First Majestic Silver (AG) Corporate presentation summary

Strategic positioning and market overview

• Generates 58% of revenue from silver, making it the purest silver producer among peers; 90% of revenue is from precious metals.

• Maintains a clean balance sheet and sector-leading trading liquidity, with over $400M average daily trading volume.

• Owns a vertically integrated minting facility, capturing additional margin from bullion sales.

• Operates four producing underground mines in Mexico and holds over 350,000 hectares of mining claims in Mexico and Nevada.

• Aims to become the world’s largest primary silver producer.

Silver market dynamics

• Silver is critical for industrial use, with 59% of 2025 demand from industrial fabrication and 25% of global mined production used in photovoltaics.

• Industrial silver demand rose 33% since 2020, reaching 680M oz in 2024; PV demand hit a record 198M oz.

• The market faces a continued supply deficit, with a 150M oz shortfall in 2024 and 120M oz forecast for 2025, marking five consecutive years of deficit.

Operational and financial performance

• Achieved record silver production of 15.4M oz in 2025 and 4.2M oz in Q4-25.

• 2025 revenues reached $1,257M (up 174%), with record cash flow from operations of $667M.

• Maintains a strong treasury position of $938M and working capital of $733M as of year-end 2025.

• 2026 production guidance targets 13.0–14.4M oz silver, 116–129k oz gold, and continued cost focus with AISC of $26.15–$27.91/AgEq oz.

• Increased 2026 capital expenditures to $213–$236M, prioritizing exploration and expansion at key assets.