Big bases for NEM, PAAS, and SVM

We flagged the potential for a massive base on Newmont Corp (NEM) in this blog on September 11 along with bullish setups for Agnico Eagle Mines (AEM), Compania de Minas Buenaventura S.A.A (BVN), Fortuna Mining (FSM), and Silvercorp Metals (SVM).

Pan American Silver (PAAS) also has a big base.

We address NEM, PAAS, and SVM below.

Newmont Corp (NEM) has broken out from its massive 38-year big base and tested a measured move target at 100. However, while above the 86-82 area, which is important support, NEM's big base breakout remains intact with long-term upside potential to the pattern counts at 133 and 148.

Chart 1: Newmont Corp (NEM): Monthly chart

Pan American Silver (PAAS) has broken out from an early 2008 into late 2025 big base. Holding the 44-40 area (prior highs from 2020, 2011, and 2008) down to the big base neckline near 38 would keep the overall pattern bullish for PAAS with longer-term upside potential to pattern counts at 65 and 74.50.

Chart 2: Pan American Silver (PAAS): Monthly chart

Silvercorp Metals (SVM) rallied out of the 2021-2025 big base highlighted in this blog on September 11 and achieved/exceeded the upside counts for the pattern (Chart 3). However, the potential is for a bigger base dating back to early 2012 that could trigger a rally for SVM back to its high from April 2011 at 16.32. A decisive rally above 8.91 is required to confirm this pattern with initial upside potential to the 61.8% retracement of the 2011 to 2016 decline at 10.24 and then higher toward big base pattern counts at 15.70 and 17.35 on a longer-term basis (Chart 4). Until this upside breakout occurs, holding tactical support at 7.86-7.55 would keep the pattern constructive for SVM.

Chart 3: Silvercorp Metals (SVM): Weekly chart

Chart 4: Silvercorp Metals (SVM): Monthly chart