Core Insights - Pan American Silver (PAAS) is expected to report quarterly earnings of $0.49 per share, a 53.1% increase year-over-year, with revenues projected at $867.76 million, reflecting a 21.2% year-over-year growth [1] Earnings Estimates - The consensus EPS estimate has been revised 17.6% higher in the last 30 days, indicating a collective reevaluation by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Production Estimates - Analysts estimate gold production at 184 thousand ounces, down from 225 thousand ounces year-over-year [5] - Silver production is expected to be 5843 thousand ounces, up from 5467 thousand ounces year-over-year [5] - La Colorada Operation's silver production is projected at 1462 thousand ounces, an increase from 1329 thousand ounces year-over-year [6] - Huaron Operation's silver production is estimated at 818 thousand ounces, down from 888 thousand ounces year-over-year [6] - San Vicente Operation's silver production is expected to be 721 thousand ounces, down from 811 thousand ounces year-over-year [7] - Dolores Operation's silver production is projected at 208 thousand ounces, significantly down from 442 thousand ounces year-over-year [7] - Gold production at Dolores Operation is expected to be 6 thousand ounces, down from 18 thousand ounces year-over-year [8] - Timmins Operation's gold production is estimated at 27 thousand ounces, down from 34 thousand ounces year-over-year [8] Price and Cost Estimates - Average realized price per ounce of silver is expected to reach $39.11, up from $29.52 year-over-year [9] - Average realized price per ounce of gold is projected at $3448.99, compared to $2475.00 year-over-year [9] - Cash costs per ounce for the silver segment are estimated at $12.85, down from $15.88 year-over-year [10] - Cash costs per ounce for the gold segment are projected at $1350.82, up from $1195.00 year-over-year [10] Market Performance - Shares of Pan American Silver have decreased by 12.2% in the past month, contrasting with a -0.2% change in the Zacks S&P 500 composite [11] - The company holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the overall market in the near future [11]

Core Viewpoint - Pan American Silver (PAAS) is anticipated to report a year-over-year increase in earnings driven by higher revenues, with the actual results being a significant factor influencing its near-term stock price [1][2]. Earnings Expectations - The earnings report is scheduled for November 12, and if the results exceed expectations, the stock may rise; conversely, a miss could lead to a decline [2]. - The consensus estimate for quarterly earnings is $0.49 per share, reflecting a year-over-year increase of +53.1%, while revenues are projected at $867.76 million, up 21.2% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised 18.76% higher in the last 30 days, indicating a reassessment by analysts [4]. - The Most Accurate Estimate for Pan American Silver matches the Zacks Consensus Estimate, resulting in an Earnings ESP of 0% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive or negative reading indicates the likely deviation of actual earnings from the consensus estimate, with a positive ESP being a strong predictor of an earnings beat [9][10]. - Pan American Silver currently holds a Zacks Rank of 2, but the combination of a 0% Earnings ESP makes it challenging to predict an earnings beat conclusively [12][13]. Historical Performance - In the last reported quarter, Pan American Silver was expected to post earnings of $0.40 per share but delivered $0.43, resulting in a surprise of +7.50% [14]. - Over the past four quarters, the company has surpassed consensus EPS estimates three times [15]. Industry Comparison - Another player in the silver mining industry, Endeavour Silver (EXK), is expected to report earnings of $0.05 per share, indicating a year-over-year change of +400%, with revenues projected at $124.77 million, up 133.5% [19][20]. - The consensus EPS estimate for Endeavour Silver has been revised 28.6% higher, but a lower Most Accurate Estimate results in an Earnings ESP of -40.00%, making it difficult to predict an earnings beat [20][21].

Core Viewpoint - The article highlights a bullish outlook on gold prices from multiple financial institutions, with predictions of significant increases in gold prices by 2026 due to strong demand and geopolitical uncertainties [1] Group 1: Market Performance - U.S. gold stocks are generally rising in pre-market trading, with DRDGOLD up approximately 3%, Harmony Gold up 2%, and AngloGold and Kinross Gold up 1.6% [1] - Other companies such as Coeur Mining and Pan American Silver also show gains in pre-market trading [1] Group 2: Price Predictions - UBS maintains a target price of $4,200 per ounce for gold by the end of the year, suggesting that prices could rise to $4,700 per ounce if geopolitical or market risks escalate [1] - Morgan Stanley forecasts that gold prices could reach $4,500 per ounce by mid-2026, driven by strong physical demand from ETFs and central banks amid economic uncertainties [1] - JPMorgan analysts predict that gold prices will average $5,055 per ounce by the fourth quarter of 2026 [1] Group 3: Investment Recommendations - UBS recommends that investors allocate 4%-6% of a diversified dollar investment portfolio to gold [1]

