First Majestic Reports 2025 Production and 2026 Outlook; Increases Dividend
First Majestic Reports 2025 Production and
2026 Outlook; Increases Dividend
Vancouver, British Columbia--(Newsfile Corp. - January 15, 2026) - First Majestic Silver Corp. (NYSE:
AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the
fourth quarter of 2025 from the Company's four producing underground mines in Mexico, namely, the
Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine (the
Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine) and the La Encantada
Silver Mine reached 7.8 million attributable silver equivalent ("AgEq") ounces, consisting of 4.2 million
silver ("Ag") ounces, 41,417 gold ("Au") ounces, 14.2 million pounds of zinc ("Zn"), 8.1 million pounds of
lead ("Pb") and 235,886 pounds of copper ("Cu").
Q4 2025 PRODUCTION HIGHLIGHTS
Record Quarterly Silver Production (+77% Y/Y):
The Company produced 4.2 million silver
ounces in Q4 2025, representing a 77% increase when compared to 2.4 million silver ounces
produced in Q4 2024. Total silver production in the quarter included 1.5 million ounces of
attributable silver production from Los Gatos.
Increased Silver Equivalent Production (+37% Y/Y):
The Company produced 7.8 million AgEq
ounces in Q4 2025 (8.9 million AgEq ounces using updated 2025 guidance assumptions for metal
prices), representing a 37% increase compared to 5.7 million AgEq ounces produced in Q4 2024.
This growth was primarily driven by a 77% increase in attributable consolidated silver production,
including contributions from Los Gatos, as well as improved production at San Dimas.
Continued Active Exploration Program:
During the fourth quarter, the Company completed a
total of 57,305 metres ("m") of drilling across its mines in Mexico and the United States.
Throughout the quarter, up to 27 drill rigs were active consisting of five rigs at Los Gatos, six rigs at
Santa Elena, 13 rigs at San Dimas, one rig at La Encantada and two rigs at Jerritt Canyon.
Positive Exploration Results:
In December, the Company announced positive exploration
drilling results for the Santo Niño and Navidad targets at Santa Elena as well as the Luna Zone
(Ermitaño mine); Santo Niño and Navidad results significantly increase the gold and silver
mineralization footprint beyond the currently declared 2024 Inferred Mineral Resources. This
continued exploration success prompted the launch of preliminary mine planning studies for the
Navidad and Santo Niño discoveries with the goal of integrating both into the district's Life of Mine.
Sale of the Del Toro Silver Mine:
In December, First Majestic entered into a definitive
agreement to sell its 100%-owned past producing Del Toro Silver Mine located in the Municipality
of Chalchihuites, Zacatecas, Mexico to Sierra Madre Gold & Silver Ltd. for total consideration in
cash and Sierra Madre shares of up to $60 million, comprised of upfront consideration of $30
million payable upon closing of the transaction, and an additional $30 million in delayed and
contingent consideration.
Strong Safety Performance Continues:
The consolidated Total Reportable Incident Frequency
Rate ("TRIFR") for 2025 was 0.55, below the Company's 2025 target KPI of 0.70. The Lost Time
Incident Frequency Rate ("LTIFR") was 0.12, positioning the Company as best in class amongst its
peer group. As a result of the Company's continued industry leading safety efforts, Santa Elena
was recognized for "Excellence in Safety" by the Mexican Mining Chamber, in the Underground
Mining category with more than 500 workers.
FY 2025 HIGHLIGHTS
Met upwardly revised production guidance:
With full year 2025 production of 31.1 million
silver equivalent ounces including 15.4 million ounces of silver (guidance range: 14.8 - 15.8 million
ounces), 147,433 ounces of gold (guidance range: 135,000 - 144,000 ounces), 56.7 million
pounds of zinc (guidance range: 52 - 56 million pounds) and 32.3 million pounds of lead (guidance
range: 33 - 35 million pounds), the Company met or exceeded both its original and July 2025
upwardly revised production guidance as a result of solid operating execution across all four
producing mines in 2025.
