Financial PerformanceCash costs see an increase as the Mexican Peso weakens, with consolidated cash and all-in sustaining costs reaching $15.17/SEO (+7% YoY) and $21.03/SEO (+6% YoY), respectively.
Production LevelsSilver production was below expectations due to lower grades at San Dimas and lower throughput and grade at La Encantada.
ValuationFirst Majestic shares are viewed as appropriately priced given its elevated relative valuation compared with peers, which forms the basis of a Market Perform rating.