Can Pan American Silver Sustain Its Solid Silver AISC in H2?

Pan American Silver (PAAS) delivered silver AISC of $12.64 in H1'26, 24% lower than year-ago and below guidance, driven by strong performance from the Juanicipio acquisition. However, the company expects 2026 silver AISC to rise 22% year-over-year to $15.75-$18.25 per ounce due to higher contractor, labor, and energy costs at La Colorada and Huaron mines. PAAS trades at a lower valuation multiple (10.46X) compared to peers and carries a Zacks Rank #3 (Hold).