Acquisition of Gatos Silver, Inc.:
On January 16, 2025, the Company completed the acquisition
of Gatos Silver, adding a 70% joint venture interest in the Los Gatos underground silver mine in
Chihuahua, Mexico to its portfolio of assets (see news release dated
January 16, 2025
). The Los
Gatos operation was successfully integrated into First Majestic's portfolio in 2025.
Record Consolidated Silver Production:
First Majestic produced 15.4 million ounces of silver
in 2025, a new annual record for the Company, and up 84% from 2024. The significant jump in
silver production can be attributed to the acquisition of Los Gatos, as well as a 19% increase in
production at San Dimas and an 18% increase in production at La Encantada.
Another High-Grade Gold and Silver Discovery:
The Company announced the discovery of a
new, high-grade gold and silver vein - Santo Niño - on May 28, 2025 at the Santa Elena property,
approximately 900 m from the Santa Elena plant. This followed the Company's 2024 discovery of
the Navidad/Winter vein hosted system at Santa Elena. Additional drilling at Santo Niño since the
discovery announcement has substantially expanded the footprint of gold and silver mineralization
(see news release dated
December 15, 2025
). A maiden Inferred Mineral Resource estimate for
Santo Niño is expected to be included in the Company's Annual Information Form for the year
ended December 31, 2025, which will be filed at the end of Q1 2026.
Senior Management Update
: As part of First Majestic's continued growth strategy and ongoing
succession planning, the Company announced the promotion of Mani Alkhafaji to the new role of
President & Chief Corporate Development Officer, effective January 1, 2026, with Keith Neumeyer
continuing to serve as Chief Executive Officer of First Majestic from January 1, 2026 onwards.
"2025 was truly a transformational year for First Majestic,"
said Keith Neumeyer, CEO
. "The
acquisition and successful integration of Gatos, improved operational performance at San Dimas and
La Encantada, combined with world-class discoveries at Santa Elena could not have come at a better
time. I am pleased to have First Majestic meet or beat our upwardly revised production guidance
during this favorable metal price environment. Our team delivered when it matters most, achieving
multiple production records and key milestones while maintaining our strong commitment to safety.
As we close out 2025 on a positive note, I am excited about the outlook for 2026, with several
important initiatives underway, including the Santa Elena mill expansion, increased mine throughput
and recovery at Los Gatos, and another robust exploration program across our portfolio."
Impact of high silver prices on by-products conversion ratio (AgEq):
Throughout 2025, silver prices have outperformed gold, lead, and zinc. As a primary silver producer, this
price environment is favorable and strengthens the Company's overall economics. However, silver's
outperformance relative to the Company's by-product metals results in a lower silver-equivalent (AgEq)
conversion ratio for those by-products.
As a result, reported AgEq production and unit cost metrics, including cash costs and AISC per AgEq
ounce, may appear less favorable, as fewer AgEq ounces are attributed to by-product production under
the lower conversion ratio, despite improved underlying economic performance. As a result of the rapid
silver price increases in 2025, relative to by-product metal prices, the Company's reported Q4 2025
production was 1.1 million AgEq ounces lower (1.3 million AgEq ounces lower for FY2025) compared to
AgEq ounces produced using the Company's updated 2025 guidance assumptions for metal prices.
Attributable Consolidated Production Details:
Q4
Q4
Y/Y
FY
FY
Y/Y
2025
2024
Change
Attributable Consolidated Production Results
2025
2024
Change
1,058,276
745,124
42%
Ore processed/tonnes milled
4,003,456
2,686,742
49%
7,845,686
5,713,289
37%
Silver equivalent ounces produced
31,060,764
21,655,427
43%
4,165,334
2,353,865
77%
Silver ounces produced
15,435,506
8,400,796
84%
41,417
39,506
5%
Gold ounces produced
147,433
156,542
(6)%
14,238,927
N/A
N/A
Zinc pounds produced
56,690,291
N/A
N/A
8,108,949
N/A
N/A
Lead pounds produced
32,264,292
N/A
N/A
235,886
N/A
N/A
Copper pounds produced
920,509
N/A
N/A
I
.
