Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

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.

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.

Pan American Silver - La Colorada to restart after suspension

Pan American Silver (PAAS) announced the temporary suspension of all operating activities at its La Colorada mine in Mexico due to security concerns at the mine site following the concentrate robbery. The company has not yet provided any indication of the potential restart of mining activities. We currently maintain our estimates and valuation, awaiting more clarity on the timing of the restart.

Pan American Silver (PAAS) announced the temporary suspension of all operating activities at its La Colorada mine in Mexico due to security concerns at the mine site following the concentrate robbery. The company has not yet provided any indication of the potential restart of mining activities. We currently maintain our estimates and valuation, awaiting more clarity on the timing of the restart.

Pan American Silver - La Colorada mine suspension

Pan American Silver (PAAS) reported a significant increase in mineral reserves and resources estimates, for gold in particular, on the back of the Yamana transaction. Inclusive of MARA, Morococha and Jeronimo, the company’s total proven and probable (P&P) reserves grew 12% y-o-y to 577Moz of contained silver (Ag) and 259% to 13Moz of contained gold (Au). PAAS plans an extensive drilling and exploration campaign for 2023 in order to further upgrade and extend the resource base. While our financial estimates remain unchanged, we have slightly revised our valuation down to US$22.0/share to reflect the reported reserves and resources data.

Pan American Silver (PAAS) reported a significant increase in mineral reserves and resources estimates, for gold in particular, on the back of the Yamana transaction. Inclusive of MARA, Morococha and Jeronimo, the company’s total proven and probable (P&P) reserves grew 12% y-o-y to 577Moz of contained silver (Ag) and 259% to 13Moz of contained gold (Au). PAAS plans an extensive drilling and exploration campaign for 2023 in order to further upgrade and extend the resource base. While our financial estimates remain unchanged, we have slightly revised our valuation down to US$22.0/share to reflect the reported reserves and resources data. 

Pan American Silver - Yamana assets boost mineral resources

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Harmony Gold Mining Co Ltd / Event-Driven

<ul>
<li>The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.</li>
<li>This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.</li>
<li>In this insight, we take a look at the potential ADDs and DELs and our flow expectations for the index rebal event in September 2024.</li>
</ul>


The MV J-Gold Miners index represents the performance small-cap gold and silver mining companies listed around the world.
This index is reviewed semi-annually in March and September. During these reviews, names can be added or deleted from the index.
In this insight, we take a look at the potential ADDs and DELs and our flow expectations for the index rebal event in September 2024.


Quiddity Leaderboard MV J-Gold Miners Sep 24:  Mergers Mean Possible Up-And-Out DELETEs

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There are no constituent changes for the <a href="https://www.smartkarma.com/entities/vaneck-vectors-junior-gold-miners-etf" target="_blank" data-smartkarma-citation="entities:32845:1" rel="noopener">VanEck Vectors Junior Gold Miners ETF (GDXJ US)</a> in June but there are a lot of float and capping changes.</li>
<li>Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.</li>
<li>The largest inflows are expected in <a href="https://www.smartkarma.com/entities/cia-de-minas-buenaventura-saa" target="_blank" data-smartkarma-citation="entities:27674:1" rel="noopener">Cia de Minas Buenaventura SAA (BVN US)</a>, <a href="https://www.smartkarma.com/entities/equinox-gold-corp" target="_blank" data-smartkarma-citation="entities:38705:1" rel="noopener">Equinox Gold (EQX US)</a> and <a href="https://www.smartkarma.com/entities/red-5-ltd" target="_blank" data-smartkarma-citation="entities:7940:1" rel="noopener">Red 5 Ltd (RED AU)</a>. </li>
</ul>


There are no constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in June but there are a lot of float and capping changes.
Estimated one-way turnover is 3.9% resulting in a round-trip trade of US$418m. There are 17 stocks with over 1x ADV to trade from passive trackers.
The largest inflows are expected in Cia de Minas Buenaventura SAA (BVN US), Equinox Gold (EQX US) and Red 5 Ltd (RED AU). 


MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

United States

Pan American Silver Corporation is a primary silver producer.   The Company has seven operating mines in Mexico,  Peru, Argentina and Bolivia and several development projects in USA,  Mexico, Peru and Argentina.

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Pan American Silver (PAAS US)

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...

Edison Investment Research

Pan American Silver - La Colorada mine suspension

Pan American Silver (PAAS) announced the temporary suspension of all operating activities at its La Colorada mine in Mexico due to security...

Edison Investment Research

Pan American Silver - Yamana assets boost mineral resources

Pan American Silver (PAAS) reported a significant increase in mineral reserves and resources estimates, for gold in particular, on the back of the...

Edison Investment Research

Quiddity Leaderboard MV J-Gold Miners Sep 24: Mergers Mean Possible Up-And-Out DELETEs

The MV Junior Gold Miners Index is a very broad index of small-mid caps and decent tracking AUM. Deletes are either "too big" or "too small". Some...

Travis Lundy

MV Global Junior Gold Miners Index Rebalance: Round-Trip Trade of Over US$400m

Float and capping changes result in an estimated one-way turnover is 3.9% and that leads to a round-trip trade of US$418m. There are 17 stocks with...

Brian Freitas

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