BMO Capital Markets

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

Endeavour Silver Corp is a Canadian mineral company engaged in the evaluation, acquisition, exploration, development, and exploitation of precious metal properties in Mexico and Chile. It operates the Guanacevi and Bolanitos silver mines in Mexico and the El Cubo silver-gold mine in Guanajuato; it is developing the Terronera project and maintains exploration programs in Mexico, Chile, and the United States. In 2012 it acquired Mexgold Resources and its subsidiaries, expanding its producing assets in the Guanajuato district.

Equinox Gold is a multi-asset mining company focused on gold production. It aims to commence operations at the Aurizona Gold Mine in Brazil by year-end 2018, with potential expansion through the Castle Mountain project in California. The company has an impressive pipeline of gold and copper assets across the Americas.

Osisko Mining Inc. is a mineral exploration company based in Toronto, Canada, focused on the acquisition, exploration, and development of precious metal properties, primarily gold and silver. The company's flagship project is the Windfall Lake property, which encompasses 285 mining claims over approximately 12,467 hectares located in the Abitibi greenstone belt in Quebec. Established in 2010 and formerly known as Oban Mining Corporation, Osisko Mining aims to create value for its shareholders, employees, and local communities through responsible mining practices and adherence to corporate governance and ethical standards. In addition to the Windfall Lake project, the company also manages a portfolio that includes other significant properties, such as the Phoenix Properties.

Trident Royalties is a growth-oriented diversified mining royalty and streaming company that focuses on providing investors with exposure to a broad range of mining commodities. The company emphasizes value-added transactions involving precious metals, base metals, battery materials, and bulk commodities, while consciously excluding thermal coal from its portfolio. Trident Royalties distinguishes itself from many of its peers by its diverse commodity offerings, which include properties that are operational or close to production. Its reportable segments encompass Precious Metals, Bulk/Battery Metals, and Base Metals, reflecting its commitment to a comprehensive approach in the mining sector.

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

Equinox Gold is a multi-asset mining company focused on gold production. It aims to commence operations at the Aurizona Gold Mine in Brazil by year-end 2018, with potential expansion through the Castle Mountain project in California. The company has an impressive pipeline of gold and copper assets across the Americas.

Nouveau Monde Graphite Inc. is a mineral exploration company focused on the acquisition, exploration, evaluation, and development of graphite properties in Quebec, Canada. Founded in 2011 and headquartered in Saint-Michel-des-Saints, the company owns the Matawinie property, which consists of 319 mining claims covering 17,585 hectares located north of Montreal. Nouveau Monde Graphite is dedicated to developing a natural graphite-based anode material aimed at supplying the lithium-ion battery industry, thereby targeting the growing North American market for battery-grade materials. The company emphasizes environmentally responsible practices in its operations, aligning with the increasing demand for sustainable and low-impact sources of natural graphite for battery manufacturers. Its projects include the Matawinie Mine and the Battery Material Plant, positioning Nouveau Monde Graphite as a key player in the green energy transition.

Endeavour Silver Corp is a Canadian mineral company engaged in the evaluation, acquisition, exploration, development, and exploitation of precious metal properties in Mexico and Chile. It operates the Guanacevi and Bolanitos silver mines in Mexico and the El Cubo silver-gold mine in Guanajuato; it is developing the Terronera project and maintains exploration programs in Mexico, Chile, and the United States. In 2012 it acquired Mexgold Resources and its subsidiaries, expanding its producing assets in the Guanajuato district.

GoGold Resources is a Canadian company engaged in exploration, development, and production of gold and silver primarily in Mexico. Its primary assets include the Parral Tailings project in Chihuahua State and the Los Ricos project in Jalisco State.

Frontier Lithium is a Canada-based company focused on the acquisition, exploration, and development of mining properties with emphasis on lithium, as well as cesium, tantalum and rubidium. It owns 100% of the PAK Lithium Project in northwestern Ontario, a large pegmatite mineralized system spanning about 26,774 hectares across 1,378 mining claim units. The company is pursuing development of the project and exploring potential production options, including a strategic partnership with XPS Expert Process Solutions to refine spodumene concentrate into lithium hydroxide. Frontier Lithium, which began as Houston Lake Mining and changed its name in 2016, is headquartered in Val Caron, Canada.