Consolidated production values include attributable ounces from the Los Gatos Silver Mine (70%) from January 16, 2025 onwards.
Q4 2025 Mine-by-Mine Production Details:
Mine
Ore
Processed
Tonnes
per Day
Ag Grade
(g/t)
Au Grade
(g/t)
Ag
Recovery
Au
Recovery
Ag Oz
Produced
Au Oz
Produced
AgEq Oz
Produced
Los Gatos (100%)
324,143
3,562
235
0.25
87%
50%
2,130,336
1,277
2,988,030
Los Gatos (70%)
226,900
2,493
235
0.25
87%
50%
1,491,235
894
2,091,621
Santa Elena
283,721
3,118
62
2.90
64%
95%
358,185
25,083
2,279,397
San Dimas
243,807
2,679
189
2.05
89%
94%
1,315,711
15,066
2,449,162
La Encantada
303,848
3,339
140
0.00
73%
90%
1,000,203
32
1,002,725
I
.
Certain amounts shown in this table may not add exactly to the total amount due to rounding differences.
II
.
The metal prices that were used to calculate the silver equivalent ounces were silver: $54.83/oz, gold: $4,142/oz, lead: $0.89/lb.; zinc:
$1.44/lb, and copper: $5.04/lb.
III
.
Jerritt Canyon was placed on temporary suspension in March 2023. In-circuit recovery efforts performed in Q4 2025 resulted in production
of 342 gold ounces or 22,781 AgEq ounces at Jerritt Canyon not shown in the table above.
IV
.
AgEq ounces for the Los Gatos Silver Mine include 14,238,927 lbs. zinc, 8,108,949 lbs. lead and 235,886 lbs. copper (70% attributable
basis), and 20,341,324 lbs. zinc, 11,584,213 lbs. lead and 336,977 lbs. copper (100% basis).
Los Gatos Silver Mine (reported on a 70% attributable basis):
During the fourth quarter, Los Gatos produced 2,091,621 attributable AgEq ounces, consisting of
1,491,235 ounces of silver, 14,238,927 pounds of zinc, 8,108,949 pounds of lead, 235,886
pounds of copper and 894 ounces of gold. Production at Los Gatos improved sequentially from the
prior quarter primarily due to improved mobile equipment availability, leading to normalized mining
rates.
The mill processed a total of 226,900 tonnes of ore, with head grades of 235 g/t silver, 3.88% zinc,
1.94% lead, and 0.25 g/t gold. Management continues to focus on achieving a sustainably higher
mill throughput at Los Gatos by increasing mining rates. The Company has engaged a new
contractor to increase development rates and is targeting a sustained increase in ore throughput to
4,000 tpd, based on operating days, in the second half of 2026.
Silver, zinc, lead and gold recoveries during the quarter averaged 87%, 73%, 86% and 50%,
respectively.
During the quarter, five surface drill rigs completed 10,954 m of drilling on the property. Drilling
continued at the South-East Deeps, Central Deeps and North-West Deeps zones, as well as at
other greenfield targets.
Santa Elena Silver/Gold Mine:
Santa Elena produced 2,279,397 AgEq ounces during the quarter, a decrease of 16% year-over-
year, consisting of 358,185 ounces of silver and 25,083 ounces of gold. While silver production
and higher silver prices are positively impacting economics, reported silver equivalent production
was impacted negatively by the rising silver price in the quarter. Silver production was down only
6% while gold production was down 15% year-over-year primarily due to lower grade silver and
gold ore from the lower levels of the Ermitaño mine, as expected under the 2025 mining plan.
