Analyst Ratings Published by National Bank Financial

8/9/18	Upgrades	Sec Perform Outperform	X
AEM Agnico-Eagle Mines National Bank Financial
2/16/18	Downgrades	Outperform Sec Perform	X
AEM Agnico-Eagle Mines National Bank Financial
4/29/22	Upgrades	Sec Perform Outperform	X
AGI Alamos National Bank Financial
10/22/21	Downgrades	Outperform Sec Perform	X
AGI Alamos National Bank Financial
3/21/19	Downgrades	Outperform Sec Perform	X
AGI Alamos National Bank Financial
10/28/22	Initiated	Sector Perform	X
ALYA Alithya National Bank Financial
6/4/25	Downgrades	Outperform Sec Perform	X
AQN Algonquin Power & Utilities National Bank Financial
$6.75
11/14/22	Downgrades	Outperform Sec Perform	X
AQN Algonquin Power & Utilities National Bank Financial
10/7/22	Upgrades	Sec Perform Outperform	X
AQN Algonquin Power & Utilities National Bank Financial
$16 $14.25
5/4/22	Downgrades	Outperform Sec Perform	X
AQN Algonquin Power & Utilities National Bank Financial
5/3/19	Upgrades	Underperform Sec Perform	X
AT Atlantic Power National Bank Financial
3/5/19	Downgrades	Sec Perform Underperform	X
AT Atlantic Power National Bank Financial
6/28/19	Upgrades	Sec Perform Outperform	X
AUY Yamana Gold National Bank Financial
4/18/19	Downgrades	Outperform Sec Perform	X
AUY Yamana Gold National Bank Financial
4/10/18	Upgrades	Sec Perform Outperform	X
AUY Yamana Gold National Bank Financial
4/3/24	Downgrades	Outperform Sec Perform	X
AY Atlantica Yield National Bank Financial
5/26/23	Downgrades	Outperform Sec Perform	X
AY Atlantica Yield National Bank Financial
$31
5/8/23	Upgrades	Sec Perform Outperform	X
AY Atlantica Yield National Bank Financial
$31
4/11/23	Initiated	Sector Perform	X
AY Atlantica Yield National Bank Financial
$31
7/29/25	Initiated	Outperform	X
BAM Brookfield Asset Mgmt National Bank Financial
$71
1/18/22	Upgrades	Sec Perform Outperform	X
BEP Brookfield Renewable Partners National Bank Financial
$38
1/30/24	Downgrades	Outperform Sec Perform	X
BIP Brookfield Infrastructure National Bank Financial
10/18/23	Upgrades	Sec Perform Outperform	X
BIP Brookfield Infrastructure National Bank Financial
$33
11/8/22	Downgrades	Outperform Sec Perform	X
BLDP Ballard Power National Bank Financial
1/14/21	Downgrades	Outperform Sec Perform	X
BLDP Ballard Power National Bank Financial
3/7/22	Downgrades	Outperform Sec Perform	X
BMO Bank of Montreal National Bank Financial
3/8/21	Upgrades	Sec Perform Outperform	X
BMO Bank of Montreal National Bank Financial
5/31/18	Upgrades	Sec Perform Outperform	X
BMO Bank of Montreal National Bank Financial
7/29/25	Initiated	Outperform	X
BN Brookfield Corp. National Bank Financial
$82
11/3/23	Upgrades	Sec Perform Outperform	X
BTE Baytex Energy Trust National Bank Financial
4/14/22	Upgrades	Sec Perform Outperform	X
BTE Baytex Energy Trust National Bank Financial
7/23/18	Upgrades	Sec Perform Outperform	X
BTE Baytex Energy Trust National Bank Financial
1/22/25	Downgrades	Outperform Sec Perform	X
CAE CAE National Bank Financial
4/20/21	Upgrades	Sec Perform Outperform	X
CAE CAE National Bank Financial
4/26/19	Downgrades	Outperform Sec Perform	X
CAE CAE National Bank Financial
6/28/23	Initiated	Outperform	X
CDE Coeur Mining National Bank Financial
$4.25
12/13/21	Initiated	Outperform	X
CIGI Colliers National Bank Financial
$85
5/30/25	Downgrades	Outperform Sec Perform	X
CM CIBC National Bank Financial
7/23/25	Downgrades	Outperform Sec Perform	X
CNI Canadian Nat’l Rail National Bank Financial
6/27/24	Upgrades	Sec Perform Outperform	X
CNI Canadian Nat’l Rail National Bank Financial
3/31/21	Upgrades	Sec Perform Outperform	X
CP Canadian Pacific National Bank Financial
6/27/19	Downgrades	Outperform Sec Perform	X
CP Canadian Pacific National Bank Financial
