← Pan American Silver overview

Pan American Silver vs Franco-Nevada: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Pan American Silver Corp. (PAAS)

Q3 2026
▲2▼2

Silver crash hits revenue, but record returns and BofA pick support PAAS

  • Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.

    The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.

  • BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.

    A major analyst endorsement can shift sentiment and drive demand for the shares.

  • Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.

    Strong cash flow and returns signal financial health, which can lift the stock.

  • 2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.

    Rising costs directly reduce profitability and are a key factor for future earnings.

August 2026
▲2▼2

Silver crash hits revenue, but record returns and BofA pick support PAAS

  • Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.

    The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.

  • BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.

    A major analyst endorsement can shift sentiment and drive demand for the shares.

  • Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.

    Strong cash flow and returns signal financial health, which can lift the stock.

  • 2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.

    Rising costs directly reduce profitability and are a key factor for future earnings.

Latest
▲2▼2

Silver crash hits revenue, but record returns and BofA pick support PAAS

  • Silver price crash below $60 Silver fell below $60 an ounce, down over 50% from its January peak, driven by a stronger dollar and rising Treasury yields. This directly cuts Pan American's revenue because it sells silver at lower prices, pressuring the stock.

    The silver price is the biggest driver of PAAS revenue and explains the stock's weakness.

  • BofA names PAAS a top pick Bank of America added Pan American Silver as a new top pick with 56% potential upside, even as it cut commodity forecasts broadly. This boosts investor confidence and can attract buyers, pushing the stock up.

    A major analyst endorsement can shift sentiment and drive demand for the shares.

  • Record $300M shareholder returns and doubled credit line Pan American reported record quarterly shareholder returns of $300 million, $344 million in free cash flow, and doubled its credit facility to $1.5 billion. This shows financial strength and rewards shareholders, supporting the stock price.

    Strong cash flow and returns signal financial health, which can lift the stock.

  • 2026 silver cost guidance rises 22% Pan American guided 2026 silver all-in sustaining costs to $15.75-$18.25 per ounce, a 22% increase from 2025, due to higher costs at La Colorada and Huaron. Higher costs squeeze profit margins, which can weigh on the stock.

    Rising costs directly reduce profitability and are a key factor for future earnings.

Franco-Nevada Corporation (FNV)

Q3 2026
▲3▼1

Record Q2, new royalty deals, but Panama closure risk weighs

  • Record Q2 revenue and profit Franco-Nevada reported record Q2 2026 revenue up 57% to $581 million, with adjusted net income up 46% to $349.2 million. Gold-equivalent ounces sold rose 18% to 132,405, and the company is tracking toward the upper half of its 2026 guidance. This strong financial performance supports a higher stock price.

    This is the core positive fundamental news that drove the stock higher over the period.

  • New royalty investments expand future income Franco-Nevada committed A$200 million to increase its royalty on the Bullabulling gold project in Australia and paid $8 million to extend its Porcupine royalty to newly acquired Timmins properties. These deals use cash to grow future royalty income, which supports the stock price.

    These are new capital deployments that add to Franco-Nevada's long-term revenue stream.

  • Panama commission recommends Cobre Panama closure A Panamanian government commission recommended the orderly closure of the Cobre Panama mine, where Franco-Nevada holds a 100% precious metals stream. The report suggests a multi-decade operating framework but no restart timeline, creating uncertainty. Franco-Nevada shares fell 4% on the news, as the stream's future production is at risk.

    This is the main negative development that could remove a significant future revenue source.

  • UBS names Franco-Nevada a preferred gold stock UBS included Franco-Nevada in its preferred gold mining stocks for 2027, noting the Cobre Panama restart is mostly unpriced and the stock trades at about 15 times 2028 EV/EBITDA versus its five-year average of 21.5 times. This analyst endorsement can attract buyers and support the share price.

    This is a new analyst recommendation that highlights valuation upside and potential catalysts.

September 2026
▲3▼1

Record Q2, new royalty deals, but Panama closure risk weighs

  • Record Q2 revenue and profit Franco-Nevada reported record Q2 2026 revenue up 57% to $581 million, with adjusted net income up 46% to $349.2 million. Gold-equivalent ounces sold rose 18% to 132,405, and the company is tracking toward the upper half of its 2026 guidance. This strong financial performance supports a higher stock price.

    This is the core positive fundamental news that drove the stock higher over the period.

  • New royalty investments expand future income Franco-Nevada committed A$200 million to increase its royalty on the Bullabulling gold project in Australia and paid $8 million to extend its Porcupine royalty to newly acquired Timmins properties. These deals use cash to grow future royalty income, which supports the stock price.

    These are new capital deployments that add to Franco-Nevada's long-term revenue stream.

  • Panama commission recommends Cobre Panama closure A Panamanian government commission recommended the orderly closure of the Cobre Panama mine, where Franco-Nevada holds a 100% precious metals stream. The report suggests a multi-decade operating framework but no restart timeline, creating uncertainty. Franco-Nevada shares fell 4% on the news, as the stream's future production is at risk.

    This is the main negative development that could remove a significant future revenue source.

  • UBS names Franco-Nevada a preferred gold stock UBS included Franco-Nevada in its preferred gold mining stocks for 2027, noting the Cobre Panama restart is mostly unpriced and the stock trades at about 15 times 2028 EV/EBITDA versus its five-year average of 21.5 times. This analyst endorsement can attract buyers and support the share price.

    This is a new analyst recommendation that highlights valuation upside and potential catalysts.

Latest
▲3▼1

Record Q2, new royalty deals, but Panama closure risk weighs

  • Record Q2 revenue and profit Franco-Nevada reported record Q2 2026 revenue up 57% to $581 million, with adjusted net income up 46% to $349.2 million. Gold-equivalent ounces sold rose 18% to 132,405, and the company is tracking toward the upper half of its 2026 guidance. This strong financial performance supports a higher stock price.

    This is the core positive fundamental news that drove the stock higher over the period.

  • New royalty investments expand future income Franco-Nevada committed A$200 million to increase its royalty on the Bullabulling gold project in Australia and paid $8 million to extend its Porcupine royalty to newly acquired Timmins properties. These deals use cash to grow future royalty income, which supports the stock price.

    These are new capital deployments that add to Franco-Nevada's long-term revenue stream.

  • Panama commission recommends Cobre Panama closure A Panamanian government commission recommended the orderly closure of the Cobre Panama mine, where Franco-Nevada holds a 100% precious metals stream. The report suggests a multi-decade operating framework but no restart timeline, creating uncertainty. Franco-Nevada shares fell 4% on the news, as the stream's future production is at risk.

    This is the main negative development that could remove a significant future revenue source.

  • UBS names Franco-Nevada a preferred gold stock UBS included Franco-Nevada in its preferred gold mining stocks for 2027, noting the Cobre Panama restart is mostly unpriced and the stock trades at about 15 times 2028 EV/EBITDA versus its five-year average of 21.5 times. This analyst endorsement can attract buyers and support the share price.

    This is a new analyst recommendation that highlights valuation upside and potential catalysts.