Key Takeaways PAAS trades at a lower forward earnings multiple than the industry average and key silver mining peers.PAAS beat the 2025 silver production guidance and expects higher output in 2026 on strong mine results.Pan American Silver's MAG Silver acquisition expands reserves, adds projects and supports long-term growth.Pan American Silver Corp. (PAAS) stock is currently trading at a forward 12-month earnings multiple of 15.72X, which is a discount to the Zacks Mining - Silver industry’s average of 19. ...

Company Overview - Air Products and Chemicals (APD) is part of the Basic Materials sector, which includes 254 individual stocks and holds a Zacks Sector Rank of 4 [2] - APD currently has a Zacks Rank of 2 (Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings outlooks [3] Performance Analysis - Year-to-date, APD has gained approximately 14.8%, outperforming the average gain of 13.2% for Basic Materials stocks [4] - In comparison to its specific industry, Chemical - Diversified, which has an average gain of 18.2% this year, APD is slightly underperforming [6] Industry Context - The Chemical - Diversified industry consists of 29 companies and is ranked 210 in the Zacks Industry Rank [6] - Another notable stock in the Basic Materials sector, Hochschild Mining PLC, has returned 20% year-to-date and has a Zacks Rank of 2 (Buy) [5][7]

The prospects for the Zacks Mining - Silver industry look promising,supported by strong momentum in silver prices and robust end-market demand. Industrial applications are expected to account for a significant share of global silver consumption, reinforcing long-term demand visibility. Constrained mine supply points to a potential market deficit, a dynamic that should continue to support higher prices.We suggest adding stocks like Fresnillo plc (FNLPF) , Hecla Mining (HL) , Buenaventura Mining (BVN) and Avi ...

Company Performance - Avino Silver (ASM) closed at $11.02, reflecting a -1.96% change from the previous day, underperforming the S&P 500's daily loss of 0.13% [1] - Over the past month, shares of Avino Silver have appreciated by 81%, significantly outperforming the Basic Materials sector's gain of 12.37% and the S&P 500's gain of 0.78% [1] Upcoming Earnings - Avino Silver is projected to report earnings of $0.06 per share, indicating a year-over-year decline of 14.29% [2] - The consensus estimate for revenue is $29.1 million, which represents a 19.36% increase compared to the same quarter of the previous year [2] Fiscal Year Estimates - For the entire fiscal year, earnings are projected at $0.17 per share, reflecting a +13.33% change from the prior year, while revenue is estimated at $90.3 million, showing no change [3] - Recent changes in analyst estimates for Avino Silver are important as they reflect evolving short-term business trends, with positive revisions indicating a favorable business outlook [3] Zacks Rank and Valuation - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), indicates Avino Silver currently holds a rank of 2 (Buy) [5] - The Zacks Consensus EPS estimate has increased by 25.86% in the past month, suggesting positive sentiment around the stock [5] - Avino Silver's Forward P/E ratio is 30.8, which is higher than the industry average of 21.88, indicating it is trading at a premium [6] Industry Context - The Mining - Silver industry, part of the Basic Materials sector, has a Zacks Industry Rank of 18, placing it in the top 8% of over 250 industries [6] - The Zacks Industry Rank evaluates the performance of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

Company Performance - Pan American Silver (PAAS) ended the recent trading session at $65.92, showing a +2.5% change from the previous day's closing price, outperforming the S&P 500's daily loss of 0.01% [1] - Over the past month, shares of Pan American Silver have gained 22.05%, significantly surpassing the Basic Materials sector's gain of 11% and the S&P 500's gain of 0.78% [1] Earnings Expectations - The company is expected to release its earnings on February 18, 2026, with analysts projecting earnings of $0.87 per share, indicating a year-over-year growth of 148.57% [2] - The consensus estimate for revenue is $1.09 billion, reflecting a 34.13% increase from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, Zacks Consensus Estimates predict earnings of $2.2 per share and revenue of $3.52 billion, representing changes of +178.48% and 0%, respectively, from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Pan American Silver are important as they reflect short-term business trends and analysts' confidence in the company's performance [4] - The Zacks Rank system, which evaluates these estimates, currently ranks Pan American Silver at 3 (Hold) [6] Valuation Metrics - Pan American Silver is trading at a Forward P/E ratio of 19.25, which is a discount compared to the industry average Forward P/E of 21.54 [7] - The company's PEG ratio is currently 0.7, aligning with the Mining - Silver industry's average PEG ratio of 0.7 [7] Industry Overview - The Mining - Silver industry is part of the Basic Materials sector and holds a Zacks Industry Rank of 16, placing it in the top 7% of over 250 industries [8] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [8]

