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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION FEBRUARY 2 6 , 2026CORPORATE PRESENTATION There’s no substitute for silver
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 1 CAUTIONARY DISCLAIMER Forward Looking Statement Certain statements contained herein regarding First Majestic Silver Corp. (the “Company”) and its operations, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws and “forward- looking information” under applicable Canadian securities laws (collectively, “forward-looking statements”). These statements relate to future events or the future performance, business prospects or opportunities for First Majestic that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management of First Majestic made in good faith in light of management’s experience and perceptions of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company’s 2026 production and cost guidance, expected value creation for shareholders, the future price of silver and other metals, the global supply and market for precious metals, revenue, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, life of mine estimates, recovery rates, costs of production (including cash costs and all-in sustaining costs), capital expenditures, margin estimates, costs and timing of the development of new deposits, exploration programs, the timing and payment of dividends, timing and possible outcomes of pending litigation and tax claims, the market for the Company’s shares and the Company’s ESG score performance. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks related to joint venture operations; fluctuations in security markets; the duration and effects of the COVID-19, and any other pandemics on operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of current exploration activities; actual results of current reclamation activities; reclamation expenses; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; future demand for and prices of metals; possible variations in ore reserves, grade or recovery rates; actual performance and possible failure of plant, equipment or processes to operate as anticipated; availability of sufficient water for operating purposes; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities, changes in national and local government, legislation, taxation, controls, regulations and political or economic developments; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining, including those currently enacted in Mexico; employee relations; relationships with and claims by local communities and indigenous populations; availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the Company’s title to properties, changes in climate conditions and extreme weather events, as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company’s Annual Information Form for the year ended December 31, 2024, available on www.sedarplus.ca, and as an exhibit to its most recently filed Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C., which is available on EDGAR at www.sec.gov/edgar or on First Majestic’s website. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company believes that the expectations reflected in these forward-looking statements are reasonable, however there can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. These statements speak only as of the date hereof. The Company does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws. The Company notes that changes in climate conditions could adversely affect the business and operations through shifting weather patterns, environmental incidents, and extreme weather events. This can include changes in snow and precipitation levels, extreme temperatures, changing sea levels and other weather events which can result in frozen conditions, flooding, droughts, or fires. Such conditions could directly or indirectly impact our operations by affecting the safety of our staff and the communities in which we operate, disrupting safe access to sites, damaging facilities and equipment, disrupting energy and water supply, creating labour and material shortages and can cause supply chain interruptions. There is no assurance that the Company will be able to successfully anticipate, respond to or manage risks associated with severe climate conditions. Any such disruptions could have an adverse effect on the Company’s operations, production, and financial results. Non-GAAP Financial Measures This presentation includes reference to certain financial measures which are not standardized measures under the Company’s financial reporting framework. These measures include all-in sustaining costs (or “AISC”) per silver equivalent ounce, cash costs per silver equivalent ounce and free cash flow. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see “Non-GAAP Measures” in the Company’s most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov/edgar. Qualified Persons Gonzalo Mercado, P. Geo., the Company’s Vice President of Exploration and Technical Services and a “Qualified Person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the scientific and technical information contained in this presentation. Mr . Mercado has verified the exploration data contained in this presentation, including the sampling, analytical and test data underlying such information. Hector Mezquita, the Company’s Vice President of Metallurgy and Innovation, and a “Qualified Person” as defined under NI 43-101, has reviewed and approved the scientific and technical information contained in this presentation related to metallurgical testing.