10/19/18	Upgrades	Sec Perform Outperform	X
CP Canadian Pacific National Bank Financial
2/21/25	Downgrades	Outperform Sec Perform	X
CVE Cenovus Energy National Bank Financial
5/9/25	Downgrades	Outperform Sec Perform	X
DCBO Docebo National Bank Financial
8/21/24	Downgrades	Outperform Sec Perform	X
DOOO BRP Inc. National Bank Financial
1/31/23	Downgrades	Outperform Sec Perform	X
EFXT Enerflex National Bank Financial
7/23/19	Downgrades	Outperform Sec Perform	X
EGO Eldorado Gold National Bank Financial
2/1/19	Upgrades	Sec Perform Outperform	X
EGO Eldorado Gold National Bank Financial
10/22/24	Initiated	Outperform	X
EMX EMX Royalty National Bank Financial
9/12/23	Resumed	Sector Perform	X
ENB Enbridge National Bank Financial
11/7/22	Downgrades	Outperform Sec Perform	X
ENB Enbridge National Bank Financial
3/4/19	Downgrades	Outperform Sec Perform	X
ENB Enbridge National Bank Financial
7/9/25	Downgrades	Outperform Sec Perform	X
ERO Ero Copper National Bank Financial
10/15/21	Downgrades	Outperform Sec Perform	X
GOLD Barrick National Bank Financial
1/11/21	Upgrades	Sec Perform Outperform	X
GOLD Barrick National Bank Financial
6/8/23	Initiated	Outperform	X
GROY Gold Royalty National Bank Financial
$2.85
1/30/18	Initiated	Outperform	X
GSS Golden Star Resources National Bank Financial
7/19/22	Downgrades	Outperform Sec Perform	X
HBM Hudbay Minerals National Bank Financial
6/28/23	Initiated	Outperform	X
HL Hecla Mining National Bank Financial
$7.50
10/10/24	Upgrades	Sec Perform Outperform	X
IAG IAMGOLD National Bank Financial
5/5/22	Downgrades	Outperform Sec Perform	X
IAG IAMGOLD National Bank Financial
2/23/21	Downgrades	Sec Perform Underperform	X
JE Just Energy National Bank Financial
6/22/21	Downgrades	Outperform Sec Perform	X
KGC Kinross Gold National Bank Financial
3/17/21	Downgrades	Outperform Sec Perform	X
KL Kirkland Lake Gold National Bank Financial
10/17/24	Upgrades	Sec Perform Outperform	X
LAC Lithium Americas National Bank Financial
11/15/23	Initiated	Outperform	X
LAC Lithium Americas National Bank Financial
8/4/23	Downgrades	Outperform Sec Perform	X
LEV Lion Electric National Bank Financial
$2.75
1/8/19	Downgrades	Outperform Sec Perform	X
MAXR Maxar Technologies Ltd National Bank Financial
5/9/24	Upgrades	Sec Perform Outperform	X
MFC Manulife Financial National Bank Financial
4/11/18	Downgrades	Outperform Sec Perform	X
MITL Mitel Networks National Bank Financial
12/14/23	Initiated	Outperform	X
MTAL MAC Limited National Bank Financial
$14
7/27/22	Upgrades	Sec Perform Outperform	X
NEM Newmont Goldcorp National Bank Financial
4/20/22	Downgrades	Outperform Sec Perform	X
NEM Newmont Goldcorp National Bank Financial
$94.28
4/25/22	Downgrades	Outperform Sec Perform	X
NESR National Energy Services Reunited National Bank Financial
$13.50 $11
10/31/18	Initiated	Outperform	X
NEXA Nexa Resources National Bank Financial
7/20/22	Initiated	Outperform	X
NG NovaGold Resources National Bank Financial
5/17/21	Upgrades	Sec Perform Outperform	X
PAAS Pan Am Silver National Bank Financial
3/26/19	Initiated	Sector Perform	X
PAAS Pan Am Silver National Bank Financial
11/21/23	Downgrades	Outperform Sec Perform	X
PDS Precision Drilling National Bank Financial
12/21/18	Initiated	Outperform	X
PDS Precision Drilling National Bank Financial
9/6/24	Initiated	Outperform	X
PPTA Perpetua Resources National Bank Financial
1/7/21	Initiated	Sector Perform	X
PVG Pretium Resources National Bank Financial
5/18/23	Upgrades	Sec Perform Outperform	X
RBA RB Global National Bank Financial
$61
7/13/22	Downgrades	Sec Perform Underperform	X
RBA Ritchie Bros. National Bank Financial
$56
5/12/21	Downgrades	Outperform Sec Perform	X
RBA Ritchie Bros. National Bank Financial
2/24/21	Upgrades	Sec Perform Outperform	X
