First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) is pleased to announce the Company’s unaudited condensed interim consolidated financial results for the second quarter ended June 30, 2026. The full version of the quarterly financial statements and the accompanying management’s discussion and analysis can be viewed on the Company’s website at www.firstmajestic.com or under the Company’s profiles on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. All amounts are in U.S. dollars unless stated otherwise.

First Majestic reported steady improvements in production in the second quarter, with silver and gold production up 3% and 2%, respectively, compared to the same quarter last year. Revenues increased significantly, up 57% year-over-year to $415.5 million, driven by higher realized silver and gold prices, notwithstanding silver and gold bullion inventories increasing to $78.0 million. A continued focus on operational efficiency resulted in meaningful year-over-year margin expansion.

Net earnings¹ for the quarter were $109.4 million, while earnings per share were $0.22. The Company generated $194.6 million in free cash flow in the quarter, after paying $46.8 million in cash income taxes, leading to a record $1,252.7 million in treasury.

SECOND QUARTER HIGHLIGHTS

• Treasury Position ($315.0 million increase from December 31, 2025): The Company ended the quarter with $1,252.7 million in treasury, representing a 34% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $159.4 million held in restricted cash, compared to $144.3 million as at December 31, 2025.
• Cash Flow from Operations ($133.4 million increase Y/Y): Operating cash flow before changes in working capital and taxes in the quarter were $248.3 million or $0.50 per share, a 116% increase compared to $114.9 million or $0.24 per share in the second quarter of 2025.
• Free Cash Flow ($116.8 million increase Y/Y): The Company generated $194.6 million in free cash flow in the second quarter of 2026 after paying $46.8 million in cash income taxes, representing a significant increase compared to $77.9 million in free cash flow in Q2 2025.
• Revenue ($151.3 million increase Y/Y): The Company achieved quarterly revenue of $415.5 million (with 60% of revenue from silver), representing a 57% increase compared to $264.2 million in Q2 2025.
• Finished Goods Inventory: The Company held 1,007,450 silver ounces and 4,730 gold ounces in finished goods inventory as at June 30, 2026, inclusive of coins and bullion, compared to 676,637 silver ounces and 2,732 gold ounces as at March 31, 2026. The fair market value of this inventory as at June 30, 2026 was $59.0 million for silver and $19.0 million for gold, which was not included in revenue during the quarter.
• Mine Operating Earnings ($174.3 million increase Y/Y): The Company achieved mine operating earnings of $223.6 million, a significant improvement compared to $49.4 million in the second quarter of 2025, with earnings improvements across all mine sites.
• Earnings Before Income Tax, Depreciation and Amortization (“EBITDA”) ($132.5 million increase Y/Y): EBITDA for the quarter was $252.3 million, a 110% increase compared to $119.9 million in Q2 2025.
• Net Earnings¹ ($56.9 million increase Y/Y): Net earnings for the quarter were $109.4 million (EPS of $0.22) compared to net earnings of $52.5 million (EPS of $0.11) in the second quarter of 2025. Adjusted net earnings were $101.6 million (adjusted EPS of $0.21), compared to adjusted net earnings of $18.4 million (adjusted EPS of $0.04) in the second quarter of 2025.
• Costs: Cash costs and All-in Sustaining Costs (“AISC”) per attributable payable AgEq ounce for the quarter were below guidance at $18.06 and $25.68, respectively.
• AISC Margin ($26.67 per ounce increase Y/Y): The Company generated AISC margin, being the difference between its silver equivalent realized price and AISC, of $40.27 per AgEq ounce, a significant improvement compared to an AISC margin of $13.60 per AgEq ounce during Q2 2025. This improvement was primarily driven by higher realized prices.
• Second Quarter Dividend (217% increase Y/Y): The Company declared a cash dividend of $0.0152 per common share for the second quarter of 2026, nearly four times higher than in the same period last year.
• Purchased Common Shares: During the second quarter of 2026, the Company purchased and cancelled an aggregate of 1,200,000 common shares for US$22.7 million at an average price of CAD$26.18 per share pursuant to its current share repurchase program.

