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 third quarter ended September 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 in this news release are in U.S. dollars unless stated otherwise.

First Majestic’s third quarter revenues increased significantly, up 38% year-over-year to $394.1 million, driven by higher realized silver and gold prices. Silver and gold bullion inventories totaled $54.1 million. A continued focus on operational efficiency resulted in meaningful year-over-year margin expansion, operating cash flow and earnings growth.

Net earnings for the quarter were $74.5 million while earnings per share were $0.15, with adjusted EPS of $0.19. The Company generated $85.5 million in free cash flow in the quarter, after paying $73.7 million in cash income taxes and settlements, leading to $1.23 billion in treasury at the end of the quarter.

THIRD QUARTER HIGHLIGHTS

• Revenue ($109.0 million increase Y/Y): The Company achieved quarterly revenue of $394.1 million, a 38% increase compared to $285.1 million in revenue in Q3 2025.62% of the revenues in Q3 2026 were from the sale of silver and 28% were from the sale of gold.
• Finished Goods Inventory: The Company held 760,832 silver ounces and 1,960 gold ounces in finished goods inventory as at September 30, 2026, inclusive of coins and bullion, compared to 1,007,450 silverounces and 4,730 gold ounces in finished goods inventory as at June 30, 2026. The fair market value of this inventory as at September 30, 2026, was $46.0 million for silver and $8.1 million for gold, which was not included in revenue during the quarter.
• Mine Operating Earnings ($71.0 million increase Y/Y): The Company achieved mine operating earnings of $170.1 million, a significant improvement compared to $99.1 million in the third quarter of 2025, with earnings improvements across all mine sites.
• Earnings Before Income Tax, Depreciation and Amortization (“EBITDA”) ($100.1 million increase Y/Y): EBITDA for the quarter was $228.8 million, a 78% increase compared to $128.6 million in Q3 2025.
• Net Earnings¹ ($47.5 million increase Y/Y): Net earnings for the quarter were $74.5 million (EPS of $0.15) compared to net earnings of $27.0 million (EPS of $0.06) in the third quarter of 2025. Adjusted net earnings were $92.5 million (adjusted EPS of $0.19), compared to adjusted net earnings of $32.4 million (adjusted EPS of $0.07) in the third quarter of 2025.
• Costs: Cash costs and All-in Sustaining Costs (“AISC”) per attributable payable silver equivalent (“AgEq”) ounce for the quarter were $21.75 and $30.45, respectively.
• AISC Margin ($13.82 per ounce improvement Y/Y): The Company generated AISC margin, being the difference between its AgEq realized price and AISC, of $31.95 per AgEq ounce, a significant improvement compared to an AISC margin of $18.14 per AgEq ounce during Q3 2025. This improvement was primarily driven by higher realized silver and gold prices.
• Cash Flow from Operations ($73.0 million increase Y/Y): Operating cash flow before changes in working capital and taxes in the quarter were $214.3 million or $0.43 per share, a 52% increase compared to $141.3 million or $0.29 per share in the third quarter of 2025.
• Free Cash Flow: The Company generated $85.5 million in free cash flow in the third quarter of 2026 after sustaining capital expenditures and after paying $73.7 million in cash income taxes, including $36.8 million for the settlement of two tax re-assessments related to legacy forward silver purchase agreements.
• Third Quarter Dividend (176% increase Y/Y): The Company declared a cash dividend of $0.0142 per share for the third quarter of 2026, nearly three times higher than in the same period last year.
• Purchased Common Shares: During the three and nine months ended September 30, 2026, the Company repurchased 100,000 and 1,300,000 of its shares at an average price of CAD$21.00 and CAD$25.78, respectively, pursuant to its share repurchase program, which was renewed on October 14, 2026.
• Treasury Position ($295.9 million increase from December 31, 2025): The Company ended the quarter with $1.23 billion in treasury, representing a 32% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $162.9 million held in restricted cash, compared to $144.3 million as at December 31, 2025.

OPERATIONAL AND FINANCIAL RESULTS

The table below represents the Company’s consolidated third quarter operational and financial highlights for the three months ended September 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 includes 13,277,264 lbs zinc, 7,839,182 lbs lead and 221,111 lbs copper (70% attributable basis).

