Bluestone Resources is a mineral exploration and development company that is focused on advancing its 100-per-cent-owned Cerro Blanco gold and Mita geothermal projects located in Guatemala. A feasibility study on Cerro Blanco returned robust economics with a quick payback. The average annual production is projected to be 146,000 ounces per year over the first three years of production with all-in sustaining costs of $579/oz (as defined per World Gold Council guidelines, less corporate general and administration.

1. C
B
(
RA
(unc
Se







CORPOR
BLUESTO
(V-BSR) $
ATING: BU
changed)
eeing th
EVENT: Blues
a Feasibility S
DISCUSSION
to our model
supports aver
Overall the FS
$196M boast
produce annu
>900,000oz a
8.5g/t Au und
initial up-fron
achievable.
As Bluestone
potential conv
believe ample
on the operat
of known vein
Overall, result
model. Impro
compared to
$117.8/t mille
stoping to cut
slightly higher
TAKE-AWAY
undeveloped
cash flow pro
secure a proje
already secure
gold producer
RECOMMEN
rating and $
incorporating
FS, our valua
currently tradin
in-line when c
average of 0.6
conservative
$17.50/oz Ag
SPECULATIV
ATE UPD
ONE RES
$1.42
UY
he Finish
stone announc
tudy for its flag
N: The FS retur
and included
age annual FC
S returned an
ing an after-tax
ual gold produ
cross its mine
der a 1,250tpd
nt capital req
e managemen
version of inf
e opportunities
ions potential
ns outside of th
ts of the FS ta
oved metallurg
our 91% whic
d versus our e
t-and-fill mining
r anticipated op
: Cerro Blanco
project worthy
ofile confirms
ect financing p
ed and we see
r in the coming
DATION & VA
$2.40/sh targ
updates to our
ation metrics
ng at 0.6x our N
compared to ot
6x and $46/oz,
8% discount r
g prices. Sha
VE and more su
DATE Jan
OURCES
TARG
(unchang
h Line at
ced positive an
gship Cerro Bla
ned favorable c
cash and AISC
F of $91M in it
after-tax NPV
x IRR of 34%.
uction of 146,0
life (113,000oz
conventional
uirement of
t pursues var
erred resource
exist to add re
mine life. Ups
he current reso
abled today co
gical work led
h is slightly off
estimate of $10
g compared to
perating costs.
o has always
y of advancem
our thesis and
package later in
e Bluestone em
years.
ALUATION: We
et price for
r model to refl
remain relativ
NAVPS and ~$4
ther junior deve
respectively. O
rate using our
ares of Blue
itable for risk to
nuary 29, 2019
S INC.
GET: $2.4
ged)
Cerro B
nd attractive ec
anco project in
costs and cash
C of $424/oz a
ts first 3yrs of o
of $241M with
The envisione
000oz over its
z/yr) at average
milling scenari
$196M as m
rious optimizat
es (~360,000o
ecoverable oun
ide exists to ta
ource envelope
ompare relative
d to gold reco
fset by unit op
00/t. A higher s
o the project P
been an attra
ment. The attr
d we expect
n 2019. Advan
merging as an
e continue to m
Bluestone R
ect parameters
vely unchange
49/oz on an EV
elopers who ha
Our target is ge
long term $1
estone should
olerable investo
40
Blanco
conomics with
Guatemala.
h flow compare
and $579/oz an
operations.
h initial capex
ed operation w
s first 3yrs an
e head grades
io. We view th
manageable an
tion efforts an
oz) to M&I, w
nces and expan
arget extension
.
ely in-line to o
overies of 96
perating costs
split of long-ho
EA is a result
ctive high-grad
ractive cost an
management
nced permits a
attractive juni
maintain our BU
esources. Aft
s outlined in th
d. Bluestone
V/oz metric and
ave a peer grou
enerated using
1,300/oz Au an
d be rated a
ors.
