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Analyst Coverage


Cantor Fitzgerald - Senior Analyst and Head of Metals & Mining - Canada

Rob Chang has covered the metals and mining space for over eight years for the sell-side and the buy-side as part of a career in finance that has spanned 19 years. Prior to Cantor, Chang served on the equity research teams of several brokerage houses including BMO Capital Markets. His buy-side experience includes managing $3 billion in assets as the Director of Research/Portfolio Manager at Middlefield Capital, where his primary resource portfolio outperformed its direct peer and benchmark by over 28% and 18%, respectively. He was also on a five-person multi-strategy hedge fund team, where he specialized in equity and derivative investments.

Mr. Chang holds a Master of Business Administration from the University of Toronto's Rotman School of Management (2006) and a Honours Bachelor of Arts Degree in Management from the University of Toronto (2000).

Cantor Fitzgerald initiated coverage on Paramount Gold and Silver Corp on October 7, 2014 with a buy rating and a 12 month price target of $1.80.


H.C. Wainwright & Co. - Sr. Mining Analyst

Heiko Ihle joined H.C. Wainwright in March 2014 as a Managing Director, Equity Research, covering companies in the Mining industry. Prior to joining H.C. Wainwright, Mr. Ihle spent 2.5 years at Euro Pacific Capital as a Senior Research Analyst, with a focus on the Mining industry. Before this, he spent over six years working on Equity Research with Gabelli & Company in Rye, NY with a focus on the Industrials and E&C industries. Prior to his time at Gabelli, he completed summer internships with Deutsche Bank on the foreign exchange trading desk in New York, NY and in fixed income sales in Frankfurt, Germany.

A native of Germany, Mr. Ihle received his Bachelor in Finance and Management from the University of Illinois at Chicago in 2004 and his MBA 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, 63, 86 and 87 registrations.

H.C.Wainwright & Co. initiated coverage on Paramount Gold and Silver Corp in April 2014. As of August 26, 2014, there is a buy rating on PZG with a 12 month price target of $1.70.


ROTH Capital Partners - Research Analyst

Mr. Reagor is a Research Analyst providing equity research coverage of the natural resources sector. Prior to joining ROTH, he worked in equity research at Global Hunter Securities and at Very Independent Research covering a wide array of resources companies including metals (steel and aluminum), mining (gold, silver and base metals), and forest products (containerboard, OCC, UFS, and pulp).

Mr. Reagor earned bachelor of arts degree in economics and mathematics from Monmouth University.

ROTH Capital Partners initiated coverage on Paramount Gold and Silver Corp. in January 2014. As of September 10, 2014 there is a buy rating on PZG with a 12 month price target of $1.60.



David Kratochvil has over fifteen years of investment experience ranging from developed and emerging market equity, fixed income, and currency investing to commodity and venture capital investing. Prior to joining Euro Pacific Capital, Mr. Kratochvil ran his own advisory firm where he provided investment banking services and consulted on various investment projects. Previously he was an international portfolio manager at Omega Advisors where he invested in international equities, emerging market debt, currencies, and commodities. Prior to joining Omega, he was a Director at Merrill Lynch Asset Management in London where he was responsible for emerging market investing. Mr. Kratochvil has also worked as an equity analyst covering basic materials and industrial stocks, as a venture capitalist in Eastern Europe, and as a tax consultant advising on numerous M&A, real estate, and oil and gas transactions.

Mr. Kratochvil holds an MBA in finance and international business from the University of Chicago's Graduate School of Business and a B.S. in Economics from The Wharton School at the University of Pennsylvania. He holds FINRA 7, 24, 63, 86 & 87 registrations.

Euro Pacific Capital initiated coverage on Paramount Gold and Silver Corp in December 2013 with an initial price target of $1.60, which as of May 2014 had been maintained.

Adam P. Graf, CFA


Mr. Graf joined Dahlman Rose in September, 2008 and focuses on the Precious Metals and Emerging Miners sector. Cowen and Company has since purchased Dahlman Rose and Co.where Mr. Graf maintains his position in Equity Research. Mr. Graf's methodology entails an asset-by-asset evaluation that is agnostic to metal price and discount rate assumptions, but rather utilizes futures price curves and a market-derived discount rate. Prior to Dahlman Rose, Mr. Graf joined Federated Investors, a long only family of funds, as their Global Metals, Mining, and Steel Analyst. Mr. Graf began his Wall Street career in 2001 as a Research Associate and later as an Analyst for Bear Stearns. At Bear Stearns, Mr. Graf was part of the Metals and Mining team led by Mr. Rizzuto. Prior to joining Bear Stearns, Adam worked as an Exploration Geologist for Phelps Dodge and BHP in the American Southwest. Mr. Graf received his Bachelor of Sciences degree from the University of Michigan, his MSc. in Economic Geology and Masters of Business Administration, both from the University of Arizona.

Dahlman Rose and Co. initiated coverage on Paramount Gold and Silver Corp. in July 2010. Coverage by Adam Graf is ongoing with Cowen and Company and the target price at August 26, 2014 was $1.30.