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, 2025. The full version of the financial statements and the accompanying management’s discussion and analysis can be viewed on the Company’s website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. All amounts are in U.S. dollars unless stated otherwise.

SECOND QUARTER HIGHLIGHTS

• Robust Silver Equivalent Production (+48% Y/Y): The Company produced 7.9 million silver equivalent ounces, including 3.7 million silver ounces, in Q2 2025 representing a 48% increase compared to 5.3 million silver equivalent ounces produced in Q2 2024.
• Record Quarterly Revenue (+94% Y/Y): For a second consecutive quarter, the Company achieved a quarterly revenue record of $264.2 million (54% from silver sales), representing a 94% increase compared to $136.2 million in the second quarter of 2024. This was primarily attributed to a 42% increase in AgEq payable ounces sold and a 24% rise in the average realized silver price which reached $34.62 per AgEq ounce during the quarter.
• Higher Mine Operating Earnings (+$33.9 million Y/Y): The Company achieved quarterly mine operating earnings of $49.4 million, representing a significant increase compared to $15.5 million in Q2 2024. Excluding non-cash depletion expense, the Company generated mine operating earnings of $100.9 million.
• Record Earnings Before Income Tax, Depreciation and Amortization (+$98.7 million Y/Y): EBITDA for the quarter was a record $119.9 million, representing a significant increase compared to $21.2 million in the second quarter of 2024.
• Net Earnings (+$104.8 million Y/Y): Net earnings for the quarter were $56.6 million (EPS of $0.11) compared to a net loss of $48.3 million (EPS of ($0.17)) in the second quarter of 2024. The increase in net earnings was primarily driven by higher mine operating earnings and benefitted from a non-cash deferred income tax recovery of $39.6 million (EPS of $0.08), compared to a non-cash deferred income tax expense of $22.6 million (EPS of ($0.08)) in the second quarter of 2024, and was partially offset by a higher non-cash depletion and depreciation expense. Additionally, the Company, as expected, incurred higher general and administrative costs related to the integration of the Los Gatos Silver Mine. The Company expects to realize significant synergies and cost reductions after the integration of Los Gatos is complete.
• Adjusted Net Earnings (+$38.8 million Y/Y): Adjusted net earnings, excluding non-cash or non-recurring items such as deferred income tax, share-based payments, abnormal costs, and unrealized gains/losses on marketable securities, were $18.4 million (adjusted EPS of $0.04), representing a significant increase compared to the adjusted net loss of $20.4 million (adjusted EPS of ($0.07)) in the second quarter of 2024.
• Cash Flow from Operations (+$91.1 million Y/Y): Operating cash flow before changes in working capital and taxes in the quarter was a record $114.9 million or $0.24 per share, representing a significant increase compared to $23.8 million or $0.08 per share in the second quarter of 2024.
• Record Free Cash Flow (+$71.4 million Y/Y): The Company generated a quarterly record of $77.9 million in free cash flow in the second quarter after making a $30.6 million income tax true-up payment related to 2024 taxes, compared to $6.4 million in free cash flow in the second quarter of 2024. A portion of this free cash flow is being reinvested into growth capital, primarily focused on exploration and development projects, to enhance confidence in resource estimates and extend the life-of-mine across the operations.
• Record Cash Position: During the quarter, the Company increased its treasury position to a record total of $510.1 million, consisting of $384.8 million in cash and cash equivalents and $125.3 million in restricted cash. Liquidity also reached a record $583.8 million, consisting of $444.1 million of working capital and $139.6 million of undrawn revolving credit facility, excluding $125.3 million held in restricted cash.
• Cash Costs (-1% Y/Y): Consolidated cash costs of $15.08 per AgEq ounce for the quarter were a slight improvement when compared with $15.29 per AgEq ounce in the second quarter of 2024.
• All-In Sustaining Cost (-3% Y/Y): Consolidated AISC in the quarter was $21.02 per AgEq ounce, representing a 3% decrease from $21.64 per AgEq ounce in the second quarter of 2024.
• Continued success at First Mint (+$4.5 million Y/Y): First Mint, LLC, the Company’s 100%-owned minting facility, generated quarterly sales of $7.8 million compared to $3.3 million in the second quarter of 2024.
• Held Inventory: The Company held 424,272 silver ounces in finished goods inventory as at June 30, 2025, inclusive of coins and bullion. The fair value of this inventory at June 30, 2025 was $15.3 million, which was not included in revenue during the second quarter.
• Sustainability Recognition: As of July 2025, ISS ESG upgraded First Majestic to Prime ESG investment status, recognizing the Company’s strong sustainability performance. Additionally, First Majestic scored 44/100 in the latest S&P Global Corporate Sustainability Assessment, ranking in the top 26% of companies in the metals and mining industry.
• Purchased Common Shares: The Company purchased and cancelled an aggregate of 506,000 common shares at an average price of CAD$7.94 per share through the facilities of the TSX pursuant to its normal course issuer bid during the second quarter of 2025.
• Second Quarter Dividend: The Company declared a cash dividend of $0.0048 per common share for the second quarter of 2025 for shareholders of record as of the close of business on August 29, 2025, to be paid out on or about September 15, 2025.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

