First Majestic Silver Corp

First Majestic Silver Corp. is a primary silver producer operating three active mines in Mexico: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine. In 2023, the company produced 26.9 million silver equivalent ounces, deriving its core revenue from the extraction and sale of silver, gold, and other by-product metals. This business model categorically falls under the extractive industries exclusion, which applies to companies engaged in the mining of non-fuel minerals and metals.

The company's operations present significant, inherent environmental and social risks common to hard-rock mining. Its own 2023 Sustainability Report identifies material topics including water stewardship, tailings management, biodiversity, community relations, and climate change. First Majestic manages large-scale tailings facilities, reports significant water withdrawals, and operates in regions with sensitive ecosystems and Indigenous communities. While the company publishes annual sustainability reports aligned with SASB and GRI standards, the act of extraction itself, and the permanent alteration of land, water, and communities it entails, forms the basis for exclusion under this product-based category.