Commodity Price RiskRisks include commodity price risk, operating and technical risks, political risk, and country-related risk.
Production ChallengesLower silver grade at Encantada resulted in silver production of 561koz, which was 26% below the estimate.
Valuation ConcernsFirst Majestic shares are viewed as appropriately priced given its elevated relative valuation compared with peers, forming the basis of a Market Perform rating.