Philip
pker@p
Neeh
nupady
Comp
Risk:
52-wee
Shares
Market
3-Mon
Workin
Long T
Enterp
CEO:
Finan
US$ Value
Au Prod
Revenu
Cash Co
Net Inco
Thousands
Corp
Bluesto
compan
Blanco
Guatem
returne
produci
estimat
estimat
trades u
the OTC
A Disc
this re
hin
ed
nd
of
will
nd
of
he
nd
nd
we
nd
ns
our
%
of
ole
of
de
nd
to
re
or
UY
ter
he
is
is
up
g a
nd
as
p Ker, P.Geo, M
@pifinancial.com 6
hal Upadhyay
yhaya@pifinancia
pany Statist
ek High/ Low:
s Outstanding:
t Capitalization (C
th Avg. Daily Vo
ng Capital (US$):
Term Debt (US$)
prise Value (US$)
ncial Summa
es
duction (Koz)
e ($M)
osts ($/Au oz)
ome ($M)
porate Inform
one Resources is a
ny that is focused
Gold and Mita
mala. A FS comp
d robust economic
ng 902,000oz of
ted in the FS to fun
ted at US$196M
under the symbol “
CQB.
closure fact she
eport.
MBA
647.789.2407
ya, BAFM, MAc
al.com 416.775.
ics
S
$
6
6
C$): $
lume: 9
$
: $
: $
D
ary
2018
(
mation
mineral exploratio
on advancing its 1
a Geothermal pr
pleted for the Ce
cs with an expect
f gold. Initial ca
nd construction an
with AISC of US$
“BSR” on the TSX-
et is available o
cc
5107
SPECULATIVE
$1.60/$1.05
64M (basic)
67M (fd)
$91M
9.6K
$11M
$0M
$59M
Darren Klinck
8E 2019E 202
- -
- -
- -
(4) (5) (
on and developmen
100% owned Cerr
rojects located i
erro Blanco projec
ted 8-year mine lif
apital expenditure
d commissioning i
$579/oz. Blueston
-V and “BBSRF” o
on Pages 6-7 of
20E
-
-
-
11)
nt
o
n
ct
e
s
s
e
n

2. Bluestone Resources Inc. (V-BSR) – January 29, 2019
2 | CORPORATE UPDATE Philip Ker, P.Geo, MBA | Neehal Upadhyaya, BAFM, MAcc
Company Snapshot
BLUESTONE RESOURCES INC. (TSXV-BSR)
BSR.V $1.42 Operation Metric Units 2018E 2019E 2020E 2021E 2022E
Rating BUY Cerro Blanco Gold Sold oz - - - 113,584 145,838
Risk SPECULATIVE Silver Sold oz - - - 0.27 0.38
Target Price $2.40 Tonnes Mined Mt - - - 0.32 0.45
Projected Total Return 69% Ore Processed tpd - - - 1,000 1,250
Au Grade g/t - - - 11.50 10.50
Market Data Au Recovery % - - 96.0% 96.0% 96.0%
Shares O/S (M) 64 Ag Grade g/t - - - 31.25 31.25
Shares O/S F.D. (M) 67 Ag Recovery % - - 85.0% 85.0% 85.0%
52-Week High ($) $1.60 Capex US$M - 40.0 160.0 41.0 22.0
52-Week Low ($) $1.05 Cash Costs ($/oz) - - - 289 321
Market Cap (C$ M) $91 AISC ($/oz) - - - 440 417
Working Capital ($M) $11
Long Term Debt ($M) $0
Enterprise Value ($M) $59
Fiscal Year End Dec. 31 Forecast Units
Gold Price - Assumption US$/oz 1,269 1,300 1,300 1,300 1,269
Valuation $/sh Silver Price - Assumption US$/oz 15.71 17.50 17.50 17.50 15.71
