First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Investor Presentation (April 2026)
43 slides from First Majestic Silver's investor presentation, April 2026
Slide 1: There’s no substitute for silver
There’s no substitute for silver CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV APRIL 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, 2024, available on www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F on file w
Slide 3: 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 – 58% Silver Revenue 2025 (90% is Precious Metals) 22 Years of Proven Operations and Growth Early Adopter of New Technologies and Innovations Dividend Policy in Place Since 2021 & Increased in 20
Slide 4: Introduction To Silver Basics
Introduction To Silver Basics Silver Supply (Mine Production & Recycling) Vs. Total Silver Demand Silver is critical due to Current silver to 1300 its unique properties, gold mine supply making a substitution ratio 7:1 nearly impossible 1100 81% of forecasted Silver (M oz) Silver is the single most
Slide 5: Industrial Demand Is Leading the Way
Industrial Demand Is Leading the Way Photovoltaic Silver Demand PV SILVER DEMAND: 800 • Industrial silver demand has risen by 33% since 2020 to ~680M oz in 2024 600 • Electrical and electronics demand totaled 461M oz in 2024, a 31% increase since 2020 • Silver plays a critical role in AI Technology,
Slide 6: Global Silver Market Deficit
Global Silver Market Deficit Silver Market Balance 100 CONTINUED SILVER SUPPLY DEFICIT: 50 • ~150M oz silver supply deficit in 2024, and ~120M oz supply deficit forecast for 2025 0 • 2025 will be the 5th consecutive year of annual silver -50 shortfall Silver (M oz) -100 • Mined production and recycl
Slide 7: About the Company
About the Company Leverage to Multi Asset First Majestic Silver Producer Goal ~58% of revenue from Four producing underground Become the World’s Largest Silver (32% Gold) mines in Mexico Primary Silver Producer North American First Mint Bullion Assets Producer >350,000 Ha of mining claims in Own and
Slide 8: Sustainability Focus
Sustainability Focus Sustainalytics B B- • In Q3 2025, First Majestic achieved a Medium ESG Risk Rating for the ISS ESG Rating first time, highlighting solid environmental and social risk management. C+ C ISS ESG • Overall rating improved to B- as of Q2 2025 D earning ISS ESG Prime status Industry A
Slide 9: Quarterly Production & Cash Flow Performance
Quarterly Production & Cash Flow Performance Quarterly Consolidated Silver Production (Ag only) Free Cash Flow – Op. Cash Flows less Sustaining Capex 5.0 $300 4.2 250 3.9 $250 4.0 3.7 3.7 Free Cash Flow (US $M) Production (Ag M Oz) $200 3.0 2.4 2.1 $150 2.0 2.0 2.0 99 $100 78 68 1.0 $50 44 31 0.0 1
Slide 10: 2026 Production & Cost Guidance
2026 Production & Cost Guidance Silver Oz Gold Oz Lead Lbs Zinc Lbs Copper Lbs Cash Cost AISC Operation (M) (k) (M) (M) (M) ($ per AgEq Oz) ($ per AgEq Oz) Los Gatos, Mexico (70%) 4.8 – 5.4 2.9 – 3.1 34 – 38 52 – 58 1.1 – 1.3 14.88 – 15.62 18.01 – 19.04 Santa Elena, Mexico 1.3 – 1.5 64 – 71 — — — 20
Slide 11: Capital Investments – Investing in Exploration & Growth
Capital Investments – Investing in Exploration & Growth First Majestic Capital Expenditures 2026E Capex Breakdown Budget (US$ M) $250 U/G Development 85 – 94 Exploration 41 – 45 Capital Expenditures (US $M) $200 PP&E 71 – 79 Corporate Projects 16 – 18 Expansionary $154-171M $150 TOTAL $213 – $236 $1
Slide 12: Q4-25 & 2025 Highlights
Q4-25 & 2025 Highlights 2025 Silver Revenue as a % of Total Revenue Q4 Silver Production of 4.2M oz, and 15.4M oz in 2025 58% 60% Strong Q4 Silver Equivalent Production: 7.8M oz, and 31.1M Silver Revenue as a % of Total Revenue oz in 2025 (Meeting upwardly revised guidance) 50% 48% Record Reve
Slide 13: Assets in the World’s Premier Silver Jurisdiction
Assets in the World’s Premier Silver Jurisdiction THREE WORLD-CLASS Los Gatos (70%) Ag Au Zn Pb Cu Producing Assets SILVER MINING DISTRICTS Chihuahua, Mexico 2025 Production: 8.9 Moz AgEq WITH A MASSIVE 350,000- 2025 AISC: $15.15 / oz AgEq HECTARE LAND PACKAGE La Encantada Ag Coahuila, Mexico 2025 P
Slide 14: 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 13
Slide 15: 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 • 61,000 m of exploration dr
Slide 16: 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 17: 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 16
Slide 18: Santa Elena Silver/Gold Mine
Santa Elena Silver/Gold Mine • Mineral claims covering 102,000 Ha • Exploration success at Navidad near the Ermitaño mine with a 30Moz AgEq maiden Resource as of Dec. 31, 2024 • Additional new discovery, Santa Niño (announced May 28, 2025) • Met revised production guidance with 1.4Moz of silver and
Slide 19: Santa Elena – Regional Potential
Santa Elena – Regional Potential EXPLORATION UPSIDE Las Chispas • Large and continuous land • Navidad Discovery adjacent package consistent of to Ermitaño, July 2024 102,244 ha • New Santo Niño Discovery • Updated exploration ~900m south of Santa P&P: 38.7M AgEq oz @ 274 g/t AgEq guiding principle E
