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Metals & Mining Analysts' Ratings & Estimates - Juniors

Junior Producers, Development/Advanced Exploration Stage
Iron Ore, Base Metals, Gold, Silver, Pt-Group Metals, Specialty Metals, Uranium, Coal, Fertilizers

Small-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Capstone Mining Corp (CA) CS 2.2 US$0.43 400 $170 0.08 0.02 0.07 0.12 0.15 18.3 6.4 3.5 2.9 Cu/US, Mexico
Excelsior Mining Corp (CA) MIN 2.0 US$0.77 239 $184 (0.08) (0.05) 0.04 0.22 0.01 -- 19.2 3.5 77.7 Cu/US
Griffin Mining Ltd (UK) GFM 3.0 US$1.05 172 $180 0.14 0.07 0.12 0.27 -- 15.5 8.7 3.8 -- Zn/China
Josemaria Resources Inc (CA) JOSE 2.0 C$0.64 250 $122 (0.06) (0.05) (0.03) (0.01) (0.01) -- -- -- -- Cu, Au/Argentina
Kenmare Resources (UK) KMR 1.7 US$3.06 110 $336 0.46 0.49 0.52 0.94 0.88 6.2 5.9 3.3 3.5 Ti sands/Mozambique
Nevada Copper Corp (CA) NCU 1.8 US$0.16 762 $119 (0.04) (0.02) (0.02) (0.00) 0.05 -- -- -- 3.1 Cu/US
Northern Dynasty Minerals NAK 2.5 C$0.73 377 $209 (0.21) (0.07) (0.03) -- (0.05) -- -- -- -- Cu, Au/US
PolyMet Mining Corp PLM -- US$0.33 1005 $329 (0.05) (0.04) (0.03) 0.10 -- -- -- 3.3 -- Cu, Ni/US
Sierra Metals Inc (CA) SMT 2.3 US$1.42 163 $232 0.12 0.08 0.19 0.21 0.22 18.1 7.4 6.7 6.5 Cu, Zn, Pb/Peru, Mexico
SolGold PLC (UK) SOLG 1.6 AUD$0.29 1846 $527 (0.01) (0.01) (0.00) (0.00) (0.01) -- -- -- -- Cu, Au/Ecuador
Trevali Mining Corp (CA) TV 2.5 C$0.15 814 $124 0.05 (0.01) 0.03 0.03 0.02 -- 5.7 5.3 8.5 Zn, Pb, Cu, Ag/Canada, Peru
Trilogy Metals Inc TMQ 2.0 US$1.74 140 $258 (0.18) --     -- -- -- -- -- Cu, Zn/US
Average                     14.5 8.9 4.2 17.0  
Micro-Cap Base Metals
Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
  Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Adriatic Metals PLC (AU) ADT 2.0 GBP$0.59 104 $79 0.10 -- -- -- -- -- -- -- -- Zn, Pb, Cu/Bosnia and Herzegovina
Adventus Zinc Corp (CA) EOX 2.0 C$1.02 100 $78 (0.08) (0.15) (0.12) (0.07) 0.12 -- -- -- 8.5 Cu, Zn/Ecuador
Atico Mining Corp (CA) ATY 2.0 US$0.24 119 $28 0.03 0.04 0.05 0.02 0.02 5.9 4.7 11.8 11.8 Cu, Au/Colombia
Amerigo Resources Ltd (CA) ARG 2.0 US$0.59 180 $106 0.06 0.05 -- -- -- 11.7 -- -- -- Cu/Chile
Copper Mountain Mining (CA) CMMC 2.2 C$0.62 188 $89 0.02 0.08 0.34 0.10 0.07 7.4 1.8 6.1 9.1 Cu, Au/Canada
Cornerstone Capital Res (CA) CGP 2.0 C$2.23 32 $54 -- -- -- -- -- -- -- -- -- Cu, Au/Ecuador
Entrée Resources Ltd. ETG 3.0 US$0.19 175 $33 -- (0.00) (0.01) (0.01) -- -- -- -- -- Cu, Au/Mongolia
Filo Mining Corp (CA) FIL 2.0 C$2.45 88 $165 (0.41) (0.22) (0.19) (0.15) (0.03) -- -- -- -- Cu/Chile
