First Majestic Silver Corp. Ordinary Shares (Canada)

Positive marks: acquiring Gatos Silver appears accretive, unlocking a high-quality asset and operational consolidation; management has pruned non-core assets (Del Toro closed; San Martin sale agreement signed) and deployed a normal course issuer bid with measured repurchases in 2025–2026. The dividend policy was lifted to 2% of net quarterly revenues from January 1, 2026, aligning payouts with the cycle.

Cautions: history of dilution from prior equity and ATM programs, low-coupon convertibles still outstanding, and the 2021 Jerritt Canyon acquisition underperformed until the 2026 restart plan. We see improved discipline, but mixed long-term track record.