RBA Ritchie Bros. National Bank Financial
1/8/21	Upgrades	Underperform Sec Perform	X
RBA Ritchie Bros. National Bank Financial
2/15/24	Upgrades	Sec Perform Outperform	X
RGLD Royal Gold National Bank Financial
5/30/25	Downgrades	Outperform Sec Perform	X
RY Royal Bank of Canada National Bank Financial
8/16/22	Resumed	Outperform	X
SAND Sandstorm Gold National Bank Financial
1/4/23	Downgrades	Outperform Sec Perform	X
SJR Shaw Comms National Bank Financial
1/15/25	Upgrades	Sec Perform Outperform	X
SLF Sun Life National Bank Financial
2/10/22	Downgrades	Outperform Sec Perform	X
SLF Sun Life National Bank Financial
3/16/22	Downgrades	Outperform Sec Perform	X
SSRM SSR Mining National Bank Financial
4/28/23	Upgrades	Sec Perform Outperform	X
SU Suncor Energy National Bank Financial
1/23/19	Upgrades	Sec Perform Outperform	X
TAC TransAlta National Bank Financial
8/10/23	Downgrades	Outperform Sec Perform	X
TCN Tricon Residential National Bank Financial
8/22/24	Upgrades	Underperform Sec Perform	X
TD Toronto-Dominion Bank National Bank Financial
5/23/24	Downgrades	Sec Perform Underperform	X
TD Toronto-Dominion Bank National Bank Financial
3/7/22	Downgrades	Outperform Sec Perform	X
TD Toronto-Dominion Bank National Bank Financial
10/1/21	Upgrades	Sec Perform Outperform	X
TD Toronto-Dominion Bank National Bank Financial
5/24/19	Downgrades	Outperform Sec Perform	X
TD Toronto-Dominion Bank National Bank Financial
12/10/24	Downgrades	Outperform Sec Perform	X
TECK Teck Resources National Bank Financial
7/28/23	Upgrades	Sec Perform Outperform	X
TECK Teck Resources National Bank Financial
4/27/23	Downgrades	Outperform Sec Perform	X
TECK Teck Resources National Bank Financial
8/1/23	Downgrades	Outperform Sec Perform	X
TFII TFI International National Bank Financial
12/10/24	Upgrades	Sec Perform Outperform	X
TGB Taseko Mines National Bank Financial
4/10/18	Upgrades	Sec Perform Outperform	X
TGB Taseko Mines National Bank Financial
7/21/25	Downgrades	Outperform Sec Perform	X
TIXT TELUS Digital National Bank Financial
$4
5/9/25	Upgrades	Sec Perform Outperform	X
TIXT TELUS Digital National Bank Financial
7/14/23	Downgrades	Outperform Sec Perform	X
TIXT TELUS International National Bank Financial
$32 $17
5/28/21	Initiated	Outperform	X
TIXT TELUS International National Bank Financial
9/9/24	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
4/23/24	Upgrades	Underperform Sec Perform	X
TRI Thomson Reuters National Bank Financial
8/3/23	Downgrades	Outperform Sec Perform	X
TRI Thomson Reuters National Bank Financial
5/8/23	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
2/28/23	Downgrades	Outperform Sec Perform	X
TRI Thomson Reuters National Bank Financial
1/11/22	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
1/15/21	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
7/29/19	Downgrades	Outperform Sec Perform	X
TRI Thomson Reuters National Bank Financial
4/22/19	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
3/25/19	Downgrades	Outperform Sec Perform	X
TRI Thomson Reuters National Bank Financial
4/24/18	Upgrades	Sec Perform Outperform	X
TRI Thomson Reuters National Bank Financial
7/28/23	Upgrades	Sec Perform Outperform	X
TRP TC Energy National Bank Financial
11/8/21	Downgrades	Outperform Sec Perform	X
TRP TC Energy National Bank Financial
12/13/24	Downgrades	Outperform Sec Perform	X
TU Telus National Bank Financial
2/12/25	Initiated	Outperform	X
UEC Uranium Energy National Bank Financial
$10
12/19/24	Initiated	Outperform	X
VZLA Vizsla Silver Corp. National Bank Financial
10/10/24	Upgrades	Sec Perform Outperform	X
WPM Wheaton Precious Metals National Bank Financial
2/21/24	Downgrades	Outperform Sec Perform	X
WPM Wheaton Precious Metals National Bank Financial