Core Insights - Pan American Silver Corp. (PAAS) is acquiring MAG Silver Corp. (MAG) in a $2.1 billion deal to enhance reserves and cash flows, solidifying its position in the silver mining industry [1][10] - The acquisition is expected to significantly boost PAAS' production and reduce costs, particularly through the Juanicipio project [3][5] Acquisition Details - MAG Silver's 44% stake in the Juanicipio project is a key asset, known as the world's largest-scale, highest-grade, and lowest-cost primary silver mine [3] - The deal has received approval from the boards of both companies and is pending regulatory approvals, including antitrust clearance from Mexican authorities [2] Production and Financial Impact - Juanicipio is forecasted to produce 14.7-16.7 million ounces of silver in 2025, with PAAS' share translating to approximately 6.5–7.3 million ounces [4] - This addition will complement PAAS' guided 2025 production of 20–21 million ounces, excluding Juanicipio [4] - The acquisition is expected to add 58 million ounces to PAAS' proven and probable silver reserves, which were 468 million ounces as of June 30, 2024 [6] - Juanicipio is projected to contribute $98 million in free cash flow to PAAS this year, with an expected growth of 23% over the next three years [6][10] Market Position and Performance - The combined market capitalization of PAAS and MAG Silver will be around $12.6 billion, surpassing competitors like First Majestic and Coeur Mining [8] - Year-to-date, PAAS shares have gained 41.8%, outperforming the industry's growth of 34.8% [9] Earnings Estimates - The Zacks Consensus Estimate for PAAS' earnings for 2025 is $1.47 per share, indicating a year-over-year surge of 86% [13] - The estimate for 2026 is $1.89, reflecting an increase of 28.7% [13]

Core Viewpoint - Aya Gold & Silver Inc. has announced an increase in its bought deal equity financing due to excess demand, raising gross proceeds to approximately $125 million, with potential additional proceeds from an over-allotment option [2][3]. Group 1: Offering Details - The company will issue 9,363,300 common shares at a price of $13.35 per share, resulting in gross proceeds of $125,000,055 [2]. - An over-allotment option allows underwriters to purchase an additional 15% of the shares, potentially raising total proceeds to approximately $143,750,063 if fully exercised [3]. - The closing date for the offering is scheduled for around June 19, 2025, pending necessary approvals [5]. Group 2: Use of Proceeds - Net proceeds from the offering will be utilized to advance exploration programs at Boumadine and Zgounder Regional, as well as for working capital and general corporate purposes [4]. Group 3: Company Overview - Aya Gold & Silver Inc. is a rapidly growing silver producer based in Canada, operating primarily in Morocco [9]. - The company is the only TSX-listed pure silver mining company and focuses on maximizing shareholder value through sustainable practices [10].

Core Viewpoint - Aya Gold & Silver Inc. has announced a bought deal offering of 7,491,000 common shares at a price of $13.35 per share, aiming to raise gross proceeds of approximately $100 million [2][3]. Group 1: Offering Details - The offering is being managed by Desjardins Capital Markets as the sole bookrunner, along with a syndicate of underwriters including National Bank Financial Inc. and BMO Capital Markets [2]. - An over-allotment option has been granted to the underwriters to purchase an additional 15% of the shares, which could raise an additional $15 million if fully exercised, bringing total proceeds to approximately $115 million [3]. - The closing date for the offering is scheduled for around June 19, 2025, pending necessary approvals [5]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to advance exploration programs at Boumadine and Zgounder Regional, as well as for working capital and general corporate purposes [4]. Group 3: Company Overview - Aya Gold & Silver Inc. is a rapidly growing silver producer based in Canada, operating the high-grade Zgounder Silver Mine in Morocco [9]. - The company is focused on maximizing shareholder value through sustainable practices in its operations and financial growth plans [10].