The mill processed a quarterly record of 283,721 tonnes of ore in the fourth quarter, 4% higher than
the same period last year, with average silver and gold head grades of 62 g/t and 2.91 g/t,
respectively. Average silver ore grades decreased 7%, while gold ore grades declined 11% for
the quarter, in line with the mine plan.
Silver and gold recoveries during the quarter averaged 64% and 95%, respectively, compared to
69% and 96% in the same period last year. Lower recoveries were anticipated and are a direct
correlation to lower feed grades.
During the quarter, six drill rigs, consisting of three surface rigs and three underground rigs,
completed 10,846 m of drilling on the property. Drilling focused on testing extensions of the newly
discovered Santo Niño and Navidad resources, and the conversion of Inferred Mineral Resources
to Indicated Mineral Resources at Ermitaño-Luna.
San Dimas Silver/Gold Mine:
San Dimas produced 2,449,162 AgEq ounces during the quarter representing a 10% increase
compared to Q4 2024, consisting of 1,315,711 ounces of silver and 15,066 ounces of gold. Silver
production increased by 10%, while gold production increased by 23%, when compared to the
same period last year. The strong quarterly performance was a result of increased throughput and
gold grades, as well as improved recoveries, partially offset by slightly lower silver grades.
The mill processed a total of 243,807 tonnes of ore, an increase of 11% compared to Q4 2024,
with average silver and gold grades of 189 g/t and 2.05 g/t, respectively, compared with 195 g/t
and 1.88 g/t, respectively, in the same period last year. Higher throughput was driven by increased
milling rates and above-nameplate mill performance during the quarter achieved through improved
mining rates as a result of continued improvements in drilling and blasting efficiencies,
development waste to ore conversion and ore stockpiling earlier in the year.
Silver and gold recoveries during the quarter averaged 89% and 94%, respectively, compared to
87% and 93%, respectively, in the same period last year.
During the quarter, a total of 13 drill rigs consisting of two surface rigs and 11 underground rigs
completed 27,753 m of drilling on the property. Drilling focused on the Coronado, Elia, and Regina
veins.
La Encantada Silver Mine:
During the quarter, La Encantada produced 1,000,203 ounces of silver, representing a 32%
increase compared to Q4 2024, driven primarily by a 20% increase in ore processed, and an 11%
increase in silver grades. Production at La Encantada improved significantly due to improved ore
flow and mine development rates resulting from management initiatives and the engagement of a
new mine development contractor.
The mill processed a total of 303,848 tonnes of ore, a 20% increase over the same period last
year, with an average silver grade of 140 g/t, compared to 126 g/t in the same period last year.
Silver recovery for the quarter was 73%, consistent with Q4 2024.
During the quarter, one surface drill rig completed 1,863 m of drilling on the property. The
Company is currently testing a new exploration target, La Esquina.
Jerritt Canyon Gold Mine:
During the quarter, up to two surface drill rigs completed 5,889 m of drilling on the property,
contributing to the Company's total of 18,410 m of exploration drilling at Jerritt Canyon in 2025,
surpassing its guidance of 18,000 m. Drilling was focused on greenfield exploration and Mineral
Resource addition. The Company plans to release the 2025 drill program results in the first quarter
of 2026.
2026 OUTLOOK
First Majestic is pleased to announce the Company's consolidated 2026 production and cost guidance.
In 2026, the Company expects to achieve total attributable production from its four operating mines in
Mexico of between 13.0 to 14.4 million ounces of silver, 116,000 to 129,000 ounces of gold, 52.4 to 58.2
million pounds of zinc, 34.2 to 38.1 million pounds of lead, and 1.1 to 1.3 million pounds of copper. The
decrease in forecasted production relative to 2025 is partially driven by lower metal grades resulting
from a reduced cut-off grade due to improved economics as a result of higher forecasted metal prices in
2026, partially offset by higher throughput with mill and mine throughput expansion projects currently
underway, with anticipated completion in H2 2026.
A mine-by-mine breakdown of the Company's 2026 production and cost guidance is included in the
table below.
