reports
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Downgrading Health Care to Underweight Our outlook remains bullish following the S&P 500's multi-month base breakout above 5670-5783, alongside constructive market dynamics. The market is quite clearly telling us that the path of least resistance is higher. We would treat any pre-election pullback (if it comes) as a buying opportunity, and we expect to see support on the SPX at 5760 and 5655-5670. The prior two election years (2016 and 2020) saw 5% and 10% pullbacks, respectfully, during Septem...
NLM FROSTA AKTIENGESELLSCHAFT
SUM SUMMIT MATERIALS INC. CLASS A
WYNN WYNN RESORTS LIMITED
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
MAS MELCO RESORTS & ENTERTAINMENT LIMITED SPONSORED ADR
LVS LAS VEGAS SANDS CORP.
HL HECLA MINING COMPANY
BYD BOYD GAMING CORPORATION
MAG. MAG SILVER CORP.
SVM. SILVERCORP METALS
PAAS PAN AMERICAN SILVER CORP.
POH3 CARNIVAL PLC
USLM U.S. LIME & MINERALS
USA.. AMERICAS SILVER CORP
WPM WHEATON PRECIOUS METALS CORP
PTM. PLATINUM GROUP METALS LTD.
CZR CAESARS ENTERTAINMENT INC
KNF KNIFE RIVER CORPORATION
FVI. FORTUNA MINING CORP
COE 51TALK ONLINE EDUCATION GROUP
- Alison Turner
Pan American Silver - Strong reserves replacement rates for key assets
Pan American Silver (PAAS) has released its annual mineral reserves and resources statement. While the overall reserves and resources have fallen compared to 2023 due to the asset divestments, on an adjusted basis the company has fully replaced its proven and probable (P&P) reserves and reported a significant increase in measured and indicated (M&I) resources in the silver segment. The gold segment has seen a visible boost to its inferred resource due to exploration work at Jacobina, which has a...
- MarketLine Department
First Majestic Silver Corp. - Mergers & Acquisitions (M&A), Partnershi...
Summary Marketline's First Majestic Silver Corp. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by First Majestic Silver Corp. - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Allia...
- MarketLine Department
First Majestic Silver Corp - Company Profile and SWOT Analysis
Summary First Majestic Silver Corp - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights First Majestic Silver Corp (First Majestic) is a mining company. It carries out various activities including the development, exploration, and acquisition of mineral properties to produce sil...
- MarketLine Department
Industrias Penoles SAB de CV - Company Profile and SWOT Analysis
Summary Industrias Penoles SAB de CV - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Industrias Penoles SAB de CV (Penoles) is a mining company. It identifies, explores, and develops mineral properties. Penoles carries out the exploration of gold, silver, zinc, lead, copper...
- Alison Turner
Pan American Silver - Q224 results: Steady progress
Pan American Silver (PAAS) delivered a robust set of Q224 results, with lower silver production offset by the stronger sales and commodity prices. This was coupled with good cost control in the gold segment and resulted in a 65% increase in mine operating earnings and 31% growth in EBITDA. Strong cash flow generation was the main highlight of the results, with free cash flow exceeding that of the whole of FY23. PAAS expects production to be more heavily weighted to Q4 and silver output to be tow...
- Alison Turner
Pan American Silver - Investor day takeaways
Pan American Silver (PAAS) recently held an investor day focusing on strategy, key projects, exploration, ESG and capital allocation. In this note we summarise key takeaways from the event. Our valuation and financial estimates remain unchanged ahead of the Q224 results in August.
Pan American Silver Corp: 1 director
A director at Pan American Silver Corp sold 6,114 shares at 31.010CAD and the significance rating of the trade was 50/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
- Alison Turner
Pan American Silver - A taste of things to come
Pan American Silver (PAAS) has seen an encouraging start to the year with Q124 silver and gold production in line with management expectations and costs for both segments below its quarterly guidance. Q1 is typically one of the slowest quarters for PAAS and the company’s maintained guidance points to significant improvements in production and costs in H224. This should be supported by the current strength in commodity prices. We have increased our FY24 EBITDA estimate by 25% and upgraded our val...
