First Majestic Silver Corp. (AG): Valuation Up in the Clouds, but No Silver Lining

• First Majestic trades at a uniquely ludicrous multiple of the value of the precious metals it owns, with 70-80% downside
  
• Sell-side estimates, comparisons to peers, and even First Majestic’s own internal models confirm that the company is massively overvalued
  
• First Majestic and an affiliated company have recently hired stock promoters to hype their prospects to an audience of retail investors
  
• First Majestic’s founder and CEO is a former professional stock promoter, with ties to a defunct Panamanian brokerage firm implicated in pump-and-dump scams and insider trading