Will Higher Silver Production From Cerro Moro Boost PAAS' Outlook?

Key Takeaways Pan American Silver saw Cerro Moro Q4 silver output rise 10.6% y/y, with gold up 22.7%.The 2026 silver production at Cerro Moro is projected at 2.8-3M ounces, suggesting 16% growth at the midpoint.Higher-grade ore and lower costs could lead to a negative AISC of $25.75-$21.75 per ounce.Pan American Silver Corp. (PAAS) invested $94 million of project capital in 2025 to advance several major projects, among which a prominent one was the Cerro Moro mine in Argentina. The company has increased cap ...