10:39 AM EDT, 07/16/2025 (MT Newswires) -- National Bank of Canada on Tuesday updated estimates across its coverage of precious metals companies ahead of the second-quarter earnings reporting period.

The bank said its estimates are materially higher than consensus forecasts for Agnico Eagle (AEM.TO), Aris Mining ( ARMN ) , Fortuna Mining ( FSM ) and Kinross (K.TO). Meanwhile, the bank's financial estimates are substantially below the consensus expectations for Aya Gold & Silver ( AYASF ) , IAMGOLD ( IAG ) , SSR Mining ( SSRGF ) and Torex (TXG.TO).

Companies with target price changes of 10% or more include Dundee Precious Metals ( DPMLF ) , Elemental Altus (ELE.V), Metalla Royalty (MTA.V), Endeavour Silver ( EXK ) and EMX Royalty ( EMX ) .

The bank's top picks among senior producers are Endeavour Mining ( EDVMF ) and Kinross Gold ( KGCRF ) , while its top picks among intermediates/juniors are Alamos Gold ( AGI ) , Artemis Gold ( ARGTF ) , G Mining Ventures ( GMINF ) and IAMGOLD ( IAG ).

For silver companies, National Bank named Aya and Endeavour as its top pick while OR Royalties ( OR ) is the bank's top pick among royalty companies.

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