Fortune Minerals Ltd (CA) FT 2.0 C$0.08 347 $21 -- -- -- -- -- -- -- -- -- Co, Bi, Au/Canada
General Moly  GMO 2.0 US$0.26 138 $36 (0.08) (0.09) (0.09) -- -- -- -- -- -- Mo/US  
Metals X Ltd (AU) MLX 1.8 AUD$0.22 907 $137 (0.05) (0.02) 0.03 0.06 0.07 -- 6.8 3.4 3.3 Sn, Ni/Australia
Niocorp Developments Ltd (CA) NB 2.0 C$0.43 234 $102 -- -- -- (0.03) -- -- -- -- -- Nb/US
Nyrstar NV (BE) NYR 4.0 EUR$0.20 110 $24 (5.60) 0.24 0.46 -- -- 0.8 0.4 -- -- Diversified Zn
Panoramic Resources Ltd (AU) PAN 2.0 AUD$0.32 654 $144 0.01 0.03 0.05 0.07 -- 12.4 6.7 4.4 -- Ni/Australia
Regulus Resources Inc (CA) REG 2.0 C$1.33 91 $92 -- -- -- -- -- -- -- -- -- Cu, Au/Peru
Sherritt International (CA) S 2.5 C$0.26 397 $79 (0.13) (0.28) (0.06) (0.04) 0.03 -- -- -- 8.7 Ni/Canada, Cuba
Taseko Mines Ltd TGB 2.4 C$0.53 246 $99 (0.04) (0.21) (0.07) 0.01 (0.02) -- -- NM -- Cu/Canada, US
Tinka Resources Ltd (CA) TK 1.7 C$0.17 265 $33 (0.01) (0.03) (0.04) -- -- -- -- -- -- Zn/Peru
Western Copper Corp WRN 2.0 C$0.91 105 $72 (0.03) (0.03) (0.03) (0.01) 0.00 -- -- -- -- Cu/Canada
Average                     7.7 4.1 6.4 8.3  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters, company reports.
Small-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Argonaut Gold Ltd (CA) AR 1.8 US$1.65 179 $297 0.09 0.18 0.35 0.37 0.55 9.0 4.7 4.5 3.0 Au/Mexico, Canada
Asanko Gold AKG 2.5 US$0.93 226 $210 0.01 (0.00) 0.14 0.07 0.13 -- 6.8 13.3 7.2 Au/Ghana
Bellevue Gold Ltd (AU) BGL 1.5 AUD$0.54 570 $209 (0.01) (0.00) 0.08 -- -- -- 6.9 -- -- Au/Australia
Continental Gold Inc (CA) CNL 1.9 US$3.09 203 $626 (0.16) (0.12) 0.16 0.35 0.20 -- 19.3 8.9 15.4 Au/Colombia
Dacian Gold Ltd (AU) DCN 3.0 AUD$1.55 228 $241 (0.01) 0.12 0.25 0.30 -- 12.6 6.3 5.2 -- Au/Australia
DRDGold Ltd (ADR) DROOY 5.0 ZAR$6.98 696 $328 0.06 0.50 0.77 -- -- 14.0 9.1 -- -- Au/South Africa
Dundee Precious Metals (CA) DPM 1.9 US$3.39 179 $608 0.16 0.27 0.62 0.66 0.59 12.6 5.5 5.1 5.8 Au/Bulgaria
Equinox Gold Corp (CA) EQX 2.0 US$6.21 113 $704 (0.10) 0.09 0.38 0.49 0.41 70.0 16.6 12.6 15.1 Au/Brazil, US
Golden Star Resources GSS 2.5 US$3.04 160 $331 (0.02) 0.15 0.34 0.42 -- 20.7 8.9 7.2 -- Au/Ghana
Gold Resource Corp  GORO 2.0 US$3.84 66 $253 0.14 0.12 -- -- -- 32.0 -- -- -- Au/Mexico, US
Gold Road Resources Ltd (AU) GOR 2.6 AUD$1.03 879 $621 (0.02) (0.02) 0.07 0.09 0.05 -- 14.3 11.9 20.6 Au/Australia
Gold Standard Ventures GSV 2.3 C$1.06 277 $224 (0.04) (0.03) (0.03) (0.06) 0.16 -- -- -- 6.4 Au/US
Great Bear Resources (CA) GBR 1.5 C$6.26 42 $200 (0.13) (0.08) -- -- -- -- -- -- -- Au/Canada
K92 Mining (CA) KNT 1.6 US$1.73 213 $368 0.07 0.10 0.25 0.28 0.29 17.0 6.9 6.1 6.0 Au/PNG
