AG · First Majestic Silver Corp.

First Majestic Silver Corp. delivered a robust operational update for 2025, demonstrating significant growth across all mineral resource categories. The 4% increase in Proven and Probable Mineral Reserves to 184.8 million silver-equivalent ounces, including a 16% increase in contained silver, reflects the company's ability to not only replace mining depletion but expand its reserve base through successful drilling and favorable metal price assumptions. The growth was primarily driven by drill conversion and the inclusion of La Encantada tailings, supported by higher long-term price decks of $35/oz silver and $3,100/oz gold.

The most notable expansion occurred in the resource categories, with Measured & Indicated resources increasing 50% and Inferred resources surging 69% year-over-year. Santa Elena emerged as the standout performer, with Inferred Resources more than doubling due to the discovery of the Santo Niño deposit and continued success at the Navidad vein system. The Santo Niño discovery alone contributed 27.4 million AgEq ounces, positioning the mine for meaningful life-of-mine extension. Jerritt Canyon, currently on temporary suspension, also showed substantial resource growth, adding 1.7 million ounces of gold to Inferred Resources as higher gold prices enabled lower cut-off grades for bulk-tonnage mining scenarios.

CEO Keith Neumeyer emphasized that 2025 represents an extraordinary chapter in the company's growth story, with exploration programs significantly exceeding depletion replacement goals despite record production. The company completed 264,364 metres of exploration drilling, addressing life-of-mine opportunities across all properties. These results reinforce exploration-driven resource growth as a key pillar of long-term value creation, with an ambitious exploration plan set for 2026.