Company Overview

First Majestic Silver Corp. is a Canadian-based precious metals mining company focused primarily on the production of silver, with secondary exposure to gold. The company operates in the mining and metals industry, specifically within the silver and gold exploration, development, and production segment. Its core revenue is derived from the sale of silver and gold concentrates and doré produced from its wholly owned mining operations.

The company positions itself as a pure-play silver producer, a strategic distinction within the precious metals sector where many peers are diversified across base metals. First Majestic was founded in 2002 and grew through a combination of organic mine development and acquisitions of producing and development-stage assets in Mexico. Over time, it consolidated its asset base to focus on scalable, long-life silver districts and vertically integrated operations, including in-house refining.

Business Operations

First Majestic’s operations are organized around its producing mining assets in Mexico, which collectively form its Operating Mines business segment. The company currently generates revenue from underground silver-gold mines that employ conventional mining, milling, flotation, and leaching technologies. Production output consists of silver and gold, with silver accounting for the majority of metal-equivalent production in most reporting periods.

The company controls key infrastructure and processing facilities, including the Santa Elena processing plant and the La Encantada silver refinery, which enhances operational flexibility and cost control. First Majestic operates through wholly owned Mexican subsidiaries and does not rely on material joint ventures for its core production. Its business model emphasizes direct ownership, operational control, and internal technical expertise across exploration, mining, and processing.

Strategic Position & Investments

First Majestic’s strategy centers on increasing silver leverage through operational optimization, exploration-driven resource expansion, and disciplined capital allocation. Growth initiatives have included mine expansions, plant upgrades, and targeted acquisitions of producing or near-producing assets. A notable transaction in its evolution was the acquisition of Jerritt Canyon Gold LLC, which expanded the company’s exposure to gold in the United States, though the asset has faced operational challenges and strategic reassessment.

The company also invests in exploration across its existing mine sites, with a focus on extending mine life and improving grades. First Majestic has shown interest in downstream integration and alternative revenue channels, including direct-to-consumer silver sales through its online bullion platform, which differentiates it from traditional miners and provides limited but strategic retail exposure.

Geographic Footprint

First Majestic’s operational footprint is concentrated in Mexico, where it owns and operates multiple underground mining complexes across key silver-producing states, including Sonora, Durango, and Coahuila. Mexico represents the company’s most significant source of production, reserves, and workforce, and is central to its long-term strategy.

Corporate headquarters are located in Vancouver, Canada, which serves as the base for executive leadership, capital markets activities, and strategic planning. The company has also maintained operational exposure in North America, including mining assets and administrative functions in the United States, giving it a cross-border presence in two of the world’s most established mining jurisdictions.

Leadership & Governance

First Majestic was founded by Keith Neumeyer, who has played a central role in shaping the company’s silver-focused strategy and public advocacy for silver as a monetary and industrial metal. The leadership team emphasizes operational control, balance sheet discipline, and long-term exposure to silver price fundamentals rather than extensive hedging.

Key members of the leadership team include:

• Keith Neumeyer – President & Chief Executive Officer
• Shaminder Dulai – Chief Financial Officer
• Daniel Muñiz Quintanilla – Chief Operating Officer
• Ernesto Guzman – Vice President, Exploration
• Sandra Whittle – Independent Director & Chair of the Audit Committee

The board of directors is composed of a majority of independent members and operates under Canadian public company governance standards, with oversight of risk management, executive compensation, and strategic direction aligned with shareholder interests.