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Analyst Coverage



Heiko Ihle joined Euro Pacific Capital in November 2011 as a Senior Research Analyst covering companies in the Mining industry. Prior to joining Euro Pacific, Mr. Ihle spent over six years with Gabelli & Company, more than five of which as a Research Analyst 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, 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.

Euro Pacfic 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 Companyand the target price at January 30, 2014 was $1.88.