Core Viewpoint - Xali Gold Corp. is advancing the Pico Machay Gold Project in Central Peru through a Share Purchase Agreement with Pan American Silver Corp. and its subsidiary, Aquiline Resources Inc. [1][2] Acquisition Details - The Pico Machay transaction is deemed fundamental for Xali Gold, with the TSX Venture Exchange lifting the trading halt following the issuance of the news release [2] - The acquisition involves a total payment of $17.5 million, with $15 million allocated for the known historic gold resource and an additional $2.5 million contingent on disclosing a minimum of 1.25 million ounces of gold in a compliant technical report [8][10] Resource Estimates - Pico Machay has a historic Measured and Indicated Resource of 264,600 ounces of gold and an additional Inferred Resource of 446,000 ounces [3] - The resource estimates are based on historical data and require further verification to be classified as current resources [12] Exploration Plans - Xali Gold plans to initiate fieldwork, including exploration target advancement, bulk sampling, and metallurgical testing, without needing additional permits [4] - The company aims to update the historic resource estimate using current gold prices and optimize previous engineering studies over the next six months [5] Project Location and Context - The Pico Machay Project is located within a well-established mining area in the Southern Peru Epithermal Gold-Silver Belt, with several operational mines in proximity [5][7]

Core Viewpoint - Xali Gold Corp. has entered into a Share Purchase Agreement to acquire Minera Calipuy S.A.C, which owns the Pico Machay Gold Project in Central Peru, from Pan American Silver Corp. and its subsidiary Aquiline Resources Inc. [1] Acquisition Details - The acquisition is a strategic move for Xali Gold to enhance its presence in a prolific gold-silver region, with the Pico Machay project already having a historic resource in place [3] - The Share Purchase Agreement includes cash payments totaling $17.5 million over five years, with an initial payment of $0.5 million at closing [14][16] Resource Information - Pico Machay has a Historic Measured and Indicated Resource of 264,600 ounces of gold from 10.6 million tonnes at a grade of 0.78 grams per tonne, and an additional Inferred Resource of 446,000 ounces from 23.9 million tonnes at a grade of 0.58 grams per tonne [2][8] - The original resource estimate was based on a long-term gold price of $700 per ounce, which presents significant upside potential given the current higher gold price environment [3][4] Geological and Logistical Context - The project is located within the Southern Peru Epithermal Gold-Silver Belt, known for hosting world-class gold deposits, and is in proximity to several operational mines [5][6] - Pico Machay is situated 35 km southwest of Huancavelica, a well-established mining area with good logistical access [7] Future Plans - Xali Gold aims to update the resource estimate and previous engineering studies with a near-term production goal, while also exploring additional targets for potential resource expansion [3][4]

Core Viewpoint - Precious metal stocks in the U.S. market showed slight recovery, with Pan American Silver (PAAS.US) rising over 1.6%, and Kinross Gold (KGC.US) and Gold Fields (GFI.US) increasing by 0.6% [1] Company Summary - Pan American Silver (PAAS.US) experienced a price increase of more than 1.6% [1] - Kinross Gold (KGC.US) saw a rise of 0.6% [1] - Gold Fields (GFI.US) also increased by 0.6% [1]

Group 1: Silver Market Dynamics - Silver prices have surged recently, setting new records and overshadowing gold, emerging as a key investment in 2025 [2][3] - Silver serves dual roles as a precious metal and an industrial commodity, with demand driven by both safe-haven investment and clean energy applications [3][4] - The combination of strong industrial demand and investor interest creates a scenario where silver prices can accelerate rapidly [4] Group 2: Supply Constraints - Silver is primarily a by-product of mining other metals like copper, zinc, and gold, leading to constrained supply even when prices rise [5] - Global stocks of silver in major markets have reached unprecedented lows, prompting traders to offer premiums for physical delivery, indicating a tight supply situation [5] Group 3: Economic Factors - Anticipated rate cuts by central banks lead investors to reallocate to non-yielding assets like silver, which is seen as an inflation hedge [6] - Geopolitical tensions and supply chain disruptions drive the "fear trade," making tangible assets like silver more attractive [7] Group 4: Historical Context - Previous instances of silver volatility have shown explosive growth followed by retreats, but the current industrial demand provides a stronger foundation than in past cycles [9] Group 5: Benefiting Companies - Companies benefiting from the silver boom include Wheaton Precious Metals, First Majestic Silver, Pan American Silver, and Hecla Mining, with some stocks rising by 30-60% year-to-date [10][16] Group 6: Future Outlook - Analysts predict that if industrial demand remains strong and central banks maintain a dovish stance, silver prices could reach as high as $65 per ounce by 2026, indicating a potential 20-25% increase from current levels [11] - The combination of green technology demand, tight supply, and investor enthusiasm creates a favorable environment for silver, making it a captivating trade for 2025 [13]