Leagold Mining Corp (CA) LMC 2.3 US$2.00 285 $568 0.07 0.15 0.25 0.55 0.34 13.2 7.8 3.6 6.0 Au/Mexico
Maverix Metals (CA) MMX 2.3 C$5.82 108 $479 0.04 0.08 0.17 0.17 0.13 69.3 33.4 35.3 44.8 Au royalties
McEwen Mining Inc. MUX 2.0 US$1.60 362 $579 (0.13) (0.09) 0.02 0.11 -- -- 72.7 14.5 -- Au/Mexico, U.S., Argentina
New Gold Inc NGD 3.1 US$1.01 673 $676 (0.02) (0.03) 0.04 0.06 0.08 -- 25.6 16.4 13.1 Au/Canada
NovaGold Resources Inc NG -- US$6.54 327 $2,137 (0.10) (0.05) (0.05) -- -- -- -- -- -- Au/US, Canada
Orla Mining Ltd (CA) OLA 2.1 C$1.52 186 $215 (0.17) (0.12) (0.08) 0.04 0.12 -- -- 37.9 12.3 Au/Panama
Osisko Mining Corp (CA) OSK 1.9 C$2.94 274 $614 (0.18) (0.07) (0.05) (0.03) (0.13) -- -- -- -- Au/Canada
Pan African Resources (UK) PAF 1.0 GBP$0.15 1928 $280 0.01 0.02 0.03 0.04 0.04 6.5 4.3 3.6 3.7 Au/Mozambique, South Africa
Perseus Mining Ltd (AU) PRU 1.8 AUD$0.77 1168 $612 0.00 0.02 0.05 0.10 -- 33.0 14.5 7.4 -- Au/Ghana
Premier Gold Mines Ltd (CA) PG 1.9 C$1.44 210 $303 (0.06) (0.05) 0.01 0.07 0.04 -- NM 20.8 33.9 Au/Canada, US
Petropavlovsk PLC (UK) POG 2.0 US$0.12 3310 $411 0.01 0.01 0.03 0.03 0.03 15.5 3.9 4.1 3.7 Au/Russia
Ramelius Resources Ltd (AU) RMS 2.0 AUD$1.31 658 $591 0.05 0.08 0.12 0.12 0.09 17.1 10.7 10.8 14.6 Au/Australia
Red 5 Ltd RED 1.5 AUD$0.30 1244 $256 (0.01) 0.02 0.04 0.03 0.05 15.6 8.3 9.4 5.7 Au/Australia
Resolute Mining Ltd (AU) RSG 2.2 AUD$1.16 903 $715 0.13 0.29 0.28 0.31 -- 4.0 4.1 3.7 -- Au/Tanzania, Australia
Roxgold Inc (CA) ROXG 1.8 C$0.73 372 $272 0.10 0.08 0.10 0.13 0.12 9.6 7.3 5.5 6.4 Au/Burkina Faso
Seabridge Gold SA 1.8 C$16.43 63 $793 (0.35) (0.12) (0.11) -- -- -- -- -- -- Au/Canada
Silver Lake Resources (AU) SLR 2.7 AUD$0.98 819 $547 0.03 0.05 0.08 0.08 -- 17.8 11.5 11.6 -- Au/Australia
Silvercrest Metals Inc SILV 1.8 C$7.92 92 $554 (0.07) (0.09) (0.07) (0.08) 1.23 -- -- -- 6.4 Au/Mexico
Teranga Gold Corp (CA) TGZ 1.5 US$3.90 108 $420 0.17 0.12 0.55 0.78 0.64 33.4 7.1 5.0 6.1 Au/Senegal
TMAC Resources Inc (CA) TMR 2.2 C$4.09 114 $355 (0.33) 0.28 0.65 0.75 0.74 14.8 6.3 5.5 5.5 Au/Canada
Victoria Gold Corp (CA) VIT 2.0 C$0.48 858 $310 (0.01) 0.06 0.05 0.11 0.25 8.4 8.9 4.4 1.9 Au/Canada
Wesdome Gold Mines Ltd (CA) WDO 2.0 C$6.61 137 $690 0.11 0.31 0.32 0.71 0.53 21.1 20.4 9.4 12.4 Au/Canada
West African Resources Ltd (CA) WAF -- AUD$0.26 870 $260 -- -- -- 0.17 0.26 -- -- 1.6 1.0 Au/Burkina Faso
Westgold Resources Ltd WGX 2.0 AUD$2.07 399 $567 0.02 0.11 0.26 0.35 -- 18.7 7.9 6.0 -- Au/Australia
Average                     21.1 12.9 10.0 10.7  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters, company reports.
