First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Investor Presentation (September 2026)
40 slides from First Majestic Silver's investor presentation, September 2026
Slide 1: There's no substitute for silver
There’s no substitute for silver CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV SEPTEMBER 2026
Slide 2: Forward Looking Statement
Forward Looking Statement CAUTIONARY DISCLAIMER Certain statements contained herein regarding First Majestic Silver Corp. (the “Company”) and its operations, constitute “forward-looking December 31, 2025, available on www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F on file w
Slide 3: There's no substitute for silver
There’s no substitute for silver FIRST MAJESTIC SILVER: THE GO TO NAME IN THE SILVER SPACE 03 SILVER FUNDAMENTALS: SUPPLY & DEMAND 04-06 FIRST MAJESTIC SILVER: ABOUT US & SUSTAINABILITY 07-08 PERFORMANCE & GUIDANCE: 2026 PRODUCTION & COSTS 09-12 FIRST MAJESTIC ASSETS: OVERVIEW MAP 13 ASSETS: OPERATI
Slide 4: First Majestic – Why "The Go To Name" in the Silver Space
First Majestic – Why “The Go To Name” in the Silver Space ✓ Purest Silver Producer Among The Peers – 63% Silver Revenue YTD 2026 (92% is Precious Metals) ✓ 23 Years of Proven Operations and Growth ✓ Early Adopter of New Technologies and Innovations ✓ Dividend Policy in Place Since 2021 & Increased i
Slide 5: Introduction To Silver Basics
Introduction To Silver Basics Silver Supply (Mine Production & Recycling) Vs. Total Silver Demand Silver is a US Critical Current silver to 1300 Mineral and a strategic gold mine supply metal with very few ratio 7:1 replacement options 1100 Silver (M oz) 79% of forecasted Silver is the single most a
Slide 6: Industrial Demand Is Leading the Way
Industrial Demand Is Leading the Way SILVER DEMAND: Industrial Silver Demand Leading The Way • Industrial silver demand has risen by ~30% since 2020 to 1400 657M oz in 2025 1200 • Electrical and electronics demand totaled 450M oz in 2025, a 40% increase since 2020 1000 • PV silver demand reached 198
Slide 7: Global Silver Market Deficit
Global Silver Market Deficit Silver Market Balance 100 CONTINUED SILVER SUPPLY DEFICIT: 50 • 2026 will be the 6th consecutive year of annual silver shortfall 0 • ~840M oz cumulative silver supply deficit since 2021; and -50 ~150M oz supply deficit forecast for 2025/26 Silver (M oz) -100 • ~74% of gl
Slide 8: About the Company
About the Company Leverage to Multi Asset First Majestic Silver Producer Goal ~63% of revenue from Four producing underground Become the World’s Largest Silver (29% Gold) mines in Mexico Primary Silver Producer North American First Mint Bullion Assets Producer >350,000 Ha of mining claims in Own and
Slide 9: Sustainability Focus
Sustainability Focus Sustainalytics B • In 2025 and 2026, First Majestic achieved a Medium ESG Risk Rating, ISS ESG Rating highlighting solid environmental and social risk management. B- C C+ ISS ESG • Overall rating improved to B- in 2025 earning D ISS ESG Prime status Industry Average S&P Global 2
Slide 10: 2026 Updated Production & Cost Guidance
2026 Updated Production & Cost Guidance Silver Oz Gold Oz Lead Lbs Zinc Lbs Copper Lbs Cash Cost AISC Operation (M) (k) (M) (M) (M) ($ per AgEq Oz) ($ per AgEq Oz) Los Gatos, Mexico (70%) 5.1 – 5.5 3–4 32 – 34 53 – 56 1.0 – 1.1 16.56 – 17.10 20.35 – 21.11 Santa Elena, Mexico 1.4 – 1.5 72 – 76 — — —
Slide 11: Capital Investments – Investing in Exploration & Growth
Capital Investments – Investing in Exploration & Growth First Majestic Capital Expenditures 2026E Capex Breakdown Budget (US$ M) $350 U/G Development 97 – 107 Exploration 41 – 45 JCG restart Capital Expenditures (US $M) $75M $300 PP&E 77 – 86 $250 Jerritt Canyon restart 75 + Corporate Projects 28 –
Slide 12: H1-26 Highlights
H1-26 Highlights ✓ Revenues: Q2 $416M (up 57%); Record H1 $892M (up 76%) Consolidated Cost per Tonne Performance ✓Silver production: Q2 3.8M oz (YTD 7.3M oz) $140 $127.2 ✓Gold production: Q2 35K oz (YTD 69K oz) $120 $111.0 $107.2 ✓Avg. realized silver price/oz: Q2 $63.98 (YTD $74.83) Cost per Tonne
Slide 13: Quarterly Operating Cash & Free Cash Flow Performance