Cerro Blanco Underground $1.52 Foreign Exchange Rate US$/C$ 0.78 0.78 0.78 0.78 0.78
Working Capital $0.08 Revenue US$M - - - 152 196
Corp Adjustments ($M) $(0.20) Net Income US$M (4) (5) (11) 49 62
NAV ($US/sh) $1.86 Cash Flow from Operations US$M (4) (5) (9) 77 100
NAV ($C/sh) $2.38 EPS US$M (0.04) (0.04) (0.09) 0.39 0.48
P/NAV 0.6X CFPS US$M (0.04) (0.04) (0.07) 0.61 0.78
Target Multiple 1.0X
Resources
Management Tonnage Au Grade Ag Grade Gold Silver
Darren Klinck - CEO Cerro Blanco UG (Kt) (g/t) (g/t) (Moz) (oz)
John Robins - Executive Chairman Measured & Indicated 3,712 10.05 37.89 1.20 4.53
Peter Hemstead - CFO Inferred 1,373 8.09 23.58 0.36 1.04
Price Market Cap. EV AuEQ EV/oz AuEq
Key Shareholders (C$/sh) (C$M) (C$M) M+I+I (Moz) (US$/oz)
Lundin Family Trust - 36.2% Pure Gold Mining Inc PGM.V Ontario 0.73 193.21 175.53 2.04 66.26
CD Capital - 16.7% ATAC Resources Ltd ATC.V Yukon 0.28 42.71 29.55 2.36 9.65
Goldcorp Inc. - 4.9% Rubicon Minerals Corp RMX.TO Ontario 1.29 84.95 84.84 1.03 63.42
Ruffer LLP - 2.87% Gold Standard Ventures Corp. GSV.TO Nevada 1.67 433.88 402.65 2.69 115.15
Franklin Advisors - 2.71% Barkerville Gold Mines Ltd BGM.V British Columbia 0.44 192.38 166.54 3.75 34.15
AGF International - 2.08% Treasury Metals Inc TML.TO Ontario 0.30 43.53 43.47 1.41 23.81
Marathon Gold Corp MOZ.TO Nfld 0.92 146.81 140.91 3.24 33.47
Sabina Gold & Silver Corp SBB.TO Nunavut 1.36 391.86 352.67 7.18 37.80
Probe Metals Inc PRB.V Quebec 1.05 116.11 81.02 1.40 44.42
Nighthawk Gold Corp NHK.TO NWT 0.41 79.38 59.70 2.61 17.59
Osisko Mining Inc OSK.TO Quebec 2.68 689.30 587.72 7.01 64.56
Bluestone Resources Inc. BSR.V Guatemala 1.5 95.8 80.6 1.64 49.3 UG only
Bluestone Resources Inc BSR.V Guatemala 1.5 95.8 80.6 3.80 21.2 incl. open pit
Average= 46.4
Median= 37.8
Sources: PI Finacial Corp., Thomson Eikon, Company Documents
Comparable Companies Ticker Region

3. Philipp Ker, P.Geo, MBAA | Neehal Upadhhyaya, BAFM, MA
FEASIB
Overview: T
as a low-co
approved EIA
height are re
Next Steps
resources from
an updated re
A long section
Exhibit 1. Oth
backfill/paste
Exhibit 1:
Source: Compa
Initial Cape
$196M. This
dewater zone
Dewatering w
drilled surroun
via re-injection
shown below.
Acc
BILITY S
The FS present
ost undergroun
A where only a
equired but wo
: Bluestone aim
m inferred and in
esource and upda
n demonstrating
er initiatives by
plant and lastly,
: Cerro Blan
any Documents
x & Dewateri
is a result of i
es of the depos
will be a key com
nding the ore bo
n wells safely aw
.