Micro-Cap Gold Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Alio Gold ALO 3.3 US$0.61 85 $52 (0.41) 0.02 0.09 0.11 0.02 40.6 6.6 5.5 30.5 Au/Mexico, US
Almaden Minerals Ltd (CA) AMM 3.0 C$0.87 112 $74 (0.05) (0.04) 0.08 0.35 -- -- 11.1 2.5 -- Au, Ag/Mexico
ATAC Resources Ltd (CA) ATC -- C$0.19 158 $22 (0.02) -- -- -- -- -- -- -- -- Au/Canada
Ascot Resources Ltd (CA) AOT 2.0 C$0.56 232 $99 (0.06) 0.15 0.19 0.29 0.19 3.7 2.9 1.9 2.9 Au/Canada
Avesoro Resources Inc (UK) ASOA 3.0 US$1.23 82 $100 (0.37) (0.30) 0.04 0.34 0.77 -- 27.5 3.6 1.6 Au/Liberia, Sierra Leone
Auryn Resources Inc (CA) AUG 1.8 C$1.60 95 $116 (0.23) (0.14) (0.11) (0.11) -- -- -- -- -- Au/Canada
Barkerville Gold Mines (CA) BGM 2.2 C$0.44 563 $186 (0.15) (0.07) (0.04) (0.03) 0.14 -- -- -- 3.2 Au/Canada
Barsele Minerals Corp (CA) BME 2.0 C$0.60 123 $56 (0.02) (0.01) (0.01) (0.01) -- -- -- -- -- Au/Sweden
Belo Sun Mining (CA) BSX 2.3 C$0.50 443 $168 (0.02) (0.02) (0.02) (0.03) 0.02 -- -- -- 25.0 Au/Brazil
Bluestone Resources (CA) BSR 1.8 US$0.94 69 $65 (0.39) (0.10) (0.08) 0.09 0.47 -- -- 10.7 2.0 Au/Guatemala
Caledonia Mining Corp (CA) CMCL -- US$7.14 11 $76 1.32 0.75 0.93 -- -- 9.5 7.7 -- -- Au/Zimbabwe
Cardinal Resources Ltd (AU) CDV 2.0 AUD$0.39 410 $110 (0.09) (0.05) (0.03) 0.04 -- -- -- 11.1 -- Au/Ghana
Charaat Gold Holdings (UK) CGH 1.5 US$0.50 441 $219 (0.05) (0.02) 0.01 0.01 0.04 -- 43.7 46.4 13.6 Au/Armenia, Kyrgyzstan
Corvus Gold (CA) KOR 1.8 C$1.95 124 $184 (0.10) (0.09) (0.04) (0.03) 0.22 -- -- -- 9.0 Au/US
Doray Minerals (AU) DRM -- AUD$0.56 458 $181 -- -- -- -- 0.05 -- -- -- 10.4 Au/Australia
Erdene Resource Develop (CA) ERD -- C$0.20 185 $27 -- -- -- -- -- -- -- -- -- Au/Mongolia
Falco Resources Ltd (CA) FPC 2.2 C$0.24 208 $37 (0.04) (0.04) 0.18 0.50 0.93 -- 1.3 0.5 0.3 Au/Canada
First Mining Finance (CA) FF 2.0 C$0.23 584 $102 (0.02) (0.01) (0.01) (0.01) -- -- -- -- -- Au/Canada
Goldmining Inc. (CA) GOLD 2.0 C$1.06 138 $112 (0.05) (0.05) -- -- -- -- -- -- -- Au/Brazil, US
Gran Colombia Gold Corp (CA) GCM 2.0 US$3.84 50 $191 0.70 1.02 1.18 0.68 0.68 3.8 3.3 5.7 5.7 Au/Colombia
Guyana Goldfields Inc (CA) GUY 2.6 US$0.67 175 $117 0.05 (0.05) 0.13 0.25 0.31 -- 5.2 2.6 2.2 Au/Guyana
Harte Gold Corp (CA) HRT 2.0 C$0.24 677 $121 (0.06) (0.01) 0.05 0.05 -- -- 4.7 4.7 -- Au/Canada
Integra Resources Corp (CA) ITR 2.0 C$1.31 92 $92 (0.32) (0.13) (0.09) (0.07) (0.06) -- -- -- -- Au/US
Liberty Gold Corp (CA) LGD 2.3 US$0.68 237 $160 (0.06) (0.03) (0.03) (0.04) (0.04) -- -- -- -- Au/US, Turkey
Lion One Metals Ltd (CA) LIO 2.0 C$0.88 103 $69 (0.02) (0.02) (0.03) (0.04) -- -- -- -- -- Au/Fiji
Lumina Gold Corp (CA) LUM 2.0 US$0.40 313 $127 -- -- -- (0.04) -- -- -- -- -- Au, Cu/Ecuador
