Commodity Price RiskRisks include commodity price risk, operating and technical risks, political risk, and country-related risk.
Production IssuesProduction at Santa Elena decreased 10% year-over-year due to lower grade ores from the Ermitaño mine.
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.