First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) announces that total production in the second quarter of 2025 from the Company’s four producing underground mines in Mexico, namely the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine reached 7.9 million silver equivalent attributable ounces, consisting of 3.7 million silver ounces, 33,865 gold ounces, 16.1 million pounds of zinc and 9.0 million pounds of lead.

“First Majestic continues to deliver on the commitments made at the start of the year,” said Keith Neumeyer, President & CEO. “During the first half of the year, our operations achieved strong and consistent production, supported by disciplined cost management. We closed Q2 ahead of budget with strong momentum, despite weather-related disruptions and power outages in the final days of June that impacted production at Los Gatos, San Dimas and La Encantada. Looking ahead, we are revising our 2025 guidance positively to reflect improved production and cost targets. The integration of Los Gatos is progressing well, with numerous synergies and opportunities already being identified and leveraged. Operational performance at Santa Elena and San Dimas continues to meet or exceed expectations, allowing us to capitalize on the favourable metal price environment. While La Encantada had a slower start to the year, we anticipate a stronger second half, with both production and cost performance expected to improve.”

Q2 2025 PRODUCTION HIGHLIGHTS

• Silver Production (+76% Y/Y): The Company produced 3.7 million silver ounces in Q2 2025 representing a 76% increase when compared to 2.1 million silver ounces produced in Q2 2024. Total silver production in the quarter included 1.5 million ounces of attributable silver production from Los Gatos.
• Silver Equivalent Production (+48% Y/Y): The Company produced 7.9 million AgEq ounces in Q2 2025, a 48% increase compared to 5.3 million AgEq ounces in Q2 2024. This growth was primarily driven by a 76% increase in attributable silver production, including contributions from Los Gatos, as well as a 17% production increase at San Dimas.
• Continued Active Exploration Program: During the second quarter, the Company completed a total of 67,830 metres (“m”) of drilling across its mines in Mexico. Throughout the quarter, up to 28 drill rigs were active consisting of seven rigs at Los Gatos, seven rigs at Santa Elena, 13 rigs at San Dimas and one rig at La Encantada.
• High-Grade Gold and Silver Discovery: The Company announced the discovery of a second new, high-grade gold and silver vein hosted system – Santo Niño – at the Santa Elena property (see news release dated May 28, 2025). The Santo Niño discovery is 900 m south of the Santa Elena plant and is the second significant discovery made by the Company in the past 12 months.
• Strong Safety Performance Continues: The consolidated Q2 2025 Total Reportable Incident Frequency Rate (“TRIFR”) was 0.52, below the Company’s 2025 target KPI of 0.70. The Lost Time Incident Frequency Rate (“LTIFR”) was 0.11 compared to 0.12 from the same period last year.

Attributable Consolidated Production Details:

1. Consolidated production values include attributable ounces from the Los Gatos Silver Mine (70%) from January 16, 2025 onwards.

Q2 2025 Mine-by-Mine Production Details:

1. Certain amounts shown in this table may not add exactly to the total amount due to rounding differences
2. The metal prices that were used to calculate the silver equivalent ounces were, silver: $33.46/oz; gold: $3,270.57/oz; lead: $0.88/lb.; and zinc: $1.20/lb.
3. Silver equivalent ounces for the Los Gatos Silver Mine include 16,063,947 lbs. zinc and 9,014,545 lbs. lead (70% attributable basis) and 22,948,496 lbs. zinc and 12,877,921 lbs. lead (100% basis)

Los Gatos Silver Mine (reported on a 70% attributable basis):

• During the second quarter, Los Gatos produced 2,436,722 attributable AgEq ounces, consisting of 1,524,949 ounces of silver, 16,063,947 pounds of zinc, 9,014,545 pounds of lead and 706 ounces of gold. Production at Los Gatos was slightly impacted at the end of June due to a weather-related power outage that lasted three days. Power was fully restored on July 1, 2025.
• The mill processed a total of 233,480 tonnes of ore, with head grades of 230 g/t silver, 4.24 % zinc, 2.00% lead and 0.20 g/t gold. Management continues to focus on achieving a sustainably higher mill throughput at Los Gatos. In June, the mill reached a record average of 4,125 tonnes per day (“tpd”), based on operating days.
• Silver, zinc, lead and gold recoveries during the quarter averaged 88%, 74%, 88% and 47%, respectively.
• During the quarter, five drill rigs completed 12,788 m of drilling on the property.

