First Majestic Silver Corp. · TSX:AG
First Majestic Silver — Q1 2026 Earnings Presentation
8 slides from First Majestic Silver's earnings presentation, May 12, 2026
Slide 1: There's no substitute for silver
There’s no substitute for silver Q1-26 PRESENTATION TSX AG / NYSE AG / FSE FMV MAY 12, 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 under the Company’s SEDAR+ profile on www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F on
Slide 3: Q1-26 Highlights
Q1-26 Highlights ✓ Record Revenues: $477M (up 95%) Available Liquidity $983 Million ✓Silver production: 3.5M oz (26% of 2026 guidance midpoint) (Excl. $144M Restricted Cash) ✓Gold production: 34K oz (28% of 2026 guidance midpoint) ✓Avg. realized silver price/oz: $86.35 (up from $33.10 in Q1-25) ✓ EB
Slide 4: Year-Over-Year Cost Performance
Year-Over-Year Cost Performance AISC Q1 2025 vs Q1 2026 (based on Q1 2025 price ratio)* Consolidated Cost per Tonne Performance AISC Margin: 35 $52.24 $140 $127.2 $0.93 $29.76 30 $1.02 $120 $1.89 $111.0 $107.2 Cost per Tonne (US $M) $3.14 $102.0 Cost per AgEq Ounce (US $M) AISC Margin: 25 $13.26 $10
Slide 5: 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 Operating Cash Flow (US $M) Free Cash Flow (US $M) $250 $200 $200 $150 $150 $141 $110 $115
Slide 6: Q1-26 Operations Update
Q1-26 Operations Update Los Gatos Silver Mine ✓ Accelerating ramp and development rates to support increase in sustainable throughput to 4,000 tpd in H2 2026 – on track ✓ Mobilizing long hole contractor to increase drill inventory & tonnage Santa Elena Silver/Gold Mine ✓ Steady progress on increasin
Slide 7: 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 8: 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 Q 41 - 2 56 P R E S E N T A T I O N T S X A GT S X/ ANGY S /E ANGY S E
First Majestic Silver — Q1 2026 Earnings Presentation on 6ix