STUDY
ted for Cerro B
nd operation in
amendments re
uld not impede
s to complete a
ncorporate the ad
ated FS in H2/19
blocks of inferre
management inc
securing project
nco Long Se
ng: In comparis
ncreased infrast
sit as mining d
mponent to the s
ody with a maxim
way from the m
Blues
– CERR
Blanco provides
n the coming
elating to the p
e on a construc
an infill drill prog
dditional ounces
9 with a goal of i
ed resources wit
clude optimizatio
financing in H2/
ection & D
son to the projec
tructure related
evelopment sur
success of the o
mum pumping ca
mine site. A sche
stone Resources
RO BLAN
s an attractive
years. The p
planned higher
ction decision.
gram targeting lo
s into a revised m
increasing >300
thin the existing
on efforts and ev
/19.
rill Targets
ct PEA, initial ca
to dewatering
rpasses the exi
operation as it m
apacity of 6,000
ematic demonst
s Inc. (V-BSR) – J
CORPORA
NCO
high-grade dep
project already
r throughput an
ow hanging fruit
mine plan. This is
,000oz to the pro
block model is
valuation of a po
s
apex rose slightly
wells and pump
sting depth of
matures. A series
gpm. Water will
rating the plann
January 29, 201
ATE UPDATE |
posit to emerg
possesses a
nd tailings stac
to increase M&
s expected withi
ojected mine life
outlined below i
tential ore sorte
y from $171M t
ps to adequatel
the water table
s of wells will b
be re-distribute
ed well drilling i
9
3
e
n
k
&I
n
e.
n
r,
o
y
e.
e
d
s

4. 4 | CCORPORATE UPDDATE
Exhibit 2:
Source: Compan
Mining & O
factor with a b
and-fill and 8%
the deposit as
designed cut-
unit operating
increase, impr
PEA. A com
outlined below
: Dewaterin
ny Documents
Operations: Un
blend of mining m
% waste develo
s designed in th
and-fill mining, i
costs increased
roved metallurgi
parison of the p
w in Exhibit 3.
ng Wells
nder the envision
methods used. O
pment. Mining w
he improved geo
n addition to req
d to $117.8/t com
cal study work e
parameters outlin
Blues
Philip K
ned 1,250tpd op
Ore will be extru
will target the m
ologic interpretat
quired refrigerat
mpared to the P
enhanced projec
ned and econom
stone Resources
Ker, P.Geo, MBA |
perating scenario
ded on a mix of
modelled 1.9m a
tion of Cerro Bla
tion and cooling
EA estimate of $
ct gold recoverie
mics from the P
s Inc. (V-BSR) – J
| Neehal Upadhy
o, the FS calls fo
54% long-hole s
verage wide vei
anco. With the
costs and high-
$93/t. Despite th
s to 96% from 9
PEA and FS for
January 29, 201
yaya, BAFM, MAc
or a 20% dilutio
stoping, 37% cut
in swarms withi
slight increase i
-temp explosives
he slight unit cos
91.3% within th
Cerro Blanco ar
9
cc
n
t-
n
n
s,
st
e
e

5. Bluestone Resources Inc. (V-BSR) – January 29, 2019
Philip Ker, P.Geo, MBA | Neehal Upadhyaya, BAFM, MAcc CORPORATE UPDATE | 5
Exhibit 3: PEA & FS Comparison
Source: PI Financial
Valuation/Recommendation: After updating our model to reflect new inputs and results tabled within the
FS, our BUY recommendation and $2.40/sh target price remains unchanged. Our target is generated using a
conservative 8% discount rate using our long term $1,300/oz Au and $17.50/oz Ag prices and a 1.0x NAVPS
multiple. Considering the current valuation of Bluestone being in-line to its peers on both P/NAV and EV/oz
basis, we foresee key valuation growth to come from: 1) exploration success/mine life extension 2) securing
construction financing 3) improved regional geopolitical risk – all of which will result in a lower discount rate in
our NAV calculation leading to a higher valuation and price target.