Santa Elena Silver/Gold Mine:

• Santa Elena produced 2,318,618 AgEq ounces during the quarter, a decrease of 10% year-over-year, consisting of 306,224 ounces of silver and 20,637 ounces of gold. The decline in production was a result of lower grade ores from the Ermitaño mine and aligns with the mine plan. Q2 production was ahead of budget.
• The mill processed a total of 269,830 tonnes of ore, 5% higher than the same period last year, with average silver and gold head grades of 55 g/t and 2.54 g/t, respectively. Silver and gold ore grades declined 28% and 20%, respectively, in line with the mine plan.
• Silver and gold recoveries during the quarter averaged 64% and 94%, respectively, compared to 66% and 94% in the same period last year.
• During the quarter, seven drill rigs, consisting of five surface rigs and two underground rigs, completed 22,751 m of drilling on the property.

San Dimas Silver/Gold Mine:

• San Dimas produced 2,464,029 AgEq ounces during the quarter representing a 17% increase compared to Q2 2024, consisting of 1,242,717 ounces of silver and 12,472 ounces of gold. Silver production increased by 9%, while gold production increased by 4%, when compared to the same period last year. Quarterly performance was impacted by lower mined gold grades and a weather-related power interruption at the end of June that required electrical grid maintenance.
• The mill processed a total of 219,198 tonnes of ore, an increase of 20% compared to Q2 2024, with average silver and gold grades of 197 g/t and 1.90 g/t, respectively, compared with 210 g/t and 2.15 g/t in the same period last year. Higher throughput was driven by increased mining rates, which enabled the buildup of an ore stockpile and supported above-nameplate mill performance during the quarter.
• Silver and gold recoveries during the quarter averaged 90% and 93%, respectively, compared to 92% and 95% in the same period last year.
• During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs completed 29,746 m of drilling on the property.

La Encantada Silver Mine:

• During the quarter, La Encantada produced 628,105 ounces of silver, representing a 7% increase compared to Q2 2024, driven primarily by a 20% increase in ore processed, and an 8% increase in silver recovery, partially offset by lower silver grades. Production at La Encantada was slightly impacted in June by a severe weather event that disrupted power to the water pumping system. Power has since been restored, and production levels are returning to normal.
• The mill processed a total of 281,296 tonnes of ore, a 20% increase over the same period last year, with an average silver grade of 106 g/t, compared to 129 g/t in the same period last year.
• Silver recovery for the quarter was 65%, compared to 60% in Q2 2024. The improvement was primarily driven by the addition of lead nitrate and increased residence time, supported by improved water availability compared to the same period last year.
• During the quarter, one underground drill rig completed 2,546 m of drilling on the property.

2025 OUTLOOK

The Company is updating its full year 2025 guidance, primarily to reflect the following changes:

1. Improved metal price environment: The silver and gold price assumptions for the second half of 2025 have been revised to $30.00 and $2,800 per ounce, respectively.
2. Los Gatos: Management is increasing the Los Gatos attributable production forecast to 9.1 – 9.7 million AgEq ounces, an increase of 6% (mid-point) compared to the original guidance. The revision is primarily driven by higher throughput rates and slightly improved silver grades, with a long-term objective of achieving and sustaining a throughput level of 4,000 tpd.
3. Santa Elena: Management is increasing the Santa Elena production forecast to 8.8 – 9.4 million AgEq ounces, an increase of 12% (mid-point) compared to the original guidance, primarily due to higher gold grades and slightly increased gold recoveries.
4. San Dimas: Management is increasing the San Dimas production forecast to 9.9 – 10.5 million AgEq ounces, an increase of 7% (mid-point) compared to the original guidance, primarily due to higher throughput rates.
5. Capital Investments: Management has increased the 2025 capital budget by 7% to $193 million to support key growth initiatives, including the plant expansion at Santa Elena, early-stage development at the Navidad discovery, and the acquisition of additional equipment to enhance and sustain higher throughput rates at Los Gatos.

As a result of the Company’s strong production results in H1 2025 and continued operating efficiencies, the 2025 attributable consolidated production guidance has increased to 30.6 – 32.6 (mid-point: 31.6) million AgEq ounces, representing a 7% increase compared to the original guidance of 27.8 – 31.2 (mid-point: 29.5) million AgEq ounces, with a 6% and 2% increase in silver and gold production (mid-points), respectively, along with 11% and 8% increases in lead and zinc production (mid-points), respectively.

