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GLDG vs PAAS
GoldMining Inc. (GLDG) vs Pan American Silver Corp. (PAAS) Earnings Recap: Q1 Loss Widens Amid Exploration Push
Key Takeaways
- GoldMining Inc. (GLDG) reported a Q1 2026 net loss of $7.25 million (EPS -$0.03), wider than $4.89 million last year, driven by elevated exploration ($1.58 million) and share-based compensation ($1.86 million).
- Pan American Silver Corp. (PAAS) delivered record Q4 2025 net earnings of $452 million (EPS $1.07 basic), with revenue of $1.2 billion and strong production of 7.3 million oz attributable silver and 197.8 koz gold.
- GLDG's balance sheet strengthened to $254 million in assets and $26 million cash, supported by ATM equity raises and investment gains.
- PAAS achieved silver segment AISC (all-in sustaining costs) of $9.51/oz in Q4, below guidance, with FY 2025 silver production exceeding targets at 22.8 million oz.
- Exploration-stage GLDG contrasts producer PAAS, highlighting sector diversity from development to large-scale output.
Earnings Context and Why This Comparison Matters
Recent quarterly filings spotlight contrasting profiles in the precious metals space: GoldMining Inc. (GLDG), a pre-production explorer advancing gold-copper assets, versus Pan American Silver Corp. (PAAS), a leading silver-gold producer. GLDG's Q1 results reflect aggressive project advancement amid favorable gold trends, while PAAS's Q4 underscores operational scale and cost discipline. This matchup matters for investors eyeing gold/silver upside—exploration leverage versus producer stability—in a market buoyed by metal price strength and supply constraints.
GoldMining Inc. Focus
GoldMining Inc. (GLDG), fiscal year ending November 30, released unaudited Q1 2026 results (three months ended February 28, 2026) via Form 6-K. The company posted a net loss of $7.25 million, up from $4.89 million in Q1 2025, with basic and diluted EPS of -$0.03 versus -$0.02 prior year. Operating loss widened to $7.29 million from $5.59 million, primarily from exploration expenses surging to $1.58 million (São Jorge and Whistler key drivers) and share-based compensation at $1.86 million.
No revenue was generated, consistent with its exploration focus on projects like Whistler (Alaska), São Jorge (Brazil), and Titiribi (Colombia). Balance sheet highlights included $26.11 million cash (up from $24.94 million at FY 2025 end), total assets of $254.22 million, and shareholders' equity of $241.64 million. ATM program proceeds of $9.32 million bolstered liquidity, with working capital at $52.78 million supporting ongoing drilling and studies.
Pan American Silver Corp. Context
Pan American Silver Corp. (PAAS), fiscal year ending December 31, reported record Q4 and FY 2025 results. Q4 revenue hit $1.2 billion (attributable $1.3 billion), net earnings $452 million ($1.07 basic EPS), and adjusted earnings $470 million ($1.11/share). Cash flow from operations reached $554 million. Attributable production: 7.3 million oz silver (AISC $9.51/oz, excl. NRV adjustments) and 197.8 koz gold.
FY totals: revenue $3.6 billion, net earnings $980 million ($2.56/share), silver production 22.8 million oz (above guidance), gold 742.2 koz. 2026 guidance projects 25-27 million oz silver and 700-750 koz gold, with silver AISC $15.75-$18.25/oz. Dividend rose 29% to $0.18/share, signaling confidence.
Head-to-Head Earnings and Market Comparison
GLDG and PAAS represent exploration versus production dynamics. GLDG's -$0.03 EPS reflects investment in high-potential assets (e.g., Whistler PEA NPV $2.04 billion), with no revenue but strong liquidity (~$270 million market cap). PAAS generated robust profitability ($1.07 EPS Q4), leveraging scale (22.8 million oz silver FY) and low costs amid metal rallies.
Growth drivers: GLDG eyes resource expansion; PAAS benefits from Juanicipio integration. Risks include GLDG's funding needs versus PAAS's jurisdictional exposures (Latin America). Sentiment favors PAAS for cash flow, GLDG for leverage.
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Tickeron AI Verdict
Tickeron AI favors PAAS (65% probability) for superior earnings quality, production stability, cash generation, and trend strength as a proven producer, over GLDG's higher-risk exploration positioning.
Disclaimer
The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer. Disclaimers and Limitations
To compare these two companies we present long-term analysis, their fundamental ratings and make comparative short-term technical analysis which are presented below. The conclusion is GLDG is a StrongBuy and PAAS is a Hold.
Long-Term Analysis
It is best to consider a long-term outlook for a ticker by using Fundamental Analysis (FA) ratings. The rating of 1 to 100, where 1 is best and 100 is worst, is divided into thirds. The first third (a green rating of 1-33) indicates that the ticker is undervalued; the second third (a grey number between 34 and 66) means that the ticker is valued fairly; and the last third (red number of 67 to 100) reflects that the ticker is undervalued. We use an FA Score to show how many ratings show the ticker to be undervalued (green) or overvalued (red).
GLDG’s FA Score shows that 0 FA rating(s) are green whilePAAS’s FA Score has 1 green FA rating(s).
- GLDG’s FA Score: 0 green, 5 red.
- PAAS’s FA Score: 1 green, 4 red.
Short-Term Analysis
It is best to consider a short-term outlook for a ticker by using Technical Analysis (TA) indicators. We use Odds of Success as the percentage of outcomes which confirm successful trade signals in the past.