Lydian International (CA) LYD -- US$0.07 760 $55 (0.01) -- (0.07) 0.07 0.12 -- -- 1.1 0.6 Au/Armenia
Mandalay Resources (CA) MND 2.0 US$0.72 91 $66 (1.20) 0.04 0.48 0.65 0.01 18.1 1.5 1.1 -- Au, Ag/Sweden, Australia, Chile
Marathon Gold Corp (CA) MOZ 1.8 C$1.66 179 $226 (0.02) (0.02) (0.03) (0.04) 1.28 -- -- -- 1.3 Au/Canada
Medusa Mining Ltd (AU) MML -- US$0.48 208 $100 -- -- 0.08 0.10 -- -- 6.1 4.7 -- Au/Philippines
Metalla Royalty & Streaming (CA) MTA 2.0 C$1.36 134 $139 (0.01) -- -- -- -- -- -- -- -- royalties
Midas Gold Corp (CA) MAX 2.0 US$0.45 270 $121 (0.13) (0.04) (0.11) -- -- -- -- -- -- Au/US
Millenium Minerals Ltd (AU) MOY 3.0 AUD$0.08 891 $50 (0.01) (0.02) 0.03 0.04 0.03 -- 2.9 2.2 2.8 Au/Australia
Minera Alamos Inc (CA) MAI 2.0 C$0.21 376 $59 0.03 0.11 -- -- -- 1.9 -- -- -- Au/Mexico
Nighthawk Gold Corp (CA) NHK 1.7 C$0.38 222 $64 (0.01) (0.03) (0.09) (0.07) (0.08) -- -- -- -- Au/Canada
Northern Vertex Mining Corp (CA) NEE 2.0 C$0.29 246 $54 -- -- -- -- -- -- -- -- -- Au/US
Ora Banda Mining Ltd (AU) OBM -- AUD$0.18 486 $58 -- -- -- -- -- -- -- -- -- Au/Australia
Orca Gold (CA) ORG 2.3 C$0.35 211 $55 (0.08) (0.06) (0.01) 0.04 0.35 -- -- 8.6 1.0 Au/Sudan
Orezone Gold Corp (CA) ORE 1.7 US$0.51 213 $109 (0.08) (0.05) (0.04) 0.00 0.14 -- -- -- 3.6 Au/Bukina Faso
Pantoro Ltd (AU) PNR 1.5 AUD$0.17 1176 $133 0.01 0.01 0.04 0.05 -- 11.6 4.1 3.5 -- Au/Australia
Pure Gold Mining Inc (CA) PGM 1.7 C$0.59 361 $162 0.03 0.06 (0.04) -- -- 10.2 -- -- -- Au/Canada
Rio2 Ltd (CA) RIO 2.0 C$0.42 119 $38 -- -- -- -- -- -- -- -- -- Au/Chile
RNC Minerals (CA) RNX 2.0 C$0.39 606 $178 (0.02) (0.03) 0.06 0.07 0.07 -- 7.0 5.5 5.5 Au/Australia
Rubicon Minerals Corp (CA) RMX 1.9 C$0.95 77 $56 (0.38) (0.20) (0.27) 0.07 0.35 -- -- 14.2 2.7 Au/Canada
Rupert Resources Ltd (CA) RUP -- C$0.82 135 $84 -- -- -- -- -- -- -- -- -- Au/Finland
Superior Gold Inc SGI 2.1 US$0.53 97 $52 (0.11) (0.04) 0.12 0.08 0.11 -- 4.5 6.5 4.8 Au/Australia
Taung Gold International (HK) 621 -- HK$0.04 18151 $83 -- -- -- -- -- -- -- -- -- Au/South Africa
Terrax Minerals Inc (CA) TXR 2.0 C$0.26 125 $25 (0.02) (0.01) -- -- -- -- -- -- -- Au/Canada
Treasury Metals (CA) TML 2.0 C$0.28 160 $33 (0.03) (0.07) (0.12) 0.28 0.18 -- -- 1.0 1.5 Au/Canada
Troy Resources (AU) TRY -- AUD$0.11 592 $45 -- -- -- -- -- -- -- -- -- Au/Australia
Vista Gold Corp VGZ 2.0 US$0.79 101 $81 (0.09) (0.10) (0.10)   -- -- -- -- -- Au/Australia
White Gold Corp (CA) WGO 2.0 C$1.00 112 $86 -- -- -- -- -- -- -- -- -- Au/Canada
Average                     12.4 8.8 6.8 6.2  
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
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Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters, company reports.