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

Argonaut Gold Inc. is a Canadian mining company focused on the exploration, development, and production of gold and silver deposits primarily in North America. Founded in 2007, the company operates several key assets, including the El Castillo mine and San Agustin mine in Durango, Mexico, which together comprise the El Castillo Complex. Additionally, Argonaut Gold owns the La Colorada mine in Sonora, Mexico, and the Florida Canyon mine in Nevada, USA. The company is also advancing its exploration projects, such as the Magino project in Ontario, Canada, and the Cerro del Gallo project in Guanajuato, Mexico, along with various other exploration-stage projects throughout North America. Headquartered in Reno, Nevada, Argonaut Gold continues to expand its portfolio in the gold mining sector.

Sabina Gold & Silver Corp. is a precious metals exploration and development company based in Vancouver, Canada. Focused primarily on gold deposits, the company is advancing its flagship Back River gold project, which encompasses several properties, including Goose, George, Boulder, and Boot, along with a port facility at Bathurst Inlet in southwestern Nunavut. Additionally, Sabina holds a silver royalty on the Hackett River project, located within a 10,637-hectare area in Nunavut. Founded in 1966 and originally named Sabina Silver Corporation, the company rebranded in 2009 to reflect its broader focus on gold. Sabina Gold & Silver is committed to becoming a significant gold producer through the phased development of its mineral assets in politically stable mining jurisdictions.

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

GoGold Resources is a Canadian company engaged in exploration, development, and production of gold and silver primarily in Mexico. Its primary assets include the Parral Tailings project in Chihuahua State and the Los Ricos project in Jalisco State.

Victoria Gold Corp. is a Canadian mining company focused on the acquisition, exploration, and development of gold mineral properties. The company is primarily engaged in the exploration of gold deposits and operates its flagship Dublin Gulch property in central Yukon, which encompasses the Eagle and Olive-Shamrock Gold deposits over an area of approximately 555 square kilometers. The Eagle Gold Mine Project, part of this property, is an open-pit, heap leach operation situated about 375 kilometers north of Whitehorse, the capital of Yukon. Incorporated in 1981 and headquartered in Toronto, Victoria Gold Corp. aims to mine and export gold to various industries.

McEwen Mining is a diversified precious metals mining company focused on exploration, development, and production across North America and Argentina. It operates mines in Nevada, Canada, Mexico, and Argentina, with principal assets including the San José mine in Argentina, El Gallo complex in Mexico, Gold Bar project in Nevada, and Los Azules copper deposit in Argentina.

McEwen Mining is a diversified precious metals mining company focused on exploration, development, and production across North America and Argentina. It operates mines in Nevada, Canada, Mexico, and Argentina, with principal assets including the San José mine in Argentina, El Gallo complex in Mexico, Gold Bar project in Nevada, and Los Azules copper deposit in Argentina.

Cordoba Minerals is a mineral exploration and development company focused on copper and gold properties in Colombia and North America. Its principal asset is the San Matias project in Colombia’s Córdoba Department, which includes the Alacran deposit and spans about 20,000 hectares near Puerto Libertador, roughly 200 kilometers north of Medellín; Cordoba gained 100% ownership of San Matias after acquiring it from High Power Exploration in 2017. The company also pursues additional exploration opportunities in Canada and the United States, including the Perseverance project in the United States. Its activities center on the acquisition, exploration, and development of precious and base metal properties.

Trevali Mining Corporation is a base-metals mining company focused on the acquisition, exploration, development, and production of mineral properties, primarily targeting zinc, lead, silver, gold, and copper deposits. The company operates several key assets, including the Perkoa Mine in Burkina Faso, the Rosh Pinah Mine in Namibia, and the Caribou Mine in New Brunswick, Canada, which is currently undergoing commissioning. Additionally, Trevali produces zinc and lead-silver concentrates at its Santander Mine in Peru. The company was incorporated in 1964 and is headquartered in Vancouver, Canada.

