FIRST MAJESTIC SILVER Business Summary

First Majestic Silver Corp (AG) is a leading precious metals producer that generates revenue through the extraction, processing, and sale of silver and gold from its portfolio of mining operations in Mexico and the United States. The company’s primary business segments are centered on its three cornerstone Mexican assets—San Dimas, Santa Elena, and La Encantada—supplemented by the Jerritt Canyon gold mine in Nevada. Unlike many peers, First Majestic employs a vertically integrated model via "First Mint," its internal minting facility that enables direct-to-consumer sales of silver bullion, bypassing traditional intermediaries to capture retail premiums. In the global market, the company competes directly with Pan American Silver, Hecla Mining, and Endeavour Silver. First Majestic positions itself as a high-leverage silver play, maintaining one of the highest silver-to-gold revenue ratios in the industry while prioritizing automated processing and liquid-phase extraction technologies to optimize recovery rates. The company was founded in 2002 by Keith Neumeyer, the current President and CEO, who is a prominent figure in the mining sector known for co-founding First Quantum Minerals. The executive leadership includes Chief Operating Officer Steven Holmes, who brings over 35 years of operational experience from Barrick Gold and Freeport-McMoRan, and Chief Financial Officer David Soares, an expert in international resource finance. The technical team is bolstered by Vice President of Exploration Gonzalo Mercado, who leads the company’s focus on expanding mineral reserves at existing sites. The Board of Directors includes seasoned professionals such as Marjorie Co and Thomas Hepler, providing oversight on ESG and corporate governance. Notable institutional investors include VanEck Associates and BlackRock, which maintain significant stakes through major mining ETFs, underscoring the company’s role as a primary vehicle for institutional silver exposure.