If the Odds of Success (the likelihood of the continuation of a trend) for each indicator are greater than 50%, then the generated signal is confirmed. A green percentage from 90% to 51% indicates that the ticker is in a bullish trend. A red percentage from 90% - 51% indicates that the ticker is in a bearish trend. All grey percentages are below 50% and are considered not to confirm the trend signal.
GLDG’s TA Score shows that 5 TA indicator(s) are bullish while PAAS’s TA Score has 6 bullish TA indicator(s).
- GLDG’s TA Score: 5 bullish, 3 bearish.
- PAAS’s TA Score: 6 bullish, 4 bearish.
Price Growth
GLDG (@Precious Metals) experienced а -9.62% price change this week, while PAAS (@Precious Metals) price change was -4.04% for the same time period.
The average weekly price growth across all stocks in the @Precious Metals industry was -9.77%. For the same industry, the average monthly price growth was -9.98%, and the average quarterly price growth was -13.51%.
Reported Earning Dates
GLDG is expected to report earnings on Jul 15, 2026.
PAAS is expected to report earnings on Aug 12, 2026.
Industries' Descriptions
@Precious Metals (-9.77% weekly)The Precious Metals industry is engaged in exploring/mining metals that are considered to be rare and/or have a high economic value. Popular precious metals include gold, platinum and silver - all three of which are largely used in jewelry, art and coinage alongwith having some industrial uses as well. Precious metals used in industrial processes include iridium, (used in specialty alloys), and palladium ( used in electronics and chemical applications). Historically, precious metals have traded at much higher prices than common industrial metals. Newmont Goldcorp Corp, Barrick Gold Corp and Freeport-McMoRan are few of the major precious metals producing companies in the U.S.
| GLDG | PAAS | GLDG / PAAS | |
| Capitalization | 198M | 20.6B | 1% |
| EBITDA | -27.48M | 2.22B | -1% |
| Gain YTD | -26.248 | -5.040 | 521% |
| P/E Ratio | N/A | 15.43 | - |
| Revenue | 0 | 4B | - |
| Total Cash | 52.6M | 1.61B | 3% |
| Total Debt | 275K | 845M | 0% |
GLDG | PAAS | ||
|---|---|---|---|
OUTLOOK RATING 1..100 | 60 | 59 | |
VALUATION overvalued / fair valued / undervalued 1..100 | 40 Fair valued | 18 Undervalued | |
PROFIT vs RISK RATING 1..100 | 100 | 58 | |
SMR RATING 1..100 | 95 | 45 | |
PRICE GROWTH RATING 1..100 | 62 | 50 | |
P/E GROWTH RATING 1..100 | 82 | 93 | |
SEASONALITY SCORE 1..100 | 75 | n/a |
Tickeron ratings are formulated such that a rating of 1 designates the most successful stocks in a given industry, while a rating of 100 points to the least successful stocks for that industry.
PAAS's Valuation (18) in the Precious Metals industry is in the same range as GLDG (40) in the null industry. This means that PAAS’s stock grew similarly to GLDG’s over the last 12 months.
PAAS's Profit vs Risk Rating (58) in the Precious Metals industry is somewhat better than the same rating for GLDG (100) in the null industry. This means that PAAS’s stock grew somewhat faster than GLDG’s over the last 12 months.
PAAS's SMR Rating (45) in the Precious Metals industry is somewhat better than the same rating for GLDG (95) in the null industry. This means that PAAS’s stock grew somewhat faster than GLDG’s over the last 12 months.
PAAS's Price Growth Rating (50) in the Precious Metals industry is in the same range as GLDG (62) in the null industry. This means that PAAS’s stock grew similarly to GLDG’s over the last 12 months.
GLDG's P/E Growth Rating (82) in the null industry is in the same range as PAAS (93) in the Precious Metals industry. This means that GLDG’s stock grew similarly to PAAS’s over the last 12 months.
| GLDG | PAAS | |
|---|---|---|
| RSI ODDS (%) | 2 days ago 74% | 2 days ago 74% |
| Stochastic ODDS (%) | 2 days ago 74% | 2 days ago 76% |
| Momentum ODDS (%) | 2 days ago 76% | 2 days ago 85% |
| MACD ODDS (%) | 2 days ago 71% | 2 days ago 80% |
| TrendWeek ODDS (%) | 2 days ago 72% | 2 days ago 80% |
| TrendMonth ODDS (%) | 2 days ago 69% | 2 days ago 69% |
| Advances ODDS (%) | 9 days ago 72% | 8 days ago 80% |
| Declines ODDS (%) | 2 days ago 73% | 2 days ago 72% |
| BollingerBands ODDS (%) | 2 days ago 76% | 2 days ago 80% |
| Aroon ODDS (%) | 2 days ago 64% | 2 days ago 64% |
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GLDG and
Correlation & Price change
A.I.dvisor indicates that over the last year, GLDG has been closely correlated with PAAS. These tickers have moved in lockstep 73% of the time. This A.I.-generated data suggests there is a high statistical probability that if GLDG jumps, then PAAS could also see price increases.
| Ticker / NAME | Correlation To GLDG | 1D Price Change % | ||
|---|---|---|---|---|
| GLDG | 100% | -3.27% | ||
| PAAS - GLDG | 73% Closely correlated | -0.18% | ||
| KGC - GLDG | 72% Closely correlated | -1.39% | ||
| AEM - GLDG | 71% Closely correlated | +0.11% | ||
| EQX - GLDG | 70% Closely correlated | -2.47% | ||
| CGAU - GLDG | 70% Closely correlated | +0.12% | ||
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