First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Q2 2025 Earnings Presentation
12 slides from First Majestic Silver's earnings presentation, Aug 14, 2025
Slide 1: There's no substitute for silver
There’s no substitute for silver Q2-25 PRESENTATION TSX AG / NYSE AG / FSE FMV AUGUST 14, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements CAUTIONARY DISCLAIMER Certain statements contained herein regarding First Majestic Silver Corp. (the “Company”) and its operations, constitute “forward-looking December 31, 2024, available on www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F on file
Slide 3: Q2 2025 Highlights
Q2 2025 Highlights ✓ Q2 Silver Production of 3.7M oz, and 7.4M oz YTD ~H1 2025 Silver Revenue as a % of Total Revenue ✓ Strong Q2 Silver Equivalent Production of 7.9M oz, and 60% 55% 15.6M oz YTD (49% of revised guidance mid-point) Silver Revenue as a % of Total Revenue 50% ✓ Record Q2 Quarterly Rev
Slide 4: Quarterly Production & Cost Performance
Quarterly Production & Cost Performance Quarterly Consolidated Production (AgEq) YoY All-In Sustaining Cost Comparisons ($/AgEq Oz) 8.5 $24 7.9 7.7 $21.64 $22 $21.53 $21.03 All-In Sustaining Costs ($/AgEq Oz) 7.5 $21.02 $20.34 Production (AgEq M Oz) $20 $19.24 6.5 5.7 $18 5.5 5.5 5.2 5.3 $16 4.5 $14
Slide 5: Updated 2025 Production & Cost Guidance
Updated 2025 Production & Cost Guidance Silver Oz Gold Oz Lead Lbs Zinc Lbs Silver Eqv. Oz Cash Cost AISC Operation (M) (k) (M) (M) (M) ($ per AgEq Oz) ($ per AgEq Oz) Los Gatos, Mexico (70%) 5.6 – 6.0 3 33 – 35 52 – 56 9.1 – 9.7 11.14 – 11.56 14.62 – 15.13 Santa Elena, Mexico 1.5 – 1.6 79 – 84 — —
Slide 6: Capital Investments – Investing in Exploration & Growth
Capital Investments – Investing in Exploration & Growth First Majestic Capital Expenditures 2025E Capex Breakdown Budget $250 U/G Development $82M Capital Expenditures (US $M) Exploration $43M $200 PP&E $67M Corporate Projects $1M Expansionary $150 $117M TOTAL $193M $100 H1-25: $107M • Increased 202
Slide 7: Quarterly Free Cash Flow Performance
Quarterly Free Cash Flow Performance Free Cash Flow – Operating Cash Flows less Sustaining Capex $90 $80 $77.9 Free Cash Flow (US $M) $68.4 $70 $60 $50 $43.5 $40 $31.3 $30 $20 $10 $7.4 $6.4 $6.4 $3.8 $0.9 $0 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Step change increase in cash flow gene
Slide 8: Net Earnings to EBITDA Waterfall
Net Earnings to EBITDA Waterfall Q2 2025 Net Earnings to EBITDA $150.0 $140.0 $7.8 $74.1 $130.0 $120.0 $119.9 ($18.6) $110.0 $100.0 US $M $90.0 $80.0 $70.0 $60.0 $56.6 $50.0 $40.0 Net earnings Depletion, depreciation Finance costs Income tax (recovery) EBITDA and amortization Higher non-cash DDA exp
Slide 9: Q2 Notable Items
Q2 Notable Items Net earnings in Q2 were impacted by the following: • One-off costs due to energy disruptions • True up of tax installment payments from 2024 due to strong performance during the year • Annual bonus payments • Los Gatos integration costs in 2025 (to decline in future years) Cash flow
Slide 10: Los Gatos Integration Update
Los Gatos Integration Update ✓ Overall integration program on schedule ✓ Safety, Security, Environmental, CSR, HR, Legal - Aligning programs, with key procedures and standardized reporting implemented ✓ Finance, IT and SAP integration continuing ✓ Supply Chain, Maintenance and Exploration synergies
Slide 11: Financial Strength
Financial Strength AVAILABLE LIQUIDITY Available Liquidity $584 Million • $385M Cash, excluding $125M of Restricted Cash (Excl. $125M Restricted Cash) • Total Working Capital of $444M inclusive of $82M of Marketable Securities, including: - 5% interest in Metalla Royalty & Streaming $362M $140M - 44
Slide 12: Questions & Answers
Questions & Answers 1800 – 925 WEST GEORGIA ST, VANCOUVER, CONTACT: BRITISH COLUMBIA, CANADA V6C3L2 T.604.688.3033 / F.604.639.8873 INVESTOR RELATIONS / SUPPORT: BULLION SALES: INFO@FIRSTMAJESTIC.COM CUSTOMERSUPPORT@FIRSTMINT.COM Q2-25 PRESENTATION T S X A GT S X/ ANGY S /E ANGY S E / A G F S E /F M
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