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Three companies with strong roots in the state are revolutionizing the treatment of cardiovascular disease through hydraulic lithotripsy technology

CHARLEVOIX, Mich.--(BUSINESS WIRE)--BioStar Capital, a venture capital firm focused on transformative medical technologies, has announced a landmark pre-FDA exit of Amplitude Vascular Systems, Inc. (AVS), a medical technology company that created a next-generation hydraulic intravascular lithotripsy (IVL) platform to treat calcified peripheral arterial disease. Upon acquiring AVS for up to $835 million, Stryker (NYSE:SYK), a global leader in medical technologies, called the deal a milestone in the expansion of its peripheral vascular portfolio.

All three companies have close ties to Michigan. BioStar Capital, with offices in Michigan and Ohio, was founded by Dr. Louis Cannon, a physician who first encountered the idea for hydraulic lithotripsy while serving on the University of Michigan’s Coulter Committee. Robert Chisena, Ph.D, co-founded AVS while completing his doctorate at the university, building prototypes in an Ann Arbor garage. He developed the technology in partnership with Hitinder S. Gurm, an interventional cardiologist and interim Chief Medical Officer of the U of M Health System. Stryker is headquartered in Portage, in southwest Michigan.

About 1 in 20 U.S. adults, aged 20 and older, have calcified arteries, the treatment of which costs approximately $100 billion in aggregate annually. AVS’s Pulse System is a much-needed alternative to the current interventions that use electric wired balloons and lasers. AVS’s technology, which delivers CO₂-generated pressure waves through a balloon catheter, optimizes arterial diameter while potentially minimizing damage and increasing catheter deliverability, treatment speed, and therapeutic efficacy.

BioStar Capital served as an early strategic growth partner of AVS, licensing the IP, providing initial startup capital, and guiding the startup through several phases of development and approvals, including clinical studies and first-in-human trial design.

“We are doctors first and investors second, which means we look for emerging technologies that solve the needs of physicians and patients, then work to make the product better and scalable,” said Cannon, BioStar’s Senior Managing Director. “The data shows that this device is uniquely safe and effective.”

“Its potential for tremendous impact on patients’ lives has only increased with the benefit of Stryker’s resources and reach,” Cannon added.

This acquisition is the latest in a long history of successful exits for BioStar Capital. Among others, the firm previously invested in Corindus Vascular Robotics (NYSE: CVRS), a leader in robotic-assisted vascular interventions that was acquired by Siemens Healthineers for $1.1 billion; V-Wave, a company addressing heart failure that was acquired by Johnson & Johnson for up to $1.7 billion; and CathWorks, developer of an AI-powered imaging platform for coronary artery disease that was acquired by Medtronic in a deal valuing up to $585 million.

About BioStar Capital

BioStar Capital invests in and nurtures transformative medical technologies. The team consists of renowned healthcare clinicians, medical thought leaders, and financial professionals who bring unique insight to every investment opportunity. By leveraging a rare combination of domain expertise, industry connections, and access to medical facilities and innovators, BioStar Capital has consistently produced life-changing outcomes for patients and rewarding returns for investors.

Stryker NYSE:SYK , a global leader in medical technologies, announced today the European launch of its Pangea Plating System, a plating platform for the treatment of a wide range of fracture patterns. Prof. Alex Trompeter, design surgeon and orthopaedic trauma surgeon, along with his team at St. George's University Hospital in London, completed the first clinical case in Europe.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260525326817/en/

Stryker's Pangea Plating System brings together thoughtfully designed plates and a streamlined instrumentation set, giving surgeons practical options when treating a range of fractures.

“Pangea was developed with a clear goal in mind: supporting anatomical fit while maintaining simplicity in the operating room,” said Prof. Trompeter. “The system brings together thoughtfully designed plates and a streamlined instrumentation set, giving surgeons practical options when treating a range of fractures.”

The devices are non-active implants intended to provide temporary stabilization for bones or bone fragments. The system includes plates and complementary instrumentation intended to support plate fit and provide surgeons with options for fracture fixation across the upper and lower extremities.

“Having used the system in the U.S., I’ve seen how it supports consistent workflows while offering flexibility in fracture fixation,” said Arvind von Keudell, MD, PhD, MPH, fellowship-trained, board-certified orthopaedic surgeon and associate professor at Harvard Medical School. “It’s designed in a way that helps surgeons adapt to different fracture patterns without adding unnecessary complexity in the operating room.”

Developed in collaboration with 26 orthopaedic surgeons from around the world, the Pangea portfolio incorporates global anatomical data to support plate fit across diverse patient populations. The platform also provides variable-angle plating designed to offer flexibility in screw placement.

“We are pleased to introduce the Pangea Plating System to surgeons across Europe,” said Dragana Bunjevac, vice president and general manager of Stryker’s Trauma & Extremities division in EMEA. “Pangea reflects our focus on developing solutions that enhance surgical workflow and address the evolving needs of trauma care.”

The European launch expands access to Stryker’s trauma portfolio and reflects the company’s continued collaboration with orthopaedic surgeons worldwide to develop solutions that support fracture fixation.

For more information about the Pangea Plating System, please visit our website.

About Stryker

Stryker is a global leader in medical technologies and, together with our customers, we are driven to make healthcare better. We offer innovative products and services in MedSurg, Neurotechnology and Orthopaedics that help improve patient and healthcare outcomes. Alongside our customers around the world, we impact more than 150 million patients annually. More information is available at www.stryker.com.

This document is intended solely for the use of healthcare professionals. A surgeon must always rely on his or her own professional clinical judgment when deciding whether to use a particular product when treating a particular patient. Stryker does not dispense medical advice and recommends that surgeons be trained in the use of any particular product before using it in surgery.

The information presented is intended to demonstrate a Stryker product. A surgeon must always refer to the package insert, product label and/or instructions for use, including the instructions for cleaning and sterilization (if applicable), before using any Stryker product. Products may not be available in all markets because product availability is subject to the regulatory and/or medical practices in individual markets. Please contact your Stryker representative if you have questions about the availability of Stryker products in your area.

The instructions for use, operative techniques, cleaning instructions, patient information leaflets and other associated labeling may be requested online at ifu.stryker.com or stryker.com. If saving the instructions for use, operative techniques, cleaning instructions from the above mentioned websites, please make sure you always have the most up to date version prior to use.

Stryker Corporation or its divisions or other corporate affiliated entities own, use or have applied for the following trademarks or service marks: Pangea, Stryker. All other trademarks are trademarks of their respective owners or holders.

Content ID: TR-PANG-PRESS-3206883

View source version on businesswire.com: https://www.businesswire.com/news/home/20260525326817/en/

On June 02, 2026, we present a DCF analysis for Stryker Corp SYK amidst its recent price performance, which has seen a decline of 14.6% year-to-date and 21.0% over the past year. The current price stands at $299.46.

DCF Earnings-based intrinsic value of $206.09 vs price of $299.46 (margin of safety: -45.3%) DCF FCF-based intrinsic value of $286.38 vs price of $299.46 (second opinion) GF Score™ of 92/100 indicates a high reliability of the DCF inputs What Is SYK Worth? DCF Earnings-Based Model The DCF earnings-based model for Stryker Corp employs a two-stage approach. In the first stage, we project earnings growth over the next 10 years at a rate of 9.4%. This growth is then discounted back to present value using a discount rate of 11%, which is derived from the risk-free rate and equity risk premium. In the second stage, we apply a terminal growth rate of 4% for the subsequent 10 years, also discounted at the same rate.

Parameter Value Current EPS (TTM, excl. non-recurring) $13.39 10-Year Growth Rate 9.4% 10-Year Treasury Rate 4.43% Discount Rate (ceil(Treasury) + 6%) 11% Terminal Growth Rate 4% The calculation summary for the DCF earnings-based model is as follows:

Stage Description Value Growth Stage (Years 1-10) EPS growing at 9.4%, discounted at 11% $123.73 Terminal Stage (Years 11-20) 4% terminal growth, discounted at 11% $82.36 Intrinsic Value Growth + Terminal $206.09 Comparing the current price of $299.46 with the intrinsic value of $206.09 reveals that Stryker Corp is modestly overvalued, with a margin of safety of -45.3%. It is important to note that GuruFocus uses EPS excluding non-recurring items, as research indicates that stock prices correlate more closely with earnings than with free cash flow. For further calculations, visit the SYK DCF Calculator.

What Does the Free Cash Flow DCF Say? The free cash flow (FCF) based intrinsic value for Stryker Corp is calculated at $286.38. When compared with the earnings-based intrinsic value of $206.09, the FCF model suggests a somewhat higher valuation. This indicates that while the earnings-based model shows Stryker as overvalued, the FCF-based model presents it as fairly valued, with a margin of safety of -4.6%.

How Does GF Value™ Compare to the DCF Models? The GF Value™ for Stryker Corp is calculated at $408.28, providing a third perspective on valuation. GF Value™ is GuruFocus' proprietary measure that considers historical trading multiples, past business growth, and future performance estimates. In this case, the DCF earnings-based model suggests overvaluation, the FCF model indicates fair valuation, while GF Value™ suggests that the stock is undervalued. This discrepancy highlights the importance of considering multiple valuation methods. For more details, visit the GF Value™ page.

What Does SYK's GF Score™ Tell Us? The GF Score™ ranks stocks from 0 to 100 based on five key aspects: Financial Strength, Profitability, Growth, Valuation, and Momentum. Stocks with higher GF Score™ values have been found to generate higher long-term returns based on backtested data from 2006 to 2021.

Metric Rating GF Score™ 92/100 Financial Strength 7/10 Profitability 9/10 Growth 10/10 Valuation 8/10 Momentum 4/10 With a predictability rank of 1/5 stars, it indicates that the DCF model may be less reliable for this stock. For more information, visit the SYK stock page.

Key Assumptions and Limitations It is essential to recognize that DCF models are highly sensitive to the assumptions made regarding growth rates and discount rates. Stocks with low predictability ratings, such as Stryker Corp, tend to produce less reliable DCF estimates. The terminal growth rate of 4% is a simplifying assumption that may not accurately reflect future economic conditions.

What This Means for Investors In synthesizing the three valuation models—DCF earnings, DCF FCF, and GF Value™—we find a mixed picture. The DCF earnings model indicates that Stryker Corp is overvalued, while the DCF FCF model suggests fair valuation. Conversely, the GF Value™ indicates it is undervalued. Overall, the consensus leans towards overvaluation based on earnings.

For the full DCF analysis, visit the SYK DCF Calculator. You can also explore the GF Value™ page, or use the GuruFocus Stock Screener to find undervalued predictable companies.

Frequently Asked Questions What is SYK's intrinsic value based on DCF?

earnings-based $206.09, FCF-based $286.38

Is SYK overvalued or undervalued?

Based on the DCF earnings model, SYK is overvalued, while the FCF model suggests it is fairly valued, and GF Value™ indicates it is undervalued.

How reliable is the DCF model for SYK?

The predictability rank of 1/5 suggests that the DCF model may be less reliable for Stryker Corp.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Investors looking for stocks in the Medical - Products sector might want to consider either Phibro Animal Health (PAHC - Free Report) or Stryker (SYK - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Phibro Animal Health has a Zacks Rank of #2 (Buy), while Stryker has a Zacks Rank of #3 (Hold) right now. Investors should feel comfortable knowing that PAHC likely has seen a stronger improvement to its earnings outlook than SYK has recently. But this is just one factor that value investors are interested in.

Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

PAHC currently has a forward P/E ratio of 9.28, while SYK has a forward P/E of 19.58. We also note that PAHC has a PEG ratio of 0.43. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. SYK currently has a PEG ratio of 1.85.

Another notable valuation metric for PAHC is its P/B ratio of 3.2. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, SYK has a P/B of 4.89.

Based on these metrics and many more, PAHC holds a Value grade of A, while SYK has a Value grade of C.

