AG · First Majestic Silver Corp.

First Majestic Silver Corp. is advancing a comprehensive restart plan for its 100%-owned Jerritt Canyon Gold Mine in Nevada, driven by a significantly expanded mineral resource base of 4.1 million ounces gold in Measured and Indicated categories plus 3.7 million ounces Inferred, as reported in 2025 year-end estimates effective December 31, 2025. This follows successful drilling over the past two years and strengthened long-term gold price assumptions, positioning the fully permitted asset with existing infrastructure for low-cost bulk-tonnage open-pit mining alongside underground operations. The company has committed $75 million in capital expenditures for 2026, detailed across key workstreams including $15 million for a 42,000-meter drilling program (19,000m underground, 23,000m surface), $13 million each for surface support/initial mining fleet and underground preparation/development, $12 million for plant upgrading/winterization, and other technical, workforce, and dewatering initiatives. A pre-feasibility level study by Stantec Consulting Services Inc. is slated for completion in Q4 2026 to optimize mine designs, schedules, and long-term production paths. CEO Keith Neumeyer emphasized the opportunity in the current metal price environment to generate shareholder value through owner-operated mining and an optimized plan, post the seamless integration of Gatos Silver. Jerritt Canyon, with historical production of 9.85 million ounces gold since 1981 and a 4,000 tpd roasting plant, was placed in care and maintenance in March 2023 due to high costs and weather events but remains compliant for restart. Additional updates on progress and H2 guidance are planned for July 2026, underscoring strategic focus on this tier-one jurisdiction asset amid favorable market conditions.