Exhibit 4: Updated NAVPS Breakdown
Source: PI Financial
Cerro Blanco Cerro Blanco
Stage of Study PEA Feasibility
Year of study 2017 2019
Reserves Modeled Units
Mineable Tonnes of Ore Mt 4.0
Dominant Mining Method - Long-hole & Cut/fill Long-hole & Cut/fill
Mining Operations
Mine Life Yrs 9 8
Gold Grade g/t 8.10 8.50
Avg Annual Gold Production oz 105,000 113,000
Processing
Throughput Rate tpd 1,250 1,250
Gold Recovery % 91.3% 96.0%
Silver Recovery % 87.8% 85.0%
Operating & Capital Costs
Total Mining & Processing Costs US$/t 93 118
Avg LOM Cash Costs $US/oz 372 424
Avg LOM AISC $US/oz 490 579
Capex (Initial & Sustaining) $US (M) 276.0 336.0
Economics
NPV after tax $US (M) 317 241
IRR after tax % 44 34
Interest Discount Multiple NAV (US$)
NAVPS
(US$)
Cerro Blanco Underground 100% 8% 1.0x $199.2 $1.52
Cerro Blanco Open Pit @ 100% - $15/oz $30.0 $0.23
Mita Geothermal 100% - - $30.0 $0.23
Project Asset Value $259.2 $1.98
Working Capital $10.2 $0.08
ITM Proceeds $1.0 $0.01
G&A ($4.0) ($0.03)
2019 Exploration Budget ($10.0) ($0.08)
Long Term Debt $0.0 $0.00
Assumed Interest Expenses ($13.2) ($0.10)
NAV (US$) $243.2 $1.86
NAV (C$) $311.8 $2.38

6. Bluestone Resources Inc. (V-BSR) – January 29, 2019
6 | CORPORATE UPDATE Philip Ker, P.Geo, MBA | Neehal Upadhyaya, BAFM, MAcc
Disclosure Fact Sheet
Ratings Price Volatility / Risk
BUY : recommendation: stock is expected to appreciate from its current
price level at least 10-20% in the next 12 months.
NEUTRAL : recommendation: stock is expected to trade in a narrow range
from its current price level in the next 12 months.
SELL : recommendation: stock is expected to decline from its current price
level at least 10-20% in the next 12 months.
U/R : Under Review
N/R : No Rating
TENDER: Investors are guided to tender to the terms of the takeover offer.
Analyst recommendations and targets are based on the stock’s expected
return over a 12-month period or may be based on the company achieving
specific fundamental results. Under certain circumstances, and at the
discretion of the analyst, a recommendation may be applied for a shorter
time period. The basis for the variability in the expected percentage change
for a recommendation, relates to the differences in the risk ratings applied to
individual stocks. For instance stocks that are rated Speculative must be
expected to appreciate at the high end of the range of 10-20% over a 12-
month period.
SPECULATIVE : The Company has no established operating revenue,
and/or balance sheet or cash flow concerns exist. Typically low public
float or lack of liquidity exists. Rated for risk tolerant investors only.
ABOVE AVERAGE : Revenue and earnings predictability may not be
established. Balance sheet or cash flow concerns may exist. Stock may
exhibit low liquidity.
AVERAGE : Average revenue and earnings predictability has been
established; no significant cash flow/balance sheet concerns are
foreseeable over the next 12 months. Reasonable liquidity exists. Price
Volatility/Risk analysis while broad based includes the risks associated
with a company’s balance sheet, variability of revenue or earnings,
industry or sector risks, and liquidity risk.
Analyst Certification
I, Philip Ker, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject securities or issuers. I
also certify that no part of my compensation was, is, or will be, directly or indirectly related to the specific recommendations or views expressed in this
report. I am the research analyst primarily responsible for preparing this report.
