First Majestic Silver (AG) investor relations material

Strategic positioning and market outlook

• Maintains a strong focus on silver, with 63% of revenue from silver and ambitions to become the largest global silver producer.

• Silver market faces a multi-year supply deficit, with 2025–2026 alone seeing a 150 million ounce shortfall.

• AI data centers and new technologies are driving additional silver demand, intensifying the supply gap.

• Owns and operates its own mint, enabling vertical integration and higher margins.

Asset portfolio and operational highlights

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

• Los Gatos, acquired last year, is a major asset with a 10-year mine life and significant unexplored land.

• Santa Elena has expanded production and mine life through new discoveries, now producing close to 10 million ounces annually.

• San Dimas receives the largest exploration budget, leveraging its hydro dam for energy cost control.

• La Encantada, the smallest mine, is nearly pure silver and has consistently exceeded production guidance.

Growth initiatives and capital allocation

• Raised production guidance for the second consecutive year, targeting 14.5–15.5 million ounces of silver.

• Investing nearly $350 million, with $300 million dedicated to exploration and 300 kilometers of drilling planned for 2026.

• Actively expanding operations and modernizing assets, including a restart of Jerritt Canyon in H2 2027 with a new mine plan.

• Mint facility in Las Vegas enables direct retail sales, custom minting, and higher profit margins on 10–15% of production.

• Dividend policy increased to 2% of revenue in January 2026, directly linking payouts to metal prices.