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Group 1: Hecla Mining Overview - Hecla Mining (HL) currently holds a Momentum Style Score of A, indicating strong momentum characteristics [2] - The company has a Zacks Rank of 2 (Buy), suggesting it is positioned for potential outperformance [3] Group 2: Price Performance - Over the past week, HL shares have increased by 19.86%, outperforming the Zacks Mining - Silver industry, which rose by 17.59% [5] - In a longer timeframe, HL's shares have surged by 136.51% over the past quarter and 425.23% over the last year, while the S&P 500 has only increased by 1.81% and 17.32%, respectively [6] Group 3: Trading Volume - The average 20-day trading volume for HL is 25,267,324 shares, which serves as a bullish indicator when combined with rising stock prices [7] Group 4: Earnings Outlook - In the past two months, one earnings estimate for HL has increased, raising the consensus estimate from $0.40 to $0.42 [9] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [9] Group 5: Conclusion - Given the strong momentum indicators and positive earnings outlook, HL is recommended as a stock to consider for near-term investment opportunities [11]

Company Overview - Avino Silver & Gold Mines Ltd. (ASM) reported silver-equivalent production of 671,583 ounces in Q4 2025, a 9% increase from Q4 2024. Annual silver-equivalent production was 2.6 million ounces, down 2% year over year, but within ASM's guidance of 2.5 to 2.8 million ounces [2][9]. Production Details - In Q4 2025, silver production rose 22% year over year to 345,298 ounces, supported by a contribution of 48,244 ounces from La Preciosa and strong performance at the Avino Mine. For the full year 2025, silver production increased 4% year over year to 1.16 million ounces [3][9]. - Gold production in Q4 fell 34% to 1,687 ounces, while it increased 2% year over year to 7,621 ounces in 2025. Copper production decreased 27% year over year to 1.29 million pounds in Q4 and declined 9% to 5.67 million pounds for the full year [4][9]. Operational Updates - ASM commenced underground development at the La Preciosa mine in January 2025, achieving extraction, hauling, processing, and sales of mineralized material. The company mined approximately 24,000 tons of material from La Preciosa over the past year. As of December 31, 2025, ASM held $100 million in cash [5]. Industry Comparison - In comparison, Pan American Silver Corp. (PAAS) produced 22.8 million ounces of silver in 2025, an 8% increase from 2024, with a record fourth-quarter output of 7.3 million ounces [6]. - Endeavour Silver Corp. (EXK) reported a 143% year-over-year increase in silver-equivalent production in Q4 2025, driven by the Kolpa operation, with consolidated silver production soaring 146% year over year to 2.03 million ounces [8]. - First Majestic Silver Corp. (AG) achieved total production of 7.8 million silver-equivalent ounces in Q4 2025, including a record 4.2 million silver ounces, marking a 37% year-over-year increase attributed to a 77% surge in silver production [10].

Company Performance - Avino Silver's shares increased by 13.5% to $7.83 in the last trading session, with a higher-than-average trading volume [1] - The company reported a 22% year-over-year increase in silver production, reaching 345,298 ounces in Q4 2025, contributing to a total production of 1.16 million ounces for the year, which is a 4% increase [2] - The consensus EPS estimate for the upcoming quarterly report is $0.06, reflecting a year-over-year decline of 14.3%, while revenues are expected to be $27.7 million, up 13.6% from the previous year [4] Industry Insights - Silver prices have surged by 223.6% year-over-year, driven by strong safe-haven demand and geopolitical tensions, while gold prices have risen by 77.9% [3] - The demand for silver is significantly influenced by industrial applications, particularly in solar energy and electronics, which now account for over half of global silver demand [3] - Avino Silver is part of the Zacks Mining - Silver industry, where another company, Endeavour Silver, saw a 10.9% increase in its stock price, with a 25.2% return over the past month [6]