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 2 There’s no substitute for silver FIRST MAJESTIC SILVER: FUTURE CATALYSTS 31-32 CORPORATE: FINANCIALS & OWNERSHIP 28-30 FIRST MINT: ABOUT US 27 PRODUCING ASSETS: OPERATIONS DETAILS 14-26 FIRST MAJESTIC ASSETS: OVERVIEW MAP 13 PERFORMANCE & GUIDANCE: 2025 / 26 PRODUCTION & COSTS 09-12 FIRST MAJESTIC SILVER: ABOUT US & SUSTAINABILITY 07-08 SILVER FUNDAMENTALS: SUPPLY & DEMAND 04-06 NON -PRODUCING ASSETS: JERRITT CANYON 33-35 NON -CORE ASSETS: DETAILS 36-37 MEXICO: TAX DISPUTE 38 ASSETS: RESERVCES & RESOURCES 39-43 FIRST MAJESTIC SILVER: THE GO TO NAME IN THE SILVER SPACE 03
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 3 Purest Silver Producer Among The Peers – 58% Silver Revenue 2025 (90% is Precious Metals) 22 Years of Proven Operations and Growth Early Adopter of New Technologies and Innovations Dividend Policy in Place Since 2021 & Increased in 2026 Sector-leading Trading Liquidity (+$400M average daily trading volume) Strong Beta to Silver of ~2-3x Historically The Only Public Mining Company With Its Own Minting Facility Clean and Strong Balance Sheet First Majestic – Why “The Go To Name” in the Silver Space
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 4 500 700 900 1100 1300 2016 2018 2020 2022 2024 2025F Silver (M oz) Silver Supply (Mine Production & Recycling) Vs. Total Silver Demand Mine Production Recycling Silver Demand Introduction To Silver Basics Silver is critical due to its unique properties, making a substitution nearly impossible Silver is the single most electrically conductive metal 81% of forecasted annual silver supply is sourced from mining, 19% is sourced from recycling 2025F demand by usages: 59% industrial fabrication, 18% coins & bars, 17% jewelry, 6% silverware & photography Annual silver consumption is ~1,150M ounces compared to annual mine production of ~835M ounces Current silver to gold mine supply ratio 7:1 Source: Metals Focus, The Silver Institute
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 5 PV SILVER DEMAND: • Industrial silver demand has risen by 33% since 2020 to ~680M oz in 2024 • Electrical and electronics demand totaled 461M oz in 2024, a 31% increase since 2020 • Silver plays a critical role in AI Technology, with demand for chips, servers, switches and robotics expected to increase by double digits. • Of that, silver demand for PVs reached a new high of 198M oz in 2024, increasing ~140% since 2020 • PV silver demand is forecast to be 196M oz in 2025 0 200 400 600 800 2016 2018 2020 2022 2024 2025F Silver (M oz) Photovoltaic Silver Demand PV Silver Demand Industrial Silver Demand Source: Metals Focus, Ember-climate.org, Pv-magazine.com Industrial Demand Is Leading the Way PV silver demand accounts for ~25% of total global mined production
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 6 CONTINUED SILVER SUPPLY DEFICIT: • ~150M oz silver supply deficit in 2024, and ~120M oz supply deficit forecast for 2025 • 2025 will be the 5th consecutive year of annual silver shortfall • Mined production and recycling are not keeping up with the increased annual silver demand • With industrial use continuing to grow, and a limited number of new mines coming online, the market will remain challenged to address demand Global Silver Market Deficit Five consecutive years of silver deficit -300 -250 -200 -150 -100 -50 0 50 100 2016 2018 2020 2022 2024 2025F Silver (M oz) Silver Market Balance Deficit Surplus Source: Metals Focus, Silver Institute
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 7 Leverage to Silver North American Assets Multi Asset Producer First Majestic Goal First Mint Bullion Producer About the Company ~58% of revenue from Silver (32% Gold) >350,000 Ha of mining claims in two premier mining jurisdictions – Mexico and Nevada Four producing underground mines in Mexico Become the World’sLargest Primary Silver Producer Own and produce .999+ bullion at our minting facility, First Mint, LLC
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 28 37 44 10 20 30 40 50 2021 2022 2023 2024 2025 8 Industry Average S&P Global Rating Sustainability Focus ISS ESG • Overall rating improved to B- as of Q2 2025 earning ISS ESG Prime status Donations of laptops, Starlink connectivity, and other IT equipment to San Dimas communities C+ B- 2021 2022 2023 2024 2025 ISS ESG Rating Industry AverageD C B S&P Global • As of July 2025, First Majestic’s Corporate Sustainability Assessment score improved to 44, well above the industry average of 32 Sustainalytics • In Q3 2025, First Majestic achieved a Medium ESG Risk Rating for the first time, highlighting solid environmental and social risk management.
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 9 Quarterly Production & Cash Flow Performance Record silver production of 4.2 million ounces in Q4-25, and 15.4 million ounces in 2025 Step change in cash flow generation from Los Gatos addition, operating discipline & cost efficiency, and increased silver price Flexibility to Invest in Further Growth 1 6 31 68 44 78 99 250 $0 $50 $100 $150 $200 $250 $300 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Free Cash Flow (US $M) Free Cash Flow – Op. Cash Flows less Sustaining Capex 2.0 2.1 2.0 2.4 3.7 3.7 3.9 4.2 0.0 1.0 2.0 3.0 4.0 5.0 Q1 Q2 Q3 Q4 Production (Ag M Oz) Quarterly Consolidated Silver Production (Ag only) 2024 2025
