Barrick Gold for silver.

• Silver: Mined and refined as dore bars or concentrate, it is the company's primary revenue-generating precious metal.
• Gold: Produced as a significant by-product, often alongside silver, from its mining operations.
• Lead: Recovered as a by-product concentrate from polymetallic ore bodies.
• Zinc: Recovered as a by-product concentrate from polymetallic ore bodies.

First Majestic Silver (symbol: AG) is a primary silver mining company. As such, it sells its products primarily to other companies involved in the processing and refining of metals, not directly to individuals.

According to its public filings, First Majestic Silver did not derive more than 10% of its total consolidated revenues from any single customer for the year ended December 31, 2023. Therefore, specific names of major customer companies are not publicly disclosed. However, its customer base can be categorized into two main types of industrial entities:

• Metal Refiners: These companies purchase First Majestic's silver and gold doré bars. Doré bars are a semi-purified alloy of precious metals that refiners further process into high-purity silver and gold products. These refined metals are then sold for various purposes, including investment-grade bullion, industrial applications, and jewelry manufacturing.
• Smelters: These companies purchase First Majestic's metal concentrates, which contain silver, gold, lead, and zinc. Smelters use high-temperature processes to extract and separate the valuable metals from these concentrates, which are then further refined or sold as industrial raw materials.

Keith Neumeyer, President & CEO

Mr. Neumeyer founded First Majestic Silver in 2002 and has served as its President and CEO since its inception. He also founded First Mining Gold in 2015 and was the original and founding President of First Quantum Minerals Ltd. Mr. Neumeyer has worked in the investment community since 1984, beginning his career at Canadian national brokerage firms and holding senior management and directorship positions in finance, business development, strategic planning, and corporate restructuring for publicly-traded companies in the resource and high technology sectors. He has also listed a number of companies on the Toronto Stock Exchange. First Majestic Silver acquired First Silver Reserve Inc. in 2006, a company where Keith Neumeyer also served as President and CEO. He is also a recipient of the E&Y Entrepreneur of the Year Award for the Metals & Mining category.

David Soares, Chief Financial Officer

Mr. Soares has been the Chief Financial Officer of First Majestic Silver since 2022. He brings over 15 years of finance and management experience from progressively senior leadership roles with multinational mining companies, including Xstrata, Glencore, and Barrick Gold. Prior to joining First Majestic Silver, Mr. Soares served as Chief Financial Officer of Kirkland Lake Gold, which culminated in a merger with Agnico Eagle Mines. He holds a Chartered Professional Accountant designation (CPA, CA), an ICD.D designation, a Master of Business Administration from the Ivey Business School, and a Bachelor of Commerce from the University of Toronto.

Steven Holmes, Chief Operating Officer

Mr. Holmes has served as the Chief Operating Officer of First Majestic Silver since 2020. He is a mining engineer with over 40 years of experience, responsible for overseeing all operational functions of the Company's silver mines and projects. Before joining First Majestic, Mr. Holmes was the Vice President, Joint Venture Portfolio at Barrick Gold Corporation, where he oversaw Barrick's interests in global joint venture operations and projects. His previous experience also includes serving as COO for KGHM International and Operations Vice President at the Sierra Gorda copper mine in Chile, as well as general management roles at Asarco, the Mine Technology Group, Chino Mines Company, and Freeport-McMoRan.

Samir Patel, General Counsel & Corporate Secretary

Mr. Patel serves as General Counsel & Corporate Secretary for First Majestic Silver. He was called to the Bar in British Columbia in 2009 and is highly experienced in M&A transactions, equity financings, and continuous disclosure requirements. Prior to joining First Majestic, Mr. Patel was General Counsel & Corporate Secretary at First Mining Gold Corp., where he was one of the founding members of the management team for over seven years. During his tenure at First Mining Gold, he was instrumental in completing numerous equity financings, M&A, and project transactions. He previously articled and qualified as an associate in the Securities & Capital Markets group of Borden Ladner Gervais LLP.

Thomas Fudge, Chairman

Mr. Fudge serves as the Chairman of First Majestic Silver. He brings over 40 years of professional mining experience, having held various roles at companies including Tahoe Resources, Alexco Resources, Hecla Mining, and Sunshine Precious Metals. Mr. Fudge holds a Bachelor of Science degree in Mining Engineering from Michigan Technological University and has overseen numerous major mining construction projects in the United States, Mexico, Venezuela, the Yukon Territory, Guatemala, and Peru.

The key risks to First Majestic Silver's business are primarily tied to the inherent volatility of precious metals, its operational footprint, and geopolitical factors.