Summary of Gold Royalty Conference Call Company Overview - **Company**: Gold Royalty - **Industry**: Mining and Royalty Sector - **IPO**: March 2021 with an initial collection of 18 royalties, now expanded to over 240 royalties [4][6] Key Points Portfolio Growth and Strategy - Gold Royalty has significantly diversified its portfolio, now holding royalties on three of the five largest gold mines in North America [5][6] - The company has transitioned from 18 royalties at IPO to over 240, with seven currently cash flowing and 14 in various stages of construction [6][7] - The focus has been on acquiring cash-flowing and near cash-flowing royalties to enhance revenue growth [5][6] Financial Performance - The company achieved positive operating cash flow for the first time last year and is now entering a phase of positive free cash flow [6][7] - Expected revenue growth of 367% from 2024 to 2029, with 85% of this growth coming from mature operations [68][69] - The company is currently in a "harvest mode," focusing on deleveraging and generating free cash flow per share [14][68] Market Conditions and Challenges - The gold sector has faced devaluation due to rising interest rates, impacting acquisition strategies [10][14] - The market is currently waiting for proof of concept on large-scale mines that are expected to achieve design production rates this year [13][14] - Exploration activities have slowed due to a lack of capital access for junior miners, affecting earlier stage royalties [39][40] Competitive Landscape - The royalty sector is characterized by a few large players (mega-cap companies) and many small-cap companies struggling for relevance [24][25] - Gold Royalty aims to capture the mid-cap space, which is seen as a "Goldilocks zone" for growth and institutional relevance [28][30] - The company has absorbed smaller competitors to eliminate redundant costs, achieving significant G&A savings [31][33] Future Outlook - The company is optimistic about several projects, including Cote, Varus, and Boubarema, which are expected to contribute to revenue growth [68][69] - The management team has extensive industry experience, which is leveraged for growth through M&A, royalty financing, and organic royalty generation [15][16][18] - The company is focused on maintaining a strong portfolio in top-rated mining jurisdictions, with over 80% of its assets located in Nevada, Quebec, and Ontario [19][23] Additional Insights - The company has a unique model that allows it to generate new royalties organically without significant capital outlay [18][37] - The correlation between gold prices and all-in sustaining costs remains strong, with current market conditions affecting producer valuations [100][105] Conclusion Gold Royalty is positioned for significant growth with a diversified portfolio and a focus on cash-flowing assets. The company is navigating market challenges while maintaining a strong outlook for future revenue and operational success.

Core Insights - Coeur Mining (CDE) shows a significantly improving earnings outlook, making it a solid investment choice as analysts continue to raise earnings estimates for the company [1][3] - The rising trend in earnings estimate revisions reflects growing analyst optimism, which is expected to positively impact the stock price [2][3] Current-Quarter Estimate Revisions - The expected earnings for the current quarter are $0.15 per share, indicating a year-over-year increase of +1600% [5] - Over the last 30 days, the Zacks Consensus Estimate has increased by 7.32% due to one upward revision and one downward revision [5] Current-Year Estimate Revisions - For the full year, Coeur Mining is expected to earn $0.66 per share, representing a change of +266.67% from the previous year [6] - The consensus estimate has increased by 40.46% due to three upward revisions and no negative revisions over the past month [6][7] Zacks Rank - Coeur Mining has achieved a Zacks Rank 2 (Buy), indicating promising estimate revisions that could lead to significant outperformance compared to the S&P 500 [8] - Stocks with Zacks Rank 1 (Strong Buy) and 2 (Buy) have historically outperformed the market [8] Bottom Line - The strong estimate revisions have led to a 19.5% increase in Coeur Mining's stock over the past four weeks, suggesting potential for further upside [9]

Core Viewpoint - Aftermath Silver Ltd. has made a partial payment of US$1.5 million towards the acquisition of the Berenguela silver-copper-manganese project in Peru, ahead of the due date, which has resulted in a reduced balance owed to EMX Royalty Corp. [3][5] Group 1: Financial Transactions - The company has an option to acquire a 100% interest in the Berenguela project through agreements with SSR Mining Inc. and EMX Royalty Corp. [2] - Aftermath Silver's payment obligations total US$13 million, with the remaining payments summarized as follows: US$3 million paid on May 15, 2025; US$1.5 million paid in June 2025; and US$1.65 million due in November 2026 [5][7]. - A sliding-scale NSR royalty will be applied to all mineral production from the project, starting at 1.0% when silver prices are up to US$25 per ounce, and increasing to 1.25% when silver prices exceed US$25 and copper prices are above US$2 per pound [7]. Group 2: Project Development - The company is focusing on the Berenguela project and expects an updated NI43-101 mineral resource estimate to be completed soon [4]. - Recent drilling in the eastern part of Berenguela intersected 153 meters of mineralization, including 1.12% copper, 290 g/t silver, and 7% manganese [4]. Group 3: Company Background - Aftermath Silver is a Canadian junior exploration company focused on silver, aiming to deliver shareholder value through the discovery, acquisition, and development of quality silver projects in stable jurisdictions [9]. - The company has developed a pipeline of projects at various stages of advancement, selected based on growth and development potential [9].