PAHC sticks out from SYK in both our Zacks Rank and Style Scores models, so value investors will likely feel that PAHC is the better option right now.

Key Takeaways Stryker maintained healthy underlying demand despite cyberattack-related shipment disruptions.SYK reported record Mako installations as adoption and utilization rates increased globally.Stryker sees growth from international expansion and Amplitude Vascular Systems acquisition. Stryker (SYK - Free Report) entered 2026 facing an unexpected cyber disruption, yet underlying demand, robotics adoption and international momentum remained strong. While a robust capital pipeline and active acquisition strategy support long-term growth, execution risks tied to recovery efforts, margin pressures and expanding exposure to new markets could shape the company’s performance over the coming quarters.

This Zacks Rank #3 (Hold) company’s shares have lost 13.1% so far this year compared with the industry’s 23.1% decline. The S&P 500 Index has gained 6.3% in the same time frame.

Stryker is a global leader in medical technology with a portfolio spanning Orthopaedics, MedSurg, and Neurotechnology. The company has a market capitalization of $118.4 billion.

SYK’s bottom line is anticipated to improve 10.6% over the next five years. Its earnings beat estimates in each of the trailing four quarters, delivering an average negative surprise of 1.82%.

Image Source: Zacks Investment Research

Let’s delve deeper.

Factors Driving SYK’s ProspectsStrong Underlying Procedure Demand and Robust Capital Order Book: Despite the cyberattack significantly disrupting first-quarter results, management repeatedly emphasized that underlying demand across its major businesses remained healthy. Organic sales growth of 2.4% was heavily constrained by shipment delays and revenue-recognition disruptions rather than weakening customer demand.

Hospital capital spending remains stable, and Stryker entered the second half of 2026 with an elevated capital equipment order book, providing solid visibility into future demand. The company also delivered a record first quarter for Mako installations across both domestic and international markets, while Mako utilization rates continued to increase.

These indicators suggest that end-market fundamentals remain intact. Once operational disruptions normalize, the combination of strong procedural volumes, demographic tailwinds and sustained hospital investment should allow Stryker to resume its historical pattern of above-market growth and reinforce its leadership position across orthopaedics and medical technologies.

Robotics Ecosystem Continues to Create a Powerful Competitive Moat: Stryker’s robotics platform remains one of its most important strategic advantages. Management highlighted record Mako installations, strong surgeon adoption and increasing utilization rates globally. The company is expanding the platform through Mako 4, Mako Shoulder and the newly launched Mako RPS handheld robotic solution. The handheld robotic solution broadens access to surgeons previously reluctant to adopt full robotic systems.

Advanced hip revision procedures are receiving strong clinical feedback, while future procedural expansions remain under development. The ability to continuously add applications onto an installed robotic base strengthens customer retention and drives recurring implant demand.

Management continues to expect orthopaedic growth to exceed market rates by 200-300 basis points. As robotic adoption expands across hospitals and ambulatory surgery centers, Stryker’s ecosystem advantage could become even more difficult for competitors to replicate.

International Markets Are Emerging as a Major Growth Engine: International operations are becoming increasingly important to Stryker’s growth profile. Management cited strong momentum in Japan, Europe, India, Korea and broader East Asia, supported by years of commercial investment and expanding product approvals.

Europe recently approved Pangea, a platform that has already driven significant trauma growth in the United States and Japan. The company also sees significant long-term opportunities in Saudi Arabia and other Middle Eastern markets despite current geopolitical challenges.

Management believes market share remains below its potential across several international regions, leaving ample room for future expansion. As more U.S.-developed innovations receive international approvals, Stryker gains additional leverage from its global infrastructure. This growing geographic diversification reduces dependence on any single market and provides a meaningful runway for sustained revenue acceleration over the coming years.

DownsidesCyberattack Exposes Significant Operational Vulnerabilities: The most immediate risk facing Stryker is the operational disruption caused by the recent cyberattack. Although management successfully restored manufacturing systems and reaffirmed full-year guidance, the incident highlighted the company’s dependence on interconnected digital infrastructure.

The attack disrupted manufacturing, delayed shipments and reduced revenue recognition, hurting first-quarter profitability. While management characterized the recovery as successful, future cybersecurity threats remain a material risk, given the increasingly digital nature of healthcare operations.

Beyond direct financial costs, the company expects to incur additional investments related to cybersecurity enhancements and operational resilience. Even though customer relationships appear largely intact, the event demonstrates how quickly external disruptions can materially affect financial performance, particularly across a global organization with complex manufacturing and distribution networks.

Margin Expansion Faces Pressure: Stryker’s profitability outlook remains challenged by several external factors. First-quarter adjusted gross margin declined 190 basis points, while operating margin fell 180 basis points due to lost manufacturing absorption, tariffs and lower operating leverage.

Interest expense increased following a debt issuance used to fund the Inari acquisition. Management acknowledged ongoing inflationary pressure from rising input costs, freight expenses and geopolitical developments affecting commodity markets. While procurement initiatives and operational-efficiency programs may mitigate part of these pressures, much of the inflationary environment remains outside management’s control.

The company continues to target margin expansion, but achieving those objectives may become increasingly difficult if tariff uncertainty persists or global inflation remains elevated. Sustained cost pressure could limit earnings growth even if revenue recovery proceeds according to plan.

Growing Exposure to Emerging Businesses Increases Risk: Stryker’s expansion into newer categories, such as peripheral vascular intervention, cardiovascular technologies, AI-enabled hospital solutions and potentially soft-tissue robotics, offers significant growth opportunities but brings in execution complexity.

Businesses like Inari and the planned AVS acquisition require the company to operate in physician specialties and competitive environments outside its traditional orthopaedic expertise. Management has acknowledged that successful integration requires commercial restructuring, retention of talent and continued investment in innovation.

Newer technologies often involve regulatory uncertainty, reimbursement challenges and longer adoption cycles. While these initiatives have the potential to create substantial long-term value, they also add operational complexity and increase the risk that capital investments may not deliver the anticipated returns. Investors must weigh the growth opportunity against the execution risks associated with entering new markets.

Estimate TrendSYK has been witnessing a positive estimate revision trend for 2026. In the past 60 days, the Zacks Consensus Estimate for earnings has increased 0.5% to $14.98 per share.

The consensus mark for second-quarter 2026 revenues is pegged at $6.56 billion, indicating a 9% improvement from the year-ago reported actuals. The bottom-line estimate is pinned at $3.49, implying year-over-year growth of 11.5%.  

Stocks to ConsiderSome better-ranked stocks from the same medical industry are Align Technology (ALGN - Free Report) , West Pharmaceutical Services (WST - Free Report) and Cardinal Health (CAH - Free Report) .

Align Technology, carrying a Zacks Rank #1 (Strong Buy) at present, has an estimated long-term growth rate of 10.3%. ALGN’s earnings surpassed estimates in three of the trailing four quarters and missed once, with the average surprise being 7.80%. You can see the complete list of today’s Zacks #1 Rank stocks here.

ALGN’s shares have gained 9.2% against the industry’s 4.2% decline so far this year.

West Pharmaceutical, currently carrying a Zacks Rank of 1, has an estimated long-term growth rate of 13.9%. WST’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 19.37%.

West Pharmaceutical’s shares have gained 20.2% against the industry’s 4.2% decline year to date.

Cardinal Health, currently carrying a Zacks Rank #2 (Buy), has an estimated long-term growth rate of 17%. CAH’s earnings surpassed estimates in each of the trailing four quarters, with the average surprise being 10.27%.

CAH’s shares have gained 5.2% against the industry’s 4.2% decline so far this year.

88 Energy Ltd (AIM:88E, ASX:88E, OTCQB:EEENF, FRA:POQ) has tightened its contractual position at Project Phoenix in Alaska while giving joint venture partner Burgundy Xploration more time to complete funding ahead of a planned US listing.

The company agreed to extend Burgundy’s funding milestone under the Participation Agreement to 30 September, aligning the timetable with Burgundy’s initial public offering process.

In return, 88 Energy will receive US$400,000 of near-term payments, comprising a US$100,000 amendment fee and US$300,000 toward the Icewine 3D payment.

Burgundy remains committed to funding 100% of Project Phoenix costs under the agreed US$29 million carry.

The revised terms also include additional security over Burgundy’s lease positions, accelerated payment terms for the outstanding Icewine 3D consideration and an option for 88 Energy to acquire up to 25% of Burgundy’s 2025 North Slope leases at cost.

The Franklin Bluffs-1H horizontal well, designed as the next step in the appraisal and commercialisation plan for Project Phoenix, is now expected to spud in the first quarter of 2027, with a revised target spud date of 30 March 2027.

88 Energy noted that Burgundy has submitted its draft Form S-1 to the US Securities and Exchange Commission and completed two rounds of SEC comments.

Since the PA was executed in February 2025, Burgundy has paid around US$1.5 million gross to 88 Energy, delivering about A$2.0 million of net cash-flow benefits.

Published: 09:36 30 Apr 2026 EDT

OTC Markets Group Inc. (OTCQX:OTCM) announced that Charlotte’s Web Holdings, a botanical wellness innovation company, has qualified to trade on the OTCQX Best Market, upgrading from the OTCQB Venture Market.

Charlotte’s Web begins trading on OTCQX under the ticker symbol 'CWBHF.' 

OTCQX:OTCM

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Chris King on OTC Markets growth and ID Market OTC Markets Group SVP Americas Business Development Chris King joined Steve Darling from the Vancouver Resources Investment Conference to share news about the company’s performance and initiatives over the past year during the Vancouver conference.King explained that over 70% of the 190+...

on 01/25/2026

Editor's Picks

Bank sits 5-10% below consensus on core earnings from 2027, citing need for pipeline success and new launch execution

JP Morgan has retained its underweight rating on GSK PLC (LSE:GSK, NYSE:GSK) with a June 2027 price target of £17, arguing that near-term earnings upgrade potential is limited and that the pharmaceutical group's longer-term outlook remains contingent on pipeline success and the execution of new product launches.

Analyst Zain Ebrahim made modest forecast changes following GSK's first-quarter 2026 results, including foreign exchange-related adjustments of 0% to 1% to sales forecasts across 2026 to 2031 and upgrades of 1% to 2% to core operating profit estimates.

It has left local currency guidance unchanged at 4% sales growth and 8% core operating profit growth for the full year.

JP Morgan's 2031 sales forecast of £32 billion sits approximately 8% below market consensus, with the broker running 7% behind peers on Specialty Medicines, 8% behind on General Medicines and 11% behind on Vaccines.

This reflects scepticism around the contribution from new launches, including Exdensur and Blenrep.

The broker identified several near-term catalysts to monitor, including detailed Phase III data on bepirovirsen, a treatment for chronic hepatitis B, at the EASL liver disease conference on 27-30 May.

Expected are readouts from the camlipixant CALM-1 and CALM-2 trials in July, as well as GSK's second-quarter results and pipeline update on 29 July.

Citi is holding back from recommending GSK PLC (LSE:GSK, NYSE:GSK) shares despite a significant clinical breakthrough in hepatitis B treatment, arguing that unanswered commercial questions mean any value from the new drug is unlikely to materialise for shareholders in the near term.

The bank maintains its 'neutral' rating on GSK after trial results for the company's experimental drug bepirovirsen were published in the New England Journal of Medicine.

The hesitation centres on practical questions that remain unresolved: how the drug will be priced, which countries will be able to access it first, and whether the intensive blood and liver monitoring required during treatment will prove workable in everyday clinical settings outside of a trial environment.

The cautious stance comes despite results that Citi itself describes as clinically meaningful.

Bepirovirsen works by silencing the genetic instructions the hepatitis B virus uses to replicate inside the body, an approach known as an antisense oligonucleotide (ASO).

Current treatments keep the virus under control but rarely eliminate it, meaning most patients must take medication every day for the rest of their lives, with fewer than 1% ever achieving what doctors call a functional cure, where the virus is suppressed to undetectable levels without ongoing treatment.

