First Majestic Silver (AG) investor relations material

Corporate strategy and market outlook

• Maintains focus as a leading pure-play silver producer, with 60% revenue from silver and 30% from gold.

• Updated dividend policy and active share buyback reflect strong financial health.

• Silver supply deficit persists, with new demand from AI data centers consuming 6.6 tons per center.

• No significant new silver supply expected, supporting long-term bullish outlook.

• Maintains robust liquidity, with $400M–$500M daily trading volume and strong institutional interest.

Operational performance and expansion

• Operates four underground mines in Mexico and a gold asset in Nevada, with significant land packages for expansion.

• 2025 production guidance: 13–15M oz silver, 110k–130k oz gold, plus lead and zinc.

• Capital spend of $200M–$236M, excluding $75M for Jerritt Canyon restart.

• Q1 performance exceeded expectations, with over 25% of silver and nearly 30% of gold guidance achieved.

• Major expansions underway at Santa Elena and Gatos, with mill upgrades scheduled for H2 2025.

Asset highlights and exploration

• Gatos: 10-year mine life, 103,000 hectares, expansion to 4,000 tpd by mid-2025, significant exploration upside.

• Santa Elena: Tripled production since acquisition, 11-year mine life, 102,000 hectares, new discoveries at Navidad and Santo Niño.

• San Dimas: Largest mine, 50/50 gold-silver, 30–40% upside expected from drilling.

• La Encantada: Pure silver, operational improvements after water issues, internalizing haulage to reduce costs.

• Jerritt Canyon: Restarting with $75M investment, targeting both open pit and underground mining, leveraging unique roaster facility.