First Majestic Silver (AG) Corporate presentation summary

Strategic positioning and market overview

• Generates 58% of revenue from silver, with 90% from precious metals, and operates four producing underground mines in Mexico and a minting facility in Nevada.

• Maintains a clean balance sheet, strong trading liquidity, and a sector-leading beta to silver of 2-3x.

• Aims to become the world's largest primary silver producer, leveraging over 350,000 hectares of mining claims in Mexico and Nevada.

• Dividend policy increased in 2026 to 2% of net quarterly revenues, reflecting enhanced shareholder returns.

• Achieved a record treasury position of $938M and available liquidity of $873M as of year-end 2025.

Silver market dynamics

• Industrial demand for silver rose 33% since 2020, with photovoltaic (PV) demand reaching 198M oz in 2024, about 25% of global mined production.

• The global silver market faces a continued supply deficit, with a 2024 shortfall of ~150M oz and a 2025 forecast deficit of ~120M oz.

• Annual silver consumption (~1,150M oz) significantly exceeds mine production (~835M oz), with 81% of supply from mining and 19% from recycling.

Operational performance and guidance

• Produced a record 4.2M oz of silver in Q4-25 and 15.4M oz in 2025, with strong free cash flow driven by Los Gatos, cost efficiency, and higher silver prices.

• 2026 production guidance targets 13.0-14.4M oz silver and 116-129K oz gold, with consolidated AISC of $26.15-$27.91 per AgEq oz.

• Capital expenditures for 2026 are budgeted at $213-$236M, focusing on expansion, exploration, and development, with a 266,000-metre exploration program planned.