2026 Full Year Mine-by-Mine Guidance:
Operation
Silver Oz
(M)
Gold Oz
(k)
Lead Lbs
(M)
Zinc Lbs
(M)
Copper Lbs
(M)
Cash Cost
($ per AgEq Oz)
AISC
($ per AgEq Oz)
Los Gatos (70%), Mexico
4.8 - 5.4
2.9 - 3.1
34 - 38
52 - 58
1.1 - 1.3
14.88 - 15.62
18.01 - 19.04
Santa Elena, Mexico
1.3 - 1.5
64 - 71
-
-
-
20.04 - 21.06
24.90 - 26.40
San Dimas, Mexico
4.0 - 4.4
49 - 55
-
-
-
18.55 - 19.56
24.63 - 26.30
La Encantada, Mexico
2.8 - 3.1
0
-
-
-
24.20 - 25.52
30.54 - 32.50
Operations Total
13.0 - 14.4
116 - 129
1.1 - 1.3
$18.64 - $19.62
$23.81 - $25.31
Corporate:
($ per AgEq Oz)
($ per AgEq Oz)
Corp. G&A and Services
-
-
-
-
-
-
2.34 - 2.60
Total:
($ per AgEq Oz)
($ per AgEq Oz)
Total Consolidated
13.0 - 14.4
116 - 129
34 - 38
52 - 58
1.1 - 1.3
$18.64 - $19.62
$26.15 - $27.91
I
.
Certain amounts shown in the above table may not add exactly to the total amount due to rounding differences.
II
.
These measures do not have a standardized meaning under the Company's financial reporting framework and the methods used by the
Company to calculate these measures may differ from methods used by other companies with similar descriptions. The Company calculates
cash costs and consolidated AISC in the manner set out in the table below. These measures have been calculated on a basis consistent
with historical periods. See "Non-GAAP Measures" at the end of this news release for further details regarding these measures and a
reconciliation of non-GAAP to GAAP measures.
For 2026, the Company will report cash costs and all-in sustaining costs ("AISC") guidance on a cost
per unit basis, using a fixed gold-to-silver ratio of 75:1 with the following metal price assumptions: silver:
$52.00/oz, gold: $3,900/oz, lead: $0.90/lb., zinc: $1.35/lb., copper: $4.80/lb. The foreign currency
assumption is MXN:USD 18.25:1.
The Company is projecting its 2026 consolidated AISC to be $26.15 to $27.91 on a per consolidated
payable AgEq ounce basis. Although strong silver production and higher silver prices improve overall
economics, the lower AgEq conversion ratio used in reporting reduces the number of AgEq ounces over
which costs are allocated. As a result, reported cash costs and AISC per AgEq ounce appear higher,
despite stronger underlying economics. Applying the Company's updated 2025 guidance assumptions
for metal prices and the USD/MXN exchange rate, 2026E AISC would be approximately $23.60 per
AgEq ounce, at the mid-point.
Excluding non-cash items, the Company anticipates its 2026 AISC to be within the range of $25.45 to
$27.14 per payable AgEq ounce. An itemized cost table for the AISC calculation is provided below:
All-In Sustaining Cost Calculation
FY 2026 ($ per AgEq oz)
Total Cash Costs per Payable Silver Ounce
18.64 - 19.62
General and Administrative Costs
1.85 - 2.05
Sustaining Development Costs
0.85 - 0.90
Sustaining Property, Plant and Equipment Costs
1.64 - 1.82
Profit Sharing
1.63 - 1.81
Lease Payments
0.84 - 0.94
Share-based Payments (non-cash)
0.50 - 0.55
Accretion and Reclamation Costs (non-cash)
0.20 - 0.22
All-In Sustaining Costs (AgEq Oz)
$26.15 - $27.91
All-In Sustaining Costs: (AgEq Oz excluding non-cash items)
$25.45 - $27.14
I
.
Certain amounts shown may not add exactly to the total amount due to rounding differences.
II
.