Quarterly Operating Cash & Free Cash Flow Performance Operating Cash Flow - Before Working Capital and Taxes Free Cash Flow – Operating Cash Flows less Sustaining Capex $350 $300 311 301 $300 250 $250 224 248 Operating Cash Flow (US $M) Free Cash Flow (US $M) $250 195 $200 $200 $150 $150 141 110 115
Slide 14: Assets in the World's Premier Silver Jurisdiction
Assets in the World’s Premier Silver Jurisdiction THREE WORLD-CLASS Producing Assets Los Gatos (70%) Ag Au Zn Pb Cu SILVER MINING DISTRICTS Chihuahua, Mexico 2026E Production: 5.1M – 5.5M oz Ag WITH A MASSIVE 350,000- 2026E AISC: $20.35 – $21.11 / oz AgEq HECTARE LAND PACKAGE La Encantada Ag Coahuil
Slide 15: Los Gatos Silver Mine
Los Gatos Silver Mine High Ag-bearing Pb and Zn Concentrate 103,000 Hectares Chihuahua, Mexico CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 14
Slide 16: Los Gatos Silver Mine
Los Gatos Silver Mine • Low-cost, underground producing silver mine with robust exploration and development potential • Over 103,000 hectares of mineral rights in a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones • H1-26 production: 2.5M oz
Slide 17: Los Gatos Silver Mine – Regional Potential
Los Gatos Silver Mine – Regional Potential EXPLORATION UPSIDE • Large and continuous land • Drilling multiple prospective package of prospective targets within a 5km radius concessions ~103,000 ha of the processing plant • Continuing to expand the • Generative work at Lince Lince District Los Gatos
Slide 18: Santa Elena Silver/Gold Mine
Santa Elena Silver/Gold Mine 100% Doré Producer 102,000 Hectares Sonora, Mexico CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 17
Slide 19: Santa Elena Silver/Gold Mine
Santa Elena Silver/Gold Mine • Mineral claims covering 102,000 Ha • Exploration success at Navidad near the Ermitaño mine - 63.4Moz AgEq Resource as of Dec. 31, 2025 • Additional new discovery, Santa Niño (announced May 28, 2025) – 27.4Moz AgEq Maiden Resource estimate • H1-26 production: 778k oz si
Slide 20: Santa Elena – Regional Potential
Santa Elena – Regional Potential EXPLORATION UPSIDE Las Chispas • Large and continuous land • Navidad Discovery adjacent package consisting of to Ermitaño, July 2024 ~102,000 ha • New Santo Niño Discovery • Updated exploration ~900m south of Santa P&P: 38.7M AgEq oz @ 274 g/t AgEq guiding principle
Slide 21: Santa Elena – Advancing Development Across the District
Santa Elena – Advancing Development Across the District ADVANCING UNDERGROUND ACCESS • 2026 to-date: 26,904 m of • Proposed Santo Niño and drilling across 69 holes at Santo Navidad Portals and Access Niño Development. Plan View (Top) and Orthogonal View Looking • Significant silver and gold North-No
Slide 22: San Dimas Silver/Gold Mine
San Dimas Silver/Gold Mine 100% Doré Producer 72,000 Hectares Durango, Mexico CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 21
Slide 23: San Dimas Silver/Gold Mine
San Dimas Silver/Gold Mine • Mineral claims covering 72,000 Ha • Historic production estimated at +11M Au oz and +750M Ag oz • Approximately 50% of the power requirements provided by environmentally clean, low-cost hydroelectric power • Strong quarterly performance continues - increased mining rates
Slide 24: San Dimas – Regional Map
San Dimas – Regional Map • First reported mining in San • Large land package consisting Dimas district ~250 years ago of ~72,000 ha of claims • Historic district production • Over 500km of underground estimated at +11M Au oz & development +750M Ag oz • New high-grade Au & Ag • One of the most signif
Slide 25: La Encantada Silver Mine
La Encantada Silver Mine 100% Doré Producer 4,000 Hectares Coahuila, Mexico CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 24
Slide 26: La Encantada Silver Mine
La Encantada Silver Mine • Pure Ag producer • Strong finish to 2025 due to improved ore flow and mine development rates (production +32% Y/Y) • H1-26 production: 1.9M oz silver (+57% Y/Y) • Natural gas generators currently supplying 90% of power requirements • Optimizing costs and improving efficien
Slide 27: Jerritt Canyon Gold Mine
Jerritt Canyon Gold Mine 31,000 Hectares Elko County, Nevada, USA CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 26
Slide 28: Jerritt Canyon Gold Project
