Core Viewpoint - Pan American Silver Corp. (NYSE:PAAS) is recognized as one of the best gold mining companies to invest in, with recent price target increases from RBC Capital and BofA Securities indicating strong market confidence in the company's future performance [1][2]. Group 1: Price Target Increases - RBC Capital raised its price target on Pan American Silver Corp. from $45 to $55 while maintaining a Buy rating [1]. - BofA Securities also increased its price target from $46 to $51, projecting a significant rise in gold prices, potentially reaching $5,000 per ounce by 2026 [2]. - Analysts suggest that if gold prices follow the trajectory of the 2000s bull cycle, there could be an upside to $7,000 per ounce [3]. Group 2: Market Outlook and Company Position - BofA Securities anticipates that macroeconomic factors supporting gold prices will remain in place, making gold a top trade for 2026 with a projected 10% return [3]. - The research indicates that North American mining companies, including Pan American Silver, are well-positioned to benefit from potential gains in gold prices [4]. - Pan American Silver operates mines across several countries in the Americas, establishing itself as a leading producer of silver and gold [5].

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - In 2025, silver prices soared due to factors such as US tariffs, the US debt crisis, and geopolitical conflicts. Despite significant price fluctuations, the "supply imbalance" problem persisted, and the price reached over $70 by the end of the year, with a cumulative increase of over 120% [1]. - The global silver supply-demand fundamentals have shown a deficit for five consecutive years. Although demand in multiple sectors has declined, the significant increase in silver - supported exchange - traded products (ETP) has tightened market liquidity. In 2026, high profits may drive mining companies to increase production [4][5]. - The operation of major silver mines in the Americas has a significant impact on the global silver market. The production of some mines is expected to increase, while others may face challenges such as resource depletion [9]. 3. Section - by - Section Summaries 2025 Silver Price Trend Review - In the first half of 2025, silver underperformed gold due to trade frictions and weak industrial product prices. In the second half, strong demand and stable supply led to a continuous decline in spot inventory, and silver prices outperformed gold [1]. - In early October, silver broke through the 2011 high, reaching $50 with a cumulative increase of nearly 90%. After a significant correction, prices rebounded in late November, surpassing the October high and reaching over $70, with a cumulative increase of over 120%. In December, silver prices continued to rise, with a monthly increase of over 30% [1]. Silver Overall Supply - Demand Situation - The global silver supply - demand situation has shown a deficit for five consecutive years, but the deficit has improved compared to previous years. Although demand in multiple sectors has declined, the significant increase in ETPs has tightened market liquidity. AI and new energy sectors have great potential for silver demand, making the supply even tighter [4][5]. - Metal Focus estimates that the global silver mine supply in 2025 will be approximately 31,788 tons, basically the same as in 2024 and at the upper - middle level in the past 10 years. The World Silver Association predicts that the average all - in sustaining cost (AISC) in the first half of 2025 will drop to $13.0 per ounce [5]. Analysis of the Supply Status of Major Silver Mining Enterprises in the Americas - In 2024, the silver production in the Americas accounted for over 50% of the global total. The top 20 global silver - producing enterprises are mainly large comprehensive or copper - gold mining companies, but silver production has a relatively limited marginal contribution to their cash flow [8]. - Five major silver mining companies in the Americas, including Fresnillo, Pan American Silver, Coeur Mining, Hecla Mining, and First Majestic, are expected to account for about 15% of the global silver mine supply in 2025. Their new and old mine exploration and production will affect the competition for key mineral resources [9]. - **Fresnillo**: The world's largest silver mining company, with expected production to decline by 13.8% to 48.5 million ounces in 2025. It may recover in 2026 but remain below 5 million ounces. Some mines face resource depletion risks, while the Juanicipio mine has great exploration potential [10]. - **Pan American Silver**: A Canadian mining company. In 2025, the expected silver production is 22.1 million ounces, a year - on - year increase of about 4.7%. In May 2025, it announced the acquisition of MAG Silver to obtain a 44% stake in the Juanicipio silver mine, which is expected to significantly increase production in the next two years [16]. - **Coeur Mining**: Based in the US, with an expected silver production of 18.45 million ounces in 2025, a year - on - year increase of 61.8%. The Rochester mine is the key growth project, and the Silvertip mine is the core reserve project for medium - to - long - term growth. The company expects production to reach 20 million ounces in 2026, a year - on - year increase of about 30% [18]. - **Hecla Mining**: The largest primary silver producer in the US and Canada. In 2025, the expected silver production is 17.2 million ounces, a year - on - year increase of 6.2%. The Greens Creek and Lucky Friday mines contribute about 78% of the production. The company's production is expected to remain stable above 17 million ounces in the next two years [20]. - **First Majestic**: A Canadian company, one of the global silver mining leaders. In 2025, the expected silver production is 15.3 million ounces, a year - on - year increase of 82.1%. The San Dimas mine is the main contributor to performance, and the acquisition of the Los Gatos mine shows strong production growth potential [23].

