AG · First Majestic Silver Corp.

First Majestic Silver Corp. delivered Q1 2026 production tracking favorably against full-year guidance, with consolidated silver output at 3.5 million ounces (26% of midpoint) and gold at 34,341 ounces (28% of midpoint), despite modest year-over-year declines primarily from lower head grades due to reduced cut-off grades amid stronger metal prices. La Encantada drove significant outperformance with a 48% YoY silver production increase to 829,081 ounces, fueled by higher grades from the Ojuelas zone, improved ore flow, and 25% higher throughput to 312,199 tonnes. Los Gatos (70% attributable) met guidance with 1.18M silver oz and record zinc/lead output, targeting 4,000 tpd throughput in H2 2026 via enhanced mine development. Santa Elena hit quarterly throughput record at 284,236 tonnes (up 5% YoY) with stable gold production, while San Dimas processed 2% more ore despite planned lower grades. Exploration remained robust with 65,970m drilled using up to 27 rigs, supporting recent reserve/resource updates showing strong growth, particularly at Santa Elena's Navidad and Santo Niño (10.5Mt inferred at 268 g/t AgEq). Jerritt Canyon's restart plan launched April 2, leveraging expanded resources and higher gold price assumptions for H2 2027 production, with Q2 drilling of 42,000m planned. Safety metrics excelled at TRIFR 0.61 and LTIFR 0.06. CEO Keith Neumeyer highlighted operational momentum, mill expansions at Santa Elena and Los Gatos, and ongoing exploration positioning the company well in the current metal price environment. Financial results and Q1 dividend details are set for May 12, 2026 conference call.