The Globe and Mail reports in its Tuesday, May 5, edition that Stifel analyst Cole McGill, in response to Arizona Metals' release of a preliminary economic assessment for its Kay mine project in Yavapai County, Arizona, lowered his recommendation to "hold" from "buy" with a 35-cent share target, down from $1.50 and below the 37-cent average. The Globe's David Leeder writes in the Eye On Equities column that Mr. McGill says in a note: "The predominant reason is based on marginal PEA economics, which detailed suboptimal NPV5 per cent and profitability ratio at spot (0.73 times). Cognizant PEA studies represent a snapshot in time -- and that nearly all VMS mines in production today have witnessed double-digit tonnage accretion post initial resource, we remain constructive on the ultimate exploration upside of the project (+10km of fertile structure). However, with the EXPO permit the gating item, and exploration upside firmly in the 'show me' camp, we think this is a longer dated story (noting the deposit needs to see growth for viable economic return), to revisit toward the latter half of 2026. Arizona Metals trades at 0.30 times our updated P/NAV."