshaw (8/17/15)
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"MAG ended Q2/15 with sufficient cash to fund activities for the next year."

— Heiko Ihle, Rodman & Renshaw (8/17/15)
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"Additional drilling results from PGLC's Relief Canyon were positive."

— Heiko Ihle, Rodman & Renshaw (8/11/15)
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"PVG's 40,000m VOK drilling should allow for strong grade controls."

— Heiko Ihle, Rodman & Renshaw (8/10/15)
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"Long-term contracts enabled EFR to realize uranium prices well above spot."

— Heiko Ihle, Rodman & Renshaw (8/10/15)
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"Management is taking the right steps to keep GPR producing at lowered costs."

— Heiko Ihle, Rodman & Renshaw (8/7/15)
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"PVG received federal environmental approval for its Brucejack project."

— Heiko Ihle, Rodman & Renshaw (8/3/15)
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"Our tour of EFR's Nichols Ranch revealed expansion potential."

— Heiko Ihle, Rodman & Renshaw (7/29/15)
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"We are assuming coverage of PGLC with a Buy recommendation."

— Heiko Ihle, Rodman & Renshaw (7/27/15)
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"LODE's management has successfully delivered on cost reductions."

— Heiko Ihle, Rodman & Renshaw (7/21/15)
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"FCU announced positive initial results from its 2015 summer drill program."

— Heiko Ihle, Rodman & Renshaw (7/15/15)
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"GPR was able to increase production rates while decreasing ore processed."

— Heiko Ihle, Rodman & Renshaw (7/15/15)
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"EFR is becoming a significant player in the uranium market."

— Heiko Ihle, Rodman & Renshaw (7/14/15)
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"We are assuming coverage of MAG with a Buy recommendation."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"GSV is a strong candidate for an eventual takeover."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"GPR has a strong balance sheet and newly acquired projects."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"We believe WG's Wellgreen project should be continuously derisked."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"We believe PVG's Brucejack should be advanced to the construction phase in H2/15."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"LODE has a sizeable land package and a focus on optimizing both costs and grades."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"We expect FCU to continue to grow the resource base at PLS."

— Heiko Ihle, Rodman & Renshaw (7/13/15)
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"LODE's lower cash costs should be sustainable going forward."

— Heiko Ihle, H.C. Wainwright & Co. (7/8/15)
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"FCU's access to a mill and other assets provides significant upside."

— Heiko Ihle, H.C. Wainwright & Co. (7/7/15)
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"We are assuming coverage of PVG with a Buy rating."

— Heiko Ihle, H.C. Wainwright & Co. (6/29/15)
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"We are assuming coverage on GSV with a Buy rating."

— Heiko Ihle, H.C. Wainwright & Co. (6/16/15)
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"Recent exploration results show MAG has potential for further upside."

— Heiko Ihle, H.C. Wainwright & Co. (6/12/15)
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"FCU's recent round of drill results expanded the footprint of two zones at Patterson Lake South."

— Heiko Ihle, H.C. Wainwright & Co. (6/2/15)
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"MAG exited Q1/15 with sufficient cash to fund the Juanicipio development."

— Heiko Ihle, H.C. Wainwright & Co. (5/18/15)
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"We remain optimistic that the rerouting of SR-342 should provide high-grade ore to LODE."

— Heiko Ihle, Euro Pacific Canada (5/8/15)
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"For Q1/15, GPR produced a record 987,887 oz silver equivalent."

— Heiko Ihle, H.C. Wainwright & Co. (5/8/15)
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"MAG announced exceptional drill results from the Juanicipio project."

— Heiko Ihle, H.C. Wainwright & Co. (4/24/15)
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"In Q1/15, LODE's gold grades held steady; silver grades increased."

— Heiko Ihle, H.C. Wainwright & Co. (4/17/15)
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"GPR's overall Q1/15 production rose to a record 987,887 oz Ag eq."

— Heiko Ihle, H.C. Wainwright & Co. (4/16/15)
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"We continue to view MAG's Juanicipio as a world-class project."

— Heiko Ihle, H.C. Wainwright & Co. (4/1/15)
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"AXR should release an updated mine plan for Keno Hill later in 2015."

— Heiko Ihle, H.C. Wainwright & Co. (3/27/15)
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"Seventeen of 19 holes at FCU's R780E zone returned mineralization."

— Heiko Ihle, H.C. Wainwright & Co. (3/24/15)
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"GPR ended FY/14 with enough cash buffer to weather the downturn in prices."

— Heiko Ihle, H.C. Wainwright & Co. (3/6/15)
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"We expect GPR's overall grades to increase while cash costs fall at San Ignacio."

— Heiko Ihle, H.C. Wainwright & Co. (2/24/15)
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"We like MAG, both on an individual asset and a management level."

— Heiko Ihle, H.C. Wainwright & Co. (2/19/15)
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"FCU's PLS resource base could be larger than our 90 Mlb estimate."

— Heiko Ihle, H.C. Wainwright & Co. (2/12/15)
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"We expect GPR's Q1/15 report to show a larger resource and higher grades."

— Heiko Ihle, H.C. Wainwright & Co. (2/2/15)
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"LODE's strip ratio may be brought down further during 2015."

— Heiko Ihle, H.C. Wainwright & Co. (1/30/15)
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"We could see production of nickel, copper and platinum at WG's Wellgreen project by 2018ľ2019."

The Gold Report Interview with Heiko Ihle (1/26/15)
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"At the current silver price, AXR can make money with production."

The Gold Report Interview with Heiko Ihle (1/26/15)
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"LODE's Dayton production should grow over the course of 2016."

The Gold Report Interview with Heiko Ihle (1/26/15)
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"GPR's Guanajuato is producing silver at decent cash costs."

The Gold Report Interview with Heiko Ihle (1/26/15)
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