- AG’s Mexico tax dispute is moving toward a year-end settlement; arbitration is suspended through December 2026, potentially into Q1 2027, reducing a long-standing valuation overhang.
- Raised 2026 guidance calls for 14.6–15.5 million silver ounces and 128,000–135,000 gold ounces; Santa Elena, Los Gatos and a H2 2027 Jerritt Canyon restart support further growth.
- The author sees AG’s ~2.2 beta as strong silver-price leverage, while First Mint enables direct sales that capture premiums and integrate more of the value chain.
- A renewed buyback program covers up to 10 million shares, adding to the author’s confidence in the balance sheet and supporting a large-position thesis.
Investment pitches
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