Research Disclosures
Applicability
1) PI Financial Corp. and its affiliates’ holdings in the subject company’s securities, in aggregate exceeds 1% of each
company’s issued and outstanding securities. 1) No
2) The analyst(s) responsible for the report or recommendation on the subject company, a member of the research analyst’s
household, and associate of the research analyst, or any individual directly involved in the preparation of this report, have a
financial interest in, or exercises investment discretion or control over, securities issued by the following companies. 2) No
3) PI Financial Corp. and/or its affiliates have received compensation for investment banking services for the subject company
over the preceding 12-month period. 3) No
4) PI Financial Corp. and/or its affiliates expect to receive or intend to seek compensation for investment banking services from
the subject company. 4) Yes
5) PI Financial Corp. and/or its affiliates have managed or co-managed a public offering of securities for the subject company
in the past 12 months. 5) No
6) The following director(s), officer(s) or employee(s) of PI Financial Corp. is a director of the subject company in which PI
provides research coverage. 6) No
7) A member of the research analyst’s household serves as an officer, director or advisory board member of the subject
company. 7) No
8) PI Financial Corp. and/or its affiliates make a market in the securities of the subject company. 8) No
9) Company has partially funded previous analyst visits to its projects. 9) Yes
10) Additional disclosure: 10) No
General Disclosure
The affiliates of PI Financial Corp. are PI Financial (US) Corp., PI Financial Services Corp., and PI Capital Corp.
Analysts are compensated through a combined base salary and bonus payout system. The bonus payout is amongst other factors determined by
revenue generated directly or indirectly from various departments including Investment Banking. Evaluation is largely on an activity-based system that
includes some of the following criteria: reports generated, timeliness, performance of recommendations, knowledge of industry, quality of research and
investment guidance, and client feedback. Analysts are not directly compensated for specific Investment Banking transactions.
None of the material, nor its content, nor any copy of it, may be altered in any way, transmitted to, copied or distributed to any other party, without the
prior express written permission of PI Financial Corp.
PI Financial Corp.’s policies and procedures regarding dissemination of research, stock rating and target price changes can be reviewed on our
corporate website at www.pifinancial.com (Research: Research and Conflict Disclosure).

7. Bluestone Resources Inc. (V-BSR) – January 29, 2019
Philip Ker, P.Geo, MBA | Neehal Upadhyaya, BAFM, MAcc CORPORATE UPDATE | 7
The attached summarizes PI’s analysts review of the material operations of the attached company(s).
Analyst Company Type of Review Operations / Project Date
Philip Ker Bluestone Resources Inc. Update w/Management Cerro Blanco 1/19
Disclosure to US Residents
PI Financial (US) Corp. is a U.S. registered broker-dealer and subsidiary of PI Financial Corp. PI Financial (US) Corp. accepts responsibility for the
contents of this research report, subject to the terms and limitations as set out above. U.S. residents seeking to effect a transaction in any security
discussed herein should contact PI Financial (US) Corp. directly.
Recommendations Number of Recommendations Percentage
BUY 67 88.16%
NEUTRAL 5 6.58%
SELL 0 0.00%
TENDER 3 3.95%
U/R 1 1.32%
N/R 0 0.00%
TOTAL 76
Stock Rating and Target Changes
For reports that cover more than six subject companies, the reader is referred to our corporate web site for information regarding stock ratings and
target changes. www.pifinancial.com (Research: Research and Conflict Disclosure).
Bluestone Resources Inc. (Initiated Coverage: May 3/18)
Date Rating Change Target Change Share Price
May 3/18 Buy $2.40 $1.30
$0.00
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
$2.00

8. Participants of all Canadian Marketplaces. Members: Investment Industry Regulatory Organization of Canada, Canadian Investor Protection Fund and AdvantageBC International Busi-
ness Centre - Vancouver. Estimates and projections contained herein are our own and are based on assumptions which we believe to be reasonable. Information presented
herein, while obtained from sources we believe to be reliable, is not guaranteed either as to accuracy or completeness, nor in providing it does PI Financial Corp. assume any
responsibility or liability. This information is given as of the date appearing on this report, and PI Financial Corp. assumes no obligation to update the information or advise on
further developments relating to securities. PI Financial Corp. and its affiliates, as well as their respective partners, directors, shareholders, and employees may have a position
in the securities mentioned herein and may make purchases and/or sales from time to time. PI Financial Corp. may act, or may have acted in the past, as a financial advisor,
fiscal agent or underwriter for certain of the companies mentioned herein and may receive, or may have received, a remuneration for their services from those companies. This
report is not to be construed as an offer to sell, or the solicitation of an offer to buy, securities and is intended for distribution only in those jurisdictions where PI Financial Corp.
