AG · First Majestic Silver Corp.

First Majestic delivered exceptional Q1 2026 financial performance, anchored by historically high metal prices and disciplined cost management. Revenue increased 95% YoY to $476.7 million, with the average realized silver price surging 161% to $86.35/oz and gold up 81% to $5,018/oz — the primary drivers behind the $202.8 million year-over-year increase in mine operating earnings. Notably, the Company deferred recognition of $63.6 million in silver and gold bullion (676,637 oz Ag, 2,732 oz Au) held in finished goods inventory, reflecting strategic timing of sales amid volatile markets. While AISC rose 55% YoY to $29.76/AgEq oz, management explicitly attributed this to methodological shifts in the AgEq conversion ratio (75:1 vs. 90:1 in Q1 2025) rather than underlying cost inflation — a point reinforced by their statement that applying prior-year assumptions would lower reported cash costs by 11%. Operational throughput increased 12%, enabling optimization of lower-grade material, and capital expenditures declined 4% YoY to $49.1 million, representing only 20% of full-year guidance. The record $1,128.6 million treasury position — inclusive of $143.8 million in restricted cash — and the near-quadrupling of the quarterly dividend to $0.0171/share underscore robust free cash flow generation ($223.5 million) and strong balance sheet discipline. Management emphasized that rising variable costs (royalties, production bonuses, peso-denominated expenses) were more than offset by pricing power, resulting in an AISC margin of $52.24/AgEq oz — a dramatic improvement from $13.26/oz in Q1 2025 — confirming the Company’s ability to convert favorable metal price environments into outsized profitability.