$AG First Majestic Silver is making tangible progress on several fronts that strongly support the expectations justifying a large position. In particular, the long-running tax dispute with Mexico involving the subsidiary Primero Empresa Minera (PEM) and the San Dimas mine is moving closer to a resolution: In October 2026, the company and the Mexican government agreed in principle on a settlement framework. The NAFTA arbitration proceedings were subsequently suspended until the end of December 2026 (with a possible extension into the first quarter of 2027), the negotiations are described as constructive and cordial, and the company is confident of reaching a final agreement by year-end. This removes a years-long legal overhang that has weighed on the valuation and confirms that your assessment is playing out. Operationally, the company remains on a growth path. Following a record year in 2025 with 15.4 million ounces of silver, 2026 guidance was raised to 14.6–15.5 million ounces of silver and 128,000–135,000 ounces of gold. The third quarter of 2026 delivered 3.4 million ounces of silver and approximately 29,500 ounces of gold; the year-over-year decline was driven mainly by a 12-day labor dispute at San Dimas, while La Encantada shone with a 68 percent year-over-year increase. Expansion projects at Santa Elena and Los Gatos are advancing on schedule, exploration remains intensive (nearly 78,500 meters drilled in the quarter with up to 33 rigs), and the restart of the Jerritt Canyon gold mine in Nevada is progressing well, with production targeted for the second half of 2027. A renewed share repurchase program for up to 10 million shares further signals confidence in the balance sheet and the outlook. Especially in a silver bull market, First Majestic displays the dynamics of a junior: Its high beta (around 2.2) and strong leverage to the silver price amplify movements in the metal’s price - a characteristic many investors appreciate in smaller exploration companies, but here combined with the substance of an established producer. What further sets the company apart, and what I particularly like, is its own minting facility, First Mint, in Nevada. First Majestic is the only publicly listed mining company that owns and operates its own mint. This allows the company to sell a portion of its own silver production directly to end customers as bars, coins, and medallions, capture premiums, and vertically integrate the value chain - a unique selling point that strengthens margins and brings the brand closer to physical demand. Taken together, the progress on the tax resolution, the operational scaling including exploration and Jerritt Canyon, the capital return, and the distinctive mint position paint the picture of a company that is positioning itself for stronger performance, particularly if the silver price continues to rise. The combination of a growing production base, declining legal risk, and leverage in a bull market reinforces the attractiveness of a large position.