What concentrates the risk in Peru is that so much of this byproduct supply sits in one country. In 2025, global mine production came in at 846.6 million ounces. For 2026, Metals Focus and the Silver Institute forecast it essentially flat, at 844.1 million ounces, a decline of about 2.5 million ounces. The market is forecast to run a sixth consecutive annual deficit of 46.3 million ounces in 2026, according to Metals Focus and the Silver Institute. Peru's supply risk is one dimension of the 100-catalyst framework I analyze in Silver Rising, alongside the five other Deep Dives in this issue of the Silver Catalyst newsletter.