Consolidated AISC includes general and administrative cost estimates and non-cash costs of $2.55 to $2.82 per AgEq ounce.
III
.
AISC does not have a standardized meaning under the Company's financial reporting framework and the methods used by the Company to
calculate AISC may differ from methods used by other companies with similar descriptions. See "Non-GAAP Measures" at the end of this
news release for further details regarding these measures and a reconciliation of non-GAAP to GAAP measures.
CAPITAL INVESTMENTS IN 2026
In 2026, the Company plans to invest between $213 million to $236 million in capital expenditures
consisting of $58 million to $66 million for sustaining activities and $154 million to $171 million for
expansionary projects. This represents an approximate 16% increase compared to the 2025 revised
capital expenditure guidance of $193 million and is aligned with the Company's future growth strategy of
increasing exploration and development activities.
Key initiatives include plant expansion at Santa Elena to 3,500 tpd, mine throughput increase at Los
Gatos to 4,000 tpd, ongoing studies and early-stage mine development at the Navidad and Santo Niño
discoveries, and the acquisition of the remaining haulage fleet at La Encantada to support higher mining
and throughput rates. These investments are fully aligned with the Company's long-term growth strategy.
Area
Sustaining ($M)
Expansionary ($M)
Total ($M)
Underground Development
19 - 22
66 - 73
85 - 94
Exploration
0
41 - 45
41 - 45
Property, Plant and Equipment
37 - 41
34 - 38
71 - 79
Corporate Projects
2 - 3
13 - 15
16 - 18
Total
$58 - $66
$154 - $171
$213 - $236
I
.
Certain amounts shown in this table may not add exactly to the total amount due to rounding differences.
The Company is planning approximately 266,000 m of exploration drilling in 2026, representing another
year of significant exploration after the 265,057 m of exploration drilling completed in 2025. The 2026
drilling program is expected to consist of:
At San Dimas, approximately 117,000 m of drilling is planned with infill, step-out and exploratory
holes focused on near mine and brownfield targets including major ore controlling structures in the
West, Central and Sinaloa blocks. Exploration efforts represent a balanced approach to adding
Inferred Mineral Resources along known veins, converting Inferred to Indicated Resources and
identifying new veins in locations where post mineral cover has deferred work to date. Additionally,
the exploration team anticipates returning to the Tayoltita, El Cristo, and Santa Rita areas where
little to no exploration has taken place in several years.
At Santa Elena, approximately 78,000 m of drilling is planned. Drilling at Santa Elena will focus on
converting Inferred to Indicated Resources at the Santo Niño Discovery, continuing to drill test
extensions of the Navidad and Santo Niño projects and testing several greenfield targets within a
10-kilometre radius around the processing plant where a new geologic understanding of district
geology has highlighted the presence of large areas with exploration upside.
At Los Gatos, approximately 61,000 m of drilling is planned. Exploration will be split between
testing new areas which have the potential to host large volumes of mineralization and infill drilling
at the recently identified NW and Central Deeps mineralization.
The Company plans to complete approximately 50,000 metres of underground development in 2026,
compared to 40,514 m completed in 2025. The 2026 development program consists of approximately
22,000 m at San Dimas, 7,200 m at Santa Elena, 12,000 m at Los Gatos, and 8,700 m at La
Encantada. At San Dimas, the Company is planning to concentrate development metres in the Perez,
Roberta and Elia Veins. At the Santa Elena district, underground development is expected to focus on
Ermitaño, Luna and the Santa Elena veins. At the Los Gatos district, development is to take place in all
segments (NW, Central and SE) of the mine. At La Encantada, the Company plans to continue to
develop the Ojuelas and Milagros ore bodies for 2026 production.
Management may revise the Company's guidance during the year to reflect actual and anticipated
changes in metal prices or to the business. There can be no assurance that cost estimates related to the
Company's 2026 guidance will prove to be accurate. For further details regarding relevant risks,
including those related to the allocation of capital by the Company, see the section entitled
"Risk
Factors
" in the Company's most recently filed AIF.