Trial results showed bepirovirsen curing 19% of a broad group of hepatitis B patients and 26% of those with lower levels of the virus in their blood, compared with zero cures in the group receiving standard treatment alone.

Hepatitis B is a chronic liver infection affecting around 300 million people worldwide, which can lead to liver failure and cancer if left uncontrolled.

Citi models peak annual sales of £1.6 billion for the drug, broadly in line with market consensus.

Jefferies has flagged four near-term catalysts in GSK PLC's (LSE:GSK, NYSE:GSK) oncology pipeline following a fireside chat with the pharmaceutical company's global head of oncology and research and development at the bank's New York healthcare conference, reiterating its buy rating and 2,500p price target on the stock.

GSK, which is trading at 1,872p, plans to present additional datasets for its B7H3 antibody-drug conjugate. This targeted cancer therapy delivers toxic payloads directly to tumour cells, at a major oncology conference in the second half of 2026, which Jefferies believes is likely to be ESMO, the European Society for Medical Oncology's annual meeting.

The bank said management views the B7H3 asset as equally important to its B7H4 programme, with B7H4 focused on gynaecological cancers, particularly ovarian and endometrial, while B7H3 has a broader expression profile spanning thoracic, gastrointestinal, prostate and sarcoma tumours.

Several additional phase III trials are expected to be disclosed for B7H3 over the coming months.

On IDRx-42, GSK's treatment for gastrointestinal stromal tumours, which produced positive data at the ASCO oncology conference, management highlighted that the grade 3 adverse event rate is notably lower than competing combination approaches, and said it is doing what it can to accelerate the phase III first-line programme.

Jefferies also flagged renewed interest in Blenrep, GSK's multiple myeloma treatment, after modelling data presented at the European Myeloma Network suggested median progression-free survival in a triplet combination could reach 100 months at the DREAMM-10 trial dose, comparing favourably to the 90 months seen with the currently approved quadruplet regimen.

The bank noted GSK's view that external mergers and acquisitions will always be necessary to complement internal research and development, with management flagging a growing pipeline of innovation from Asia.

Artificial intelligence and digital pathology were described as fundamental pillars of GSK's research approach, including the 2025 acquisition of CELLphenomics, which specialises in organoid technology to better understand tumour biology.

Jefferies said oncology remains on track to make a significant contribution to GSK's sales by 2031 and beyond.

Abacus Global Management (NYSE:ABX) has unveiled LifeARC, a proprietary AI-powered platform that generates personalized lifespan models for individuals using medical history, medications, genetics, and biometrics.

The alternative asset manager said LifeARC draws on 20 years of proprietary data to produce individualized longevity projections.

"LifeARC harnesses AI to do something no competitor can match: it's powered by 20 years of Abacus proprietary data that can't be bought, built, or displaced,” CEO Jay Jackson told shareholders in a letter announcing the launch.

“LifeARC takes an individual's medical history, conditions, medications, genetics, and biometrics and builds a personalized lifespan model.”

To deploy the technology with active clients, Abacus invested more than $50 million in Manning & Napier, an advisory firm with roughly $18 billion in assets under management and more than 3,400 clients.

"You can build the best lifespan modeling platform in the world, but if it's sitting on a server somewhere and not connected to real client portfolios, it doesn't improve anyone's retirement,” Jackson said. “We needed a partner who already had client relationships, client trust, and the infrastructure. Manning & Napier gave us that.”

The company said it plans to pursue additional wealth management partnerships.

"The technology moat is real -- every LifeARC profile we build makes our model more accurate, and nobody can replicate that dataset from scratch. The timing is better than we could have planned for," Jackson added.

Abacus said LifeARC's revenue model spans data licensing to institutions, advisory fees, and integration with insurance and annuity products, all running on the same proprietary data layer.

The company positioned the platform as central to what Jackson described as a $120 trillion intergenerational wealth transfer currently underway as Baby Boomers pass assets to their heirs.

Shares of Abacus Global were up around 3% ahead of the midway point of trading on Wednesday.

Snail Inc (NASDAQ:SNAL) has launched its open-world kingdom-building survival RPG Bellwright on PlayStation and Xbox, extending a title that has surpassed one million lifetime units sold on Steam to a broader console audience.

The game has been optimized for console play with large-screen enhancements and streamlined controls, Snail said in a statement.

RPG Bellwright has accumulated over 46.4 million playtime hours and holds a "Very Positive" rating from more than 18,000 Steam user reviews, according to the company.

The console release follows Snail Games' appearance at IGN Live 2026, where the company showcased Bellwright alongside the ARK franchise.

Also at IGN Live, Studio Wildcard co-founder and ARK franchise co-creative director Jeremy Stieglitz unveiled a teaser for ARK Maker, a creation tool aimed at expanding community-generated content within the ARK ecosystem. Stieglitz also shared new details on ARK: The Animated Series ahead of Part 2's return to Paramount+.

Snail Games said additional ARK news is expected later this month as Tides of Fortune and Genesis Ascended Part One prepare to launch.

-

VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reported the voting results from its annual general and special meeting of shareholders held on April 30, 2026, in Vancouver, British Columbia (the "Meeting"). Each of the matters voted upon at the Meeting are described in detail in the Company's Management Information Circular dated March 9, 2026, which is available on the Company's website at https://www.panamericansilver.com/invest/financial-reports-and-filings/.

A total of 290,835,897 common shares were represented at the meeting, being 68.95% of the Company’s issued and outstanding common shares as at the record date. Shareholders voted in favour of all matters brought before the Meeting, including setting the number of directors at ten, the election of management’s nominees as directors, the appointment of auditors for the ensuing year, and the acceptance of the Company’s approach to executive compensation, known as “say-on-pay”.

Election of Directors

Director Nominee

Votes For

Votes Withheld

John Begeman

249,893,726 (99.51%)

1,228,241 (0.49%)

Ignacio Bustamante

250,595,034 (99.79%)

526,933 (0.21%)

Neil de Gelder

241,637,845 (96.22%)

9,484,120 (3.78%)

Chantal Gosselin

249,719,107 (99.44%)

1,402,860 (0.56%)

Charles Jeannes

245,414,875 (97.73%)

5,707,092 (2.27%)

Kimberly Keating

250,159,453 (99.62%)

962,513 (0.38%)

Jennifer Maki

247,223,944 (98.45%)

3,898,023 (1.55%)

Pablo Marcet

250,582,108 (99.79%)

539,858 (0.21%)

Michael Steinmann

250,652,406 (99.81%)

469,559 (0.19%)

Gillian Winckler

244,326,853 (97.29%)

6,795,114 (2.71%)

About Pan American Silver

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com
Follow us on LinkedIn

More News From Pan American Silver

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VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") reports first quarter ("Q1 2026") financial results. The Company will host a conference call and webcast on May 6, 2026 to discuss the results; details provided further in this news release.

"Q1 delivered solid results, driven by strong production, disciplined cost management, and improved quarter-over-quarter silver and gold prices," said Michael Steinmann, President and Chief Executive Officer. "We are firmly on track to achieve our 2026 guidance, supporting continued momentum in free cash flow generation. In Q1, operations generated $488 million in free cash flow, bringing our cash and short-term investments to a record $1.8 billion, including $199 million attributable to our interest in Juanicipio."

"Supported by a strong balance sheet and free cash flow, we are well positioned to invest in growth while enhancing shareholder returns. Today, the Board approved an updated capital allocation framework, targeting up to $1 billion in returns in 2026, through increased share repurchases alongside our meaningful dividend increase introduced last quarter, as described in detail in a separate news release issued today," said Mr. Steinmann.

"This enhanced framework links shareholder returns to free cash flow while preserving capacity to fund growth, including the expansion of our La Colorada mine. In Q1, we released a revised Preliminary Economic Assessment for the La Colorada Skarn project, highlighting potential annual silver production of more than 19 million ounces during the peak five years from a combination of production from high-grade veins and skarn mineralization, which will make La Colorada one of the largest and lowest cost silver mines in the world. The Board has approved the initial spend of $265 million, out of a total estimated $1.9 billion investment, to begin construction of an internal ramp to access the skarn mineralization, marking a key milestone in advancing this high-quality project."

The following highlights for Q1 2026 include certain measures that are not generally accepted accounting principles ("non-GAAP") financial measures. Please refer to the section titled “Alternative Performance (Non-GAAP) Measures” at the end of this news release for further information on these measures.

Q1 2026 Results:

Revenue of $1.2 billion and Attributable(1) revenue of $1.3 billion, inclusive of the Company's 44% ownership share of revenue from Juanicipio. Revenue was reduced by the build up of approximately 644 thousand ounces of silver in inventory due to the timing of concentrate shipments. Net earnings of $456 million, or $1.08 basic earnings per share. Adjusted earnings(2) of $459 million, or $1.09 basic adjusted earnings per share. Cash flow from operations of $505 million (net of $29 million use of cash for working capital). Attributable(1) cash flow from operations of $582 million, inclusive of the Company's 44% ownership share of cash flow from operations from Juanicipio. Attributable(1) free cash flow(2) of $488 million, inclusive of the Company's 44% ownership share of free cash flow from Juanicipio. Production on track to meet 2026 guidance(3). Attributable(1) silver production was 6.44 million ounces and Attributable(1) gold production was 169.2 thousand ounces. Silver Segment all-in sustaining costs ("AISC")(2)(4) were $6.63 per silver ounce, which is lower than the Company's 2026 Quarterly Operating Outlook(3), reflecting the impact of by-product metals from higher gold prices and a greater contribution of low-cost ounces from Juanicipio. Gold Segment AISC(2)(5) were $1,851 per gold ounce, in line with the Company's 2026 Quarterly Operating Outlook(3). Record high cash and cash equivalents and short-term investments of $1.6 billion as at March 31, 2026, excluding $199 million of cash for the Company's 44% interest in Juanicipio, and total available liquidity(2) of $2.4 billion. Total shareholder returns of $101 million through dividends and share repurchases. ENHANCED SHAREHOLDER RETURN FRAMEWORK

On May 5, 2026, the Company’s Board of Directors approved an enhanced shareholder return framework (the "Shareholder Return Framework") targeting the return of 35% to 40% of annual Attributable Free Cash Flow(1)(2) to shareholders through a combination of dividends and common share repurchases under Pan American’s NCIB that began on March 6, 2026. Based on the Shareholder Return Framework target and assuming that the current strong free cash flow generation continues, Pan American anticipates returning up to $1 billion to shareholders in 2026.

Under the Shareholder Return Framework for 2026, Pan American expects to pay aggregate dividends of $305 million during the year, paid in equal quarterly installments (currently equivalent to $0.18 per common share per quarter). Excess Attributable Free Cash Flow(1)(2) that is not distributed through dividends will be allocated to common share repurchases, at the Company's discretion, through the NCIB. Please see the news release dated May 5, 2026 for further details.

A cash dividend of $0.18 per common share, or $76 million in aggregate, with respect to Q1 2026 was declared on May 5, 2026, payable on or about June 1, 2026, to holders of record of Pan American’s common shares as of the close of markets on May 19, 2026. The dividends are eligible dividends for Canadian income tax purposes. The declaration, timing, amount and payment of any future dividends remain at the discretion of the Company’s Board of Directors.

On March 6, 2026, the Company renewed its normal course issuer bid (the "NCIB") until March 5, 2027 for the ability to purchase up to 21,090,323 of its common shares for cancellation. In Q1 2026, 460,200 common shares were repurchased for cancellation under the NCIB at an average price of $54.04 per share for a total consideration of $25 million, leaving 20,630,123 common shares available under the current NCIB.

PAN AMERICAN SILVER APPOINTS IGNACIO BUSTAMANTE TO ITS BOARD OF DIRECTORS

Pan American is pleased to announce that Mr. Ignacio Bustamante was appointed to its Board of Directors at the Company's Annual and Special Meeting of Shareholders held on April 30, 2026.