Silver Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Alexco Resource Corp AXU 2.3 C$2.43 118 $219 (0.08) -- -- -- -- -- -- -- -- Ag/Canada
Avino Silver & Gold Mines (CA) ASM 2.0 US$0.51 76 $39 0.03 0.02 0.08 0.08 -- 30.6 6.4 6.4 -- Ag, Au/Mexico
Bear Creek Mining Corp (CA) BCM 1.5 US$1.74 103 $179 (0.10) (0.12) (0.05) (0.07) 0.24 -- -- -- 7.2 Ag/Peru
GoGold Resources Inc (CA) GGD -- US$0.46 186 $86 -- (0.01) -- -- -- -- -- -- -- Ag, Au/Mexico
Great Panther Mining Ltd GPL 1.0 C$0.60 311 $187 (0.06) 0.02 0.19 0.14 0.24 30.1 3.2 4.3 2.5 Ag/Mexico
New Pacific Metals Corp (CA) NUAG 2.0 C$4.59 143 $499 (0.03) (0.02) (0.01) 0.00 (0.01) -- -- -- -- Ag/Bolivia
Sabina Gold & Silver Corp (CA) SBB 2.1 C$1.75 292 $390 (0.03) (0.02) (0.01) (0.00) 0.01 -- -- -- NM Ag, Zn/Canada
Average                     30.4 4.8 5.3 4.9  
Platinum Group Metals                            
Platinum Group Metals Ltd PLG 5.0 C$1.58 58 $91 -- -- -- -- -- -- -- -- -- Pt/South Africa
Wesizwe Platinum Ltd (SA) WEZ 5.0 ZAR$0.50 1628 $55 (0.05) (0.25) (0.30) (0.37) -- -- -- -- -- Pt/South Africa
Average                       #DIV/0!      
Diamonds & Gems Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Gem Diamonds Ltd (UK) GEMD 2.2 US$0.91 139 $126 0.19 0.08 0.15 0.13 0.08 11.8 6.1 7.0 11.4 diamonds/Lesotho
Lucapa Diamond Co Ltd (AU) LOM 2.0 US$0.09 496 $44 (0.01) 0.00 0.01 0.02 -- 22.3 8.1 5.6 -- diamonds/Angola, Lesotho
Average                     17.1 7.1 6.3 11.4  
Specialty Metals
                             
Advantage Lithium Corp (CA) AAL 2.0 C$0.25 167 $32 -- (0.06) -- -- -- -- -- -- -- Li/Argentina
Alkane Resources Ltd (AU) ALK -- AUD$0.76 506 $262 (0.00) 0.04 0.04 0.05 -- 20.1 18.9 15.1 -- Zr, Nb, REE/Australia
Galaxy Resources Ltd (AU) GXY 2.3 AUD$0.62 409 $255 0.01 (0.07) (0.00) 0.00 -- -- -- NM -- Li/Australia
Lithium Americas Corp (CA) LAC 1.8 US$3.01 89 $268 (0.25) (0.19) (0.28) (0.16) 0.37 -- -- -- 8.1 Li, clay/US. Argentina
Lynas Corp Ltd (AU) LYC 1.5 AUD$2.60 695 $1,239 0.10 0.14 0.24 0.38 -- 18.6 10.9 6.9 -- REE/Australia, Malaysia
Nemaska Lithium (CA) NMX 2.5 C$0.21 848 $136 (0.03) (0.02) (0.02) (0.01) 0.02 -- -- -- 14.0 Li/Canada
Neo Lithium Corp (CA) NLC 1.8 C$0.52 118 $47 (0.01) (0.07) (0.04) 0.00 (0.54) -- -- NM -- Li/Argentina
Piedmont Lithium Ltd PLL 2.0 US$7.86 815 $61 (0.75) -- -- -- -- -- -- -- -- Li/US
Average                     19.4 14.9 11.0 11.1  
Uranium Price Shrs O/S Mkt Cap Earnings Per Share      Price/Earnings  
Symbol Rating 18-Oct-19 (MM) (US$MM) 2018 2019E 2020E 2021E 2022E 2019E 2020E 2021E 2022E Commodity/Country
Berkeley Resources Ltd (AU) BKY 1.5 AUD$0.30 258 $53 (0.05) (0.05) (0.05) -- -- -- -- -- -- U/Spain
