First Majestic Silver Corp. Ordinary Shares (Canada)

Production and cash flows improved meaningfully after the Gatos acquisition and through 2025–2026, but remain exposed to metal prices, underground operating variability, and events such as temporary labor disruptions and localized geotechnical issues (e.g., noted at Los Gatos).

Mexico’s mining law changes increase permitting and concession uncertainties for the long term. While the company gave updated 2026 guidance, our preference for high-visibility, recurring revenue models is not met here.