First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Q4 2025 Earnings Presentation
12 slides from First Majestic Silver's earnings presentation, Feb 19, 2026
Slide 1: There's no substitute for silver
There’s no substitute for silver Q4-25 PRESENTATION TSX AG / NYSE AG / FSE FMV FEBRUARY 19, 2026
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: 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 4: Quarterly Free Cash Flow Performance
Quarterly Free Cash Flow Performance Free Cash Flow – Operating Cash Flows less Sustaining Capex $300 $250.4 Free Cash Flow (US $M) $250 $200 $150 $98.8 $100 $77.9 $68.4 $50 $43.5 $31.3 $7.4 $0.9 $6.4 $0 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Step change increase in cash flow generati
Slide 5: Met or Exceeded Updated 2025 Guidance
Met or Exceeded Updated 2025 Guidance 2025 Actuals Updated 2025E % to Updated 2025E Guidance* Guidance* Silver ounces produced (Moz) 15.4 14.8 to 15.8 Gold ounces produced (Koz) 147 135 to 144 AgEq ounces produced (Moz) 31.1 30.6 to 32.6 AISC per AgEq oz $21.17 $20.02-20.82 Missed due to AgEq
Slide 6: 2026 Production & Cost Guidance
2026 Production & Cost Guidance Silver Oz Gold Oz Lead Lbs Zinc Lbs Copper Lbs Cash Cost AISC Operation (M) (k) (M) (M) (M) ($ 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 7: Operations Update
Operations Update Los Gatos Silver Mine Integration program largely complete – focused on synergies and continued mining optimizations Mining contractor engaged to accelerate ramp and development rates to support increase in sustainable throughput to 4,000 tpd in H2 2026 Santa Elena Silver/Gold
Slide 8: Q4 and 2026 Considerations
Q4 and 2026 Considerations Safety Performance: • 2025 Total Reportable Incident Frequency Rate (“TRIFR”): 0.55 - World Class • 2025 Lost Time Incident Frequency Rate (“LTIFR”) was 0.12, positioning the Company as best in class amongst its peer group Financials: • Q4 revenue excluded 463,156 oz of si
Slide 9: 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 10: Dividend Declaration & New Dividend Policy for 2026
Dividend Declaration & New Dividend Policy for 2026 First Majestic has declared a Q4 2025 cash dividend of $0.0083 per share for holders of record as of close of business on February 27, 2026 to be paid out on or about March 16, 2026. Effective January 1, 2026, under the Company’s updated dividend p
Slide 11: 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 planned for en
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 Q4-25 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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