Slide 20: Navidad / Winter Discovery & 2025 updates
Navidad / Winter Discovery & 2025 updates Navidad & Ermitaño AgEq GxT Long Section • 2025 drilling focused on testing W E Navidad Ermitaño Luna continuity, extent & grade of Navidad / Winter mineralization • Metallurgical testing demonstrated excellent recoveries: Navidad / Winter Vein • >95% Au Sys
Slide 21: Santo Niño Discovery (May 2025)
Santo Niño Discovery (May 2025) • May 28, 2025: Exploration drilling ~900 m south of Santa Elena plant has discovered Santo Niño – a large, epithermal quartz-adularia vein hosting gold and silver within a newly identified fault zone • December 11, 2025: Exploration drilling to date has traced the ve
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 • Over 500km of underground Dimas district over 250 years development ago • One of the most significant • Historic district production precious metal mining districts estimated at +11M Au oz & in Mexico +750M Ag oz • New high-grade Au & Ag • La
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, +74% Q/Q) • Natural gas generators currently supplying 90% of power requirements • Optimizing costs and improving efficiencies • Up to 10,000 m of exploration
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. • Underground mining operations temporarily suspended in March 2023 • Announced $75M restart plan targeting gold production in 2H-2027 (April 2, 2026) • 2025 exploration drilling (18,400 m) results underscore the potential for furt
Slide 29: First Mint
First Mint FIRST, WE MINE. THEN WE MINT. • 100% company-owned mint located in Nevada, United States • Commenced producing bullion in Q1 2024, Coins in Q3 2024 • Led by industry veterans with over 20 years of experience • High-efficiency production and state-of-the-art machinery consumes less electri
Slide 30: Financial Strength
Financial Strength AVAILABLE LIQUIDITY Available Liquidity $873 Million • $793M Cash, excluding $144M of Restricted Cash. (Excl. $144M Restricted Cash) Total Treasury $938M • Total Working Capital of $733M inclusive of $180M of Marketable Securities, including: $553M $140M - 3% interest in Metalla R
Slide 31: Shareholder Information
Shareholder Information Capital Structure Research Coverage Market Capitalization: $10.8B USD / $15B CDN Bank of Montreal Scotiabank Shares Outstanding: 491M Cormark Securities TD Cowen 3M Avg. Daily Volume (NYSE & TSX): ~21M Shares; ~$400M daily liquidity H.C. Wainwright National Bank Financial Sha
Slide 32: Dividend Declaration & New Dividend Policy for 2026
Dividend Declaration & New Dividend Policy for 2026 First Majestic declared a Q4 2025 cash dividend of $0.0083 per share for holders of record as of close of business on February 27, 2026 and was paid out on or about March 16, 2026. Effective January 1, 2026, under the Company’s updated dividend pol
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 266,000 m of exploration planned in 2026 - Coronado, Santo Niño, Navidad/Winter, and more • Updated Reserves & Resources highlight very
Slide 34: Ten Rules of Silver
Ten Rules of Silver 01 Silver is real money 06 Physical silver is a hard asset 02 Silver is relatively inexpensive 07 Silver is cheaper to buy, but also practical 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: Non-Core Assets
Non-Core Assets Del Toro – Silver Mine (sale pending to Sierra Madre) San Martin – Silver Mine • Located in Zacatecas, Mexico. • Located in Jalisco, Mexico. • Property consists of 70 mining • 100% Silver/Gold doré claims covering 2,159 producer. hectares. • Property consists of 33 • 1,000 tpd flotat
Slide 36: 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 37: 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 38: 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 39: Resources
Resources 1. Mineral Resource estimates are classified per CIM Definition MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL Standards and NI 43-101. 2. The Mineral Resource estimates have an effective date of PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2025 December 31, 2025. Samp
Slide 40: 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 41: Non-Core Resources
Non-Core Resources MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES Mine / Project Mineral Tonnage Grades Metal Content Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) SAN
Slide 42: Non-Core Resources
Non-Core Resources INFERRED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES Mine / Project Mineral Tonnage Grades Metal Content Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) SAN MARTIN Inferr
Slide 43: 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: INFO@FIRSTMAJESTIC.COM BULLION SALES: CUSTOMERSUPPORT@FIRSTMINT.COM CORPORATE PRESENTATION T S X A GT S X/ ANGY S /E ANGY S E
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