Q4 2025 EARNINGS AND DIVIDEND ANNOUNCEMENT
The Company plans to release its fourth quarter 2025 unaudited financial results, and announce its
dividend payment for the fourth quarter of 2025, and shareholder record and payable dates for such
dividend payment, on February 19, 2026.
INCREASED DIVIDEND
The Company is also pleased to announce that it is increasing its dividend per common share from 1%
to 2% of net quarterly revenues earned from January 1, 2026 onwards divided by the number of common
shares of the Company outstanding as at the record date for the dividend (with respect to net quarterly
revenues generated from the Los Gatos Silver Mine, 70% of such revenue, being the revenue that is
attributable to the Company,
is used for the purposes of the Company's quarterly dividend calculation).
The first payment at this increased dividend level will be made in May of this year when the Company
pays its dividend for Q1 2026 in respect of revenue earned from January 1, 2026 onwards.
"
The announcement of the increase to our dividend underscores the strength and sustainability of our
business, supported by the continued growth of our robust operations,
" stated Keith Neumeyer, CEO.
"
The increase to our dividend rewards shareholders while providing enhanced leverage to silver
prices, as it is directly tied to the Company's net revenues. I expect we will continue to benefit from
improving economics in the years ahead, which will provide the Company with opportunities to make
further increases to our dividend payments in the future.
"
Under the Company's dividend policy, the payment of all quarterly dividends is subject to the discretion
of the Board of Directors. The Company reviews its dividend policy on an ongoing basis and may
amend the policy at any time in light of the Company's then current financial position, profitability, cash
flow, debt covenant compliance, legal requirements and other factors considered relevant.
As such, no
assurances can be made that dividends will be declared and/or paid in the future.
Dividends paid to
shareholders outside Canada (non-resident investors) will be subject to Canadian non-resident
withholding taxes.
CONFERENCE CALL ANNOUNCEMENT
The Company will host a conference call and webcast on
Thursday, February 19, 2026, at 8:30 a.m.
(PT) / 11:30 a.m. (ET)
to provide investors and analysts with a business update, and to discuss its fourth
quarter production and financial results and 2026 guidance.
To participate in the conference call, please use the following dial-in numbers:
Canada & USA Toll-Free:
+1-833-752-3407
Outside of Canada & USA:
+1-647-846-2866
Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the
conference on time.
A live webcast of the call will be accessible through the "February 19, 2026 Webcast Link" on the First
Majestic home page at
www.firstmajestic.com
. A webcast archive will be available approximately one
hour after the end of the event and will be accessible for three months through the same link as the live
event.
A recording of the conference call will be available for telephone replay approximately one hour after the
end of the event by calling:
USA & Canada Toll-Free:
+1-855-669-9658
Outside of Canada & US:
+1-412-317-0088
Access Code:
2656428
The telephone replay will be available for seven days following the end of the event.
QUALIFIED PERSONS
Gonzalo Mercado, P.Geo., the Company's Vice-President of Exploration & Technical Services and a
"Qualified Person" as defined under National Instrument 43-101
Standards of Disclosure for Mineral
Projects
, has reviewed and approved the scientific and technical information contained in this news
release.
ABOUT FIRST MAJESTIC
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and
the United States. The Company presently owns and operates four producing underground mines in
Mexico: the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, the Los Gatos Silver Mine
(the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine),
and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets,
including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.
First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion
of its silver production for sale to the public.
Bars, ingots, coins and medallions are available for
purchase online at
www.firstmint.com
, at some of the lowest premiums available.
For further information, contact
, visit our website at
www.firstmajestic.com
or call
our toll free number 1.866.529.2807.
FIRST MAJESTIC SILVER CORP.
"signed"
Keith Neumeyer, CEO
Non-GAAP Financial Measures
This news release includes reference to certain financial measures which are not standardized
measures under the Company's financial reporting framework. These measures include cash costs per