Energy Fuels (CA) EFR 1.7 US$1.93 96 $186 (0.25) (0.39) (0.15) -- -- -- -- -- -- U/US
Energy Resources Australia (AU) ERA 4.0 AUD$0.21 518 $73 0.04 (0.05) (0.02) (0.04) -- -- -- -- -- U/Australia
Fission Uranium Corp (CA) FCU 1.7 C$0.33 486 $122 (0.01) (0.01) (0.01) -- -- -- -- -- -- U/Canada
Nexgen Energy Ltd (CA) NXE 1.9 C$1.77 356 $480 (0.06) (0.06) (0.08) (0.09) -- -- -- -- -- U/Canada
Paladin Resources Ltd (AU) PDN 2.0 US$0.06 2028 $122 (0.02) (0.03) (0.01) -- -- -- -- -- -- U/Namibia
Toro Energy Ltd (AU) TOE 3.0 AUD$0.02 2172 $22 -- -- -- -- -- -- -- -- -- U/Australia
UEX Corp (CA) UEX 1.0 C$0.14 381 $39 (0.02) -- -- -- -- -- -- -- -- U/Canada
Ur-Energy Inc  URG 1.7 US$0.59 160 $94 0.03 (0.03) 0.00 0.11 -- -- -- 5.3 -- U/US
Uranium Energy Corp  UEC 1.7 US$1.05 181 $190 (0.11) (0.09) (0.07) (0.01) 0.10 -- -- -- 10.2 U/US
Average                         5.3 10.2  
Fertilizers                              
Arianne Phosphate (CA) DAN -- C$0.39 111 $33 -- -- -- -- -- -- -- -- -- phosphate/Canada
Intrepid Potash IPI 3.0 US$3.12 132 $412 0.09 0.19 0.23 0.26 -- 16.4 13.4 11.9 -- potash/US
Sirius Minerals PLC (UK) SXX 2.0 GBP$0.04 7019 $320 (0.00) (0.00) (0.01) (0.01) (0.91) -- -- -- -- potash/UK
Average                     16.4 13.4 11.9    
Note:  Currency shown is that used by the company for financial reporting.  Currency does not always reflect the country/market in which the company/stock symbol trades.  GAAP may differ between stocks due to countries and markets.
The tables are compiled from the Thomson Reuters database of consensus Ratings & Estimates of equity analysts. The historicals and estimates of earnings and cash flows exclude non-operating, special items.
Thomson Reuters Rating System: Buy (1.0), Buy/Hold (2.0), Hold (3.0), Sell/Hold (4.0), Sell (5.0)  Source: Thomson Reuters, company reports.
Recent Commodity Prices
Cash Price (18-Oct-19)
Aluminum ($0.78 / lb)
Cobalt ($16.10 / lb)
Copper ($2.61 / lb)
Lead ($1.00 / lb)
Molybdenum ($10.95 / lb)
Nickel ($7.47 / lb)
Tin ($7.65 / lb)
Zinc ($1.13 / lb)
Gold ($1490 / oz)
Palladium ($1736 / oz)
Platinum ($890 / oz)
Silver ($17.51 / oz)
Uranium ($25.00 / lb)
Base metal prices are LME cash prices quoted in US$ per lb.  Precious metal prices are London spot prices quoted in US$ per oz.   
Sources: LME, Kitco, Platts

Bill Matlack is associated with Scarsdale Equities LLC, a registered broker/dealer and member FINRA, SIPC.

William Matlack
Scarsdale Equities LLC
10 Rockefeller Plaza - Suite 720
New York, NY 10020
(646) 775-4829
wmatlack@scarsdale-equities.com

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
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