- Alison Turner
Pan American Silver - La Arena divestment
Pan American Silver (PAAS) has announced a sale of the La Arena and La Arena II projects to Zijin Mining for US$245m in cash, US$50m in a contingent payment and a 1.5% NSR gold royalty. La Arena II is a copper and gold sulphide deposit that sits underneath the currently producing La Arena gold project. We view the transaction as positive for PAAS, given La Arena’s very short mine life, significant capex required to bring La Arena II into production and the fact that copper is not PAAS’s core com...
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Long-Term Breakouts for Emerging & Frontier Markets The bullish outlook we initiated in early November 2023 remains intact. The S&P 500 and Nasdaq 100 (QQQ) still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days -- and even if/when they do, important supports are close by, including at 4983-5050 on the S&P 500 and $425-$433 on QQQ (gap supports from 2/22/24). The Fed's next move is almost guaranteed to be a cut (though when it happens is up for debate). And ...
GBX GREENBRIER COMPANIES INC.
HL HANNIBAL LEASE
WLK WESTLAKE CHEMICAL CORPORATION
TRN TRINITY INDUSTRIES INC.
OEC ORION ENGINEERED CARBONS SA
KOP KOPPERS HOLDINGS INC.
BAK BRASKEM S/A ADS
MX. METHANEX CORPORATION
EDR. ENDEAVOUR SILVER CORP.
SVM. SILVERCORP METALS
FR. FIRST MAJESTIC SILVER CORP.
FVI. FORTUNA SILVER MINES INC.
PAAS PAN AMERICAN SILVER CORP.
CENX CENTURY ALUMINUM COMPANY
GATX GATX CORPORATION
KALU KAISER ALUMINUM CORPORATION
RAIL FREIGHTCAR AMERICA INC.
WAB WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
VVV VALVOLINE INC.
AA ALCOA CORPORATION
FSTR L.B. FOSTER CO.
RIO RIO TINTO PLC
WPM WHEATON PRECIOUS METALS CORP
NOHA NORSK HYDRO ASA ADS
AWCMY ALUMINA LTD ADS
CSTM CONSTELLIUM SE CLASS A
CDE COEUR MINING INC
PLG PULDIN LION GROUP REIT-SOFIA
- Alison Turner
Pan American Silver - FY23 results: Follow the cash flow
Pan American Silver (PAAS) has released its FY23 financial results, which are in line with our estimates at the EBITDA level, an encouraging outcome given the operationally challenging year. While the bottom line was once again affected by non-cash one-offs, cash flow generation was robust, with FY23 operating cash flow of US$450m. We have slightly adjusted our FY24 estimates and rolled the model forward, resulting in a marginally updated valuation of US$22.2/share. The company’s decision to lau...
- Dave Nicoski
- Ross LaDuke
Vermilion Short Shots: Technically Vulnerable Stocks
Short Shots is a collection of technically vulnerable charts culled from the Negative Inflecting and Toppy columns within our Weekly Compass report or from various technical screening processes. The charts contained in this report have developed concerning technical patterns that suggest further price deterioration is likely. For these reasons Short Shots can also be a great source of ideas for investors interested in short-selling candidates.
SEDG SOLAREDGE TECHNOLOGIES INC.
PLOW DOUGLAS DYNAMICS INC.
MRCY MERCURY SYSTEMS INC.
MEI METHODE ELECTRONICS INC.
CGNX COGNEX CORPORATION
PAAS PAN AMERICAN SILVER CORP.
JKS JINKOSOLAR HOLDING CO. LTD. SPONSORED ADR
MATW MATTHEWS INTERNATIONAL CORPORATION CLASS A
ALGM ALLEGRO MICROSYSTEMS
SHLS SHOALS TECHNOLOGIES GROUP
SGML SIGMA LITHIUM CORP
IE IVANHOE ELECTRIC INC
- Alison Turner
Pan American Silver - Consistent growth at higher costs
Pan American Silver (PAAS) provided an update on its FY23 operational performance and FY24 guidance. While total silver production came in below guidance at 20.4Moz and gold output of 883koz was within guidance, the main highlight of the results was the record Q4 gold sales of 270koz (FY23 894koz). FY24 production expectations for gold and silver are broadly in line with FY23 guidance ranges, while costs are seen growing further. Despite our expectations of near-term cost normalisation, industry...
