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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 presently 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, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A. The Company aims to become the world’s largest primary silver producer while improving lives and communities in its host regions and increasing shareholder value.

Verified company data

Cash position
$937.7 million
Shares outstanding
492,656,821
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_ (“NI 43-101”). The Mineral Reserve statement provided in the table above 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” (as such term is defined in NI 43-101) 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 (the “2025 AIF”). 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","Los Gatos","Santa Elena","Springpole Project"]
Leadership
Keith Neumeyer (Chief Executive Officer, 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.)

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