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First Majestic Silver

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First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States.

Investor website: https://www.firstmajestic.com/

About

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company owns and operates four producing underground mines in Mexico: the Los Gatos Silver Mine, the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, along with a portfolio of development and exploration assets, including the Jerritt Canyon Gold project in Nevada. The Company aims to benefit from rising silver prices and is committed to socially responsible mining.

Verified company data

Cash position
$937.7 million
Shares outstanding
492656821
Fully diluted shares
183,650,405
Mineral resource
Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2025. Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into National Instrument 43-101 Standards of Disclosure for Mineral Projects. The Mineral Reserve statement provided has an effective date of December 31, 2025. The Los Gatos Mineral Reserves are reported on a 70% First Majestic attributable basis. The Mineral Reserve estimates were prepared under the supervision of, or were reviewed by, Andrew Pocock, P.Eng., an employee of First Majestic and the “Qualified Person” responsible for the above Mineral Reserve estimates. The Mineral Reserves were estimated from the Measured and Indicated portions of the Mineral Resource estimates. Inferred Mineral Resources were not considered to be converted into Mineral Reserve estimates. AgEq 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 are different for all of the Company’s operating mines and are presented in the description of each mine set out in the Company’s annual information form for the year ended December 31, 2025. Metal prices considered for the Mineral Reserve estimates for Santa Elena, San Dimas and La Encantada were $35/oz Ag and $3,100/oz Au; metal prices considered for Los Gatos were $35/oz Ag, $3,100/oz Au, $0.95/lb Pb, $1.25/lb Zn and $4.35/lb Cu. Other key assumptions and parameters include: metallurgical recoveries; metal payable terms; direct mining costs, processing costs, indirect and G&A costs and sustaining costs. These parameters are different for each mine and mining method assumed and are presented in the description of each mine set out in the 2025 AIF. A two-step constraining approach has been implemented to estimate reserves for each mining method in use: A General Cut-off Grade (“GC”) was used to delimit new mining areas that will require development of access, infrastructure, and all sustaining costs. A second Incremental Cut-off Grade (“IC”) was considered to include adjacent mineralized material which recoverable value pays for all associated costs, including but not limited to the variable cost of mining and processing, indirect costs, treatment, administration costs, and plant sustaining costs but excludes the access development assumed to be covered by the block above the GC grade. The cut-off 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 the description of each mine set out in the 2025 AIF. Modifying factors for conversion of Mineral Resources to Mineral 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. Tonnage is expressed in millions of tonnes; metal content is expressed in millions of ounces for gold and silver and in millions of pounds for zinc, lead, and copper. Metal prices and costs are expressed in USD. Numbers have been rounded as required by reporting guidelines. Totals may not sum due to rounding. The technical reports from which the above-mentioned information is derived are cited under the heading “Scientific and Technical Information – Technical Reports for Material Properties” in the 2025 AIF.
Projects
["#### Jerritt Canyon\n\ngold mine\n\nmeasured & indicated\n\n4.10m au oz\n\ninferred\n\n3.66m au oz","#### Los Gatos\n\nsilver mine\n\n2025 production (100% basis)\n\n12.7m ageq oz\n\n(8.4m ag oz + 4.5k au oz + 81.0m zn lbs + 46.1m pb lbs + 1.3m cu lbs)\n\n2025 all-in sustaining costs\n\n$15.15 per ageq oz\n\nproven & probable reserves\n\n35.3m ag oz + 60k au oz + 685.9m zn lbs + 371.4m pb lbs + 39.1m cu lbs\n\nmeasured & indicated\n\n42.4m ag oz + 70k au oz + 842.6m zn lbs + 450.2m pb lbs + 44.0m cu lbs\n\ninferred\n\n10.7m ag oz + 20k au oz + 347.3m zn lbs + 159.2m pb lbs + 18.8m cu lbs","#### Santa Elena\n\nsilver/gold mine\n\n2025 production\n\n9.1m ageq oz\n\n(1.4m ag oz + 88k au oz)\n\n2025 all-in sustaining costs\n\n$17.96 per ageq oz\n\nproven & probable reserves\n\n11.1m ag oz + 250k au oz\n\nmeasured & indicated\n\n21.1m ag oz + 510k au oz\n\ninferred\n\n41.9m ag oz + 970k au oz","#### Springpole Project\n\ngold & silver project\n\nlocation\n\n110 km northwest of the town of red lake, ontario, canada\n\narea\n\n70,000 hectares\n\nmetals\n\nstream on 50% of payable silver","#### San Dimas\n\nsilver/gold mine\n\n2025 production\n\n10.2m ageq oz\n\n(5.4m ag oz + 56k au oz)\n\n2025 all-in sustaining costs\n\n$19.62 per ageq oz\n\nproven & probable reserves\n\n23.2m ag oz + 290k au oz\n\nmeasured & indicated\n\n45.4m ag oz + 560k au oz\n\ninferred\n\n43.8m ag oz + 490k au oz","#### San Martin\n\nsilver mine\n\nmeasured & indicated\n\n9.0m ag + 17k au oz\n\ninferred\n\n18.4m ag + 29k au oz","#### La Encantada\n\nsilver mine\n\n2025 production\n\n2.8m ageq oz\n\n2025 all-in sustaining costs\n\n$29.26 per ageq oz\n\nproven & probable reserves\n\n31.5m ag oz\n\nmeasured & indicated\n\n36.4m ag oz\n\ninferred\n\n17.1m ag oz","#### La Luz\n\nsilver project","#### Jalisco Group of Companies\n\ngroup of properties","#### Jiménez del Teul\n\nsilver project","#### Los Amoles\n\nsilver/gold project"]
Leadership
Keith Neumeyer (CEO, Mr. Neumeyer has worked in the investment community since 1984, founding First Majestic Silver in 2002 and First Mining Gold in 2015. He has extensive experience in finance, business development, and corporate restructuring.), Mani Alkhafaji (President & Chief Corporate Development Officer, Mr. Alkhafaji has over 15 years of experience in finance and mergers and acquisitions, overseeing Corporate Development and Sustainability at First Majestic.), Dave Howe (Chief Operating Officer, Mr. Howe brings over 35 years of operational leadership in the mining sector, previously serving as Vice-President, Operations at Pan American Silver.), Neil Beaumont (Chief Financial Officer, Mr. Beaumont has over 30 years of leadership experience, previously serving as Chief Financial and Risk Officer at the Canada Pension Plan Investment Board.), Samir Patel LL.B (General Counsel & Corporate Secretary, Mr. Patel is experienced in M&A transactions and corporate law, previously serving as General Counsel at First Mining Gold Corp.), Keith Neumeyer (CEO & Director, Mr. Neumeyer has extensive experience in the investment community and was the founding President of First Quantum Minerals Ltd.), Raymond Polman B.Sc., CPA, CA, ICD.D (Director, Mr. Polman has over 30 years of public accounting and corporate finance experience, previously serving as CFO for First Majestic.), Marjorie Co B.Sc., LL.B., MBA (Director, Ms. Co has over 20 years of legal and business development experience, providing advice for technology-focused organizations.), Thomas Fudge B.Sc., P.ENG (Chairman & Director, Mr. Fudge has over 40 years of mining experience, overseeing major mining projects globally.), Colette Rustad CPA, CA (Director, Ms. Rustad is an international financial expert with over 30 years of experience in financial and operational roles.), Ayesha Hira B.Sc., CFA, ICD.D (Director, Ms. Hira has 30 years of experience in mining, transitioning from geology to capital markets and holding various board positions.)

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