First Majestic Silver (AG) Corporate Presentation summary

Silver market fundamentals and outlook

• Silver demand is forecast to outpace supply for a fifth consecutive year, with a 2025 deficit of ~120Moz driven by strong industrial and photovoltaic (PV) demand, which now accounts for ~25% of global mined production.

• Industrial silver demand has risen 33% since 2020, with electrical and electronics sectors consuming 461Moz in 2024, and PV demand reaching a record 198Moz.

• Annual silver consumption is ~1,150M ounces, while mine production is ~835M ounces, highlighting a persistent supply gap.

Strategic positioning and operational highlights

• Generates ~55% of revenue from silver and 33% from gold, making it the purest silver producer among peers.

• Operates four producing underground mines in Mexico, with a goal to become the world's largest primary silver producer.

• Owns a vertically integrated minting facility in Nevada, capturing additional margin from bullion sales.

• Maintains a clean and strong balance sheet, with record cash position of $510M as of H1 2025.

Production, cost, and financial performance

• Record Q3 2025 silver production of 3.9M oz, up 96% YoY; Q3 YTD silver equivalent production reached 23.2M oz.

• 2025 silver production guidance revised upward to 14.8–15.8M oz, an ~82% increase over 2024.

• All-in sustaining cost (AISC) guidance for 2025 consolidated at $20.02–$20.82/AgEq oz, reflecting improved cost control.

• Record H1 2025 revenues of $508M (up 110%), with $225M cash flow from operations and $10.5M returned to shareholders via dividends and buybacks.