The Globe and Mail reports in its Friday, May 1, edition that National Bank Financial analyst Rabi Nizami has lowered his recommendation for Arizona Metals to "sector perform" from "outperform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Nizami gave his share target a 65-cent trim to 25 cents. Analysts on average target the shares at $1.24. Mr. Nizami says in a note: "The PEA shows negative base-case NPV5 of $6-million at consensus metal prices. A spot case was also presented with NPV 5 per cent of $445-million (U.S.). We previously carried the Kay mine project at NPV 10 per cent $156-million (U.S.) at our long-term price deck, with cost estimates benchmarked to a recent prefeasibility study (PFS) on the Antler project, another similar scale polymetallic underground VMS project in Arizona, which was acquired in 2025 for $160-million (U.S.). Relative to the Antler PFS, the Kay Mine PEA shows higher initial capex of $609-million (U.S.). ... The higher costs are largely attributed to the metallurgical complexity at Kay." Going forward, Mr. Nizami expects the Toronto-based company "to take some time to reset expectations before refocusing on exploration targeting and advancing drill permits."