Core Viewpoint - Gold and silver prices have experienced significant declines, leading to pre-market drops in U.S. gold-related stocks [1] Company Summary - Coeur Mining (CDE.US), Harmony Gold (HMY.US), and Pan American Silver (PAAS.US) saw a decline of 4% in pre-market trading [1] - Newmont Corporation (NEM) experienced a decrease of 2.9% [1]

Summary of North American Metals & Mining Conference Call Industry Overview - **Industry**: North American Precious Metals - **Key Commodities**: Gold and Silver Core Insights and Arguments 1. **Price Forecasts**: - Gold is projected to reach **$5,000/oz** and silver to **$65/oz** in the next 12-18 months, with 2026 average forecasts for gold raised by **18%** to **$4,329/oz** and silver by **29%** to **$54.88/oz** [1][10][11] - Investment demand for gold is expected to increase by **14%** in 2026, similar to the current year [2] 2. **Market Dynamics**: - Key conditions supporting gold price strength include: - US structural deficit - Inflationary pressures from deglobalization - Threats to the independence of the US central bank - Ongoing global geopolitical tensions [1] 3. **Investment Trends**: - ETF purchases of gold surged by **880% YoY** in September, reaching an all-time high of **$14 billion** [2] - Total physical and paper gold investment has nearly doubled, exceeding **5%** of global equity and fixed income markets [2] 4. **Risks to Monitor**: - Supreme Court ruling on President Trump's tariffs - Potential hawkish pivot from the Federal Reserve if economic data improves - Outcomes of the US mid-term elections affecting economic policy implementation [2] Company-Specific Updates 1. **Net Asset Value (NAV) and Price Objectives (PO)**: - NAV estimates for North American Precious Metals coverage increased by **10%**, with average POs raised by **16%** [3][19] - IAMGOLD (IAG) saw the largest PO increase of **49%** to **$16.75** per share, reflecting improved jurisdictional risk [3][15] - SSR Mining (SSRM) PO raised by **41%** to **$18.00** per share, despite an Underperform rating due to uncertainties regarding Çöpler mine [3][15] 2. **Top Picks**: - Agnico Eagle Mines (AEM) is highlighted as the top pick due to its strong track record and growth projects [4] - Pan American Silver (PAAS) is favored for balanced exposure to silver and gold [4] 3. **EBITDA Revisions**: - Average EBITDA estimates for 2026 and 2027 increased by **25%** and **18%**, respectively, driven by revised commodity price forecasts [20] 4. **Valuation Multiples**: - Target multiples for IAMGOLD and SSR Mining adjusted to **1.60x** and **1.00x**, respectively, reflecting improved performance and market conditions [15][16] Additional Important Information - The report indicates potential conflicts of interest due to BofA Securities' business relationships with covered issuers [6] - The document includes various disclosures and certifications relevant to the research [5][6] This summary encapsulates the key points from the conference call, focusing on industry trends, company-specific updates, and potential investment opportunities and risks.

Core Viewpoint - The pre-market trading of gold stocks in the US saw a collective rise, driven by expectations of further interest rate cuts and ongoing trade tensions, leading to a significant increase in gold prices, which surpassed $4,210, marking a new historical high and a year-to-date increase of over 60% [1]. Group 1: Market Performance - Gold stocks such as Harmony Gold and Kinross Gold rose over 4%, while companies like Coeur Mining, DRDGOLD, and AngloGold Ashanti saw increases exceeding 3% [1]. - The pre-market performance of various gold stocks included notable gains: Harmony Gold at 4.97%, Kinross Gold at 2.20%, and AngloGold Ashanti at 3.20% [2]. Group 2: Gold Price Movement - Spot gold prices broke the $4,210 mark, achieving a new all-time high [1]. - Year-to-date, spot gold has increased by more than 60%, reflecting strong market demand and investor sentiment [1].