BMO Research expects stronger demand and lacklustre supply growth to constrain the physical market and maintain silver as an outperformer for the next three years. Capturing a favourable outlook for silver, BMO Research is initiating coverage of 13 silver focused companies to augment existing coverage of Silver Wheaton (SLW.T) and MAG Silver (MAG.T). The expanded universe provides comprehensive coverage of the silver universe and spans across senior, intermediate and junior producers and explorers. FRES, SLW, PAAS and CDE are preferred senior silver miners, based on a combination of strong growth and relative valuation. BMO Research''s expectations for strong base metal prices present attractive valuation prospects SVM. Future growth provides an attractive valuation for SSO. BMO Research favours junior producers BCM and MAG, MSV and OK given asset quality and attractive valuation.