First Majestic Silver (AG) investor relations material

Strategic positioning and market fundamentals

• Generates 66% of revenue from silver, with 94% from precious metals, positioning as the purest silver producer among peers.

• Maintains sector-leading trading liquidity, averaging over $400M in daily trading volume.

• Owns a vertically integrated minting facility in Nevada, capturing additional margin and investment demand.

• Focuses on sustainability, achieving a medium ESG risk rating and ISS ESG Prime status in 2025.

• Implements a dividend policy targeting 2% of net quarterly revenues, with a 280% increase in Q1-26 dividend.

Silver market dynamics

• Silver is a critical mineral with high industrial demand, especially in electronics, solar, and automotive sectors.

• Industrial demand rose ~30% since 2020, now accounting for 78% of global mined production.

• The market faces a sixth consecutive year of supply deficit, with a cumulative shortfall of ~840M oz since 2021.

• New mine supply is limited, with most silver produced as a by-product, constraining supply response.

Operational performance and financials

• Q1-26 revenues reached a record $477M, with EBITDA up 192% and cash flow from operations at $311M.

• Maintains a strong balance sheet with $1.13B in treasury and $843M in working capital.

• 2026 production guidance: 13.0–14.4M oz silver, 116–129k oz gold, with AISC of $26.15–$27.91/AgEq oz.

• Capital expenditures for 2026 are budgeted at $213–$236M, focused on exploration and expansion.

• Free cash flow in Q1-26 was $224M, despite significant tax payments.