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 10 • Certain amounts shown may not add exactly to the total amount due to rounding differences. • The Company will report cash costs and all-in sustaining costs guidance on a cost per unit basis, using a fixed gold-to-silver ratio of 75:1 with the following metal price assumptions: silver: $52.00/oz, gold: $3,900/oz, lead: $0.90/lb., zinc: $1.35/lb., copper: $4.80/lb. The foreign currency assumption is MXN:USD 18.25:1. 2026 Production & Cost Guidance Operation Silver Oz (M) Gold Oz (k) Lead Lbs (M) Zinc Lbs (M) Copper Lbs (M) Cash Cost ($ per AgEq Oz) AISC ($ per AgEq Oz) Los Gatos, Mexico (70%) 4.8 – 5.4 2.9 – 3.1 34 – 38 52 – 58 1.1 – 1.3 14.88 – 15.62 18.01 – 19.04 Santa Elena, Mexico 1.3 – 1.5 64 – 71 — — — 20.04 – 21.06 24.90 – 26.40 San Dimas, Mexico 4.0 – 4.4 49 – 55 — — — 18.55 – 19.56 24.63 – 26.30 La Encantada, Mexico 2.8 – 3.1 0 — — — 24.20 – 25.52 30.54 – 32.50 Operations Total 13.0 – 14.4 116 – 129 34 – 38 52 – 58 1.1 – 1.3 $18.64 – $19.62 $23.81 – $25.31 Corporate Corp. G&A and Services — — — — — — 2.34 – 2.60 Total Consolidated 13.0 – 14.4 116 – 129 34 – 38 52 – 58 1.1 – 1.3 $18.64 – $19.62 $26.15 – $27.91 Targeting safe, profitable & steady production in 2026 with continued focus on costs and margins
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 2026E Capex Breakdown Budget (US$ M) U/G Development 85 – 94 Exploration 41 – 45 PP&E 71 – 79 Corporate Projects 16 – 18 TOTAL $213 – $236 Capital Investments – Investing in Exploration & Growth 11 • Increased 2026E capital expenditures for expansionary projects across portfolio • Reinvesting in future growth underpinned by continued exploration and development activities at Santa Elena, San Dimas and Los Gatos • Approximately 266,000 metre exploration program in 2026 (265,000 m in 2025) $0 $50 $100 $150 $200 $250 2019 2020 2021 2022 2023 2024 2025 2026E Capital Expenditures (US $M) First Majestic Capital Expenditures $58-66M Sustaining $154-171M Expansionary+
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 58% 48% 34% 24% 20% 0% 10% 20% 30% 40% 50% 60% First Majestic Hecla Coeur Pan American Coeur (PF New Gold) Silver Revenue as a % of Total Revenue 2025 Silver Revenue as a % of Total Revenue 12 Q4-25 & 2025 Highlights Q4 Silver Production of 4.2M oz, and 15.4M oz in 2025 Strong Q4 Silver Equivalent Production: 7.8M oz, and 31.1M oz in 2025 (Meeting upwardly revised guidance) Record Revenues: $464M (up 169%), and $1,257M (up 174%) in 2025 Avg realized silver price per oz: Q4 $58.96, and $41.52 in 2025 Record First Mint revenues: Q4 $23M, and $49M in 2025 Record Cash Flow from Operations: Q4 $301M ($0.61/share), and $667M ($1.39/share) in 2025 Continued exploration success at San Dimas, Santa Elena and Los Gatos Strong Balance Sheet: Record treasury position of $938M Source: Company Filings and Estimates
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 13 Assets in the World’s Premier Silver Jurisdiction Source: Corporate disclosure *See news release dated December 17, 2025 THREE WORLD-CLASS SILVER MINING DISTRICTS WITH A MASSIVE 350,000- HECTARE LAND PACKAGE First Mint Facility Nevada, USA Santa Elena Sonora, Mexico 2025 Production: 9.1 Moz AgEq 2025 AISC: $17.96 / oz AgEq Ag Au San Dimas Durango, Mexico 2025 Production: 10.2 Moz AgEq 2025 AISC: $19.62 / oz AgEq Ag Au Del Toro Zacatecas, Mexico Care & Maintenance Pending sale to Sierra Madre for up to $60M* Ag San Martin Jalisco, Mexico Care & Maintenance Los Gatos (70%) Chihuahua, Mexico 2025 Production: 8.9 Moz AgEq 2025 AISC: $15.15 / oz AgEq Ag Au Zn Pb Cu Mexico City Durango Producing Assets Jerritt Canyon Nevada, USA Care & Maintenance Au Corporate Office British Columbia, Canada La Encantada Coahuila, Mexico 2025 Production: 2.8 Moz AgEq 2025 AISC: $29.26 / oz AgEq Ag Ag
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Los Gatos Silver Mine Chihuahua, Mexico High Ag-bearing Pb and Zn Concentrate 103,000 Hectares 14TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Los Gatos Silver Mine • Low-cost, underground producing silver mine with robust exploration and development potential • Over 103,000 hectares of mineral rights in a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones • 61,000 m of exploration drilling planned in 2026 targeting mineral expansion at Central and North West Deep zones • Strong JV partner in Japan’s Dowa Metals & Mining Co., Ltd (30%) • High Ag-bearing Pb and Zn Concentrate 15 Production (100% Basis) Q4 2025 Q3 2025 Full Year 2025 Full Year 2026E Tonnes Milled (tpd) 3,562 3,348 3,395 3,750 Silver (M oz) 2.1 2.0 8.4 6.9 – 7.7 Silver Equivalent (M oz) 3.0 3.0 12.7 – Cash Costs / oz ($US) $16.12 $12.51 $12.91 $14.88 – $15.62 AISC / oz ($US) $18.81 $15.36 $15.15 $18.01 – $19.04
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 16 Los Gatos Silver Mine – Regional Potential • Large and continuous land package of prospective concessions ~103,000 ha • Continuing to expand the Los Gatos orebody • Drilling multiple prospective targets within a 5km radius of the processing plant • Generative work at Lince & Los Veranos Portigueño Outcrop NW View of CLG Typical Vein textures EXPLORATION UPSIDE Los Gatos Operations Lince District Los Veranos District Falla Roja Target
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Santa Elena Silver/Gold Mine Sonora, Mexico 100% Doré Producer 102,000 Hectares 17TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Santa Elena Silver/Gold Mine • Mineral claims covering 102,000 Ha • Exploration success at Navidad near the Ermitaño mine with a 30Moz AgEq maiden Resource as of Dec. 31, 2024 • Additional new discovery, Santa Niño (announced May 28, 2025) • Met revised production guidance with 1.4Moz of silver and 88Koz of gold (9.1Moz AgEq) • 78,000 m of drilling planned for 2026 including the Navidad and Santo Niño discoveries • Clean, low-cost 24MW LNG facility to power mine and plant operations • Certified ISO 9001 Assay Lab on site, increasing reliability as well as reducing costs and allowing for faster assay turnaround times 18 Production Q4 2025 Q3 2025 Q4 2024 Full Year 2025 Full Year 2026E Tonnes Milled (tpd) 3,118 3,053 2,987 3,018 3,300 Silver (k oz) 358 413 406 1,417 1,300 – 1,500 Gold (k oz) 25.1 21.0 27.2 88 64 – 71 Silver Equivalent (M oz) 2.3 2.3 2.7 9.1 – Cash costs / oz ($US) $15.97 $15.00 $10.99 $14.36 $20.04 – $21.06 AISC / oz ($US) $19.44 $18.32 $13.54 $17.96 $24.90 – $26.40