SECOND QUARTER FINANCIAL RESULTS

• The Company generated record quarterly revenue of $264.2 million in the second quarter of 2025, with 54% derived from silver sales, representing a 94% increase compared to $136.2 million of revenue generated in the same period in the prior year. This was primarily attributable to a 42% increase in payable AgEq ounces sold, mainly driven by: the addition of the Los Gatos Silver Mine to the Company’s portfolio of operating mines, which contributed $103.1 million in revenue; a notable 17% production increase at San Dimas, which contributed $65.1 million in revenue; and continued strong performance at Santa Elena, which contributed $74.5 million in revenue. Further, the average realized silver price increased by 24% during the quarter to $34.62 per ounce compared to the second quarter of 2024.
• For the second consecutive quarter, the Company reported a record-high treasury balance of $510.1 million, despite making a $30.6 million tax installment payment and the 2024 annual bonus payments, consisting of $384.8 million in cash and cash equivalents and $125.3 million in restricted cash. This represents an increase of 65% compared to a total treasury balance of $308.3 million at December 31, 2024 (consisting of $202.2 million in cash and cash equivalents and $106.1 million in restricted cash). Additionally, working capital reached a record high of $444.1 million, representing a 98% increase compared to $224.5 million in working capital at December 31, 2024.
• The Company achieved mine operating earnings of $49.4 million, representing a significant increase of $33.9 million compared to mine operating earnings of $15.5 million in the second quarter of 2024. The increase was mainly driven by the addition of the Los Gatos Silver Mine, which contributed $20.6 million in mine operating earnings during the quarter. Additionally, the improvement in performance at San Dimas and La Encantada increased mine operating earnings by $6.7 million and $4.4 million, respectively, compared to the second quarter of 2024. These increases in mine operating earnings were partially offset by higher contractor and energy costs at San Dimas that supported improvements in production. Additionally, maintenance costs were higher as a result of weather-related power outages at San Dimas, La Encantada and Los Gatos in late June. Mine operating earnings were further impacted by a higher non-cash depletion expense, primarily driven by the addition of Los Gatos and increased overall production.
• Operating cash flow before changes in working capital and taxes in the quarter was a record $114.9 million, representing a significant increase compared to $23.8 million in the second quarter of 2024. This was primarily driven by the $76.0 million increase in mine operating earnings, excluding depletion, depreciation and amortization, compared to the second quarter of 2024.
• EBITDA for the quarter was a record $119.9 million, representing a significant increase compared to $21.2 million in the second quarter of 2024. The increase in EBITDA was primarily attributable to the increase in mine operating earnings.
• Adjusted EBITDA normalized for non-cash or non-recurring items such as share-based payments, abnormal costs, and unrealized gains on marketable securities for the quarter was $125.3 million, representing a significant increase compared to $26.4 million in the second quarter of 2024.
• Net earnings for the quarter were $56.6 million (EPS of $0.11) representing a significant increase compared to a net loss of $48.3 million (EPS of ($0.17)) in the second quarter of 2024. The increase in net earnings was primarily attributed to higher mine operating earnings compared to the second quarter of 2024. This was partially offset by a non-cash depletion and depreciation expense of $73.7 million (EPS of ($0.15)), compared to $31.6 million (EPS of ($0.11)) in the second quarter of 2024 driven by higher production and the addition of Los Gatos, and a non-cash deferred income tax recovery of $39.6 million (EPS of $0.08), compared to a non-cash deferred income tax expense of $22.6 million (EPS ($0.08)) in the second quarter of 2024. Additionally, the Company incurred higher general and administrative costs related to the integration of the Los Gatos Silver Mine, including costs associated with insurance, travel, legal fees, system implementation and consulting services. The Company expects to realize significant synergies and cost reductions after the integration of Los Gatos is complete.
• Adjusted net earnings normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities, acquisition costs and deferred income tax for the quarter ended June 30, 2025 was $18.4 million (adjusted EPS of $0.04), representing a significant increase compared to the adjusted net loss of $20.4 million (adjusted EPS of ($0.07)) in the second quarter of 2024.

SECOND QUARTER OPERATIONAL RESULTS

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

• The Company produced 7.9 million attributable AgEq ounces in Q2 2025 representing a 48% increase compared to 5.3 million AgEq ounces produced in Q2 2024.
• Furthermore, the Company reported strong quarterly silver production of 3.7 million silver ounces representing a 76% increase 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 as well as a 9% increase at San Dimas compared to Q2 2024 primarily due to operational improvements.
• Consolidated cash cost per attributable payable AgEq ounce for the quarter was $15.08, representing a slight improvement when compared with $15.29 per ounce in the second quarter of 2024. The decrease in cash costs per AgEq ounce was primarily due to a 48% increase in AgEq ounces produced, driven by the attributable production increase of 2.4 million AgEq ounces from Los Gatos, along with a 17% increase in AgEq production at San Dimas as a result of operational efficiencies and increased plant throughput rates. The decrease was partially offset by higher contractor and energy costs at San Dimas that helped improve and support production, as well as higher maintenance costs as a result of weather-related power outages at San Dimas, La Encantada and Los Gatos in late June.
• AISC per attributable payable AgEq ounce in the second quarter of 2025 was $21.02, representing a 3% decrease compared to $21.64 per ounce in the second quarter of 2024. This was primarily attributable to the decrease in cash costs, partially offset by an increase in profit sharing per AgEq ounce relating to the prior year, which was paid in the quarter.

Q2 2025 DIVIDEND ANNOUNCEMENT

The Company is pleased to announce that its Board of Directors has declared a cash dividend in the amount of $0.0048 per common share for the second quarter of 2025. The dividend will be paid to holders of record of First Majestic’s common shares as of the close of business on August 29, 2025, and will be paid out on or about September 15, 2025.

Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company’s net quarterly revenues 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 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 www.firstmint.com, at some of the lowest premiums available.