First Majestic Silver Corp. · TSX:AG

First Majestic Silver — Q3 2025 Earnings Presentation

13 slides from First Majestic Silver's earnings presentation, Nov 5, 2025

  1. Slide 1: There’s no substitute for silver

    There’s no substitute for silver Q3-25 PRESENTATION TSX AG / NYSE AG / FSE FMV NOVEMBER 5, 2025

  2. 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

  3. Slide 3: Q3 2025 Highlights

    Q3 2025 Highlights  Q3 Silver Production of 3.9M oz, and 11.3M oz YTD YTD 2025 Silver Revenue as a % of Total Revenue  Strong Q3 Silver Equivalent Production of 7.7M oz, and 60% 57% 23.2M oz YTD (73% of revised guidance mid-point) Silver Revenue as a % of Total Revenue 50%  Record Q3 Quarterly Re

  4. Slide 4: Quarterly Production & Cost Performance

    Quarterly Production & Cost Performance Quarterly Consolidated Silver Production YoY All-In Sustaining Cost Comparisons ($/AgEq Oz) 4.5 $24 3.9 $21.53 $21.64 4.0 3.7 3.7 $22 $21.03 $21.02 $20.90 All-In Sustaining Costs ($/AgEq Oz) $20.34 3.5 Production (Ag M Oz) $20 $19.24 3.0 $18 2.5 2.4 2.1 2.0 2.

  5. Slide 5: Progress Toward 2025 Guidance

    Progress Toward 2025 Guidance 2025 Q3 YTD Updated 2025E % to Updated 2025E Guidance* Guidance* Silver ounces produced (Moz) 11.3 14.8 to 15.8  74% Gold ounces produced (Koz) 106 135 to 144  76% AgEq ounces produced (Moz) 23.2 30.6 to 32.6  73% AISC per AgEq oz $20.39 $20.02-20.82  on track * 202

  6. Slide 6: Operations Update

    Operations Update Los Gatos Silver Mine  Overall integration program on schedule – synergies realized with more to come - cost & mining optimizations  Mobilizing a mining contractor in Q4-25 to accelerate lower ramp and development rates to support increase in sustainable throughput to 4,000 tpd i

  7. Slide 7: Q3 Other Considerations

    Q3 Other Considerations Net earnings: • Total revenue for the quarter excluded 758,333 oz of silver and 3,994 oz of gold that were held in inventory at quarter end, with a fair value of $50M • Net earnings do not reflect a significant $57M (unrealized) gain on marketable securities that flows to Oth

  8. Slide 8: Financial Strength

    Financial Strength AVAILABLE LIQUIDITY Available Liquidity $682 Million • $435M Cash, excluding $133M of Restricted Cash. (Excl. $133M Restricted Cash) Total Treasury $569M • Total Working Capital of $542M inclusive of $140M of Marketable Securities, including: $402M $140M - 5% interest in Metalla R

  9. Slide 9: Quarterly Free Cash Flow Performance

    Quarterly Free Cash Flow Performance Free Cash Flow – Operating Cash Flows less Sustaining Capex $120 $98.8 Free Cash Flow (US $M) $100 $77.9 $80 $68.4 $60 $43.5 $40 $31.3 $20 $7.4 $6.4 $3.8 $0.9 $0 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Step change increase in cash flow generation in

  10. Slide 10: Net Earnings to EBITDA Waterfall

    Net Earnings to EBITDA Waterfall Q3 2025 Net Earnings to EBITDA $140.0 $23.4 $128.6 $120.0 $7.1 $100.0 $55.2 $80.0 $60.0 $43.0 $40.0 $20.0 $0.0 Net earnings Depletion, depreciation Finance costs Income tax expense EBITDA and amortization Higher non-cash DDA expense largely from Los Gatos acquisition

  11. Slide 11: Dividend Policy

    Dividend Policy Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company’s net quarterly revenues divided by the Company’s then outstanding common shares(1). First Majestic has declared a Q3 2025 cash dividend of $0.0052 per sh

  12. Slide 12: Future Catalysts

    Future Catalysts • Continued integration of Los Gatos Silver Mine into the First Majestic portfolio – three world-class, district scale operations • Strengthening Balance Sheet & Capital Allocation • Approximately 255,000 m of exploration planned in 2025 - Coronado, Santo Niño, Navidad/Winter, JCG a

  13. Slide 13: 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 Q3-25 PRESENTATION T S X A GT S X/ ANGY S /E ANGY S E/ A G F S E /F MF

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