COMP <GO>

AG vs RIO // GROSS PROFIT MARGIN

First Majestic Silver Corp. Ordinary Shares (Canada) (NYSE) VS. Rio Tinto Plc (NYSE) • 15-METRIC TALLY: AG 5 — RIO 2

■ METRIC PARITY

LAST: $14.26 (-6.98%) • MKT CAP: $7.56B

gross-margins

41.00%

LAST: $81.89 (-1.63%) • MKT CAP: $104.57B

gross-margins

41.00%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (AG VS. RIO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	AG	RIO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin ACTIVE	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	9.90%	0.00	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	21.0x	0.00	TIE	/valuation <GO>
Free Cash Flow Yield	2.21%	2.21%	0.00	TIE	/fcf-yield <GO>
Operating Margin	13.90%	13.90%	0.00	TIE	/operating-margins <GO>
Net Profit Margin	10.90%	10.90%	0.00	TIE	/net-margins <GO>
Revenue Growth (YoY)	20.90%	1.10%	+19.80	AG	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.74	0.00	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	AG	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	6.80%	7.00%	-0.20	AG	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	32.1	25.2	+6.91	AG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.98	1.02	-0.04	RIO	/macro-sensitivity <GO>
Forward P/E Multiple	27.6x	30.5x	-2.90	AG	/forward-pe <GO>
Enterprise Scale & Market Cap	$7.56B	$104.57B	-$97.01B	RIO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	AG REV	RIO REV	AG GROSS %	RIO GROSS %	AG FCF	RIO FCF
INSPECT INDIVIDUAL XBRL MODELS AT AG FA <GO> AND RIO FA <GO>.

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

AG // BETA 0.98

RIO // BETA 1.02