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 19 Santa Elena – Regional Potential EXPLORATION UPSIDE Map of plant, mines & recent discoveries P&P: 38.7M AgEq oz @ 274 g/t AgEq M&I: 61.4M AgEq oz @ 330 g/t AgEq Inferred: 67.1M AgEq oz @ 333 g/t AgEq Santa Elena Processing Plant Las Chispas • Large and continuous land package consistent of 102,244 ha • Updated exploration guiding principle • Navidad Discovery adjacent to Ermitaño, July 2024 • New Santo Niño Discovery ~900m south of Santa Elena plant
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION • 2025 drilling focused on testing continuity, extent & grade of Navidad / Winter mineralization • Metallurgical testing demonstrated excellent recoveries: • >95% Au • >95% Ag • May and Dec 2025 Updates: Expanded footprint of precious metal mineralization while returning gold and silver grades substantially higher than reported in maiden Resource Estimate 20 Navidad / Winter Discovery & 2025 updates Ermitaño Luna E Navidad & Ermitaño AgEq GxT Long Section Navidad EWUG-25-050 3.79m @ 0.82 g/t Au & 100 g/t Ag EW-24-387 1.61m @ 4.74 g/t Au & 209 g/t Ag EW-24-388 1.39m @ 1.84 g/t Au & 180 g/t Ag EWUG-24-047 9.05m @ 3.31 g/t Au & 55 g/t AgEW-25-389 3.75m @ 6.06 g/t Au & 103 g/t Ag EW-25-391 2.08m @ 1.41 g/t Au & 123 g/t Ag EWUG-25-051 EWUG-25-052 EW-25-394 EW-25-390 EW-25-395 500m W Navidad / Winter Vein System Discovery
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 21 Santo Niño Discovery (May 2025) • May 28, 2025: Exploration drilling ~900 m south of Santa Elena plant has discovered Santo Niño – a large, epithermal quartz-adularia vein hosting gold and silver within a newly identified fault zone • December 11, 2025: Exploration drilling to date has traced the vein over 1 km of strike and 400 m down-dip. Remains open to the East • Thirty-two (32) intercepts to date returning significant gold and silver grades
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION San Dimas Silver/Gold Mine Durango, Mexico 100% Doré Producer 72,000 Hectares 22TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION San Dimas Silver/Gold Mine • Mineral claims covering 72,000 Ha • Historic production estimated at +11M Au oz and +750M Ag oz • Approximately 50% of the power requirements provided by environmentally clean, low-cost hydroelectric power • Strong quarterly performance continues - increased mining rates, higher throughput and higher silver grades • Exceeded 2025 guidance with 5.4Moz of silver and 56Koz of gold (10.2Moz AgEq) • 117,000 m of exploration drilling planned for 2026: • Targeting near mine and brownfield major ore controlling structures in West, Central, and Sinaloa blocks • Significant Au and Ag intersections in multiple veins, including new Coronado vein (August 2025) 23 Production Q4 2025 Q3 2025 Q4 2024 Full Year 2025 Full Year 2026E Tonnes Milled (tpd) 2,679 2,573 2,411 2,543 2,600 Silver (M oz) 1.3 1.5 1.2 5.4 4.0 – 4.4 Gold (k oz) 15.1 14.0 12.3 55.7 49 – 55 Silver Equivalent (M oz) 2.4 2.7 2.2 10.2 – Cash costs / oz ($US) $16.25 $14.29 $15.14 $14.97 $18.55 – $19.56 AISC / oz ($US) $21.62 $19.36 $20.63 $19.62 $24.63 – $26.30
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION San Dimas – Regional Map 24 • First reported mining in San Dimas district over 250 years ago • Historic district production estimated at +11M Au oz & +750M Ag oz • Land package covering 71,867 hectare • Over 500km of underground development • One of the most significant precious metal mining districts in Mexico • New high-grade Au & Ag Coronado vein (Announced Aug. 2025) 2025 Exploration Highlights: • COR25X-2: 2.59 g/t Au and 327 g/t Ag over 2.12m • ELI25X-1: 15.93 g/t Au and 1,112 g/t Ag over 3.57m • SIN25X-5: 7.66 g/t Au and 495 g/t Ag over 5.17m
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION La Encantada Silver Mine Coahuila, Mexico 100% Doré Producer 4,000 Hectares 25TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION La Encantada Silver Mine • Pure Ag producer • Strong finish to 2025 due to improved ore flow and mine development rates (production +32% Y/Y, +74% Q/Q) • Natural gas generators currently supplying 90% of power requirements • Optimizing costs and improving efficiencies • Up to 10,000 m of exploration drilling planned for 2026. Testing a new target – La Esquina • Development of the Ojuelas and Milagros ore bodies planned for 2026 production 26 Production Q4 2025 Q3 2025 Q4 2024 Full Year 2025 Full Year 2026E Tonnes Milled (tpd) 3,339 2,986 2,791 3,030 3,350 Silver (k oz) 1,000 575 756 2,765 2,800 – 3,100 Cash costs / oz ($US) $19.72 $24.06 $20.01 $23.61 $24.20 – $25.52 AISC / oz ($US) $25.95 $29.72 $25.34 $29.26 $30.54 - $32.50
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 27 First Mint FIRST, WE MINE. THEN WE MINT. • 100% company-owned mint located in Nevada, United States • Commenced producing bullion in Q1 2024, Coins in Q3 2024 • Led by industry veterans with over 20 years of experience • High-efficiency production and state-of-the-art machinery consumes less electricity and emits no gases, significantly more sustainable compared to traditional minting processes • Vertically integrating minting process, controlling supply chain, eliminating middlemen, effectively capitalizing on strong investment demand for physical silver and capturing additional margin • Record quarterly sales in Q4-25 of $23M ($49M in 2025) • Avg. realized silver price of $69.74/oz in Q4-25
