First Majestic Silver (AG) investor relations material

Silver market fundamentals and outlook

• Silver demand is forecast to outpace supply for a fifth consecutive year, with a 2025 deficit of ~120M oz driven by industrial uses, especially photovoltaics and electronics, which now account for 59% of demand and have grown sharply since 2020.

• Annual silver consumption is ~1,150M oz versus mine production of ~835M oz, with only 19% of supply coming from recycling.

• Photovoltaic (PV) silver demand reached a record 198M oz in 2024 and is projected at 196M oz in 2025, representing about 25% of global mined production.

Strategic positioning and operational highlights

• Generates 58% of revenue from silver and 90% from precious metals, making it the purest silver producer among peers.

• Operates four producing underground mines in Mexico and owns a minting facility in Nevada, vertically integrating the value chain.

• Achieved record silver production of 15.4M oz and record revenues of $1,257M in 2025, with strong cash flow and a treasury of $938M.

• Maintains a clean balance sheet, sector-leading trading liquidity, and a dividend policy targeting 2% of net quarterly revenues from 2026.

Asset portfolio and exploration

• Core assets include Los Gatos, Santa Elena, San Dimas, and La Encantada, with a combined land package of over 350,000 hectares in Mexico and Nevada.

• Los Gatos (70% owned) is a low-cost, high-potential mine with robust exploration plans and a strong JV partner.

• Santa Elena and San Dimas continue to deliver exploration success, with new discoveries (Santo Niño, Navidad/Winter, Coronado) and significant drilling programs planned for 2026.

• Jerritt Canyon in Nevada is on care and maintenance, with ongoing exploration and resource growth focus.