Company Performance - Pan American Silver (PAAS) closed at $55.39, reflecting a +2.9% increase from the previous day, outperforming the S&P 500's 0.03% loss [1] - The stock has risen by 26.39% in the past month, leading the Basic Materials sector's gain of 9.22% and the S&P 500's gain of 2.57% [1] Earnings Expectations - The company is expected to report EPS of $0.87, which represents a 148.57% increase from the prior-year quarter [2] - Revenue is projected to be $1.09 billion, indicating a 33.53% increase compared to the same quarter of the previous year [2] Full Year Projections - Analysts expect earnings of $2.21 per share and revenue of $3.52 billion for the full year, marking changes of +179.75% and +24.81% respectively from last year [3] Analyst Forecast Revisions - Recent revisions to analyst forecasts for Pan American Silver are important as they reflect changing near-term business trends, with positive revisions indicating a favorable business outlook [4] Zacks Rank and Valuation - Pan American Silver holds a Zacks Rank of 1 (Strong Buy), with an average annual return of +25% for 1 stocks since 1988 [6] - The company has a Forward P/E ratio of 24.31, which is a discount compared to its industry's Forward P/E of 25.42, and a PEG ratio of 0.51, matching the average for the Mining - Silver industry [7] Industry Context - The Mining - Silver industry is part of the Basic Materials sector and ranks in the top 13% of all industries, with a current Zacks Industry Rank of 30 [8]

Core Viewpoint - Pan American Silver (PAAS) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is solely based on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade for Pan American Silver reflects an improvement in its earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimates on Stock Prices - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements, particularly due to institutional investors' reliance on these estimates for valuation [5]. - Rising earnings estimates for Pan American Silver suggest an improvement in the company's underlying business, which should lead to higher stock prices as investors respond positively [6]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - The upgrade of Pan American Silver to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10][11]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Pan American Silver is expected to earn $2.21 per share, with a 12.8% increase in the Zacks Consensus Estimate over the past three months [9].

Group 1 - Spot gold prices fell below $4450 per ounce, decreasing by 0.78% on the day [1] - Spot silver prices dropped over $1, currently at $70.42 per ounce, with a decline of 1.45% [1] - Mining stocks for gold and silver experienced widespread declines, with Harmony Gold (HMY.US) down over 2.6%, Barrick Mining (B.US) down over 1%, and Royal Gold (RGLD.US) down 0.95% [1] Group 2 - Paramount Gold Nevada (PZG.US) decreased by 0.85%, while Hecla Mining (HL.US) fell by 3.5% [1] - First Majestic Silver Corp (AG.US) saw a decline of over 2.8%, and Pan American Silver Corp (PAAS.US) dropped by 1.9% [1]