OPERATIONAL AND FINANCIAL RESULTS

The table below represents the Company’s consolidated second quarter operational and financial highlights for the three months ended June 30, 2026 and 2025.

1. Operational metrics calculated in the table above are reported on an attributable basis to account for the Company’s 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
2. The Company reports certain non-GAAP measures which include cash costs per AgEq ounce produced, cash costs per Au ounce produced, AISC per AgEq ounce produced, AISC per Au ounce produced, total production cost per tonne, average realized silver price per AgEq ounce sold, average realized Au price per ounce sold, average realized Ag price per ounce sold, working capital, adjusted EPS, EBITDA, adjusted EBITDA, and free cash flow. These measures are widely used in the mining industry as a benchmark for performance, but do not have a standardized meaning under the Company’s financial reporting framework and the methods used by the Company to calculate such measures may differ from methods used by other companies with similar descriptions. See “Non-GAAP Financial Measures” at the end of this news release for further details of these measures.

The table below represents the quarterly operating and cost performance results at each of the Company’s four producing mines during the quarter.

1. All production and non-GAAP results shown in the table above are reported on an attributable basis, meaning they reflect only the portion of results corresponding to the Company’s 70% ownership of the Los Gatos Joint Venture that owns the Los Gatos Silver Mine.
2. These measures do not have a standardized meaning under the Company’s financial reporting framework and the methods used by the Company to calculate these measures may differ from methods used by other companies with similar descriptions.
3. Base metal production at the Los Gatos Silver Mine include 16,484,603 lbs zinc, 9,023,177 lbs lead and 252,938 lbs copper (70% attributable basis).

In the second quarter, the Company generated quarterly revenue of $415.5 million, representing a 57% increase compared to $264.2 million in the second quarter of 2025. The increase in revenues was driven by a 90% higher average realized silver price, and a 40% higher average realized gold price, when compared to the second quarter of 2025, resulting in total revenues increasing by $194.2 million. Realized prices were impacted by approximately $40 million in mark-to-market adjustments on open concentrate sales, resulting from lower commodity prices at quarter-end, compared to the preceding months. Revenue growth was also driven by 57% and 22% increases in silver ounces sold at La Encantada and Santa Elena, respectively, compared to the second quarter of 2025. Total revenue for the quarter excluded 1,007,450 oz of silver and 4,730 oz of gold that were held in inventory at the end of the quarter, with a fair value of $78.0 million.

The Company ended the second quarter with $1,252.7 million in cash and in treasury, representing a 34% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $159.4 million that is held in restricted cash, compared to $144.3 million as at December 31, 2025. Working capital reached a record high of $876.0 million, excluding $159.4 million in restricted cash, representing a 19% increase compared to $733.6 million as at December 31, 2025. The overall liquidity, defined as working capital plus undrawn lines of credit, of the Company as at June 30, 2026 was $1,035.8 million compared to $873.2 million as at December 31, 2025.

The Company achieved mine operating earnings of $223.6 million, a significant improvement compared to mine operating earnings of $49.4 million in the second quarter of 2025. This increase was largely driven by higher metal prices compared to the second quarter of 2025, and an increase of 57% and 22% of silver ounces sold at La Encantada and Santa Elena, respectively, compared to the second quarter of 2025.

EBITDA for the quarter was $252.3 million, representing a 110% increase compared to $119.9 million in the second quarter of 2025. The increase in EBITDA was primarily attributable to higher realized metal prices in the quarter compared to the second quarter of 2025.

Adjusted EBITDA normalized for non-cash or non-recurring items such as unrealized losses on marketable securities, share-based payments, restructuring costs, impairment reversal and abnormal maintenance costs at Los Gatos and San Dimas for the quarter was $257.1 million, representing a 105% increase compared to $125.3 million in the second quarter of 2025.

