FIRST MAJESTIC SILVER CORP Mining Forum Americas 2026

Welcome, everyone. I appreciate you guys joining me this morning to my presentation. I will be making some forward-looking statements, so bear with me for about 15 or 20 minutes. I will try to leave a minute or two for questions at the end. When it comes to silver, it is hard not to think about First Majestic and vice versa. These are some of the points that differentiates First Majestic from the rest. We have been in the business for over 23 years now. The majority of our revenue is silver, and that is really what justifies us being a silver company, 63% so far and increasing. We do have a very strong liquid stock, which again, attracts a lot of institutions to the space. Our beta and our leverage to silver is real, and you see that.

It goes both ways, obviously, today is a bit of a different day, but we are quite bullish on the long term for this metal. We are the only mining company that owns and operates its mint, which again, puts us at a different category compared to the peers. Before diving into the company, just a high-level view on silver. It is no surprise that silver has been in a constructive deficit for the last six years. Cumulatively, that is 840 million ounces. That is one year of annual supply basically being washed away in the last five, six years. Another key point here is 2025, 2026 had an accumulative deficit of 150 million ounces of silver. We had a record production year last year of just over 15 million ounces.

That is 23 years in the making, and that means we need 10 brand new First Majestics to enter the market right now to bridge this deficit. This deficit, interestingly enough, doesn't take into account additional supply or additional demand that is hitting the market. The buzzword these days is AI. Well, for every one AI data center, you need six and a half tons of silver. Forget about the solid-state batteries that Samsung is doing and all the solar panels. These are just additional supply, or sorry, demand that is coming in and without matched supply. On the company, so we are a silver company. About 63% of our revenue comes from silver, one-third is gold and the balance is lead and zinc. We own and operate four underground mines in Mexico, and we also have a significant gold pipeline asset that is coming online next year in Nevada.

What differentiates these assets, they are chunky assets. They come with a big land package, over 350,000 hectares across the portfolio, which allows us to invest, expand, and extend the life of mining these assets. As I mentioned, we are the only mining company that owns and operates its mint. Quite exciting and new part of the business, which I have a couple of slides to talk about that. We do have a very ambitious goal of keep growing in silver and become the largest silver-producing company globally. We updated our guidance in July, and interestingly enough, this is the second year in a row where we raised the guidance. We are shooting for about 14.5 million, 15.5 million ounces of pure silver. Most of the balance is gold and some lead and zinc in there as well.

Very robust production profile, sub CAD 30, so you can imagine the margins that we're recognizing right now at these current metal prices. Part of the CapEx, or part of the guidance is our capital investments. We see a lot of value putting money back in the business. One of the highlights here, obviously we're doing almost 350 million ounces or dollars of investments. The majority of that is exploration. We're putting 300 kilometers of drilling back in the business. We've seen dividends of that, and I'll touch on that in the next few slides. We're also expanding operations, and again, this is the time to put money back and invest in these assets. Some of the highlights, not going to go through that, but ultimately with cost discipline and metal prices, this is all translating in a much improved balance sheet. Obviously, revenue is expanding. EBITDA, cash flow ultimately is what it comes down to, and hitting the bottom line and ultimately the treasury.

We've had some success with some exploration permits as well, or construction permits at Santa Elena. I'll talk about that in a second. We've been active on capital return to investors between the dividends that was recently increased, as well as the share buyback that we've done really from last year throughout this year. These are just some of the graphical presentations of the previous slide, but you can see, you look 12 months prior to these quarters, production was relatively the same, but you see the massive step change, and that's really related to the metal prices. Twelve, 18 months ago, silver was around CAD 30. It's more than double right now, and you see that's hitting directly the bottom line.

Quarter of a billion dollars of quarterly free cash flow gives us a lot of flexibility in investing and extending the life of our assets. The assets, as some of you guys know, are spread across Mexico. These are the four operating assets. What differentiates them, again, they're all in adjacent states within Mexico, and these are arguably the most mining-friendly states in Mexico. We also have Jerritt Canyon, that's in Elko, Nevada, as well as our mint, First Mint operation in Las Vegas, Nevada, head office is in Vancouver, Canada. Getting into the operations. Los Gatos, we closed this transaction last year, the largest and most significant transaction in the company's history. Very competitive process when it was ran, and we're obviously very happy and pleased to have won this bid. When we did the analysis, this asset made sense at CAD 23 silver. It was accretive on all fronts.