In the third quarter, the Company generated quarterly revenue of $394.1 million, a 38% increase compared to $285.1 million in revenue in the third quarter of 2025. The increase in revenue was driven by a 59% higher average realized silver price, and a 23% higher average realized gold price, when compared to the third quarter of 2025, resulting in total revenues increasing by $147.0 million. Revenue growth was also driven by 82% and 6% increases in silver ounces sold at La Encantada and Santa Elena, respectively, compared to the third quarter of 2025, partially offset by fewer ounces sold from the remaining operations year-over-year. Total revenue for the quarter excluded 760,832 oz of silver and 1,960 oz of gold that were held in inventory at the end of the quarter, with a fair value of $54.1 million.

The Company ended the third quarter with $1.23 billion in cash and in treasury, representing a 32% increase compared to $937.7 million at the end of 2025. Cash in treasury includes $162.9 million that is held in restricted cash, compared to $144.3 million as at December 31, 2025. Working capital reached a record high of $882.3 million, excluding $162.9 million in restricted cash, representing a 20% increase compared to $733.6 million as at December 31, 2025. The overall liquidity of the Company, defined as working capital plus undrawn lines of credit, as at September 30, 2026, was $1.04 billion compared to $873.2 million as at December 31, 2025.

The Company achieved mine operating earnings of $170.1 million, a 72% improvement compared to mine operating earnings of $99.1 million in the third quarter of 2025. This increase was largely driven by higher metal prices compared to the third quarter of 2025, and an increase of 82% and 6% of silver ounces sold at La Encantada and Santa Elena, respectively, compared to the third quarter of 2025.

EBITDA for the quarter was $228.8 million, a 78% increase compared to $128.6 million in the third quarter of 2025. The increase in EBITDA was primarily attributable to higher realized metal prices in the quarter compared to the third quarter of 2025, along with investment income of $19.3 million compared to a loss of $5.4 million in the third quarter of 2025.

Adjusted EBITDA normalized for non-cash or non-recurring items such as unrealized losses on marketable securities, share-based payments, and abnormal costs related to the labour disruptions at San Dimas for the quarter was $229.4 million, a 65% increase compared to $138.6 million in the third quarter of 2025.Net earnings attributable to shareholders of the Company for the quarter were $74.5 million (EPS of $0.15), representing a 176% increase compared to net earnings of $27.0 million (EPS of $0.06) in the third quarter of 2025. The increase in net earnings was primarily attributable to higher realized metal prices. This was partially offset by a one-time settlement expense of $30.7 million relating to the settlement of a historic tax dispute with the Mexican tax authority, the SAT, relating to Minera La Encantada, S.A. de C.V. (“MLE”) with respect to a prior forward silver purchase agreement and a 2017 tax re-assessment (Refer to Note 27 of the Financial Statements). All assessments in relation to silver sales made pursuant to the prior forward silver purchase agreements have now been resolved and paid, pending certain administrative steps to be taken by the Mexican tax authority. The Company continues to work with the SAT on settling the legacy tax issue relating to the advance pricing agreement that Primero Empresa Minera, S.A. de C.V. had previously obtained from the SAT, with the parties having recently agreed in principle to a multi-step framework to settle the issue. See the Company’s news release dated October 13, 2026 for further details.

Adjusted net earnings, excluding non-cash or non-recurring items such as deferred income tax recovery, unrealized losses on marketable securities, share-based payments, tax settlements, and abnormal costs at San Dimas, were $92.5 million (adjusted EPS of $0.19), a 186% increase, compared to adjusted net earnings of $32.4 million (adjusted EPS of $0.07) in the third quarter of 2025.

The Company’s attributable capital expenditures in the third quarter were $101.9 million ($108.0 million on a 100% basis), representing a 114% increase compared to $47.6 million ($52.1 million on a 100% basis) in total capital expenditures in the third quarter of 2025. Attributable capital expenditures consisted of $44.3 million in property, plant and equipment (“PP&E”) (2025 – $13.8 million), $33.4 million in underground development (2025 – $16.5 million), and $15.5 million in exploration (2025 – $17.4 million). On a 100% basis, these amounts totaled $46.2 million in PP&E, $36.2 million in underground development, $16.7 million in exploration. The increase in capital expenditures was driven by a $41.9 million investment in Jerritt Canyon, along with $6.5 million related to the development of the Santo Niño and Navidad portals at Santa Elena during the quarter. Attributable capital expenditures to the end of the third quarter of 2026 represented 62% of the 2026 capital expenditures guidance midpoint.

The Company produced 3.4 million silver ounces in Q3 2026, reaching 72% of the 2026 revised annual guidance midpoint on a year-to-date basis. The lower production was mostly driven by a labour dispute at San Dimas, which impacted operations by 12 days in Q3 2026. Gold production was 29,552 ounces in Q3 2026, reaching 75% of the Company’s 2026 revised annual guidance midpoint on a year-to-date basis, despite the labour disruptions at San Dimas.