Net earnings for the quarter were $109.4 million (EPS of $0.22), up 108% compared to $54.8 million (EPS of $0.11) in the second quarter of 2025. The increase in net earnings was primarily attributed to higher realized metal prices, and impacted by a one-time current tax expense of $10.1 million relating to a historic tax dispute with the Mexican tax authority for First Majestic Plata, S.A. de C.V. with respect to a forward silver purchase agreement, which has now been settled.

Adjusted net earnings, excluding non-cash or non-recurring items such as unrealized losses on marketable securities, share-based payments, tax settlements, restructuring costs, impairment reversal, abnormal maintenance costs at Los Gatos and San Dimas, and deferred income tax were $101.6 million (adjusted EPS of $0.21), compared to adjusted net earnings of $18.4 million (adjusted EPS of $0.04) in the second quarter of 2025.

The Company’s attributable capital expenditures in the second quarter were $60.1 million ($65.1 million on a 100% basis), representing a 7% increase compared to $56.0 million in total capital expenditures in the second quarter of 2025. Attributable capital expenditures consisted of $23.9 million in underground development (2025 – $15.2 million), $13.2 million in exploration (2025 – $17.8 million), and $18.7 million in property, plant and equipment (2025 – $16.9 million). On a 100% basis, these amounts totaled $26.3 million in underground development, $14.5 million in exploration, and $20.0 million in PP&E.

The Company produced 3.8 million silver ounces in Q2 2026, representing a 3% increase compared to 3.7 million silver ounces produced in Q2 2025. The increase was primarily driven by strong performances at La Encantada and Santa Elena. Gold production was 34,660 ounces in Q2 2026, a 2% increase compared to 33,864 gold ounces produced in Q2 2025, driven largely by strong production at Santa Elena.

Cash costs per attributable payable AgEq ounce for the quarter were $18.06, compared to $15.08 per AgEq ounce in the second quarter of 2025. In Q2 2026, the AgEq conversion ratio to gold was 75:1, compared to 98:1 in Q2 2025. Applying the same assumptions used to calculate AgEq ounces in Q2 2025, reported cash costs per attributable AgEq ounce would have been $15.98, or 13% lower compared to current costs. AgEq ounces were also negatively impacted by temporary operational disruptions at Los Gatos following a rockfall event on the main ramp and labour disruptions at San Dimas, that are now resolved, which elevated cash costs per attributable AgEq ounce.

In addition, cash costs were also impacted by the strengthening of the Mexican peso against the U.S. dollar, which on average was 11% stronger during the quarter, relative to the US dollar, compared to the second quarter of 2025. Increases in contractor, haulage, maintenance, and reagent costs, driven by higher mining activity, and operational initiatives across the Company’s operations, also contributed to higher cash costs. Finally, higher metal prices contributed to higher royalty payments and production taxes.

AISC per attributable payable AgEq ounce in the second quarter was $25.68, compared to $21.02 per ounce in the second quarter of 2025. This increase was primarily driven by an increase in cash costs, as well as higher worker participation costs due to higher metal prices, along with increased mine development rates yielding higher sustaining development costs and PP&E costs. Applying the same assumptions used to calculate AgEq ounces in Q2 2025, AISC per attributable AgEq ounce in Q2 2026 would have been $22.72, or 13% lower.

Q2 2026 DIVIDEND ANNOUNCEMENT

The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0152 per common share for the second quarter of 2026. The dividend will be paid on or about August 31, 2026, to holders of record of First Majestic’s common shares as of the close of business on August 14, 2026.

Under the Company’s new dividend policy, the quarterly dividend per common share is targeted to equal approximately 2% of the Company’s net quarterly revenues from January 1, 2026 onwards divided by the Company’s then outstanding common shares. Note: 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.

The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an “eligible dividend” for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.

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 Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine, which the Company is currently in the process of re-starting.

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 www.firstmint.com, at some of the lowest premiums available.