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Analyst Coverage


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 9, 2014 with a buy rating and an initial price target of $2.30.


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. on January 17, 2014 with a buy rating, and the 12 month price target as of May 2, 2014 was $1.60.



Ms. Bhakti Pavani is a Senior Research Analyst in the Research division at Euro Pacific Capital, Inc. She joined the firm in April 2014. Ms. Pavani is responsible for writing research on companies in the Oil and Gas and Metals & Mining industries. Previously, she was an Analyst at B. Riley & Co. and C.K. Cooper & Company where she covered Energy MLPs and the Aerospace industry. Prior to joining C.K. Cooper, Ms. Pavani worked as an Analyst at a Financial Services Company located in Mumbai, India. She has received a Master of Business Administration degree with a concentration in Finance from California State University, Fullerton and a Bachelor’s in accounting and finance from Mumbai University, India.

Euro Pacific Capital initiated coverage on Paramount Gold and Silver Corp in December 10, 2013 with an initial price target of $1.60.

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. on July 15, 2010. Coverage by Adam Graf is ongoing with Cowen and Company and the target price at January 30, 2014 was $1.88.