- Ben Pirie
Mining Monthly: December Edition
What you need to know: • Gold continued to rise in December, gaining 1.3% on the month and closed out 2023 up 13% to $2,062/oz. Notably, gold hit an all-time high, reaching $2,135/oz, rising above the previous record of $2,072 in August 2020. • Besides gold, other precious metals and commodities had a mixed month, while battery metals continued to underperform. • The mining equities slightly underperformed broader markets as capital flowed into the TSX & S&P500 on the back of a more defined Fe...
- Alison Turner
Pan American Silver - Adjusting valuation on Skarn
Following our short update on the La Colorada Skarn preliminary economic assessment (PEA), we are revising our valuation of Pan American Silver (PAAS) to incorporate the Skarn’s risked NPV. We have also reflected up-to-date commodity prices and lower WACC thanks to the reduction in bond yields. Overall, our valuation of PAAS increases from US$22.7 to US$23.5/share. While the stock has recently been propped up by the strong gold price, we see the upcoming publication of the FY24 outlook and FY23 ...
- Alison Turner
Pan American Silver - Skarn PEA confirms its early potential
Pan American Silver (PAAS) released a preliminary economic assessment (PEA) of the La Colorada Skarn project, confirming its potential to become a large-scale operation producing an average 17.2Moz of silver per annum over the first 10 years of its 17-year mine life. At a base case throughput rate of 50ktpd, the company estimates the project’s post-tax NPV8 at US$1.1bn, with an IRR of 14% and a payback period of 4.3 years. We intend to update our valuation shortly to incorporate the PEA and the ...
- Alison Turner
Pan American Silver - Q323: La Colorada continues to underperform
Pan American’s Q3 results did not bring any major surprises at the group level, with lower EBITDA of US$159m, down 22% q-o-q, mainly a result of the continuing underperformance of La Colorada and lower-than-expected gold grades at El Penon. Yet the company reported flat (quarter-on-quarter) net operating cash flow of US$115m and broadly reiterated its FY23 operating guidance. We have revised downwards our near-term earnings estimates on the back of the results. However, our valuation has increas...
- Ben Pirie
Mining Monthly: October Edition
What you need to know: • Precious metal prices were up substantially in October, rebounding from two months of consolidation, significantly outperforming broader markets which were down during the month. Other commodities and battery metals held in relatively flat. • The price of uranium continued to perform well over the last month and resulted in significant equity financings. • Deteriorating economic data leads us to believe we are approaching a long-awaited pivot after both the BoC and the...
FM FIRST QUANTUM MINERALS LTD.
IMG. IAMGOLD CORPORATION
MOZ MARATHON GOLD CORP.
PAAS PAN AMERICAN SILVER CORP.
RLG WEST RED LAKE GOLD MINES INC
NE.M.BA NEWMONT CORPORATION
EDV ENDEAVOUR MINING CORPORATION
ERO ERO COPPER CORP.
IMG IAMGOLD CORP.
MAI MINERA ALAMOS INC.
ORE OREZONE GOLD CORPORATION
VIT VICTORIA GOLD CORPORATION
ARTG ARTEMIS GOLD
ASCU ARIZONA SONORAN COPPER CO INC
FQM FIRST QUANTUM MINERALS LTD
ERO US ERO COPPER
- Alison Turner
Pan American Silver - La Colorada to restart after suspension
Pan American Silver (PAAS) has announced that it will begin restarting operations at the La Colorada mine on 16 October. Operating activities at the project have temporarily been suspended since 5 October due to security concerns at the mine site following the concentrate robbery. The company does not expect any impact on the FY23 production and cost guidance from the suspension of production. We maintain our estimates and valuation.
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