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION $140M $180M $553M Available Liquidity $873 Million (Excl. $144M Restricted Cash) 28 Working Capital (excl. marketable securities) $553M Marketable Securities $180M Revolving Credit Facility (Undrawn) $140M All amounts shown are in US dollars As of 12/31/2025 AVAILABLE LIQUIDITY • $793M Cash, excluding $144M of Restricted Cash. Total Treasury $938M • Total Working Capital of $733M inclusive of $180M of Marketable Securities, including: - 3% interest in Metalla Royalty & Streaming - 28% interest in Sierra Madre Gold & Silver - 17% interest in Silver Storm Mining • Revolving Credit Facility of $175M ($140M undrawn) • Senior Convertible Debentures o $350M @ 0.125% (News release: Dec. 8, 2026) o $55M @ 0.375% (maturing Jan-27) Financial Strength
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 60% 39% 1% Top Shareholders % S/O Van Eck (GDX & GDXJ) 8.4% Tidal Investments (SILJ) 5.0% Global X Management Co. (SIL) 3.8% The Vanguard Group 2.3% Lingotto Investment Management 2.0% ALPS Advisors, Inc. (SLVR) 1.9% Jupiter Asset Management 1.9% Citadel Securities 1.9% Blackrock Fund Advisors 1.6% Teacher Retirement System of Texas 1.0% Keith Neumeyer 0.9% Research Coverage Bank of Montreal Scotiabank Cormark Securities TD Cowen H.C. Wainwright National Bank Financial *All amounts are in U.S. dollars unless stated otherwise. Shareholder Information 29 Institutional 60% Insiders / Mgt 1% Retail 39% As of 12/31/25 As of market close 02/26/2026 As of 12/31/2025 Capital Structure Market Capitalization: $15.3B USD / $20.9B CDN Shares Outstanding: 491M 3M Avg. Daily Volume (NYSE & TSX): ~21M Shares; ~$400M daily liquidity Share Price: $27.55 USD / $37.70 CDN 52 Week Low/High: $5.09 / $31.20 USD | $7.40 / $42.67 CDN
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION First Majestic has declared a Q4 2025 cash dividend of $0.0083 per share for holders of record as of close of business on February 27, 2026 to be paid out on or about March 16, 2026. Effective January 1, 2026, under the Company’s updated dividend policy, the quarterly dividend per common share is targeted to equal approximately 2% of the Company’s net quarterly revenues divided by the Company’s then outstanding common shares(1). This is an increase compared to 1% of net revenues previously. Dividend Declaration & New Dividend Policy for 2026 30 (1) In the case of net revenues generated from the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), 70% of the net revenue from such mine, being the revenue that is attributable to the Company, is used for the purposes of the Company’s quarterly dividend calculation.
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Future Catalysts 31 Los Gatos Silver Mine • Investing in our world-class district-scale operations - increasing mining rates at Los Gatos and plant throughput at Santa Elena • Approximately 266,000 m of exploration planned in 2026 - Coronado, Santo Niño, Navidad/Winter, and more • Updated Reserves & Resources planned for end of Q1- 26 highlighting very successful 2025 exploration program across the Company’s portfolio of core assets. Latest news: • Santa Elena: Santo Niño and Navidad / Winter discoveries (December 15, 2026) • San Dimas: Exploration highlights (August 18, 2025) • Strengthening FCF, Balance Sheet & Capital Allocation • Leveraging High Silver Prices!
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Silver is real money01 Silver is relatively inexpensive02 Silver outperforms gold in bull markets03 Physical silver is a hard asset06 Silver is cheaper to buy, but also practical when you need to sell07 Silver inventories are falling & displaced08 Industrial use for silver is growing04 New supply is falling09 World demand for silver is growing05 The gold/silver ratio favors silver10 Ten Rules of Silver 32
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Jerritt Canyon Gold Project Elko County, Nevada, USA 31,000 Hectares 33TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Jerritt Canyon Gold Project 34 • Located in Elko County, Nevada, U.S.A. • Underground mining operations temporarily suspended in March 2023 • Focused on new regional discoveries across the large 30,821- hectare (119 square mile) land package; 18,400 m exploration drilling in 2025 with results pending • 2025 Measured & Indicated resources of 1.83M oz contained (10,918K tonnes @ 5.2 g/t Au) & Inferred resources of 1.91M oz contained (12,427K tonnes @ 4.8 g/t Au) • Processing facility contains one of only three Roasters in the State of Nevada • Analyzing the optimization of bulk mining and cost-effective mining methods
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Future Exploration Will Focus Below the Upper Plate Lower Plate Upper Plate Au >3gpt Geologic Map All Drilling >3 g/t Au Drill Collars 35 • 2025 exploration & drilling campaign ahead of plan – 18,400m completed • Assay results pending • Geophysics: - Seismic 2023 - Induced Polarization 2024 • Detailed surface mapping and rock chip sampling (2023) • Only ~15% of Jerritt Canyon’s claims have been explored to date 1 2 3 1 2 3
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION 2 Mlbs 109 Mlbs 2 Koz 10.2 Moz Zinc Lead Gold Silver Production Since 2013 39 Koz 18.5 Moz Gold Silver Production Since 2006 Non-Core Assets Del Toro – Silver Mine (sale pending to Sierra Madre) San Martin – Silver Mine • Located in Zacatecas, Mexico. • Property consists of 70 mining claims covering 2,159 hectares. • 1,000 tpd flotation circuit capable of producing lead-silver and zinc concentrates. • Located in Jalisco, Mexico. • 100% Silver/Gold doré producer. • Property consists of 33 mining claims within 38,512 hectares. • 1,300 tpd cyanidation mill. 36