| DDH No. | Section | Zone | From | To | Au | Ag | Length* | Cu | Pb | Zn | Mo | Ag Eq** | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (m) | (m) | (g/t) | (g/t) | (m) | (%) | (%) | (%) | (g/t) | (g/t) | High-Grade Intercepts on the Boumadine Main Trend: BOU-DD25-516 intercepted 5,373 grams per tonne ("g/t") silver equivalent ("AgEq") over 0.5m (66.7 g/t gold ("Au"), 111 g/t silver ("Ag"), 1.6% zinc ("Zn"), 1.0% lead ("Pb") and 0.1% copper ("Cu") and 114 g/t AgEq o ...

Group 1 - The international precious metals market is strengthening, with spot gold prices holding at $2350 per ounce and silver prices surpassing $34 per ounce, reaching a new high since 2012 [1] - Adrian Day warns of significant valuation discrepancies in mining companies and highlights a potential liquidity crisis in the global financial system, which may compel the Federal Reserve to restart quantitative easing in Q3 [1][3] Group 2 - The gold market is supported by multiple fundamental factors, including accelerated central bank gold purchases, increased demand for safe-haven assets due to geopolitical uncertainties, and growing concerns over fiscal sustainability in major economies [3] - The OECD has significantly lowered its 2024 global economic growth forecast to 1.6%, citing the impact of U.S. protectionist policies on the global trade system, which has pressured the dollar index and supported gold prices for three consecutive weeks [3] - Day suggests that the U.S. Treasury may face a risk of funding exhaustion in Q3, leading the Federal Reserve to provide liquidity support by expanding its balance sheet rather than merely cutting interest rates [3] Group 3 - In terms of asset allocation, Day emphasizes that the mining sector presents significant value opportunities, citing Agnico Eagle Mines, which, despite high profit margins, has an enterprise value multiple (EV/EBITDA) below the 20th percentile of the past decade [4] - There is an expectation of increased merger and acquisition activity among mid-tier miners, with companies like Franco-Nevada and Wheaton Precious Metals identified as having strategic value [4] - Day maintains a bullish outlook on uranium, copper, and other key metals for energy transition, suggesting that the current precious metals market cycle is far from over and recommending investors hold gold mining stocks until at least 2025 [4]

Core Viewpoint - Defiance Silver Corp. has announced a brokered private placement offering to raise gross proceeds of up to C$8 million through the sale of up to 32 million units at a price of C$0.25 per unit [1][2]. Group 1: Offering Details - Each unit will consist of one common share and one-half of a common share purchase warrant, with each whole warrant allowing the purchase of one common share at a price of C$0.35 within 24 months following the closing date [2]. - The company grants the agent an option to sell up to an additional 8 million units for additional gross proceeds of up to C$2 million [3]. - The offering is scheduled to close on June 17, 2025, subject to regulatory approvals [8][9]. Group 2: Use of Proceeds - The net proceeds from the offering will be used for exploration work on the company's projects, completing a mineral resource estimate at the San Acacio project, making cash option payments on the Tepal project, and providing general working capital [4]. Group 3: Regulatory Compliance - The units will be offered to purchasers in specific Canadian provinces under the Listed Issuer Financing Exemption, and may also be sold in offshore jurisdictions and the United States under applicable exemptions [5][7]. - All securities not issued under the Listed Issuer Financing Exemption will be subject to a hold period of four months and one day following the closing date [7]. Group 4: Company Overview - Defiance Silver Corp. is focused on advancing the Zacatecas project and the Tepal Gold/Copper Project in Mexico, managed by a team with a proven track record in mine development [11].

Pan American Silver (PAAS) closed the last trading session at $24.20, gaining 0.7% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $31.23 indicates a 29.1% upside potential.The mean estimate comprises nine short-term price targets with a standard deviation of $4.44. While the lowest estimate of $26 indicates a 7.4% increase from the current price level, the most optimistic analyst ...