Mr. Bustamante is the Head of Base Metals for Appian Capital Advisory, based in London. Prior to joining Appian, Mr. Bustamante was CEO and Board Member of Hochschild Mining Plc ("Hochschild") in Lima, Peru (2010-2023), having occupied other positions in Hochschild before his appointment, including as Chief Operating Officer (2008-2010) and General Manager of its Peruvian Operations (2007-2008). Before that, Mr. Bustamante was President of Zemex Corporation (USA), and Chief Financial Officer of Cementos Pacasmayo (Peru). Mr. Bustamante is currently on the Board of Antofagasta plc, and previously held Board positions with Hochschild, Aclara Resources (TSX), Lake Shore Gold (TSX), Scotiabank Peru, Profuturo AFP, Colegio Roosevelt, among others. Mr. Bustamante holds a B.S. in Business and Accounting from Universidad del Pacifico (Peru), and an MBA from Stanford University (USA).

PROJECT UPDATES

In Q1 2026, the Company invested $27 million of project capital at the following operations: Juanicipio, La Colorada, Jacobina, Huaron, Timmins, Cerro Moro and Shahuindo. Progress achieved on the main projects during Q1 2026 is described below.

La Colorada, Mexico

In addition to continued exploration drilling of the La Colorada vein mine, the Company invested $8 million of project capital on the La Colorada Skarn Project in Q1 2026, largely for exploration and in-fill drilling and advancing engineering work. The Company announced the results of a revised Preliminary Economic Assessment (“Revised PEA”) for the future development of the 100% owned La Colorada property on March 24, 2026. The Revised PEA includes a portion of the mineral resources from the La Colorada vein mine, mainly comprised of inferred mineral resources, as well as high-grade portions of the skarn deposit mineral resources. The Revised PEA envisions combining development of the newly identified silver mineral resource in the eastern Candelaria area of the existing La Colorada mine concurrently with the higher grade portions of the skarn deposit, using conventional long-hole open stoping, and the construction of a new, 15,000 tonnes per day plant (the “La Colorada Skarn Project”). Production from the existing La Colorada vein mineral reserves would continue throughout construction, commissioning and well into the operation of the La Colorada Skarn Project, resulting in an overall expansion of La Colorada (collectively, the “Expanded La Colorada Mine”). The Expanded La Colorada Mine is anticipated to significantly increase silver production, averaging 19.1 million ounces annually during the peak five years following construction and ramp-up, and extend mine life. The Company anticipates that it will release an updated technical report within 45 days of the March 24, 2026 news release.

On April 27, 2026, the Company’s Board of Directors approved $265 million of project capital to be spent over the next five years to complete one of the critical path works of developing a decline to access the skarn deposit that will be initiated from the existing vein mine 588RL drift (approximately 588 metres below surface) (the "588 Decline Project"). The 588 Decline Project primarily involves 12.4 kilometres of decline and required ancillary development to access the three Skarn deposits (901, 902, and 903), provide development for ventilation and to ultimately connect to the bottom of an "East Hoisting Shaft" at approximately 1,350 metres below surface, which would be sunk within the same period. In addition, the 588 Decline Project will include installation of strategically staged dewatering pump stations and necessary power supply that will form a key part of the life-of-mine dewatering and power supply needs for the entire mine. The Company now anticipates spending between $92 to $95 million on the La Colorada Skarn Project in 2026, including spending on the 588 Decline Project, an increase of $45 million from the original $47 to $50 million guidance disclosed in Pan American's MD&A dated February 18, 2026. In addition to the 588 Decline Project, the Company will continue advancing engineering to allow for staged approvals of other critical path items to achieve the production timeline presented in the Revised PEA.

Jacobina, Brazil

In Q1 2026, project capital of $12 million was focused on enhancing infrastructure and making certain plant improvements, while advancing studies for overall long-term operational optimizations. The key project advances during Q1 2026 included: construction of two new carbon-in-pulp tanks, improvements to the tailings pump system, engineering for upgrading the main substation and motor control center, and further exploration in-fill drilling activities directed towards expanding the mineral reserve and mineral resource base. In addition, the process plant optimization program, focused on streamlining and simplifying the process plant flow sheet, is progressing through conceptual engineering. A significant evaluation of this intensive brownfield project is being undertaken to develop an approach to upgrade the existing process plant circuitry and remove obsolete equipment in isolated stages to avoid significant disruptions to ongoing operations. Meanwhile, a filtration plant, filtered tailings stack, and temporary mine paste backfill preparation plant are being evaluated independently of the process plant upgrade projects. The conceptual engineering phase of these projects is nearing completion and will advance into detailed engineering over the next few months.

Escobal, Guatemala

The government of Guatemala continued to hold meetings for the Escobal ILO 169 consultation process. The Ministry of Energy and Mines ("MEM") has not provided a schedule to conclude the consultation process, but has indicated that it held several meetings with the Xinka Parliament in preparation for further bilateral meetings between government institutions and the Xinka Parliament. Members of the Xinka Parliament and the MEM visited the Escobal mine in March 2026 to conduct another inspection of ongoing care and maintenance activities and to confirm compliance with the court-ordered suspension. There is currently no date for a restart of operations at the Escobal mine.

CONSOLIDATED FINANCIAL AND OPERATIONAL RESULTS

March 31,
2026

March 31,
2025

Weighted average shares during period (thousands)

421,849

362,408

Shares outstanding end of period (thousands)

421,424

362,190

Three months ended

March 31,

Unit

2026

2025

FINANCIAL

Revenue

$M

$

1,154

$

773

Net earnings

$M

$

456

$

169

Basic earnings per share(1)(2)

$/share

$

1.08

$

0.47

Adjusted earnings(2)

$M

$

459

$

153

Basic adjusted earnings per share(1)(2)

$/share

$

1.09

$

0.42

Cash flow from operations

$M

$

505

$

177

ATTRIBUTABLE FINANCIAL(3)

Revenue

$M

$

1,332

$

771

Cash flow from operations

$M

$

582

$

176

Sustaining capital expenditures(4)

$M

$

(94

)

$

(62

)

Free cash flow(2)

$M

$

488

$

114

ATTRIBUTABLE PRODUCTION(3)

Silver Production

koz

6,435

5,003

Gold Production

koz

169.2

182.2

Zinc Production

kt

15.2

14.0

Lead Production

kt

7.9

6.7

Copper Production

kt

0.7

0.6

AISC(2)(3)

Silver Segment

$/Oz

$

6.63

$

13.88

Gold Segment

$/Oz

$

1,851

$

1,485

AVERAGE REALIZED PRICES(5)

Silver

$/Oz

$

89.43

$

31.25

Gold

$/Oz

$

4,859

$

2,868

Zinc

$/t

$

3,750

$

2,819

Lead

$/t

$

2,076

$

1,974

Copper

$/t

$

14,496

$

9,287

2026 OPERATING OUTLOOK

Based on production and costs to date, the Company reaffirms its 2026 Operating Outlook for silver and gold production, zinc, lead and copper ("base metal") production, Silver Segment and Gold Segment AISC, and sustaining capital expenditures, as provided in the Company's MD&A dated February 18, 2026. Following the release of a revised Preliminary Economic Assessment for the La Colorada Skarn Project in Q1 2026, the Company now anticipates spending between $92 to $95 million in 2026 to advance the La Colorada Skarn Project, an increase of $45 million from the original $47 to $50 million guidance, as described in the "Project Updates" section, thus is increasing full year consolidated project capital expenditures to be between $240 and $255 million from the original $195 to $210 million guidance. The Company reiterates its production and cost guidance, but now expects gold production to be more heavily weighted to the fourth quarter of 2026 than originally indicated in its 2026 Quarterly Operating Outlook, as some production from the second quarter is expected to be deferred to the fourth quarter.

Please see Pan American's MD&A dated February 18, 2026, for further detail on the Company's 2026 Operating Outlook, including the original breakdown of the 2026 Operating Outlook by quarter. Please also refer to the Cautionary Note Regarding Forward-Looking Statements and Information at the end of this news release.

2026 Annual Guidance

Attributable Silver Production (million ounces)

25 - 27

Attributable Gold Production (thousand ounces)

700 - 750

Silver Segment AISC(1) ($ per ounce)

15.75 - 18.25

Gold Segment AISC (1) ($ per ounce)

1,700 - 1,850

Sustaining Capital Expenditures ($ millions)

320 - 340

Project Capital Expenditures ($ millions)

240 - 255

AISC, Cash Costs, adjusted earnings, basic adjusted earnings per share, sustaining and project capital, Attributable revenue, Attributable cash flow from operations, Attributable free cash flow, and working capital are non-GAAP financial measures. Please refer to the "Alternative Performance (non-GAAP) Measures" section of this news release for further information on these measures.

This news release should be read in conjunction with Pan American's Audited Consolidated Financial Statements and our MD&A for the year ended March 31, 2026. This material is available on Pan American’s website at https://panamericansilver.com/invest/financial-reports-and-filings/ on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

CONFERENCE CALL AND WEBCAST

Date: Wednesday, May 6, 2026
Time: 8:00 am ET (5:00 am PT)
Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tTx2MVcP

Upon registration, dial-in details will be displayed on screen and emailed as a calendar booking.

Those unable to register may join the call by dialing:

1-833-752-3507 (toll-free in Canada and the U.S.)
1-647-846-7282 (international participants)
Web Phone https://hd.choruscall.com

The live webcast and presentation slides will be available at https://panamericansilver.com/invest/events-and-presentations/. An archive of the webcast will also be available for three months.

About Pan American

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS."

Learn more at panamericansilver.com
Follow us on LinkedIn

Alternative Performance (Non-GAAP) Measures

In this news release, we refer to measures that are non-GAAP financial measures. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning as prescribed by IFRS as an indicator of performance, and may differ from methods used by other companies with similar descriptions. These non-GAAP financial measures include:

Adjusted earnings and basic adjusted earnings per share. Pan American believes that these measures better reflect normalized earnings as they eliminate items that in management's judgment are subject to volatility as a result of factors, which are unrelated to operations in the period, and/or relate to items that will settle in future periods. Attributable revenue, Attributable cash flow from operations, and Attributable free cash flow. Any reference to "Attributable" in this news release should be understood to reflect the Company's ownership share of results, which includes results from the operations that the Company has a 100% ownership interest in as well as from the operations, specifically the Juanicipio mine and the San Vicente mine, that the Company does not own a 100% interest in. Free cash flow is calculated as net cash generated from operating activities less sustaining capital expenditures. Free cash flow does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the profitability of Pan American and identify capital that may be available for investment or return to shareholders. AISC. Any reference to “AISC” in this news release should be understood to mean all-in sustaining costs per silver or gold ounce sold, net of impact from by-product metals (respectively, the "Silver Segment AISC" or "Gold Segment AISC"), presented on an Attributable basis. Pan American believes that AISC, calculated net of by-products, is a more comprehensive measure of the cost of operating our consolidated business, given it includes the cost of replacing silver and gold ounces through exploration, the cost of ongoing capital investments at current operations ("sustaining capital"), as well as other items that affect the Company’s consolidated cash flow. AISC excludes capital investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan ("project capital"). Working capital is calculated as current assets less current liabilities. Working capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate whether Pan American is able to meet its current obligations using its current assets. Total available liquidity is calculated as cash and cash equivalents plus short-term investments, plus undrawn amounts under the Credit Facility. Total available liquidity does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate the liquid financial resources available to the Company. Project capital refers to investments that are expected to increase production levels or mine life beyond those contemplated in the base case life-of-mine plan. Project capital does not have any standardized meaning prescribed by GAAP and is therefore unlikely to be comparable to similar measures presented by other companies. Pan American and certain investors use this information to evaluate capital investments that are directed at increasing production levels or mine life beyond those contemplated in the base case life-of-mine plan. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of Pan American’s MD&A for the period ended March 31, 2026 for a more detailed discussion of these and other non-GAAP measures and a detailed reconciliation of these measures to the 2026 Annual Financial Statement.