is registered as an advisor or a dealer in securities. Any distribution or dissemination of this report in any other jurisdiction is strictly prohibited.
For further disclosure information, reader is referred to the disclosure section of our website.
Capital Markets Group
Research Analysts
Special Situations
Bob Gibson, B.Comm, CFA
416.883.9047
Mining
Chris Thompson, P. Geo
Head of Mining Research
604.718.7549
Philip Ker, P.Geo, MBA
647.789.2407
Special Situations & Cannabis
Jason Zandberg, B.BA, CFA
604.718.7541
Industrials & Cannabis
Devin Schilling, CFA
604.718.7557
Technology
David Kwan, CFA
604.718.7528
Associate Analyst
Justin Stevens, EIT
604.718.7542
Research Associates
Fayassir Haqna, B.BA
604.718.7556
Neehal Upadhyaya, BAFM, MAcc
416.775.5107
Marketing and Publishing
Michelle Kwok
604.664.2724
Institutional Sales
Vancouver
Jim Danis, B.Sc. (Hons.)
604.718.7551
Jeremiah Katz
604.664.2916
David Goguen, CFA
604.664.2963
Doug Melton, FCSI
604.718.7532
Brodie Dunlop
604.718.7533
Toronto
Jose Estevez, CFA
416.883.9042
John McBride
416.883.9045
InstitutionalTrading
Vancouver
Darren Ricci
604.664.2998 or 800.667.6124 (US)
or 877.682.7233 (CDN)
Adam Dell, CFA
604.718.7517 or 888.525.8811
Calvin Buchanan
604.718.7535
Toronto
Lucas Atkinson
416.883.9048
Scott Brophy
416.883.9043
Investment Banking
Mining
Dan Barnholden, MBA
604.664.3638
Russell Mills, CFA, MFin
647.789.2405
Tim Graham, B.Comm
604.664.3656
Jim Locke, CFA
604.664.2670
Technology
Blake Corbet, BA
604.664.2967
Vay Tham
647.789.2417
Equity Capital Markets/Syndication
Tim Johnston
416.775.5112
Trina Wang
604.664.3637
Investment Banking Associate
Joe Brunner
604.664.3633
Aaron Eisenberg
647.789.2411
Investment Banking Analyst
Trevor Anderson
604.718.7516
Head Office
Suite 1900, 666 Burrard Street
Vancouver, BC V6C 3N1
ph: 604.664.2900 fx: 604.664.2666
Calgary Office
Suite 1560, 300 5th
Avenue SW
Calgary, AB T2P 3C4
ph: 403.543.2900 fx: 403.543.2800
Toronto Office
Suite 3401, 40 King Street West
Toronto, ON M5H 3Y2
ph: 416.883.9040 fx: 647.789.2401
PI Financial Corp. www.pifinancial.com
Managing Director,
Head of Research
Bob Gibson, B.Comm, CFA
416.883.9047
Managing Director, SVP
Capital Markets
Jeremiah Katz
604.664.2916
Managing Director, Head of
Institutional Sales &Trading
Jim Danis, B.Sc. (Hons.)
604.718.7551
Managing Director,
Co-Head of Investment Banking
Blake Corbet, BA
604.664.2967
Managing Director,
Co-Head of Investment Banking
Dan Barnholden, MBA
604.664.3638
For a complete list of branch office locations and contact information, please go to www.pifinancialcorp.com