1. Silver/Gold Price Volatility: First Majestic Silver's financial performance and cash flows are heavily dependent on the fluctuating market prices of silver and gold. Even with recent increases in precious metal prices, the company's revenue and profitability remain susceptible to significant swings in these commodity markets.
2. Geopolitical Risk and Mexican Tax Disputes: A substantial portion of First Majestic Silver's operations are located in Mexico, exposing the company to geopolitical risks and regulatory changes within the country. This includes ongoing tax disputes with Mexican authorities, which have been noted as a factor impacting the company.
3. Operational Complexities and Declining Ore Grades: The company faces operational challenges such as complexities associated with deeper orebodies and the impact of declining ore grades. These factors can directly affect production volumes and increase operating costs. Additionally, disruptions like weather-related incidents and power outages have previously impacted production.

The recently enacted reforms to Mexico's mining law represent a clear emerging threat. These reforms, which include reduced concession durations, stricter environmental and social obligations, and increased governmental control over water concessions, could significantly increase operating costs, create permitting difficulties, and limit access to future reserves for First Majestic Silver's substantial operations in the country.

The main product of First Majestic Silver (symbol: AG) is silver, with gold, lead, and zinc as by-products. The company also produces and sells its own silver bullion products.

The addressable market for silver is global. The global silver market size was valued at USD 87.12 billion in 2024 and is projected to grow to USD 202.07 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 9.86% during the forecast period (2025-2033). In terms of volume, the global silver market is estimated at 36.08 kilotons in 2025 and is expected to reach 45.26 kilotons by 2030, with a CAGR of 4.64% during that period.

Key drivers for silver demand include industrial fabrication, which accounts for approximately 59% of total demand, particularly in the solar and electronics industries, as well as in electric vehicles and batteries. Other significant applications include jewelry, silverware, and investment in bullion coins and bars.

Here are 3-5 expected drivers of future revenue growth for First Majestic Silver (symbol: AG) over the next 2-3 years:

1. Increased Silver Production from the Cerro Los Gatos Mine Acquisition: The acquisition of Gatos Silver and its Cerro Los Gatos mine in January 2025 has substantially augmented First Majestic's silver production capacity, with the mine significantly contributing to mine operating earnings. This integration is a primary driver for anticipated revenue growth.
2. Favorable Silver Price Environment: Analysts and company statements frequently highlight strong silver price forecasts as a crucial element for revenue expansion. Predictions for silver prices average between $45-$60 in 2026, with potential to reach $70 by the end of 2026. With silver accounting for a significant portion of its revenue, First Majestic is well-positioned to capitalize on these projected price increases.
3. Operational Efficiencies and Production Increases at Existing Mines: Ongoing operational improvements and integration benefits at key mines such as San Dimas and Santa Elena are expected to lead to higher production volumes and reduced all-in sustaining costs. These efficiencies contribute directly to enhanced revenue and improved profit margins.
4. Exploration and Development of New Projects and Ore Bodies: First Majestic's continued investment in exploration and development activities, including projects like Navidad and Santo Niño, and expansion efforts at Santa Elena, are projected to extend mine life and increase overall production capacity. This expansion of resources and capacity will underpin future revenue growth.
5. Growth in First Mint Facility Sales: The company's First Mint facility has demonstrated record sales, indicating a growing revenue stream from the direct sale of refined silver coins and bullion. This channel provides an additional avenue for revenue generation outside of concentrate sales.

Share Repurchases

• First Majestic Silver authorized a share repurchase program on September 12, 2024, to buy back up to 10,000,000 common shares, representing approximately 3.32% of its outstanding shares, until September 11, 2025.
• Under a previous program from March 22, 2022, to March 21, 2023, the company repurchased 100,000 shares for cancellation at an average price of CDN$8.52.
• A new share repurchase program was authorized on October 14, 2025, allowing for the purchase of up to 24,500,000 shares, approximately 5% of outstanding shares, until October 13, 2026.

Share Issuance

• In connection with the acquisition of Gatos Silver, First Majestic Silver issued up to 190,000,000 common shares to Gatos Silver stockholders. Shareholders approved this issuance on January 14, 2025.
• Approximately 177 million common shares were issued to Gatos shareholders upon the closing of the acquisition in January 2025.

Outbound Investments

• First Majestic Silver completed the acquisition of Gatos Silver in January 2025, a transaction valued at approximately US$970 million in stock, to gain 70% ownership of the Cerro Los Gatos mine.
• The company sold 17,500,000 shares of Sierra Madre Gold and Silver on November 5, 2025, generating gross proceeds of CAD$23,275,000.
• First Majestic Silver disposed of 37,600,000 Silver Storm shares on October 7, 2025, for gross proceeds of CAD$8,715,680.

Capital Expenditures

• First Majestic Silver's capital expenditures averaged $140.9 million from fiscal years ending December 2020 to 2024, with a median of $132.2 million.
• Capital expenditures for 2025 are projected at approximately $182 million, a 34% increase from the revised 2024 guidance, comprising $80 million for sustaining activities and $102 million for expansionary projects.
• The primary focus of 2025 capital expenditures includes $74 million for underground development, $49 million for exploration, and $56 million for property, plant, and equipment, driven largely by the Cerro Los Gatos Silver Mine addition and development activities at Santa Elena and San Dimas.