Cautionary Note Regarding Forward-Looking Statements and Information

Certain of the statements and information in this news release constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian provincial securities laws. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: future financial or operational performance, including our estimated production of silver, gold and other metals forecasted for 2026, our estimated AISC, and our sustaining and project capital expenditures in 2026; any anticipated benefits resulting from project capital expenditures; the anticipated dividend payment date of March 13, 2026; Juanicipio's expected contributions, including with respect to free cash flow, silver production, and a decrease in Silver Segment AISC; the development of the La Colorada Skarn, including the proposed phased approach and discussions regarding a potential partnership, and any anticipated benefits to be derived therefrom; expectations regarding the release of an updated technical report in the second quarter of 2026 to include a preliminary economic assessment of the phased development approach for the Skarn project; expectations regarding the ILO 169 consultation process with respect to Escobal; and Pan American’s plans and expectations for its properties and operations.

These forward-looking statements and information reflect Pan American’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by Pan American, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: the impact of inflation and disruptions to the global, regional and local supply chains; tonnage of ore to be mined and processed; future anticipated prices for gold, silver and other metals and assumed foreign exchange rates; the timing and impact of planned capital expenditure projects, including anticipated sustaining, project, and exploration expenditures; the ongoing impact and timing of the court-mandated ILO 169 consultation process in Guatemala; ore grades and recoveries; capital, reclamation estimates; our mineral reserve and mineral resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions at any of our operations; no unplanned delays or interruptions in scheduled production; all necessary permits, licenses and regulatory approvals for our operations are received in a timely manner; our ability to secure and maintain title and ownership to mineral properties and the surface rights necessary for our operations; whether Pan American is able to maintain a strong financial condition and have sufficient capital, or have access to capital through our corporate Credit Facility or otherwise, to sustain our business and operations; and our ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

Pan American cautions the reader that forward-looking statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and Pan American has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the duration and effect of local and world-wide inflationary pressures and the potential for economic recessions; fluctuations in silver, gold and base metal prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets, such as the Mexican peso ("MXN"), Peruvian sol ("PEN"), Argentine peso ("ARS"), Bolivian boliviano ("BOB"), Canadian dollar ("CAD"), Chilean peso ("CLP") and Brazilian real ("BRL") versus the United States dollar ("USD"); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structural formations, cave-ins, flooding and severe weather); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom Pan American does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards; employee relations; relationships with, and claims by, local communities and indigenous populations; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in the jurisdictions where we operate, including environmental, export and import laws and regulations; changes in national and local government, legislation, taxation, controls or regulations and political, legal or economic developments in Canada, the United States, Mexico, Peru, Argentina, Bolivia, Guatemala, Chile, Brazil or other countries where Pan American may carry on business, including legal restrictions relating to mining, risks relating to expropriation and risks relating to the constitutional court-mandated ILO 169 consultation process in Guatemala; unanticipated or excessive tax assessments or reassessments in our operating jurisdictions; diminishing quantities or grades of mineral reserves as properties are mined; increased competition in the mining industry for equipment and qualified personnel; and those factors identified under the caption "Risks Related to Pan American's Business" in Pan American's most recent form 40-F and Annual Information Form filed with the United States Securities and Exchange Commission and Canadian provincial securities regulatory authorities, respectively.

Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against attributing undue certainty or reliance on forward-looking statements or information. Forward-looking statements and information are designed to help readers understand management's current views of our near- and longer-term prospects and may not be appropriate for other purposes. The Company does not intend, nor does it assume any obligation, to update or revise forward-looking statements or information to reflect changes in assumptions or in circumstances or any other events affecting such statements or information, other than as required by applicable law.

Pan American Silver (PAAS - Free Report) reported $1.15 billion in revenue for the quarter ended March 2026, representing a year-over-year increase of 49.3%. EPS of $1.09 for the same period compares to $0.42 a year ago.

The reported revenue represents a surprise of -7.38% over the Zacks Consensus Estimate of $1.25 billion. With the consensus EPS estimate being $1.06, the EPS surprise was +2.59%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Pan American Silver performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Average Realized Prices per ounce - Gold: $4,859.00 versus the eight-analyst average estimate of $4,798.77.Average Realized Prices per ounce - Silver: $89.43 versus $82.06 estimated by eight analysts on average.Ounces Produce - Gold (Silver and Gold Production): 169.20 Koz versus the seven-analyst average estimate of 171.99 Koz.Ounces Produce - Silver (Silver and Gold Production): 6,435.00 Koz versus the seven-analyst average estimate of 6,395.29 Koz.Ounce Production - La Colorada Operation - Gold: 1.10 Koz versus 0.64 Koz estimated by seven analysts on average.Ounce Production - La Colorada Operation - Silver: 1,567.00 Koz versus the seven-analyst average estimate of 1,454.31 Koz.Ounce Production - Huaron Operation - Silver: 706.00 Koz versus the seven-analyst average estimate of 812.67 Koz.Ounce Production - San Vicente Operation - Silver: 637.00 Koz versus the seven-analyst average estimate of 623.26 Koz.Ounce Production - Dolores Operation - Silver: 125.00 Koz versus 117.95 Koz estimated by seven analysts on average.Ounce Production - Dolores Operation - Gold: 4.80 Koz versus the seven-analyst average estimate of 5.04 Koz.Ounce Production - Shahuindo Operation - Silver: 44.00 Koz compared to the 56.37 Koz average estimate based on seven analysts.Ounce Production - Shahuindo Operation - Gold: 26.90 Koz versus the seven-analyst average estimate of 28.56 Koz.View all Key Company Metrics for Pan American Silver here>>>

Shares of Pan American Silver have returned -8.7% over the past month versus the Zacks S&P 500 composite's +9.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Strategic acquisition of ~11,754 hectares connect EDM’s northern and southern corridors into a unified district-scale systemConsolidated land position increases by more than 50%, from ~21,800 hectares to ~33,500 hectaresProperties acquired from a Pan American Silver subsidiary include prior mapping, trenching, limited drilling and technical datasets
TORONTO, May 07, 2026 (GLOBE NEWSWIRE) -- Fredonia Mining Inc. (“Fredonia” or the “Company”) (TSXV: FRED) is pleased to announce that it has completed the acquisition (the “Transaction”) of a group of strategically located mineral properties from a subsidiary of Pan American Silver Corp. (“Pan American Silver”), contiguous with its flagship El Dorado–Monserrat (“EDM”) gold-silver project in the Deseado Massif, Santa Cruz Province, Argentina.

The acquired properties comprise approximately 11,754 hectares and include the Jaguel I, Mamuel I, Mamuel II, Curru Cura II, Curru Cura III and Cahuel I mining properties and rights. When combined with the Company’s previously announced district land package of approximately 21,800 hectares, the Transaction expands Fredonia’s consolidated land position to approximately 33,500 hectares, representing an increase of more than 50%. The Transaction is a significant step in Fredonia’s district consolidation strategy, connecting the previously defined northern and southern mineralized corridors of the EDM system, adding ground with meaningful prior exploration work, and strengthening the Company’s control over a continuous structural trend in one of Argentina’s most prolific precious metals districts.

“This acquisition represents a key milestone in the evolution of our strategy at El Dorado–Monserrat,” said Estanislao Auriemma, Chief Executive Officer of Fredonia. “By adding approximately 11,754 hectares and expanding our consolidated district position to approximately 33,500 hectares, we have taken an important step toward connecting the northern and southern corridors of the system and controlling a continuous, highly prospective structural trend. Importantly, these properties come with prior exploration work, including mapping, trenching and limited drilling, giving us a valuable technical starting point as we integrate this ground into our broader district-scale model. Together with Judite, which places us immediately adjacent to Cerro Vanguardia, this Transaction strengthens our view that EDM has the potential to be evaluated and advanced as a true district-scale gold-silver opportunity.”

Scaling Up

Fredonia believes this acquisition marks a step-change in the scale and strategic coherence of the EDM district. The Company has now assembled a substantially larger and more continuous land position across the interpreted structural corridor that hosts the EDM mineral system. This acquisition builds upon Fredonia’s recent consolidation of the Judite and Saturno properties. Judite is contiguous with EDM and lies immediately adjacent to the western boundary of the Cerro Vanguardia mining area, while Saturno extends the Company’s position to the south of the EDM district. Together, EDM, Judite, Saturno and the newly acquired Pan American Silver properties provide Fredonia with a more integrated district-scale platform from which to evaluate geological continuity, prioritize exploration, and advance future development scenarios.

Strategic & Technical Rationale

The acquisition of the PAS properties represents a critical step in the consolidation of the El Dorado Monserrat (“EDM”) district, effectively bridging Fredonia’s northern and southern exploration corridors into a single, coherent land position. This integration allows the Company to transition from evaluating isolated targets to advancing a unified district-scale exploration model, a key factor in structurally controlled, low-sulphidation epithermal systems where mineralization is often distributed across multiple veins, splays, breccias, alteration zones and covered extensions.

The newly acquired ground is interpreted to cover important continuations of the broader structural architecture that hosts mineralization at EDM. By securing these extensions, Fredonia is now positioned to systematically evaluate structural continuity across the district, unlock previously fragmented exploration vectors and generate new targets along underexplored and potentially concealed trends.

Importantly, these properties come with an existing technical foundation. Historical activities such as geological mapping, trenching, and limited drilling provide valuable datasets that reflect meaningful prior investment in early-stage target development. The Company intends to validate and integrate this information into its district-scale geological and structural model to enhance targeting efficiency and accelerate exploration across the expanded land package.

Within the newly incorporated area, the Fatiga target emerges as a priority exploration zone based on its compelling geological characteristics. Field observations and preliminary interpretations suggest a well-defined relationship between a subvolcanic hypabyssal intrusive body, a late-stage endogenous dome, and associated hydrothermal activity consistent with a porphyry-style mineralizing system.

The system exhibits a broad alteration halo, particularly to the west and north of the target, and is interpreted as an eroded intrusive complex. This interpretation suggests the presence of a structurally uplifted block relative to the Monserrat system, with preserved paleosurface features that are considered favourable in epithermal environments, where vertical metal zonation and fluid pathways play a critical role in mineral deposition.

Additional exploration potential is supported by the presence of phreatic hydrothermal breccias and evidence of disseminated mineralization within altered zones, both of which may represent vectors toward more concentrated mineralized centres at depth or along structural intersections.

The broader EDM district is located within the Deseado Massif, a highly prospective precious metals province hosting multiple epithermal gold-silver deposits, including the nearby Cerro Vanguardia mine. The district is characterized by favourable Jurassic volcanic host rocks, well-developed structural corridors, silicification, quartz veining and pathfinder geochemistry, all of which support continued systematic exploration. Through this acquisition, and together with the previously secured Judite property, Fredonia has significantly strengthened its land position in direct proximity to Cerro Vanguardia while enhancing the overall scale, continuity and geological coherence of the EDM district.

Fredonia’s flagship EDM project currently hosts a measured and indicated mineral resource of approximately 2.25 million ounces of gold equivalent, as defined in the Company’s NI 43-101 technical report (See Table 1 below). The Company is advancing a Preliminary Economic Assessment (PEA) in parallel with an ongoing 10,000-metre drill program focused on both resource expansion and infill drilling. The integration of the PAS properties materially enhances Fredonia’s ability to explore beyond the current resource footprint and reinforces the potential for long-term resource growth across a now fully consolidated district-scale system.