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION In July 2020, entered into a silver stream agreement to purchase 50% of the silver from the Springpole Project in Ontario, Canada. • Ongoing payments: 33% of silver spot price per ounce (max $7.50/oz). • Total consideration: $22.5M in cash and shares across three milestone payments. • Estimated 18.1M payable ounces over the mine's life (50% to FMS). • Upside: Potential for higher silver prices and substantial exploration on 70,000+ hectares. SPRINGPOLE PROJECT ONTARIO, CANADA. Springpole Silver Stream 37
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Background: The Company has brought two arbitration proceedings against Mexico under Chapter 11 of the North American Free Trade Agreement (“NAFTA”) for violating its international law obligations. The first proceeding commenced in August 2021 and relates to a September 2020 decision by the Federal Court in Mexico to retroactively nullify an Advance Pricing Agreement (“APA”) that the Company had entered into with the Mexican tax authority, Servicio de Administración Tributaria ("SAT"), in October 2012, with respect to metal sales from the San Dimas mine. The second NAFTA proceeding commenced in July 2023 and relates to the denial of access to certain VAT refunds. In addition to the arbitration challenges at the international-law level, the Company is also challenging the decision of the Federal Court domestically through the Mexican court system. Our Position: The Company remains confident with respect to the validity of the APA and in its position with regards to its two NAFTA claims and continues to engage with the Government of Mexico in consultation discussions so as to amicably resolve both claims. Legal Updates: In February 2024, Mexico filed a request to consolidate the two arbitration proceedings (the "Consolidation Request”). A 3-person tribunal was established to hear the request, and the two arbitration proceedings were suspended pending the tribunal’s decision. A hearing was held at the end of January 2025, and the tribunal subsequently issued its decision on July 28, 2025 rejecting Mexico’s Consolidation Request. As a result, the suspension on the two arbitration proceedings has been lifted, and the Company is waiting for each of these proceedings to re-commence, which was expected to occur inlate 2025. For further details, please see the section entitled “Primero Tax Rulings” in the Company’s MD&A for the year ended Dec. 31, 2025. Mexico Tax Dispute 38
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Reserves 1. Mineral Reserves are classified per CIM Definition Standards and NI 43-101, derived from Measured & Indicated Resources, and are reported with a reference point of mined ore delivered to the plant. 2. For San Dimas, Santa Elena and La Encantada: Mineral Reserves are effective December 31, 2024, and account for depletion to that date. 3. For Los Gatos: Mineral Reserves are effective July 1, 2024, account for depletion to December 31, 2024, and are reported on a 70% attributable basis to the Company. 4. Reserve estimates were supervised or reviewed by Andrew Pocock, P .Eng., Internal Qualified Person for First Majestic per NI 43-101. 5. Silver equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the selling contract. The AgEq grade formulas vary and are presented in each mine section of the AIF. 6. Metal prices for Mineral Reserves estimates for the Santa Elena, San Dimas and La Encantada properties were $26/oz Ag and $2,200 oz Au; and metal prices for the Los Gatos property were $23/oz Ag, $1,850/oz Au, $0.95/lb Pb, $1.25/lb Zn and $4.0/lb Cu. 7. Modifying factors for conversion of resources to reserves include but are not limited to consideration for mining methods, mining recovery, dilution, sterilization, depletion, cutoff grades, geotechnical conditions, metallurgical factors, infrastructure, operability, safety, environmental, regulatory, social and legal factors. These factors were applied to produce mineable stope shapes. These parameters are different for each mine and mining method assumed and are presented in each mine section of the AIF. 8. The cutoff grades, metallurgical recoveries, payable terms and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines and are presented in each mine section in the 2024 AIF. 9. Modifying factors for conversion of resources to reserves include consideration for planned dilution which is based on spatial and geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints. 10. Tonnage in thousands of tonnes, metal content in thousands of ounces, prices/costs in USD. Numbers are rounded, and as a result, may not sum due to rounding. 11. The technical reports from which the above-mentioned information is derived are cited under the heading "Technical Reports for Material Properties" in the 2024 AIF. PROVEN AND PROBABLE MINERAL RESERVE ESTIMATES, WITH AN EFFECTIVE DATE OF DECEMBER 31, 2024 39 Mine/Project Mineral Tonnage Grades Metal Content Category Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) CERRO LOS GATOS (70% First Majestic Attributable) Proven (UG) All Mineral Types 2,187 281 0.27 0.09 2.05 4.23 439 19,773 19 4 99 204 30,892 Probable (UG) All Mineral Types 4,773 107 0.18 0.27 2.05 3.64 274 16,421 28 28 216 383 42,027 Total Proven and Probable (UG) Sulphides 6,960 162 0.21 0.21 2.05 3.83 326 36,194 48 32 314 587 72,919 SAN DIMAS Proven (UG) Sulphides 1,257 253 3.16 529 10,230 128 21,390 Probable (UG) Sulphides 1,972 241 2.63 470 15,250 167 29,810 Total Proven and Probable (UG) Sulphides 3,229 245 2.84 - - - 493 25,480 294 - - - 51,200 SANTA ELENA Proven (UG - Ermitano) Sulphides 797 85 3.65 518 2,173 93 - - - 13,272 Proven (UG - Santa Elena) Sulphides 238 138 1.47 266 1,056 11 - - - 2,039 Probable (UG - Ermitano) Sulphides 2,043 38 1.61 229 2,503 105 - - - 15,025 Probable (UG - Santa Elena) Sulphides 930 143 1.23 250 4,265 37 - - - 7,461 Probable (Pad) Oxides 387 27 0.42 69 330 5 - - - 860 Total Proven and Probable (UG+Pad All mineral types 4,395 73 1.78 - - - 274 10,328 252 - - - 38,657 LA ENCANTADA Probable (UG) Oxides 3,388 137 - 137 14,883 - 14,883 Total Probable (UG) Oxides 3,388 137 - - - - 137 14,883 - - - - 14,883 Consolidated FMS Proven (UG) All mineral types 4,480 33,232 252 4 99 204 67,593 Probable (UG) All mineral types 13,493 53,653 342 28 216 383 110,066 Total Proven and Probable All mineral types 17,972 86,885 594 32 314 587 177,659