INV Metals Inc., a mineral resource company based in Toronto, Canada, focuses on the exploration and development of precious and base metal projects, primarily in Ecuador. The company's main asset is the Loma Larga gold-copper-silver project, which spans approximately 7,960 hectares across three contiguous concessions in southwestern Cuenca, Ecuador. INV Metals is committed to excellence in technical, environmental, health, safety, and social practices, aiming to meet or exceed best practices for responsible and sustainable development. The company was incorporated in 2005 and formerly operated under the name International Nickel Ventures Corporation before changing its name in June 2010.

Guyana Goldfields Inc. is a Canadian-based company engaged in the exploration and production of gold, primarily within the Guiana Shield of South America. Established in 1994 and headquartered in Toronto, the company has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, development, and operation of gold mineral properties, with its primary asset being the Aurora Gold Mine. The company also holds advanced exploration projects, including the Aranka Properties, and is dedicated to conducting ongoing exploration and development work in these areas. In 2020, Guyana Goldfields became a subsidiary of Zijin Mining Group Company Limited, reflecting its strategic positioning within the gold mining sector.

Klondex Mines (TSX: KDX; NYSE MKT:KLDX) is on the path to building a leading integrated gold and silver producer focused in North Central Nevada. The company is producing from its Midas mine and operating an ongoing bulk sampling program at its Fire Creek high-grade gold project. Midas, Klondex's newly acquired operating mine and milling facility are located ~100 miles north of Fire Creek. Klondex's secondary focus is acquiring, exploring, and developing other gold and silver properties in Nevada. Currently, Klondex has three other gold exploration properties, and it reviews and considers other projects for inclusion.

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

Primero Mining Corp. is a Canadian-based precious metals producer engaged in the acquisition, exploration, development, and operation of mineral resource properties primarily in Mexico. The company holds a 100% interest in the San Dimas gold-silver mine project and the Cerro del Gallo gold-silver-copper development project, alongside the Black Fox mine in Ontario, Canada. Primero Mining focuses on gold and silver exploration, emphasizing low-cost production and a substantial resource base in politically stable regions. Founded in 2007 and based in Toronto, it was originally known as Mala Noche Resources Corp. and rebranded in 2010. As of May 2018, Primero operates as a subsidiary of First Majestic Silver Corp.

Sabina Gold & Silver Corp. is a precious metals exploration and development company based in Vancouver, Canada. Focused primarily on gold deposits, the company is advancing its flagship Back River gold project, which encompasses several properties, including Goose, George, Boulder, and Boot, along with a port facility at Bathurst Inlet in southwestern Nunavut. Additionally, Sabina holds a silver royalty on the Hackett River project, located within a 10,637-hectare area in Nunavut. Founded in 1966 and originally named Sabina Silver Corporation, the company rebranded in 2009 to reflect its broader focus on gold. Sabina Gold & Silver is committed to becoming a significant gold producer through the phased development of its mineral assets in politically stable mining jurisdictions.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company founded in 2014. It owns and manages a portfolio of royalties, streams, and precious metal offtake arrangements, with over 175 assets across North America. Its cornerstone asset is a 5% net smelter return royalty on the Canadian Malartic mine, Canada's largest gold mine.

Romarco Minerals Inc. is an exploration and development stage mining company focused on acquiring, exploring, and developing precious metals mineral properties in the United States. The company's flagship project is the Haile Gold Mine, located northeast of Kershaw in southern Lancaster County, South Carolina, where it is currently engaged in exploration drilling, conducting a bankable feasibility study, and obtaining necessary permits. In addition to the Haile Gold Mine, Romarco also has interests in the Pinos Gold District in Mexico, a high-grade epithermal vein district that is in the advanced exploration stage. Headquartered in Toronto, Canada, Romarco Minerals operates as a subsidiary of OceanaGold Corporation.

Osisko Gold Royalties is a North American-focused intermediate precious metal royalty company founded in 2014. It owns and manages a portfolio of royalties, streams, and precious metal offtake arrangements, with over 175 assets across North America. Its cornerstone asset is a 5% net smelter return royalty on the Canadian Malartic mine, Canada's largest gold mine.