You can only imagine the cash flow and the rapid payback that we're recognizing right now. Relatively new assets, brand new mill. This asset currently has a 10-year life of mine, which we're quite excited about. But what we're more excited about is the land package that this asset comes with. It's tough to see on the slide, but in the middle of the slide, you see a small box that says CLG. That's the life of mine of this asset. However, all the colored boxes and concessions surrounding that represents 103,000 hectares that are virtually unexplored. This tells us that this mill that we saw earlier is going to be operating for way beyond the life of mine that's currently on paper. And that's what we like about these assets. They're district scale assets, majority silver over here, and some lead and zinc.

Similarly, our second cornerstone asset is Santa Elena, and this is an attestment to what First Majestic does to these assets. We bought this asset 10 years ago, and it had a six and a half life of mine 10 years ago with about one third of the current production profile. Today, this asset is producing close to 10 million ounces, and it has an 11-year life of mine today. Significant producer and low cost. Similar to Los Gatos, it comes with a massive land package. All these color concessions represent the land package that we have, 102,000 hectares. All the exploration that was done is in that pink pin right in the middle. That is only 5 kilometers around the mill. Within that, we found four discoveries throughout the periods that we have owned it.

The bottom left shows you Santa Elena is basically the main complex in the top gray area, and then we have the most recent discoveries, Santo Niño and Navidad. Those discoveries added 90 million ounces of incremental resource to the current operation. I mentioned that we are investing in our assets. We are expanding the operation here from about 3,100 tons per day to 3,500 tons per day on the back of those two new discoveries that we have announced recently. You see them there. They are basically within 3 kilometers from the main mill. We have two ramps that these graphs on the right show. We are driving them. We got the construction portal about a month or a month and a half ago, and we are currently developing them. That expedited production from here by about 18 to 24 months.

This is again, going to be incremental growth starting potentially end of next year and early 2028. A lot of exciting stuff in this district, and obviously we are quite pleased to have it. Our third cornerstone asset is San Dimas, again, a very well-known asset in Mexico. It has been in operation for two centuries. Dory producer, 50% gold, 50% silver, one of the most important assets in Durango. One of the larger employer in Durango as well. And big land package. Similarly to the other two assets, this comes with 72,000 hectares with outcrops and geology all over the place. We have just put an update last month about some of the exploration success.

This asset is actually receiving the majority of our exploration budget, 117 kilometers of drilling is pretty serious and has yielded some really exciting results that we are going to continue following up on throughout this year and early next year. Look for further updates here. Quite interesting about San Dimas is we actually own and operate our own hydro dam. That obviously helps us contain our energy costs and reduces our exposure to diesel. This was a question that we do receive, what is going on with your diesel exposure? San Dimas is on hydro dam, Santa Elena, and La Encantada are on LNG. We are not really exposed to all these inflationary energy costs that a lot of others are witnessing. La Encantada is our smallest mine, but nevertheless is the purest. It is pretty much 100% silver, which is quite unique.

It is 100% torque and leverage to the silver price that we see going on right now. It is arguably the most improved asset in the portfolio in the last couple of years. It has been beating and setting new records for us. It just produced over 1 million ounces last quarter and is projecting to significantly beat the guidance that we put out earlier in the year. We are quite pleased to have this asset in the portfolio. Jerritt Canyon, quite important, quite unique asset. We shut down Jerritt in March of 2023 for a number of reasons. Obviously, lower gold price was one of them. Third-party contractors and just inefficient way of operating it. We paused, we wanted to reset it, and this is what we are doing right now. We announced a restart after getting a new mine plan in place.

New fleet has been ordered, so we are going to do this as we typically do in Mexico, self-perform mining, with a new mine plan and really a new improved way of doing things there. We are taking advantage of the mill being down, optimizing and modernizing that as well. Our target restart is in H2 of 2027. We put out an update recently and we will continue putting updates mainly on the exploration and really the project status in the next couple of months. Look for updates here. Our mint is one of the unique and exciting part of the business. Selling our own bullion, these are some of the examples that you see here, is nothing new to First Majestic. We started doing this in 2008.