Jerritt Canyon Gold Project • Located in Elko County, Nevada, U.S.A. • Announced $75M restart plan targeting gold production in H2 2027 (April 2, 2026) (Temp. suspension March 2023) • Optimizing underground mining methods and cost-effective open-pit potential for sustained, long-term production • Pu
Slide 29: First Mint
First Mint FIRST, WE MINE. THEN WE MINT. • 100% company-owned mint located in Nevada, United States • Vertically integrating minting process, controlling supply chain, eliminating middlemen, effectively capitalizing on strong investment demand for physical silver and capturing additional margin • Le
Slide 30: Financial Strength
Financial Strength AVAILABLE LIQUIDITY Available Liquidity $1,036 Million • Total Treasury $1.25B including $1,093M Cash and (Excl. $159M Restricted Cash) $159M of Restricted Cash. • Total Working Capital of $876M inclusive of $155M of Marketable Securities, including: $721M $160 M - 3% interest in
Slide 31: Shareholder Information
Shareholder Information Capital Structure Research Coverage Market Capitalization: $10B / CDN $14B Bank of Montreal Scotiabank Shares Outstanding: 493M Cormark Securities TD Cowen 3M Avg. Daily Volume (NYSE & TSX): ~13M Shares; ~$240M daily liquidity H.C. Wainwright National Bank Financial Share Pri
Slide 32: Dividend Declaration & New Dividend Policy for 2026
Dividend Declaration & New Dividend Policy for 2026 First Majestic declared a Q2 2026 cash dividend of $0.0152 per share for holders of record as of close of business on August 14, 2026 and was paid out on or about August 31, 2026. ✓ A 217% increase compared to Q2-25 Effective January 1, 2026, under
Slide 33: Future Catalysts
Future Catalysts • Investing in our world-class district-scale operations - increasing mining rates at Los Gatos and plant throughput at Santa Elena • Approximately 308,000 m of exploration planned in 2026 • Early advancement of Santo Niño and Navidad at Santa Elena for potential near-term mining •
Slide 34: Ten Rules of Silver
Ten Rules of Silver 01 Silver is real money 06 Physical silver is a hard asset Silver is cheaper to buy, but also practical 02 Silver is relatively inexpensive 07 when you need to sell 03 Silver outperforms gold in bull markets 08 Silver inventories are falling & displaced 04 Industrial use for silv
Slide 35: Springpole Silver Stream
Springpole Silver Stream In July 2020, entered into a silver stream agreement to purchase 50% of the silver from the Springpole Project in Ontario, Canada. • Ongoing payments: 33% of silver spot price per ounce (max $7.50/oz). • Total consideration: $22.5M in cash and shares across three milestone p
Slide 36: Mexico Tax Dispute
Mexico Tax Dispute Background: The Company has brought two arbitration proceedings against Mexico under Chapter 11 of the North American Free Trade Agreement (“NAFTA”) for violating its international law obligations. The first proceeding commenced in August 2021 and relates to a September 2020 decis
Slide 37: Reserves
Reserves 1. Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources PROVEN AND PROBABLE MINERAL RESERVE ESTIMATES, WITH AN EFFECTIVE and Mineral Reserves, whose definitions are incorporated
Slide 38: Resources
Resources 1. Mineral Resource estimates are classified per CIM Definition Standards and NI 43-101. MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL 2. The Mineral Resource estimates have an effective date of PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2025 December 31, 2025. Samp
Slide 39: Resources
Resources INFERRED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2025 1. Mineral Resource estimates are classified per CIM Definition Standards and NI 43-101. 2. Sample data was collected through a cut-off date of December 31, 2025 for the five properties.
Slide 40: There's no substitute for silver
There’s no substitute 1800 – 925 WEST GEORGIA ST, VANCOUVER, BRITISH COLUMBIA, CANADA V6C3L2 CONTACT: T.604.688.3033 / F.604.639.8873 for silver INVESTOR RELATIONS / SUPPORT: INVESTOR@FIRSTMAJESTIC.COM BULLION SALES: CUSTOMERSUPPORT@FIRSTMINT.COM CORPORATE PRESENTATION T S X A GT S X/ ANGY S /E ANGY
First Majestic Silver — Investor Presentation (September 2026) on 6ix