Group 1 - Gold stocks in the US market experienced significant gains, with Barrick Mining (B.US) rising over 6%, Pan American Silver (PAAS.US) increasing more than 5%, Newmont Corporation (NEM.US) up nearly 4%, and Coeur Mining (CDE.US) gaining over 3% [1] - Spot gold prices surged by 2.25%, approaching $4,100 [1]

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]

VANCOUVER, British Columbia, Oct. 28, 2025 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” or the “Company”) is pleased to announce plans to advance the Pico Machay Gold Project (“Pico Machay” or the “Project”) in Central Peru. The Project is under acquisition through a Share Purchase Agreement (“SPA”) with Pan American Silver Corp. (TSX:PAAS) (NYSE:PAAS) (“Pan American”) and its subsidiary, Aquiline Resources Inc. (“Aquiline”) as per the October 24th, 2025 news release. The Pico Machay transact ...

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.