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2024 Resources 1. Mineral Resource estimates are classified per CIM Definition Standards and NI 43-101. 2. The Mineral Resource estimates have an effective date of December 31, 2024. Sample data was collected through a cutoff date of December 31, 2024, for the Material Properties except for the Los Gatos estimate, which was March 31, 2024. All properties account for relevant technical information and mining depletion through December 31, 2024. 3. The Los Gatos Mineral Resources are reported on a 70% FM attributable basis. 4. Mineral Resource estimates were supervised or reviewed by David Rowe, CPG, Internal Qualified Person for First Majestic, per NI 43-101. 5. Silver equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the AIF. 6. Metal prices considered for all Mineral Resources estimates for the Santa Elena, San Dimas, Jerritt Canyon and La Encantada properties were $28/oz Ag and $2,400 oz Au. Metal prices considered for the Los Gatos Silver Mine were $23/oz Ag, $1,850/oz Au, $0.95/lb Pb, $1.25/lb Zn and $4.0/lb Cu. 7. The cutoff grades and cutoff values used to report Mineral Resources are different for all mines. The cutoff grades, values and economic parameters are listed in the applicable section describing each mine section of the 2024 AIF. 8. Mineral Resources are reported within mineable stope shapes or open pit shapes the cutoff values calculated using the stated metal prices and metal recoveries in the mine section of the AIF. The cutoff values include mill recoveries and payable metal factors appropriate to the existing processing circuit. 9. No dilution was applied to the Mineral Resource which are reported on an in situ basis. 10. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces and millions of pounds. Totals may not add up due to rounding. 11. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 12. The technical reports from which the above-mentioned information for the material properties is derived are cited under the heading "Technical Reports for Material Properties " of the 2024 AIF. 40 Mine / Project Mineral Tonnage Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) CERRO LOS GATOS (70% First Majestic Attributable) Total Measured (UG) All Mineral Types 1,948 363 0.36 0.11 2.61 5.37 563 22,700 23 5 112 231 35,230 Total Indicated (UG) All Mineral Types 4,339 130 0.22 0.32 2.59 4.61 333 18,080 31 30 248 441 46,400 Total Measured and Indicated (UG) All Mineral Types 6,287 202 0.27 0.25 2.59 4.85 404 40,780 54 35 360 672 81,630 - SAN DIMAS Measured (UG) Sulphides 1,851 361 4.69 - - 776 21,490 279 - - - 46,210 Indicated (UG) Sulphides 3,025 280 2.97 - - 543 27,220 289 - - - 52,820 Total Measured and Indicated (UG) Sulphides 4,876 311 3.63 - - 632 48,710 569 - - 99,030 - SANTA ELENA Total Measured (UG) All Mineral Types 1,323 108 3.34 492 4,590 142 - - - 20,940 Total Indicated (UG) All Mineral Types 4,465 81 1.80 282 11,670 259 - - - 40,420 Total Measured and Indicated (UG & Pad) All Mineral Types 5,787 87 2.16 - - - 330 16,260 401 - - 61,360 JERRITT CANYON - Total Measured (UG + OP) Sulphides 6,150 - 5.08 - - - 436 - 1,005 - - - 86,140 Total Indicated (UG + OP) Sulphides 5,824 - 4.77 - - - 409 - 894 - - - 76,620 Total Measured and Indicated (UG & OP) All Mineral Types 11,975 - 4.93 - - - 423 - 1,899 - - 162,760 - - LA ENCANTADA Total Indicated (UG & Tailings) All Mineral Types 5,890 155 - - - - 155 29,440 - - - - 29,440 Total Indicated (UG & Tailings) All Mineral Types 5,890 155 - - - - 155 29,440 - - - 29,440 - - TOTAL MATERIAL PROPERTIES Total Measured (UG) All Mineral Types 11,272 48,780 1,449 5 112 231 188,520 Total Indicated(UG & OP) All Mineral Types 23,542 86,410 1,473 30 248 441 245,700 Total Measured and Indicated (UG & OP) All Mineral Types 34,815 135,190 2,923 35 360 672 434,220 Grades Metal Content
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION INFERRED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2024 Resources 41 1. Mineral Resource estimates are classified per CIM Definition Standards and NI 43-101. 2. The Mineral Resource estimates have an effective date of December 31, 2024. Sample data was collected through a cutoff date of December 31, 2024, for the Material Properties except for the Los Gatos estimate, which was March 31, 2024. All properties account for relevant technical information and mining depletion through December 31, 2024. 3. The Los Gatos Mineral Resources are reported on a 70% FM attributable basis. 4. Mineral Resource estimates were supervised or reviewed by David Rowe, CPG, Internal Qualified Person for First Majestic, per NI 43-101. 