First Majestic Silver (AG) Guidance summary

Opening remarks and agenda

• Conference call opened with introductions, forward-looking statements, and non-IFRS measures disclosures.

• Announced Q2 2024 production results and updated 2024 guidance, with a conference call scheduled for July 18, 2024.

• Q2 2024 financial results and dividend announcement set for August 1, 2024.

Guidance on key objectives

• Updated H2 2024 guidance reflects a 9% increase in CapEx and 11% increase in development expenses, mainly at San Dimas.

• Exploration budget increased, with San Dimas drilling expanded from 95,000m to 115,000m.

• Santa Elena production forecast raised to 9.2–9.6M AgEq oz, a 14% increase at mid-point over original guidance.

• La Encantada H2 production guidance set 38% higher than H1 actuals due to new water source.

• Consolidated 2024 production guidance remains at 21.4–22.6M AgEq oz, with a slight increase in silver and slight decrease in gold output.

Market trends and strategic opportunities

• Increased metal prices prompted higher CapEx and development spending.

• Silver price outperformed gold in Q2 2024, impacting the Ag:Au ratio and reported AgEq production.

• Peso strength in H1 impacted costs by over $10 million; ongoing uncertainty with currency expected in H2.

• Improved ESG ratings, with performance in the top 40% of the industry for Environmental and Social categories.