Group 1: Stock Highlights - Zumiez Inc. (ZUMZ) has a Zacks Rank 1 with a 73.8% increase in the current year earnings estimate over the last 60 days and shares gained 38.2% in the last three months compared to a 4.0% decline in the S&P 500 [1] - SiriusPoint Ltd. (SPNT) also holds a Zacks Rank 1, with a 7.6% increase in the current year earnings estimate over the last 60 days and shares increased by 27.8% in the past three months against a 4.0% decline in the S&P 500 [2] - Pan American Silver Corp. (PAAS) has a Zacks Rank 1, with a 4.7% increase in the current year earnings estimate over the last 60 days and shares rose by 48.5% in the last three months while the S&P 500 declined by 4.0% [3]

Group 1 - The analyst works on the buy-side in Fixed Income and has a special interest in the Mining and Real Estate sectors [1] - The analyst holds a beneficial long position in the shares of PAAS through stock ownership, options, or other derivatives [2] - The article expresses the analyst's own opinions and does not involve compensation from any company mentioned [2] Group 2 - Seeking Alpha clarifies that past performance is not indicative of future results and does not provide specific investment recommendations [3] - The views expressed may not reflect those of Seeking Alpha as a whole, and the analysts may not be licensed or certified [3]

Core Viewpoint - High-rolling investors are showing bullish sentiment towards Pan American Silver (NYSE: PAAS), indicating potential insider knowledge or significant market movements [1]. Options Activity - A total of 12 options trades were identified for Pan American Silver, with 50% of traders bullish and 33% bearish. The trades included one put option worth $58,406 and 11 call options totaling $387,380 [2]. - The price target for Pan American Silver, based on options volume and open interest, ranges from $33.0 to $60.0 over the last three months [3]. - An analysis of the last 30 days shows significant options activity, with various strike prices being targeted by traders [4][5]. Noteworthy Options Activity - Recent options trades include: - A put option with a strike price of $60.00, total trade price of $58,406, and open interest of 153 [8]. - A bullish call option with a strike price of $49.00, total trade price of $48,000, and open interest of 113 [8]. - Another bullish call option with a strike price of $45.00, total trade price of $43,500, and open interest of 1,100 [8]. - A bearish call option with a strike price of $35.00, total trade price of $41,800, and open interest of 3,800 [8]. Company Overview - Pan American Silver Corp is primarily engaged in the operation, development, and exploration of silver and gold-producing properties. The company also produces zinc, lead, and copper, with several operating mines including La Colorada, Dolores, and Huaron [9]. Market Status - An industry analyst has set an average target price of $51.0 for Pan American Silver, maintaining a Buy rating [11][12]. - The current trading volume for PAAS is 1,637,035, with the stock price at $50.05, indicating no change [14].

driving these big moves higher. Well, joining us now for an exclusive interview is Michael Steinman, CEO of Paname American Silver. Michael, welcome to the show.Thanks for joining us. >> Thanks for having me. >> So, what is driving silver to these record levels.>> Well, there's really two things to silver, right. A, it's a really important uh metal for the economy. It's a critical metal actually right now declared in the US as a critical uh metal and added to the critical strategic uh list for metals uh in ...

Industry Overview - Silver is recognized as a critical metal in the US, with approximately 65% of its usage attributed to industrial applications, primarily in solar panel production and electronics [2][3] - The demand for silver is driven by both industrial use and investment interest, with investors purchasing silver similarly to gold [3][4] Supply and Demand Dynamics - There has been a structural deficit in silver supply over the past five years, with no significant increase in mining production to meet the rising demand from both industrial and investment sectors [6][11] - The majority of silver (75%) is produced as a byproduct of copper mining, and with copper prices at an all-time high, there are limited new silver supplies expected in the near future [8][9] Market Trends - The current silver price surge is influenced by a combination of industrial demand, investment interest, and potential short squeezes in the market [4][11] - The ongoing electrification trends, including advancements in technologies like self-driving cars, are expected to further increase silver demand in the coming years [10][11] Company Strategy - The company has been actively pursuing growth through exploration and acquisitions to enhance its silver production capabilities [13][14] - Continued exploration success and strategic acquisitions are part of the company's long-term growth strategy to meet the increasing demand for silver [13][14]