Upgrades Sec Perform Outperform X

AEM Agnico-Eagle Mines

National Bank Financial

Downgrades Outperform Sec Perform X

AEM Agnico-Eagle Mines

National Bank Financial

Upgrades Sec Perform Outperform X

AGI Alamos

National Bank Financial

Downgrades Outperform Sec Perform X

AGI Alamos

National Bank Financial

Downgrades Outperform Sec Perform X

AGI Alamos

National Bank Financial

Initiated Sector Perform X

ALYA Alithya

National Bank Financial

Downgrades Outperform Sec Perform X

AQN Algonquin Power & Utilities

National Bank Financial

Upgrades Sec Perform Outperform X

AQN Algonquin Power & Utilities

National Bank Financial

$16 $14.25

Downgrades Outperform Sec Perform X

AQN Algonquin Power & Utilities

National Bank Financial

Upgrades Underperform Sec Perform X

AT Atlantic Power

National Bank Financial

Downgrades Sec Perform Underperform X

AT Atlantic Power

National Bank Financial

Upgrades Sec Perform Outperform X

AUY Yamana Gold

National Bank Financial

Downgrades Outperform Sec Perform X

AUY Yamana Gold

National Bank Financial

Upgrades Sec Perform Outperform X

AUY Yamana Gold

National Bank Financial

Downgrades Outperform Sec Perform X

AY Atlantica Yield

National Bank Financial

Downgrades Outperform Sec Perform X

AY Atlantica Yield

National Bank Financial

$31

Upgrades Sec Perform Outperform X

AY Atlantica Yield

National Bank Financial

$31

Initiated Sector Perform X

AY Atlantica Yield

National Bank Financial

$31

Upgrades Sec Perform Outperform X

BEP Brookfield Renewable Partners

National Bank Financial

$38

Downgrades Outperform Sec Perform X

BIP Brookfield Infrastructure

National Bank Financial

Upgrades Sec Perform Outperform X

BIP Brookfield Infrastructure

National Bank Financial

$33

Downgrades Outperform Sec Perform X

BLDP Ballard Power

National Bank Financial

Downgrades Outperform Sec Perform X

BLDP Ballard Power

National Bank Financial

Downgrades Outperform Sec Perform X

BMO Bank of Montreal

National Bank Financial

Upgrades Sec Perform Outperform X

BMO Bank of Montreal

National Bank Financial

Upgrades Sec Perform Outperform X

BMO Bank of Montreal

National Bank Financial

Upgrades Sec Perform Outperform X

BTE Baytex Energy Trust

National Bank Financial

Upgrades Sec Perform Outperform X

BTE Baytex Energy Trust

National Bank Financial

Upgrades Sec Perform Outperform X

BTE Baytex Energy Trust

National Bank Financial

Downgrades Outperform Sec Perform X

CAE CAE

National Bank Financial

Upgrades Sec Perform Outperform X

CAE CAE

National Bank Financial

Downgrades Outperform Sec Perform X

CAE CAE

National Bank Financial

Initiated Outperform X

CDE Coeur Mining

National Bank Financial

$4.25

Initiated Outperform X

CIGI Colliers

National Bank Financial

$85

Upgrades Sec Perform Outperform X

CNI Canadian Nat’l Rail

National Bank Financial

Upgrades Sec Perform Outperform X

CP Canadian Pacific

National Bank Financial

Downgrades Outperform Sec Perform X

CP Canadian Pacific

National Bank Financial

Upgrades Sec Perform Outperform X

CP Canadian Pacific

National Bank Financial

Downgrades Outperform Sec Perform X

CVE Cenovus Energy

National Bank Financial

Downgrades Outperform Sec Perform X

DOOO BRP Inc.