A mine-by-mine breakdown of the Company’s revised 2025 production and cost guidance is included in the table below. The Company reports cost guidance to reflect cash costs and all-in sustaining costs on a per AgEq attributable payable ounce basis. The metal price and foreign currency assumptions that were used to calculate the numbers below were: silver: $30.00/oz, gold: $2,800/oz, lead: $0.95/lb, zinc: $1.25/lb and MXN:USD 19.5:1.

Guidance for Full Year 2025:

1. Certain amounts shown in the above table may not add exactly to the total amount due to rounding differences.
2. Cash Costs and AISC are non-GAAP measures and are not standardized financial measures under the Company’s financial reporting framework. The Company calculates cash costs and consolidated AISC in the manner set out in the table below. These measures have been calculated on a basis consistent with historical periods. See “Non-GAAP Measures” at the end of this news release for further details regarding these measures.

For the full year of 2025, the Company now estimates silver production will range between 14.8 to 15.8 million ounces compared to the prior guidance of 13.6 to 15.3 million ounces, a 6% increase at the mid-point. Additionally, gold production is estimated to range between 135,000 to 144,000 ounces compared to the prior guidance of 129,000 to 144,000, a 2% increase at the mid-point.

Annual cash costs are now expected to be within the range of $13.94 to $14.37 per ounce, an improvement from previous guidance of $14.10 to $14.86 per ounce, primarily due to higher production.

The Company is projecting its consolidated 2025 AISC to be within the range of $20.02 to $20.82 on a per consolidated payable AgEq ounce basis, in-line with the original guidance range of $19.89 to $21.27 with a 1% improvement on the mid-point average. Excluding non-cash items, the Company anticipates its 2025 AISC to be within the range of $19.41 to $20.17 per payable AgEq ounce. An itemized AISC cost table is provided below:

1. Certain amounts shown may not add exactly to the total amount due to rounding differences.
2. AISC is a non-GAAP measure and is calculated based on the Company’s consolidated operating performance. Other mining companies may calculate AISC differently as a result of differences in: underlying accounting principles; the definition of “sustaining costs”; and the distinction between sustaining and expansionary capital costs. See “Non-GAAP Measures” at the end of this news release for further details.
3. Consolidated AISC includes general and administrative cost estimates and non-cash costs of $2.07 to $2.21 per AgEq ounce.

UPDATED CAPITAL INVESTMENTS IN 2025

In 2025, the Company plans to invest approximately $193 million in capital expenditures, including $76 million for sustaining activities and $117 million for expansionary projects. This represents a 7% increase over the original 2025 guidance, primarily driven by higher investments in Property, Plant and Equipment to support increased production forecasts for 2025 and beyond. Key initiatives include upgrades at Santa Elena to gradually increase throughput to 3,500 tpd, ongoing studies and early-stage development at the Navidad discovery, and the acquisition of additional equipment to support higher mining and processing rates at Los Gatos. These investments are fully aligned with the Company’s long-term growth strategy.

Capital Guidance for 2025:

The updated 2025 annual guidance includes total capital investments of $82 million for underground development; $43 million in exploration; $67 million towards property, plant and equipment; and $1 million towards corporate innovation projects.

Under the updated 2025 budget, the Company is planning to complete a total of approximately 44,000 m of lateral underground development, representing a 24% increase to what was set out in the original guidance. In addition, the Company is now planning to complete a total of approximately 255,000 m of exploration drilling in 2025, representing a 6% decrease compared to the original guidance. The decrease in exploration spend and metres is mostly at Los Gatos reflecting forecasted improved cost per metre guidance as a result of takeover synergies and a program rationalization where the Company will defer drilling in the South East Deep zone to prioritize Central and North West Deep drilling for an overall cost and total metre reduction.

In the first half of 2025, the Company completed 23,100 m of underground development drilling and 128,141 m of exploration drilling.

Management may revise the Company’s guidance during the year to reflect actual and anticipated changes in metal prices or to the business. There can be no assurance that cost estimates related to the Company’s 2025 guidance will prove to be accurate. For further details regarding risks related to the allocation of capital by the Company, see the section in the Company’s most recently filed Annual Information Form (“AIF”) entitled “Risk Factors – Financial Risks – Allocation of Capital – Sustaining and Expansionary Capital”.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com/, at some of the lowest premiums available.