Cash costs per attributable payable AgEq ounce for the quarter were $21.75, compared to $14.83 per AgEq ounce in the third quarter of 2025. The increase in cash costs per attributable payable AgEq ounce was primarily due to a 20% decrease in AgEq ounces produced compared to the third quarter of 2025. The reduction in reported AgEq ounces was driven by a lower AgEq conversion ratio, the ongoing labour dispute at San Dimas, and the deferral of high-grade production at Los Gatos to the fourth quarter due to sequencing changes with the mine plan and ground conditions. AgEq ounces were impacted by the outperformance of silver versus gold compared to Q3 2025, which lowered the AgEq conversion ratio for by-product metals. As the AgEq conversion ratio was 75:1 in Q3 2026, compared to 87:1 in Q3 2025, the lower conversion ratio resulted in fewer reportable AgEq ounces and, consequently, higher cash costs per AgEq ounce. Applying the same assumptions used to calculate AgEq ounces in Q3 2025, attributable payable AgEq ounces in Q3 2026 would have increased by 405,498 ounces, resulting in a 6% decrease in cash costs per attributable AgEq ounce compared to current costs.

Cash costs were also impacted by the strengthening of the Mexican peso, which averaged 7% stronger relative to the US dollar, compared to the third quarter of 2025. Cash costs were further impacted by higher direct production costs at Los Gatos, resulting from increased maintenance, explosives and reagent consumption, and dewatering efforts, along with increased maintenance, energy consumption and temporary diesel generator rental costs at La Encantada.

AISC per attributable payable AgEq ounce in the third quarter was $30.45, compared to $20.90 per ounce in the third quarter of 2025. This increase was primarily driven by an increase in cash costs. The increase in AISC was also driven by higher worker participation costs due to rising metal prices, increased mine development rates yielding higher sustaining development costs, along with higher PP&E costs and lease payments. Applying the same assumptions used to calculate AgEq ounces in Q3 2025, AISC per attributable AgEq ounce in Q3 2026 would have decreased by 6%. The AISC of $28.55 per AgEq ounce on a year-to-date basis was within the Company’s revised consolidated guidance range of $27.69 and $28.77 per AgEq ounce.

UPDATE ON SAN DIMAS OPERATIONS

Operations at San Dimas have been temporarily suspended as a result of a labour disruption that began on September 18, 2026. The dispute relates primarily to the income tax treatment of an annual production bonus paid by the Company to employees at San Dimas represented by the National Union of Mine and Metal Workers of the Mexican Republic (the “National Union”). The local leaders of the National Union have taken the position that these employees should not be responsible for the income taxes payable on the production bonus. Their position is that the Company must gross up the bonus to cover 100% of such income taxes.

The Company has not agreed to the National Union’s demands in this regard, noting that the payment of income taxes is a requirement that applies to all employees under Mexican law. As a result, the National Union officially called a strike on October 8, 2026, and the Company challenged the legality of the strike on October 9, 2026. Various hearings have taken place over the past few weeks, and the Company is waiting for a ruling to be made regarding its challenge to the strike, with a decision expected to be made in the second half of November. The Company remains committed to reaching a mutually acceptable resolution with the National Union regarding this issue.

Despite the solid production results at San Dimas through mid-September, given the impact to production at San Dimas along with the uncertainty regarding the duration of the labour disruption and the timing of a safe restart of operations, the Company is withdrawing San Dimas’ annual production and cost guidance at this time. San Dimas’ annual guidance will be reassessed once there is sufficient visibility regarding the resumption of the operation. The ultimate impact will depend primarily on the duration of the labour disruption and the timing of the restart of operations.

“While resolving the labour disruption at San Dimas is a priority, the Company remains financially strong, supported by three producing operations that continue to perform at or above budget,” said Keith Neumeyer, CEO. “This operational diversity and financial strength position the Company to easily withstand the current disruption. The Company remains committed to engaging in good-faith discussions with its union partners and continues to seek a mutually acceptable resolution that enables the safe and timely resumption of operations at San Dimas.”

Q3 2026 DIVIDEND ANNOUNCEMENT

The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0142 per common share for the third quarter of 2026. The dividend will be paid on or about November 30, 2026, to holders of record of First Majestic’s common shares as of the close of business on November 16, 2026.

Under the Company’s 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.