Table 1

          CategoryKtons Au Eq*Au g/tAg g/t Au Eq* Au Ag g/tMoz Moz Moz  NorthMeasured35,554.40.930.6620.261.0640.75623.159 Indicated36,481.30.810.5618.520.9500.66021.721 SouthMeasured1,406.10.750.5812.640.0340.0260.571 Indicated7,906.30.780.6014.220.1990.1513.616 TOTAL (M&I)81,348.13.272.465.642.2471.59349.067  Gold equivalent grade (Au Eq) is derived using a gold price of US$1,800/oz, and silver metal price US$24/oz. Au Eq assumes Au and Ag recoveries of 90.0%. The limited metallurgical studies by Fredonia to date (selective Bottle rolls from Main Veins material) have indicated high (>90%) recovery of gold in oxide material. The Cerro Vanguardia mine to the east of EDM with similar mineralization reports recoveries higher than 90% for Au. Accordingly, the formula used for Au Eq is: Au Eq (g/t) = Au (g/t) + [Ag (g/t) x (24/1,800) x (0.9/0.9)]

Additional disclosure with respect to exploration and sampling information used as the basis for the mineral resource estimate disclosed herein, verification of the relevant data by a qualified person, and other parameters applicable to the mineral resource estimate can be found in the Company’s technical report titled “Maiden Mineral Resource Estimate on the El Dorado Monserrat Property, Gold and Silver Project, Santa Cruz Province, Argentina, NI 43-101 Technical Report” dated November 14, 2024 and prepared by Mario Alfaro, P. Geo., and Fernando Ganem, P. Geo. The report is available on the Company’s profile on SEDAR+ at www.sedarplus.ca.

Transaction Details

Under the terms of the Transaction, Fredonia has acquired a 100% interest in the properties, subject to certain retained royalties applicable only to the acquired properties. Total cash consideration of US$225,000 is payable in instalments of US$75,000 on closing, US$75,000 on or before the first anniversary of the closing date, and US$75,000 on or before the second anniversary of the closing date. The acquired properties are subject to a 1.5% net smelter return (“NSR”) royalty and an additional 0.3% NSR royalty capped at a maximum of US$800,000, both of which apply exclusively to the acquired properties and do not affect the existing EDM resource. The Transaction includes customary security provisions associated with deferred payment structures and has been completed with no further approvals required.

Fernando Ganem, P. Geo., is a qualified person as defined by Canadian National Instrument 43-101. Mr. Ganem is independent of the Company, visited the property and has read and approved the technical contents of this release.

About Fredonia

Fredonia holds gold and silver license areas totaling approximately 64,000 ha. in the prolific Deseado Massif geological region in the Province of Santa Cruz, Argentina, including its flagship advanced EDM project (approx. 33,500 ha.) located close to AngloGold Ashanti’s approximately 200,000 oz./yr Au-Ag Cerro Vanguardia mine, the El Aguila project (approx. 9,100 ha.), and the Hornia project (approx. 21 500 ha).

For further information: Please visit the Company’s website at www.fredoniamanagement.com or contact: Estanislao Auriemma, Chief Executive Officer, Direct +54 91 149 980 623, Email: [email protected].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this news release. The information in this news release about the prospectivity of the newly acquired properties and the greater EDM Project for mineralization, the prospectivity for further gold-silver mineralization at the EDM Project based on proximity to existing known systems in the Deseado Massif, the strategic importance of the acquired properties in the context of connecting known mineralized structures, the Company’s financial resources and ability to execute its plans, planned drilling programs and studies, and any other information herein that is not a historical fact, may be “forward-looking information”. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “interpreted”, “management’s view”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time such assumptions and estimates were made, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward -looking information. Such factors include, among others, the actual results of drilling, and of engineering and metallurgical tests conducted in the course of the Company’s activities, unforeseen expenditures and the ability to finance operations, volatility in the trading price of the Common Shares, risks relating to the ability of the Company to obtain required approvals, the global economic climate, new and ongoing wars, and metal prices. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot guarantee shareholders and prospective purchasers of securities of the Company that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assumes responsibility for the accuracy and completeness of any such forward looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. Accordingly, readers should not place undue reliance on forward-looking statements and information.

Photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b67c5cb2-b7a2-4ba1-ab28-64b19703847e

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VANCOUVER, British Columbia--(BUSINESS WIRE)--Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American") will host an Investor Day on Monday, June 1, 2026 in Toronto, Ontario from 1:00 to 4:00 pm ET during which Pan American's executive management team will provide detailed presentations on Pan American's strategy, operations, growth projects and exploration activities. The event will include a question-and-answer session with management.

Webcast details:

Date: Monday, June 1, 2026
Time: 1:00 pm ET
Registration link: https://reg.lumiengage.com/pan-american-silver-ir-day/reg-en/Site/Register

The presentation slides and a recording of the webcast will be available at https://panamericansilver.com/invest/events-and-presentations/.

About Pan American Silver

Pan American is a leading producer of silver and gold in the Americas, operating mines in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. We also own a 44% joint venture interest in the producing Juanicipio mine in Mexico, a 100% interest in the Escobal mine in Guatemala that is currently not operating, and we hold interests in exploration and development projects. We have been operating in the Americas for over three decades, earning an industry-leading reputation for sustainability performance, operational excellence and prudent financial management. We are headquartered in Vancouver, B.C. and our shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol "PAAS".

Learn more at panamericansilver.com
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While much attention is paid towards China’s financial and military rivalry with the US, it’s easy to overlook how China is viewed by the rest of the Pacific Rim. China’s many centuries of emigration has led to a significant Chinese expat and intermarriage regional population. However, Chinese hegemony and wealth has become a major source of friction within other Pac-Rim nations. The Riady family, founder of Lippo Group, are among the most recognized ethnic Chinese tycoons in Indonesia. When the 1998 Asian Financial Crisis triggered major upheaval in Thailand and Indonesia, Riady-owned businesses and many ethnic-Chinese were scapegoated, leading to murder, rape, vandalism, and robbery. 

In an effort to mitigate Chinese encroachment into their economic and political affairs, several Pac-Rim nations joined together to form ASEAN in 1967. Membership has since expanded to incorporate Vietnam, Laos, and Cambodia as well.  Throughout that period, the nation with the unequivocally greatest financial and political success has been Singapore. That’s why it comes as no surprise that Singapore just launched the Silver Singapore (SSP) Futures Contract on the Abbax Exchange on May 22, 2026. 

As the SSP is US Dollar denominated and delivers physical silver, it is likely to cause increasing problems for the COMEX, SFE and the LBMA, but be a good sign for silver investors holding physical silver or ETFs that hold shares in silver producing mines. Some ETFs to thus consider might include:

Global X Silver Miners ETF (NYSE: SIL)  iShares MSCI Global Silver Miners ETF (CBOE: SLVP) Themes SIlver Miners (NASDAQ: AGMI) Silver Backwardation Woes

Skyrocketing industrial demand for silver has led to backwardation in Western futures markets and buyers paying double-digit premiums for spot delivery in Asia.

It’s no secret that industrial demand for silver has skyrocketed of late due to its unparalleled properties for use in digital technologies, semiconductors, flat screens, smartphones, EVs, and solar panels. The latest demand escalation has been due to A.I. As a result, this is the sixth consecutive year that silver production, which is mostly a by-product of copper or iron mining, will fall short of demand. Analysts estimate that the total cumulative shortfall could reach over 210 million oz. by the end of this year. 

Mysteriously, the futures markets have not appeared to acknowledge this supply and demand discrepancy for decades, until Diwali-fueled Indian physical silver buying activity threatened to force the UK’s LBMA into a default, throwing the market into backwardation (when near term prices jump higher than long term prices). Help from Shanghai’s SFE prevented the default but the shockwaves also spread to the COMEX in the US: The emperor had no clothes, and long-suspected price-fixing collusion by the futures exchanges was now being uncovered. 

Large financial institutions have long engaged in “spoofing” – illegally posting fake sell orders to  artificially manipulate metals’ futures pricing. There have been few instances of getting busted (ex.: JP Morgan Chase fined $920 million for trades from 2008-2016) since 90% of contracts historically just transfer title or expire worthless, without any physical exchange. With demand for actual metal product now exploding for industrial use, the exchanges are being caught flat-footed in their ponzi scheme-like structure.  The COMEX is currently seeing more silver leave its coffers faster than it can procure and register fresh bullion. 

Compelling Pricing Transparency

Singapore’s SSP futures contract will help to curtail arbitrage in the silver markets.

The market decoupling between paper and metal has accelerated of late in plain view. Buyers in China especially, have been paying double-digit premiums above spot for delivery of silver for over a year – and the SFE requires sellers to deposit physical bullion before writing a contract, unlike with COMEX or LBMA. The pricing discrepancies have diverged even wider, as efforts to contain prices in the futures markets falter and increase the risks of delivery defaults. 

The Singapore Silver Futures Contract is a futures contract that also operates on the SFE model of upfront physical deposit requirements. Traded on the Abaxx Exchange, it also has the following features:

SSP is denominated in US dollars. 1,000 troy ounces, 0.9999 fineness, physically deliverable into approved Brink’s vaults in Singapore.  Specifically created to address the physical vs. paper price discrepancy by providing greater transparency and a more accurate market pricing for Asian technology manufacturers, as the majority of globally used electronics and digital hardware is produced there.  SSP – A Net Plus For Buyers

Singapore silver futures contracts, settling in physical delivery, will reflect a more accurate real world supply and demand global market price.

SSP contracts offer a number of advantages over COMEX, such as:

Lower Singapore taxes and vault charges. SSP 1,000 oz. contracts are more practical for industrial use than 5,000 oz. COMEX contracts, which better suit leveraged traders and speculators. Greater delivery reliability from SSP than COMEX or LBMA, since more actual buyers take delivery for industrial use.  Will reduce arbitrage from price fragmentation between SFE in Shanghai vs. COMEX in the US, as the bulk of actual users and stackers (physical silver investors) will send more business to Singapore for fairer pricing and improved mark-to-market accuracy.  Genuine Asian located contract price discovery based on actual supply and demand will supplant, dominate, and eventually replace, speculative Western paper futures contracts once confidence in paper futures drops sufficiently. SSP will be a game changing factor in this process. SSP contracts may be utilized and incorporated into the larger financial infrastructure deployed by mBridge (Hong Kong, UAE, Thailand and China) for cross-border settlements, as well as in BRICS member international trade.  A Win-Win For Physical Silver ETFs and Stackers

ETFs holding silver mining stocks that deliver to Asia will likely get an extra boost as the SSP futures contract gains momentum.

The double-digit silver price discrepancies between the COMEX and SFE are creating huge arbitrage opportunities for traders buying in the West and selling in the East. The fact that buying in China remains so strong is more indicative of real-life pricing, so ETFs holding silver bullion will inevitably continue to rise until the gap is closed. 

Concurrently, the ever-growing demand for more silver puts companies that mine silver in the catbird’s seat, since barely 15% of annual silver consumption is derived from recycled or recovered silver. As an essentially depleting asset becoming increasingly scarcer as its importance continues to rise, sources of new silver will be in a commanding position moving forward.  Silvercorp Metals (NYSE: SVM) is one of the only western companies specifically developing mines and mineral properties in China. It even recently filed for a Hong Kong Stock Exchange listing. Pan American Silver Corp. (NYSE: PAAS | PAAS Price Prediction) is a mining company which produces silver concentrate, a majority of which is acquired annually by Asian offtake buyers.  For ETF investors seeking upside inclusion of these companies:

Global X Silver Miners ETF (NYSE: SIL): its #2 holding is PAAS (13.12%) iShares MSCI Global Silver Miners ETF (CBOE: SLVP): its #5 holding is SVM (4.60%) Themes SIlver Miners (NASDAQ: AGMI): its #6 holding is PAAS (4.43%)

Pan American Silver is well-positioned for capital growth amid a robust silver market and strong operational execution. PAAS reported record Q1 free cash flow of $488 million and a record $1.8 billion in cash and short-term investments, supporting shareholder returns. Forward EPS is projected at $4.65 with a P/E of 12.25, reflecting significant improvement and industry outperformance over the past year.

Listen to the audio version of this article (generated by AI).

Silver coils for a breakout… the Ferrari/Honda math behind the drone boom… why Yardeni says FEMO beats FOMO… Is silver about to break out?

