First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Investor Presentation (October 2025)
45 slides from First Majestic Silver's investor presentation, October 2025
Slide 1: There's no substitute for silver
There’s no substitute for silver CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV OCTOBER 2025
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: Agenda
There’s no substitute FIRST MAJESTIC SILVER: THE GO TO NAME IN THE SILVER SPACE 03 for silver SILVER FUNDAMENTALS: SUPPLY & DEMAND 04-06 FIRST MAJESTIC SILVER: ABOUT US & SUSTAINABILITY 07-08 PERFORMANCE & GUIDANCE: 2024 / 25 PRODUCTION & COSTS 09-12 FIRST MAJESTIC ASSETS: OVERVIEW MAP 13 PRODUCING
Slide 4: 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 – 55% Silver Revenue in H1 (90% is Precious Metals) ✓ 22 Years of Proven Operations and Growth ✓ Early Adopter of New Technologies and Innovations ✓ Dividend Policy in Place Since May 2021 ✓ Sector-lea
Slide 5: 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 Moz Silver is the single most ann
Slide 6: 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 ~680Moz in 2024 600 • Electrical and electronics demand totaled 461Moz in 2024, a 31% increase since 2020 Silver Moz • Silver plays a critical role in AI Te
Slide 7: Global Silver Market Deficit
Global Silver Market Deficit Silver Market Balance 100 CONTINUED SILVER SUPPLY DEFICIT: 50 • ~150Moz silver supply deficit in 2024, and ~120Moz supply deficit forecast for 2025 0 • 2025 will be the 5th consecutive year of annual silver -50 shortfall Silver Moz -100 • Mined production and recycling a
Slide 8: About the Company
About the Company Leverage to Multi Asset First Majestic Silver Producer Goal ~55% of revenue from Four producing underground Become the World’s Largest Silver (33% 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 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 10: 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 $21.64 4.0 3.7 3.7 $22 $21.53 $21.03 All-In Sustaining Costs ($/AgEq Oz) $21.02 $20.34 3.5 Production (Ag M Oz) $20 $19.24 3.0 $18 2.5 2.4 2.1 2.0 2.0 2.0 $
Slide 11: 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 12: 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 13: 2025 Production and Financial Highlights
2025 Production and Financial Highlights ✓ 7.7M oz AgEq in Q3 2025 including record quarterly silver ~H1 2025 Silver Revenue as a % of Total Revenue production of 3.9M oz (96% increase YoY) 60% ✓ Strong Q3-YTD Silver Equivalent Production of 23.2M oz (73% of 55% Silver Revenue as a % of Total Revenu
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 2025E Production: 9.1 – 9.7 Moz WITH A MASSIVE 350,000- 2025E AISC: $14.62 - $15.13 / oz AgEq HECTARE LAND PACKAGE La Encantada Ag Coahuila, M
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 • 54,000 m of exploration dr
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 • Record production in 2024 of more than 10M AgEq oz • 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) • 64,00
Slide 20: 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 21: Navidad / Winter Discovery & May 2025 update
Navidad / Winter Discovery & May 2025 update 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 • >90% Au
Slide 22: Announcing new Santo Niño Discovery
Announcing new Santo Niño Discovery • Introducing Santo Niño (May 28, 2025): Exploration drilling ~900 m south of Santa Elena plant has discovered Santo Niño – a large, epithermal quartz- Santo Niño adularia vein hosting gold and silver Discovery within a newly identified fault zone • Exploration dr
Slide 23: 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 22
Slide 24: 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 2025 quarterly performance continues as a result of incr
Slide 25: 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 26: La Encantada Silver Mine
La Encantada Silver Mine 100% Doré Producer 4,000 Hectares Coahuila, Mexico CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 25
Slide 27: La Encantada Silver Mine
La Encantada Silver Mine • Smallest mine in portfolio. Pure Ag producer • A return to normal operations and production levels expected in 2025 • Natural gas generators currently supplying 90% of power requirements • Optimizing costs and improving efficiencies • Approximately 7,500 m of exploration d
Slide 28: 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 29: 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 30: Shareholder Information
Shareholder Information Capital Structure Research Coverage Market Capitalization: $6.3B USD / $8.8B CDN Bank of Montreal Scotiabank Shares Outstanding: 489M Cormark Securities TD Cowen 3M Avg. Daily Volume (NYSE & TSX): ~22M Shares; +$215M daily liquidity H.C. Wainwright National Bank Financial Sha
Slide 31: 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 declared a Q2 2025 cash dividend of $0.0048 per share
Slide 32: 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, and m
Slide 33: 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 04 Industrial use for silver is growin
Slide 34: Jerritt Canyon Gold Project
Jerritt Canyon Gold Project 31,000 Hectares Elko County, Nevada, USA CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 33
Slide 35: Jerritt Canyon Gold Project
Jerritt Canyon Gold Project • Located in Elko County, Nevada, U.S.A. • Underground mining operations temporarily suspended in March 2023 • Focused on new regional discoveries across the large 30,821- hectare (119 square mile) land package; 14,000 m exploration drilling planned in 2025 • Current know
Slide 36: Future Exploration Will Focus Below the Upper Plate
Future Exploration Will Focus Below the Upper Plate • 2025 exploration & drilling 1 2 campaign ahead of plan • Geophysics: - Seismic 2023 - Induced Polarization 2024 • Detailed surface mapping and rock chip sampling (2023) • Only ~15% of Jerritt Canyon’s claims have been explored to date 3 Geologic
Slide 37: Non-Core Assets
Non-Core Assets Del Toro – Silver Mine San Martin – Silver Mine • Located in Zacatecas, • Located in Jalisco, Mexico. Mexico. • 100% Silver/Gold doré • Property consists of 70 producer. mining claims covering 2,159 hectares. • Property consists of 33 • 1,000 tpd flotation circuit mining claims withi
Slide 38: 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 39: 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 40: Reserves
Reserves PROVEN AND PROBABLE MINERAL RESERVE ESTIMATES, WITH AN EFFECTIVE 1. Mineral Reserves are classified per CIM Definition Standards and NI DATE OF DECEMBER 31, 2024 43-101, derived from Measured & Indicated Resources, and are reported with a reference point of mined ore delivered to the plant.
Slide 41: 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, 2024 December 31, 2024. Samp
Slide 42: Resources
Resources INFERRED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2024 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-
Slide 43: 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 44: 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 45: 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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