First Majestic Silver (AG) Corporate presentation summary

Silver market fundamentals and outlook

• Silver demand is outpacing supply, with a projected 120Moz deficit in 2025, marking the fifth consecutive year of shortfall driven by industrial and photovoltaic (PV) demand growth.

• Industrial demand for silver has risen 33% since 2020, with PV applications alone forecast to consume 196Moz in 2025, about 25% of global mined production.

• Annual silver consumption is estimated at 1,150M ounces, while mine production is only ~835M ounces, with 81% of supply from mining and 19% from recycling.

Company profile and strategic positioning

• Generates 57% of revenue from silver and 33% from gold, with four producing underground mines in Mexico and over 350,000 hectares of claims in Mexico and Nevada.

• Aims to become the world's largest primary silver producer, leveraging a clean balance sheet and sector-leading trading liquidity.

• Operates the only public mining company-owned minting facility, vertically integrating bullion production.

Sustainability and ESG performance

• Achieved a Medium ESG Risk Rating from Sustainalytics in Q3 2025 and improved ISS ESG rating to B-, earning Prime status.

• S&P Global Corporate Sustainability Assessment score rose to 44 in July 2025, well above the industry average of 32.

• Community initiatives include technology donations to local communities.