For more than a year, we’ve been tracking the horse race between gold and silver, flagging which metal appeared better suited for outperformance due to the gold-to-silver ratio.

The quick recap: In early 2025, with the gold-to-silver ratio above 105, silver was deeply undervalued. We flagged its asymmetric upside, and between July 25 and January 15, silver exploded 137% while gold climbed a respectable 37%.

Then, with silver’s explosive run having reset the ratio to around 51 – its lowest since 2012 – we flipped the script and said gold was the better bet. Sure enough, gold outperformed as the ratio climbed back toward equilibrium.

When we last checked in on April 23, the ratio sat near 61 – squarely in the middle of its historical range. That resulted in the following takeaway:

With the gold-to-silver ratio back to equilibrium, there’s no lopsided imbalance that tips the odds squarely in one camp.

Sure enough, since then, there’s been no breakout performance either way. Both gold and silver have drifted slightly lower, so the gold-to-silver ratio is roughly 60.

But if Senior Analyst Brian Hunt is right, there’s a different potential catalyst racing toward us that could send silver higher…

The fundamental case for silver Brian, editor of the free daily e-letter Money & Megatrends, has been long and bullish silver for years – both for its dollar-debasement hedge properties and what he calls its “high-tech tailwind.”

From Brian:

Silver has the highest electrical and thermal conductivity of any metal. This makes it a critical component in AI infrastructure, solar energy systems, and other electrical systems.

That structural demand story hasn’t changed. If anything, it’s deepening.

Brian notes that as AI moves toward “the edge” – running on local devices like phones, cars, robots and satellites – the performance demands on electrical components tighten:

These systems don’t just demand more electrical performance — they demand better electrical performance within increasingly tight thermal and power constraints.

Every watt matters. Every degree of heat matters.

Silver is present across every critical piece of that infrastructure.

Meanwhile, the supply picture remains structurally constrained…

According to the 2025 World Silver Survey, cumulative market deficits since 2021 have reached roughly 680 million ounces. And roughly 80% of silver is mined as a byproduct of base metals – meaning higher prices alone can’t simply call more supply into existence.

As Brian puts it:

The market cannot drill its way out of a silver shortage.

“But why now?” As we walked through earlier, the gold-to-silver ratio remains in relative equilibrium today.

So, what’s the catalyst that could send silver higher?

Here’s Brian:

The chart below shows how, over the past few months, silver has traded in what I call a “compression pattern.”

Its recent range of highs and lows is tighter than that which preceded it.

Such compression patterns often lead to strong moves in the direction of the primary trend.

For broad exposure, the iShares Silver Trust (SLV) is your simplest play – it’s the largest physically backed silver ETF with over $40 billion in assets.

If you want a more concentrated bet, Brian highlights Pan American Silver (PAAS) – the world’s largest silver-focused producer, with 10 mines across the Americas and $1.3 billion in cash on the balance sheet.

I’ll throw in a fun wrinkle before we move on… Guess what’s also in its own compression pattern?

You guessed it – gold.

Are we on the verge of a jump in both silver and gold, which would effectively mean the gold-to-silver ratio remains in rough equilibrium?

It’s certainly possible. And if both metals move together, the gold-to-silver ratio stays roughly where it is, which would make the size of the move more important than which metal you own.

Whatever you decide, if you want to fine-tune your entry of either gold or silver even further, I’d point you to last week’s Convergence Trigger event with master traders Jonathan Rose and Marc Chaikin.

The biggest moves in gold and silver typically start with institutions – not retail investors. By the time the average trader sees what’s happening, the easy money has already been made.

Jonathan and Marc have made respective fortunes in the market by solving exactly that problem – tracking where institutional money is moving before it becomes obvious.

Last week, they held their first-ever joint event – The Convergence Summit – to explain how they do it and which setups they’re watching right now.

If silver – or gold – is about to break out of its compression pattern, Jonathan’s and Marc’s “convergence trigger” indicator will spot the institutional fingerprints before the rest of the market does. So, if you’d rather not just buy both metals and wait, you can track the institutional money and use their activity as your starter pistol. 

Here’s the free replay to last week’s event for all the details.

Now, silver’s high-tech tailwind runs through nearly every emerging defense and infrastructure technology – including one that’s been quietly building one of the strongest fundamental cases in the market right now.

The math that’s driving the next defense megatrend Silver’s role in the drone buildout is one reason the metal’s industrial demand story keeps deepening. But the drone opportunity itself deserves its own look – and for one reason that’s impossible to argue with…

The bottom-line math.

To illustrate, let me pull from an issue of Investing Insider that I wrote in early May:

The Shahed drone, which Iran mass-produces and fires in swarms, costs roughly $20,000 to build.

The Patriot interceptor that the U.S. fires to shoot it down costs approximately $3–$4 million.

This is like using a Ferrari to destroy a used Honda Civic – except the Civic keeps coming, a thousand at a time.

That cost asymmetry isn’t just a talking point. It’s the central math problem driving U.S. defense procurement right now.

And with the Iran conflict still unresolved and the Strait of Hormuz situation remaining fragile, Washington isn’t treating this as a future problem – Congress and the White House have just made that explicit.

While the final $839 billion defense spending bill for fiscal 2026 earmarked $13.4 billion for autonomous systems and $3.1 billion for counter-drone technologies, active warfare has shattered those boundaries.

Because the conflict has heavily depleted U.S. missile interceptor and drone stockpiles, the Pentagon has pivoted toward a historic fiscal 2027 defense blueprint – a $1.5 trillion total request – that includes $53.6 billion for autonomy and drone platforms and another $21 billion for counter-drone systems and advanced capabilities.

That’s roughly $74 billion combined.

For context, the Pentagon’s dedicated drone office – the Defense Autonomous Warfare Group – received just $225.9 million this fiscal year. The proposed jump to $54 billion is one of the most dramatic single-year spending increases in Pentagon history.

Once capital of that magnitude hits the market, supply chains form, contracts ramp, and permanent, multi-year industrial demand tends to follow.

The broader strategic case has been building for years. And Jonathan has been all over it, helping his readers make triple-digit returns on drone stocks over the last year. Looking forward, he says the fundamentals are still constructive:

Drones are rapidly becoming core military infrastructure — a foundational pillar of the next global defense build-out.

The data backs him up – drones accounted for 27% of civilian deaths in Ukraine as of early 2025, according to the UN, surpassing every other weapon system. Meanwhile, The New York Times reported they account for at least 80% of Russian frontline losses.

But here’s the catch – despite all this, drone stocks are down on the year.

It’s a reminder that timing matters as much as thesis…which circles us back to Jonathan and Marc and their Convergence Trigger.

A drone breakout driven by defense contract flows and geopolitical escalation is precisely the kind of move that shows up in their system before it shows up on CNBC.

Bottom line: Though the timing of the next surge is unclear, the fundamental case for drone stocks is incredibly strong.

Finally, this bull market just got a name In recent weeks, we’ve been making the case that the bears’ predictions of a market crash keep misfiring because they’re reading backward-looking valuations in a market being driven by forward earnings momentum.

In our May 28 Digest, we walked through exactly this argument using Micron (MU) as a live example – while its trailing P/E looks alarming, its forward P/E, based on beefy forward earnings projections, tells a completely different story.

Last week, veteran market strategist Ed Yardeni put a name on this dynamic.

Yardeni – president of Yardeni Research and Louis Navellier’s favorite economist – coined the term “FEMO” on Bloomberg Television.

To be clear, this isn’t “FOMO” – “fear of missing out.” This is FEMO: “fabulous earnings momentum.”

Yardeni said, “the big difference is earnings,” adding that the forward price-to-earnings ratio for the S&P 500, at 20 to 22, looks reasonable if the economy avoids recession over the next few years. 

That’s precisely the distinction we’ve been drawing. The bears point at stretched trailing multiples and call it a bubble. Yardeni – and the numbers – point at where earnings are headed and call it a rational rally.

His 2026 S&P 500 target sits at 8,250 – the highest among analysts tracked by Bloomberg – with a path to 10,000 by decade’s end in what he calls the “roaring 2020s” scenario.

We hope he’s right.

Coming full circle While the bears are reading yesterday’s numbers, FEMO is about tomorrow’s earnings.

And in a market where AI capex could be on the verge of juicing silver prices yet again, and drones are underfunded relative to a $74 billion policy mandate, “fabulous earnings momentum” is a valuable frame for what’s ahead.

The harder question isn’t whether these trends play out. It’s when the spark will hit that sends them higher – and whether you’re already positioned when it does.

That’s the challenge Jonathan and Marc set out to solve with the Convergence Trigger.

We’ll keep tracking these stories here in the Digest.

Have a good evening,

Jeff Remsburg

(Disclaimer: I own MU.)

Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) has outlined what Jefferies analysts see as a clearer path to internally funding its multi-asset growth pipeline, anchored by La Colorada, with Juanicipio supporting margins and Jacobina and Timmins providing additional upside optionality.

The company hosted an Investor Day on June 1 in Toronto, where management discussed its portfolio strategy and development plans across key operating regions.

Jefferies wrote that, with a strong balance sheet, the investment case is increasingly shifting toward capital discipline, noting that the company retains a wide range of brownfield opportunities across its asset base while continuing to remain opportunistic on mergers and acquisitions.

At Jacobina in Brazil, Pan American is pursuing what Jefferies described as an optimization-led growth strategy rather than a single expansion step. The program includes more than 30 workstreams under evaluation, with results expected to be released progressively.

Key initiatives include paste backfill, tailings filtration, and plant modernization, aimed at lifting gold recovery toward approximately 96%, unlocking remnant material, and increasing throughput toward and potentially beyond the permitted 10,000 tonnes per day from roughly 8,500 tonnes per day currently.

Jefferies wrote that these initiatives, combined with ongoing in-mine exploration, could extend mine life and support incremental production growth with relatively modest capital requirements.

In Canada, Pan American also announced plans to invest $146 million to expand its Timmins operations to utilize spare capacity at the Bell Creek plant. Jefferies noted that approximately $40 million to $43 million of the capital expenditure is already included in 2026 guidance.

The expansion plan includes deepening the Bell Creek shaft from 1,080 metres to 1,705 metres, an 814-metre drift to the Vogel satellite deposit, and a 1.3-kilometre exploration drift to the Samson satellite deposit.

The initiative is expected to increase throughput at Timmins from roughly 4,000 tonnes per day to 5,600 tonnes per day, with commissioning targeted for the first half of 2029.

Jefferies wrote that management views the Timmins system as a potential long-life mining hub, with opportunities to extend mine life into the 2040s through integration of satellite deposits and deeper resources. While early-stage, the company also acknowledged potential longer-term regional optimization options, including potential synergies with nearby infrastructure.

Jefferies cut its 2026 earnings per share estimate for Pan American by 5% while raising its 2027 estimate by 33% relative to prior forecasts.

The firm maintained a ‘Hold’ rating on the stock, citing valuation as the primary reason. Shares traded down 4% at about $53 on Wednesday afternoon, up about 2% so far this year.

Pan American Silver Corp (NYSE:PAAS) stock was last seen down 3.8% to trade at $44.40 as it heads for its fourth-straight loss. The 260-day moving average-- which has provided support since April 2024-- appears to be keeping losses in check though. Furthermore, this trendline has a history of yielding strong positive returns. 

According to Schaeffer's Senior Quantitative Analyst Rocky White, PAAS is trading within 0.75 times the 260-day moving average's 20-day average true range (ATR), after spending at least 80% of the previous two weeks and 80% of the prior 42 trading sessions above that trendline. This setup has appeared eight times during the last decade, after which the stock was higher one month later 100% of the time, averaging an impressive 15.4% gain. A comparable rally from current levels would place Pan American Silver stock at $51.24. 

An unwinding of pessimism amongst options traders could provide tailwinds as well. PAAS' 50-day call/put volume ratio of 3.00 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 94% of readings from the past year. 