Core Viewpoint - Hecla Mining Company (HL) and First Majestic Silver Corp. (AG) are key players in the silver mining industry, focusing on silver extraction and growth through exploration, mine expansions, and strategic partnerships [1][2] Hecla Mining (HL) - HL produced 4.6 million ounces of silver in Q3 2025, a 1.5% increase from the previous quarter, with revenues rising to $409.5 million, up 35% sequentially due to higher metal prices and increased sales volumes [3][11] - The Greens Creek mine in Alaska was a significant contributor, producing 2.3 million ounces of silver and 15,600 ounces of gold, with capital investment expected to rise in Q4 2025 for ongoing projects [4] - The Lucky Friday mine produced 1.3 million ounces of silver, benefiting from higher milled grades and stable operations, with a surface cooling project expected to enhance access to higher-grade ore by H1 2026 [5] - The Keno Hill project produced 898,328 ounces of silver, a 20% sequential increase, supported by improved power reliability and higher milling rates [6] - HL received approval for exploration at the Polaris project in Nevada for 2026, and early drilling at the Midas project showed promising results, indicating potential for low-capital growth [7] - The company generated $148 million in operating cash flow and approximately $90 million in free cash flow, significantly improving its balance sheet by reducing net leverage from 0.7x to 0.3x [8] - However, HL's all-in sustaining costs rose to $11.01 per ounce from $5.19 in the prior quarter due to higher labor expenses and increased capital investments [9] First Majestic Silver Corp. (AG) - AG's total production reached 7.8 million silver-equivalent ounces in Q4 2025, including a record 4.2 million silver ounces, marking a 37% year-over-year increase driven by a 77% surge in silver production [10][12] - In Q3 2025, AG produced 7.7 million silver-equivalent ounces, including 3.9 million silver ounces, with cash flow increasing 67.5% year-over-year to $98.8 million and liquidity reaching $682 million [13][11] - AG completed the acquisition of Gatos Silver, gaining a 70% interest in the Cerro Los Gatos Silver mine, enhancing its position as an intermediate primary silver producer [13] - Despite strong production growth, AG faces challenges with rising costs, as its cost of sales surged 52.8% year-over-year, and general and administrative expenses increased by 27.3% [14] - Ongoing legal and regulatory challenges in Mexico, including a major tax conflict, pose risks to AG's operations, despite strong production performance [15] - AG's long-term debt increased by 3.5% year-over-year to $216.8 million, raising concerns about future margins and profitability [16] Market Performance and Valuation - Hecla Mining's shares surged 107.2% over the past three months, while First Majestic's stock gained 68.6% [20] - Hecla Mining trades at a forward P/E ratio of 45.76X, above its five-year median of 36.97X, while First Majestic's forward earnings multiple is 60.07X, higher than its median of 30.16X [21] Conclusion - Hecla Mining is well-positioned for growth with strong operational performance and exploration projects, while First Majestic, despite strong production and cash flow, faces challenges that could pressure margins [25][26]

Core Viewpoint - Avino Silver (ASM) has shown strong performance in recent trading sessions, with a notable increase in share price and positive outlook for upcoming earnings despite a projected year-over-year decline in earnings per share [1][2]. Company Performance - Avino Silver's stock closed at $6.86, reflecting a +2.69% change from the previous day's closing price, outperforming the S&P 500's gain of 0.26% [1]. - Over the past month, shares have appreciated by 8.97%, surpassing the Basic Materials sector's gain of 8.62% and the S&P 500's gain of 1.57% [1]. Earnings Expectations - Analysts expect Avino Silver to report earnings of $0.06 per share, indicating a year-over-year decline of 14.29% [2]. - Revenue is projected at $27.7 million, which represents a 13.62% increase from the prior-year quarter [2]. Fiscal Year Projections - For the entire fiscal year, earnings are projected at $0.17 per share, reflecting a +13.33% change from the prior year, while revenue is expected to remain flat at $89.65 million [3]. - Investors should monitor revisions to analyst forecasts, as positive revisions indicate optimism about the company's business and profitability [3]. Valuation Metrics - Avino Silver has a Forward P/E ratio of 23.03, which is a premium compared to the industry average Forward P/E of 19.17 [6]. - The Mining - Silver industry is part of the Basic Materials sector and currently holds a Zacks Industry Rank of 38, placing it in the top 16% of over 250 industries [6]. Zacks Rank and Performance - Avino Silver currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook based on the Zacks Rank system, which has a strong track record of outperforming the market [5]. - The Zacks Rank system has shown that stocks rated 1 have produced an average annual return of +25% since 1988 [5].