First Majestic Silver Corp. Ordinary Shares (Canada)

First Majestic is fundamentally a price taker in silver and gold. Realized prices surged in 2026 with the market, not due to company-specific power. First Mint’s retail channel can capture premiums to spot for fabricated products, but that remains a limited share of revenue and does not confer durable, company-wide pricing latitude.

Any meaningful margin expansion is more likely to come from asset mix, grade, recoveries, and FX rather than the ability to raise prices unilaterally.