After a massive 170% rally in 2025, silver prices have lost momentum, rising just 2.7% year to date. The slowdown reflects growing expectations that central banks will keep interest rates higher for longer, dampening investor appetite for precious metals. This shift clouds the near-term outlook for the Zacks Mining - Silver industry. Although underlying demand remains resilient, inflation will drive up operating costs, squeezing margins.

We recommend considering companies such as Pan American Silver (PAAS - Free Report) and First Majestic Silver (AG - Free Report) , which will benefit from enhanced operational efficiency, disciplined cost management and solid projects.

About the Industry The Zacks Mining - Silver industry comprises companies that are engaged in the exploration, development and production of silver. These include big and small players operating mines of widely varying types and scales. Silver-bearing ores are mined by open-pit or underground methods and then crushed and ground. Miners continually look for opportunities to expand their reserves and resources through targeted near-mine exploration and business development. They strive to upgrade and improve the quality of their existing assets, internally and through acquisitions. Only 20% of silver comes from mining activities, wherein silver is the primary revenue source. The balance comes from projects wherein silver is a by-product of mining other metals, such as copper, lead and zinc. Thus, several companies in the silver mining industry are engaged in mining other metals.

What's Shaping the Future of the Mining-Silver Industry Recent Dip in Silver Prices is Concerning: Silver delivered an exceptional performance in 2025, soaring 170% and far outpacing gold’s 66.5% gain. The rally was driven by a convergence of factors, including elevated geopolitical risks, economic uncertainty, resilient demand and tightening inventories. Also, 2025 marked a sharp reversal in ETF trends, with strong inflows after consecutive years of outflows, one of the key catalysts behind silver’s breakout. Adding to the bullish narrative, the U.S. Geological Survey included silver in its 2025 List of Critical Minerals, highlighting its strategic importance in defense, clean energy, electronics and medical technologies. This is expected to unlock policy support, faster permitting and efforts to strengthen domestic supply chains. The upward trend had extended in the earlier part of 2026, with silver reaching a record high of $121.64 per ounce in late January. Prices had gained on geopolitical and economic uncertainty. However, it has lost steam lately and is trading near $73 an ounce due to fears of rising inflation, increased oil costs from the Strait of Hormuz closure and expectations of sustained high interest rates.

Inflationary Costs to Hurt Margins: Industry players are facing escalating production costs, including electricity, wages, water and materials. Mining companies are major consumers of energy, with around 50% of their production costs closely linked to energy prices. Surging oil prices, spurred by the Iranian conflict, remain a headwind. A shortage of skilled workforce spiked wages. With no control over silver prices, the industry must focus on improving its sales volumes while being cost-effective. Players are investing heavily in R&D and resorting to technological innovations required at almost every level of operation to increase efficiency, sustain growth and rein in costs.

Strong Demand Underpins the Industry: Industrial applications account for roughly 59% of the total demand, with the solar energy industry being one of the main drivers. Silver use in photovoltaic (PV) technology has climbed sharply in recent years due to the increasing global adoption of solar technology, advances in solar cell design and the global push for renewable energy. Per the International Energy Agency (IEA), global renewable power capacity is expected to double between 2025 and 2030. Solar PV will account for 80% of the increase, given its low costs, faster permitting and rising social acceptance. Silver has been used by the automotive industry for many years, and there has been a steady increase in the use of electrical and electronic components driven by demand for enhanced safety features and improved functionality. The electrification of the automotive industry has boosted demand further. Battery electric vehicles use significantly more silver than hybrids or internal combustion engine vehicles, while the growing number of electronic control units further boosts consumption. Rapid digitalization and the rise of AI are emerging as powerful new demand drivers for silver. As economies transition toward clean energy, electrification and AI-led digital infrastructure, silver is increasingly cementing its role as a critical “next-generation metal.”

Zacks Industry Rank Indicates Lackluster Prospects The group’s Zacks Industry Rank, basically the average of the Zacks Rank of all the member stocks, indicates gloomy prospects in the near term. The Zacks Mining – Silver industry, a 10-stock group within the broader Zacks Basic Materials sector, currently carries a Zacks Industry Rank #198, which places it in the bottom 19% of 244 Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperforms the bottom 50% by a factor of more than 2 to 1.

Despite the bleak near-term prospects, we will present a few Mining-Silver stocks that you can add to your portfolio, given their prospects. But it is worth looking at the industry’s shareholder returns and current valuation first.

Industry Versus Broader Market The Mining-Silver Industry has outperformed the sector and the Zacks S&P 500 composite over the past year. The stocks in this industry have collectively gained 149.7% in the past year compared with the Basic Material sector’s 40.8% rise. Meanwhile, the Zacks S&P 500 composite has risen 32.6%.

One-Year Price Performance

Industry's Current Valuation Based on the forward 12-month EV/EBITDA ratio, a commonly used multiple for valuing silver-mining companies, we see that the industry is currently trading at 6.87X compared with the S&P 500's 11.14X and the Basic Material sector's forward 12-month EV/EBITDA of 6.95X. This is shown in the charts below.

Enterprise Value/EBITDA (EV/EBITDA) F12M Ratio

Enterprise Value/EBITDA (EV/EBITDA) F12M Ratio

In the past five years, the industry has traded as high as 13.45X and as low as 5.15X, with the median being 8.04X.

2 Mining-Silver Stocks to Keep an Eye On Pan American Silver: Through the acquisition of MAG Silver in September 2025, the company significantly strengthened its industry-leading silver reserve base and consolidated its position as one of the leading silver producers globally. Pan American Silver gained a 44% stake in the Juanicipio project, which is a large-scale, high-grade silver mine in Zacatecas operated by Fresnillo plc. In December 2025, the company reported strong drilling results for its operating mines, which will help advance its long-term exploration strategy to replace and grow its mineral resources. The company invested $94 million in project capital in 2025 to advance several major projects, among which the most notable is the La Colorada mine in Mexico. A recently updated Preliminary Economic Assessment for the La Colorada Skarn project indicates that the mine is poised to become one of the world's largest and lowest-cost silver mines. Following its development and ramp-up, the project is expected to produce an average of 19.1 million ounces of silver per year during its five highest-producing years. PAAS stock has gained 108.1% in the past year.

The Zacks Consensus Estimate for the company’s fiscal 2026 earnings indicates year-over-year growth of 73.6%. The estimate has moved up 9% in the past 60 days. PAAS has a trailing four-quarter earnings surprise of 37.5%, on average. PAAS currently carries a Zacks Rank #3 (Hold).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price & Consensus: PAAS

First Majestic Silver: In January 2025, the company acquired Gatos Silver, Inc., gaining a 70% interest in the high-quality and long-life Cerro Los Gatos Silver underground mine. This deal solidified AG’s position as an intermediate primary silver producer. The company produced 3.5 million silver ounces in the first quarter of 2026, achieving 26% of the 2026 silver production guidance midpoint. Gold output was 34,341 gold ounces, representing 28% of the 2026 gold production guidance midpoint. In March, the company announced the results of a successful 2025 exploration program at its Jerritt Canyon Gold Mine. The company recently reported strong growth in Mineral Reserves and Mineral Resource Estimates for its operating mines and Jerritt Canyon. Based on this, the company commenced a restart plan for Jerritt Canyon. Strong momentum in the company’s First Mint LLC business, its wholly-owned minting facility, also bodes well. The business is experiencing strong sales of silver ounces. Also, the ISO 9001 certification (awarded in April 2025) has made the business’ silver product sales eligible for Individual Retirement Accounts (IRAs). Strong operational execution at the business has allowed First Majestic to sell a larger share of its total silver production to its bullion customers. AG shares have gained 211.5% in the past year. 

The Zacks Consensus Estimate for First Majestic’s 2026 earnings has moved up 20% in the past 60 days. The estimate indicates year-over-year growth of 56.5%. First Majestic currently carries a Zacks Rank of 3.

Price & Consensus: AG

SAN DIEGO, May 01, 2026 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Sportradar Group AG (NASDAQ: SRAD).

If you have information that could assist in the Sportradar investigation or if you are a Sportradar investor who suffered a loss and would like to learn more, you can provide your information here:

https://www.rgrdlaw.com/cases-sportradar-group-ag-investigation-srad.html

You can also contact attorneys Ken Dolitsky or Michael Albert of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

THE COMPANY: Sportradar, together with its subsidiaries, provides sports data services for the sports betting and media industries.

THE REVELATION: On April 22, 2026, Muddy Waters Research published a report titled, “Sportradar AG: Putting the BET into Aiding and Abetting; The Leader of Sports Integrity Powers the World’s Illegal Online Sportsbooks.” On this news, the price of Sportradar stock fell more than 22%.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud and shareholder rights litigation. Our Firm ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report, recovering more than $916 million for investors in 2025. This marks our fourth #1 ranking in the past five years. And in those five years alone, Robbins Geller recovered $8.4 billion for investors – $3.4 billion more than any other law firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world, and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

Past results do not guarantee future outcomes. 
Services may be performed by attorneys in any of our offices. 

Contact:
        Robbins Geller Rudman & Dowd LLP
        Ken Dolitsky
        Michael Albert
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        [email protected]

On May 11, 2026, First Majestic Silver Corp AG shares rose 7.9%, bringing the current price to $23.58. The stock has experienced significant price movement, trading within a 52-week range of $5.49 to $32.04.

GF Value™ verdict: Current price of $23.58 is 156.9% above the GF Value™ of $9.18, indicating the stock is significantly overvalued.GF Score™: The stock has a score of 58/100, suggesting an average performance across key metrics.Most notable signal: The financial strength score is high at 8/10, indicating a solid financial position. Is AG Overvalued or Undervalued? The GF Value™ for First Majestic Silver Corp AG is estimated at $9.18, which indicates that the current share price of $23.58 is significantly overvalued by approximately 156.9%. This disparity suggests a lack of margin of safety for potential investors, as the stock price is well above its intrinsic value. The GF Valuation label categorizes AG as "Significantly Overvalued," signaling that the current market price may not be sustainable in the long term.

Investors should be cautious given the high level of overvaluation. The risk associated with investing in an overvalued stock includes the potential for price corrections, where the stock may decline to align more closely with its intrinsic value. GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates.

How Does AG's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 69.3x 70.5x Forward P/E 22.8x N/A The current P/E ratio of 69.3x is slightly below its 5-year median P/E of 70.5x, suggesting that the stock is trading in line with its historical valuation metrics. However, the forward P/E of 22.8x indicates a potential for future earnings growth. This P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that AG is overvalued at its current price.

What Does AG's GF Score™ Tell Us? Metric Rating GF Score™ 58 Financial Strength 8/10 Profitability 5/10 Growth 3/10 Valuation 1/10 Momentum 3/10 The GF Score™ of 58/100 indicates that First Majestic Silver Corp has an average performance across the key metrics that drive stock performance. The strongest area is its financial strength, rated at 8/10, suggesting a solid balance sheet and ability to meet obligations. However, the valuation rank is notably weak at 1/10, corroborating the view of overvaluation as indicated by the GF Value™ assessment.

What Are Insiders Doing with AG Stock? There have been no insider transactions in the last three months for First Majestic Silver Corp. This lack of insider activity may suggest a neutral outlook from management regarding the stock's current valuation and future prospects.

What This Means for Investors Based on the GF Value™ assessment, First Majestic Silver Corp is considered significantly overvalued at its current price of $23.58, which is far above the intrinsic value of $9.18. Investors should be cautious of potential price corrections in the future.

For the complete analysis, visit the First Majestic Silver Corp AG stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is AG's GF Score™?

The GF Score™ for First Majestic Silver Corp is 58/100, indicating an average performance across key metrics affecting long-term returns.

Is AG overvalued or undervalued?

AG is considered significantly overvalued based on the GF Value™ of $9.18 compared to the current stock price of $23.58.

What is AG's P/E ratio?

The P/E ratio for AG is 69.3x, which is slightly below its 5-year median of 70.5x, indicating it is trading in line with its historical valuation metrics.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].