5. Silver equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the AIF. 6. Metal prices considered for all Mineral Resources estimates for the Santa Elena, San Dimas, Jerritt Canyon and La Encantada properties were $28/oz Ag and $2,400 oz Au. Metal prices considered for the Los Gatos Silver Mine were $23/oz Ag, $1,850/oz Au, $0.95/lb Pb, $1.25/lb Zn and $4.0/lb Cu. 7. The cutoff grades and cutoff values used to report Mineral Resources are different for all mines. The cutoff grades, values and economic parameters are listed in the applicable section describing each mine section of the 2024 AIF. 8. Mineral Resources are reported within mineable stope shapes or open pit shapes the cutoff values calculated using the stated metal prices and metal recoveries in the mine section of the AIF. The cutoff values include mill recoveries and payable metal factors appropriate to the existing processing circuit. 9. No dilution was applied to the Mineral Resource which are reported on an in situ basis. 10. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces and millions of pounds. Totals may not add up due to rounding. 11. Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. 12. The technical reports from which the above-mentioned information for the material properties is derived are cited under the heading "Technical Reports for Material Properties " of the 2024 AIF. Mine / Project Mineral Tonnage Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) CERRO LOS GATOS (70% First Majestic Attributable) Inferred Total (UG) All Mineral Types 1,942 103 0.16 0.16 1.81 3.99 258 6,440 10 7 77 171 16,100 SAN DIMAS Inferred Total (UG) Sulphides 5,329 250 2.89 - - - 506 42,810 495 - - 86,630 SANTA ELENA Inferred Total (UG + Pad) Sulphides 6,271 85 2.41 - - - 333 17,150 486 - - 67,070 JERRITT CANYON Inferred Total (UG & OP) Sulphides 12,982 - 4.63 - - - 397 - 1,933 - - 165,660 LA ENCANTADA Total Inferred (UG + Tailings) All Mineral Types 2,438 189 - - - - 189 14,800 - - - - 14,800 TOTAL MATERIAL PROPERTIES Total Inferred (UG & OP) All Mineral Types 28,962 81,200 2,924 7 77 171 350,260 Grades Metal Content
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES Non-Core Resources 1. Mineral Resource estimates have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101. 2. The Mineral Resource estimates for the other non-material properties were updated December 31, 2020. 3. The Mineral Resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, Internal QP for First Majestic, a Qualified Person, as that term is defined in NI 43-101. Sample data was collected through a cutoff date of December 31, 2020, for the two non-material properties. 4. Metal prices considered for Mineral Resources estimates of the non-material properties on December 31, 2020, were $22.50/oz Ag, $1,850/oz Au, $0.90/lb Pb and $1.05/lb Zn. 5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. 6. The cutoff grades and cutoff values used to report Mineral Resources are different for all mines. The cutoff grades, values and economic parameters are listed in the applicable section describing each mine section of the AIF. 7. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces. Totals may not add up due to rounding. 42 Mine / Project Mineral Tonnage Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) SAN MARTIN Measured (UG) Oxides 70 221 0.40 - - 255 500 1 - - 580 Indicated (UG) Oxides 958 277 0.53 - - 321 8,520 16 - - 9,890 Total Measured and Indicated (UG) Oxides 1,028 273 0.52 - - 317 9,020 17 - - 10,470 DEL TORO Indicated (UG) Sulphides 440 193 0.53 3.52 5.75 414 2,720 7 34 56 5,850 Indicated (UG) Oxides + Transition 153 226 0.15 4.97 - 351 1,110 1 17 - 1,720 Total Measured and Indicated (UG) All Mineral Types 592 201 0.43 3.90 4.27 398 3,830 8 51 56 7,570 TOTAL NON-MATERIAL PROPERTIES Total Measured All Mineral Types 70 500 1 - - 580 Total Indicated All Mineral Types 1,550 12,350 24 51 56 17,460 Total Measured and Indicated (UG) All Mineral Types 1,620 12,850 25 51 56 18,040 Grades Metal Content
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION Mine / Project Mineral Tonnage Category / Area Type k tonnes Ag (g/t) Au (g/t) Cu (%) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Cu (M lb) Pb (M lb) Zn (M lb) Ag-Eq (k Oz) SAN MARTIN Inferred Total (UG) Oxides 2,533 226 0.36 - - 256 18,400 29 - - 20,870 DEL TORO Inferred Total (UG) All Mineral Types 1,186 183 0.15 - 3.46 1.15 293 6,970 6 - 91 30 11,180 TOTAL NON-MATERIAL PROPERTIES Total Inferred (UG) All Mineral Types 3,719 25,370 35 91 30 32,050 Grades Metal Content INFERRED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES Non-Core Resources 1. Mineral Resource estimates have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43-101. 2. The Mineral Resource estimates for the other non-material properties were updated December 31, 2020. 3. The Mineral Resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, Internal QP for First Majestic, a Qualified Person, as that term is defined in NI 43-101. 4. Sample data was collected through a cutoff date of December 31, 2020, for the two non-material properties. 5. Sample data was collected through a cutoff date of December 31, 2020, for the two non-material properties. 6. Metal prices considered for Mineral Resources estimates of the non-material properties on December 31, 2020, were $22.50/oz Ag, $1,850/oz Au, $0.90/lb Pb and $1.05/lb Zn. 7. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. 8. The cutoff grades and cutoff values used to report Mineral Resources are different for all mines. The cutoff grades, values and economic parameters are listed in the applicable section describing each mine section of the AIF. 9. Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces. Totals may not add up due to rounding. 43
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TSX AG / NYSE AG / FSE FMVCORPORATE PRESENTATION CORPORATE PRESENTATION TSX AG / NYSE AG / FSE FMV 44 There’s no substitute for silver BULLION SALES: CUSTOMERSUPPORT@FIRSTMINT.COM INVESTOR RELATIONS / SUPPORT: INFO@FIRSTMAJESTIC.COM CONTACT: T.604.688.3033 / F.604.639.8873 1800 – 925 WEST GEORGIA ST, VANCOUVER, BRITISH COLUMBIA, CANADA V6C3L2