TMAC Resources Inc. is a Canadian mineral exploration and development company focused on gold deposits. Established in 2012 and headquartered in Toronto, the company holds a 100% interest in the Hope Bay Project, which spans 1,101 square kilometers in the Kitikmeot region of western Nunavut Territory. This property is situated within the Hope Bay greenstone belt, an area recognized for its potential as a significant gold mining camp in Canada. TMAC Resources is dedicated to the responsible and sustainable exploration, development, and mining of its mineral assets, primarily concentrating on precious metals, specifically gold. The company aims to leverage the substantial resource potential of the Hope Bay Project to establish itself in the mining industry.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Guyana Goldfields Inc. is a Canadian-based company engaged in the exploration and production of gold, primarily within the Guiana Shield of South America. Established in 1994 and headquartered in Toronto, the company has been actively operating in Guyana since 1996. It focuses on the acquisition, exploration, development, and operation of gold mineral properties, with its primary asset being the Aurora Gold Mine. The company also holds advanced exploration projects, including the Aranka Properties, and is dedicated to conducting ongoing exploration and development work in these areas. In 2020, Guyana Goldfields became a subsidiary of Zijin Mining Group Company Limited, reflecting its strategic positioning within the gold mining sector.

Mercator Minerals is a mining company specializing in the extraction and production of various metals. It engages in exploration, extraction, and processing, contributing to the supply chain of essential metals through efficient methods.

Perpetua Resources is a mineral exploration company centered on the redevelopment of gold and antimony deposits in the historic Stibnite-Yellow Pine district of central Idaho. The company's primary asset is the Stibnite Gold Project, which is recognized as one of the highest-grade open-pit gold deposits in the United States. This project aims to implement a modern and responsible mining approach that not only produces gold but also restores the environment of an abandoned mine site and revives a key source of antimony, the only mined source in the country. Perpetua Resources is committed to providing essential resources for the American future while benefiting the surrounding community, and it actively seeks practical solutions to balance growth with environmental stewardship.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Romarco Minerals Inc. is an exploration and development stage mining company focused on acquiring, exploring, and developing precious metals mineral properties in the United States. The company's flagship project is the Haile Gold Mine, located northeast of Kershaw in southern Lancaster County, South Carolina, where it is currently engaged in exploration drilling, conducting a bankable feasibility study, and obtaining necessary permits. In addition to the Haile Gold Mine, Romarco also has interests in the Pinos Gold District in Mexico, a high-grade epithermal vein district that is in the advanced exploration stage. Headquartered in Toronto, Canada, Romarco Minerals operates as a subsidiary of OceanaGold Corporation.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Founded in 1999, Bear Creek Mining is a Vancouver-based company engaged in the exploration and development of precious and base metal properties in Peru. Its primary focus is on silver, lead, zinc, gold, and copper deposits.

Detour Gold Corporation is a Canadian intermediate gold producer that operates the Detour Lake mine, a large-scale open-pit operation located in northeastern Ontario. This mine is recognized as the second largest gold-producing site in Canada and holds the largest gold reserves in the country. The Detour Lake mine spans approximately 625 square kilometers of mining claims and leases, situated about 300 kilometers northeast of Timmins. Detour Gold is focused on delivering sustainable returns through its growing cash flow, organic growth initiatives, and extensive exploration potential within its land holdings. The company prioritizes responsible mining practices, adhering to high safety and environmental standards while maintaining a strong commitment to the surrounding communities.

Altius Minerals Corporation is a diversified mining royalty and streaming company based in St. John's, Canada. Founded in 1997, it holds royalty and streaming interests in 15 operating mines primarily located in Canada and Brazil. The company’s portfolio encompasses a variety of commodities, including copper, zinc, nickel, cobalt, iron ore, precious metals, potash, and coal. Altius is focused on expanding its royalty business through prospect generation and the acquisition of additional royalties. Additionally, the company holds development stage royalties in renewable energy and pre-development stage royalty interests in various mineral commodities. The majority of its revenue is derived from its mineral royalties segment.