National Bank Financial

Downgrades Outperform Sec Perform X

EFXT Enerflex

National Bank Financial

Downgrades Outperform Sec Perform X

EGO Eldorado Gold

National Bank Financial

Upgrades Sec Perform Outperform X

EGO Eldorado Gold

National Bank Financial

Initiated Outperform X

EMX EMX Royalty

National Bank Financial

Resumed Sector Perform X

ENB Enbridge

National Bank Financial

Downgrades Outperform Sec Perform X

ENB Enbridge

National Bank Financial

Downgrades Outperform Sec Perform X

ENB Enbridge

National Bank Financial

Downgrades Outperform Sec Perform X

GOLD Barrick

National Bank Financial

Upgrades Sec Perform Outperform X

GOLD Barrick

National Bank Financial

Initiated Outperform X

GROY Gold Royalty

National Bank Financial

$2.85

Initiated Outperform X

GSS Golden Star Resources

National Bank Financial

Downgrades Outperform Sec Perform X

HBM Hudbay Minerals

National Bank Financial

Initiated Outperform X

HL Hecla Mining

National Bank Financial

$7.50

Upgrades Sec Perform Outperform X

IAG IAMGOLD

National Bank Financial

Downgrades Outperform Sec Perform X

IAG IAMGOLD

National Bank Financial

Downgrades Sec Perform Underperform X

JE Just Energy

National Bank Financial

Downgrades Outperform Sec Perform X

KGC Kinross Gold

National Bank Financial

Downgrades Outperform Sec Perform X

KL Kirkland Lake Gold

National Bank Financial

Upgrades Sec Perform Outperform X

LAC Lithium Americas

National Bank Financial

Initiated Outperform X

LAC Lithium Americas

National Bank Financial

Downgrades Outperform Sec Perform X

LEV Lion Electric

National Bank Financial

$2.75

Downgrades Outperform Sec Perform X

MAXR Maxar Technologies Ltd

National Bank Financial

Upgrades Sec Perform Outperform X

MFC Manulife Financial

National Bank Financial

Downgrades Outperform Sec Perform X

MITL Mitel Networks

National Bank Financial

Initiated Outperform X

MTAL MAC Limited

National Bank Financial

$14

Upgrades Sec Perform Outperform X

NEM Newmont Goldcorp

National Bank Financial

Downgrades Outperform Sec Perform X

NEM Newmont Goldcorp

National Bank Financial

$94.28

Downgrades Outperform Sec Perform X

NESR National Energy Services Reunited

National Bank Financial

$13.50 $11

Initiated Outperform X

NEXA Nexa Resources

National Bank Financial

Initiated Outperform X

NG NovaGold Resources

National Bank Financial

Upgrades Sec Perform Outperform X

PAAS Pan Am Silver

National Bank Financial

Initiated Sector Perform X

PAAS Pan Am Silver

National Bank Financial

Downgrades Outperform Sec Perform X

PDS Precision Drilling

National Bank Financial

Initiated Outperform X

PDS Precision Drilling

National Bank Financial

Initiated Outperform X

PPTA Perpetua Resources

National Bank Financial

Initiated Sector Perform X

PVG Pretium Resources

National Bank Financial

Upgrades Sec Perform Outperform X

RBA RB Global

National Bank Financial

$61

Downgrades Sec Perform Underperform X

RBA Ritchie Bros.

National Bank Financial

$56

Downgrades Outperform Sec Perform X

RBA Ritchie Bros.

National Bank Financial

Upgrades Sec Perform Outperform X

RBA Ritchie Bros.

National Bank Financial

Upgrades Underperform Sec Perform X

RBA Ritchie Bros.

National Bank Financial

Upgrades Sec Perform Outperform X

RGLD Royal Gold

National Bank Financial

Resumed Outperform X

SAND Sandstorm Gold

National Bank Financial

Downgrades Outperform Sec Perform X

SJR Shaw Comms

National Bank Financial

Upgrades Sec Perform Outperform X

SLF Sun Life

National Bank Financial

Downgrades Outperform Sec Perform X

SLF Sun Life

National Bank Financial

Downgrades Outperform Sec Perform X

SSRM SSR Mining

National Bank Financial

Upgrades Sec Perform Outperform X

SU Suncor Energy

National Bank Financial

Upgrades Sec Perform Outperform X

TAC TransAlta

National Bank Financial

Downgrades Outperform Sec Perform X

TCN Tricon Residential

National Bank Financial

Upgrades Underperform Sec Perform X

TD Toronto-Dominion Bank

National Bank Financial

Downgrades Sec Perform Underperform X

TD Toronto-Dominion Bank

National Bank Financial

Downgrades Outperform Sec Perform X

TD Toronto-Dominion Bank

National Bank Financial

Upgrades Sec Perform Outperform X

TD Toronto-Dominion Bank

National Bank Financial

Downgrades Outperform Sec Perform X

TD Toronto-Dominion Bank

National Bank Financial

Downgrades Outperform Sec Perform X

TECK Teck Resources

National Bank Financial

Upgrades Sec Perform Outperform X

TECK Teck Resources

National Bank Financial

Downgrades Outperform Sec Perform X

TECK Teck Resources

National Bank Financial

Downgrades Outperform Sec Perform X

TFII TFI International

National Bank Financial

Upgrades Sec Perform Outperform X

TGB Taseko Mines

National Bank Financial

Upgrades Sec Perform Outperform X

TGB Taseko Mines

National Bank Financial

Downgrades Outperform Sec Perform X

TIXT TELUS International

National Bank Financial

$32 $17

Initiated Outperform X

TIXT TELUS International

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Upgrades Underperform Sec Perform X

TRI Thomson Reuters

National Bank Financial

Downgrades Outperform Sec Perform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Downgrades Outperform Sec Perform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Downgrades Outperform Sec Perform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Downgrades Outperform Sec Perform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRI Thomson Reuters

National Bank Financial

Upgrades Sec Perform Outperform X

TRP TC Energy

National Bank Financial

Downgrades Outperform Sec Perform X

TRP TC Energy

National Bank Financial

Downgrades Outperform Sec Perform X

TU Telus

National Bank Financial

Initiated Outperform X

UEC Uranium Energy

National Bank Financial

$10

Initiated Outperform X

VZLA Vizsla Silver Corp.

National Bank Financial

Upgrades Sec Perform Outperform X

WPM Wheaton Precious Metals

National Bank Financial

Downgrades Outperform Sec Perform X

WPM Wheaton Precious Metals

National Bank Financial