11:48 AM EDT, 09/05/2025 (MT Newswires) -- National Bank of Canada resumed coverage of Pan American Silver ( PAAS ) with an outperform rating and a higher target price of $62, up from $52.50.

The bank said Pan American's acquisition of MAG Silver's assets boosts silver reserves and high-margin production while adding exploration upside in a tightening M&A market. The deal gives Pan American a 44% stake in the Juanicipio silver mine in Mexico, full ownership of the Larder project in Ontario, and a 100% earn-in interest in the Deer Trail project in Utah.

National Bank cited several catalysts ahead, including an updated mineral resource estimate, asset sales, exploration and engineering updates, and joint venture partner discussions at La Colorada Skarn. Execution on the company's FY25 outlook, reiterated with Q2 results, was also flagged as a driver.

On its updated model, reflecting Juanicipio and revised price assumptions offsetting equity dilution, the bank raised its net asset value per share about 8% to $39.85 from $36.72.

Price: 47.44, Change: +0.97, Percent Change: +2.09