$PAXG UBS REMAINS LONG AND INCREASE ITS GOLD PRICE TARGET TO $ 6,200/OZ FOR MARCH, JUNE, AND SEPTEMBER 2026 (FROM USD 5,000/OZ), WITH A PROJECTED MODEST DECLINE TO $5,900/OZ BY END-2026

UBS NOW PROJECTS AN UPSIDE SCENARIO TARGET OF $7,200/OZ FOR GOLD AND A DOWNSIDE SCENARIO OF $4,600/OZ (THIS IS CLOSE TO A ONE STANDARD DEVIATION MOVE)