ファースト・マジェスティック・シルバー社が提出したものであり、1933年の証券法に基づいてルール425に基づき、また1934年の証券取引法に基づいてルール14a-12に基づいて提出されたものです。対象企業：Gatos Silver, Inc. (Commission File No. 001-39649) 企業プレゼンテーション2024年10月 TSX | AG NYSE | AG FSE | FMV

注意事項免責事項ここに記載されているFirstに関する特定の声明 Majestic Silver Corp.（以下「当社」）とその事業は、「将来の見通し」に関する当社の年次情報フォームの「事業の説明-リスク要因」というタイトルのセクションで説明されています 改正された1933年の証券法のセクション27Aおよび2023年12月31日に終了した年度のセクション21Eの意味における「声明」は、www.sedarplus.caで入手可能で、最近提出されたフォーム40-Fの添付資料として 1934年の証券取引法（改正版）は、ワシントンDCの米国証券取引委員会が作成したセーフハーバーの対象となることを目的としています。これは、EDGARのセクションおよびその他の該当するセクションで確認できます。 該当するカナダの証券法（総称してwww.sec.gov/edgarまたはFirst Majesticのウェブサイトに掲載されています）に基づく法律および「将来の見通しに関する情報」。当社は、次のような重要な要素を特定しようとしましたが 「将来の見通しに関する記述」)。これらの記述は、将来の出来事や将来の業績、事業の見通しに関するものであるか、実際の結果が将来の見通しに関する記述に含まれるものと大きく異なる原因となる可能性があります。 First Majesticにとってのその他の要因は、将来の業績の予測に基づいており、金額の見積もりはまだ決定できず、業績が予想、推定、意図したとおりにならない原因となっています。同社は ファースト・マジェスティック社の経営陣の仮定に反映されている期待は、経営者の経験とこれらの将来の見通しに関する記述に対する認識に照らして誠意を持ってなされたものですが、そのような保証はありません 記述は、過去の傾向、現在の状況、および予想される将来の展開であることが証明されます。将来の見通しに関する記述には以下が含まれますが、正確ではありません。実際の結果や将来の出来事は、そのような記述で予想されるものと大きく異なる可能性があるためです ステートメント。したがって、Gatos Silver, Inc.（「Gatos」）との取引（「取引」）の完了（「取引」）に関する記述に限ります。読者は、将来の見通しに関する記述に過度に依存しないでください。 これらの記述は、本書の日付の時点でのみ記載されています。関連する条件とタイミング、Gatosからの予想フリーキャッシュフロー、株主の期待価値創造、将来について当社は、将来の見通しに関する記述を更新することを約束しません 銀やその他の金属の価格、貴金属の世界的な供給と市場、収益、適用される証券法に基づく鉱物埋蔵量の見積もりを除き、参考資料としてここに組み込まれています。 鉱物埋蔵量推定の実現、将来の推定生産時期と量、鉱山の寿命当社は、気候条件の変化は、見積もりの変更、回復を通じて事業と事業に悪影響を及ぼす可能性があると指摘しています。 料金、生産コスト（現金コストとオールインサステインコストを含む）、資本支出、マージン気象パターン、環境事故、異常気象。これには、積雪量の変化や推定降水量、費用などが含まれます と新しい鉱床の開発のタイミング、探査プログラム、配当金の支払いのタイミングと支払い、水位、極端な気温、海面変化、その他の気象事象、凍結状態、洪水、タイミング、そして可能性は 係争中の訴訟や税務申告、会社の株式市場、会社の干ばつ、または火災の結果。このような状況は、スタッフやESGの安全に影響を及ぼし、直接的または間接的に当社の事業に影響を与える可能性があります スコアパフォーマンス。 仮定が正しくないことが判明する可能性があり、実際の結果は予想とは大きく異なる場合があります。私たちが事業を展開している地域社会は、現場への安全なアクセスを妨げ、施設や設備に損害を与え、エネルギーを混乱させ したがって、ガイダンスを保証することはできません。そのため、投資家は、ガイダンス給水に過度に依存しないように注意する必要があります。これにより、労働力や資材が不足し、サプライチェーンが中断する可能性があります。そして、という保証はありません 将来の見通しに関する記述。会社が基づいている計画、仮定、または期待が、厳しい気候条件に関連するリスクをうまく予測、対応、管理できるという保証はありません。どれでも配置されています が発生します。このような混乱は、会社の運営、生産、および財務結果に悪影響を及ぼす可能性があります。一般的に、これらの将来の見通しに関する記述は、計画などの将来の見通しに関する用語を使用することで識別できます。 特定の技術情報が、そのような言葉やフレーズの予想、予算、予定、見積り、予測、意図、予想するかどうか、または期待しないか、特定の技術情報がそのような言葉やフレーズのバリエーション、または特定の行動を述べているか、 出来事や結果かもしれません。Gatos、その直接および間接の子会社と関連会社、およびそれぞれに関する科学的および技術的情報は、取得されたり、発生したり、達成されたりする可能性があります。実際の結果は異なる場合があります 将来の見通しに関する記述。将来の事業と不動産は、Gatosが公開した開示文書（見通しに関する年次報告書を含む）に基づいており、既知および未知のリスク、不確実性、その他の影響を受けます 2024年2月20日にSECに提出された2023年12月31日に終了した年度のフォーム10-kは、会社の活動、業績、または業績のレベルに関する修正第1号により修正された、実際の結果に影響する可能性のある要因 2024年5月6日にSECに提出されたこのような年次報告書（www.sec.gov/edgar）で表明または暗示されているものとは異なります。（「Gatos年次報告書」）および将来の見通しに関する技術的な記述。これには以下が含まれますが、これらに限定されません。 10月20日付けの「鉱物資源および鉱物埋蔵量の最新情報、ロス・ガトス合弁事業、メキシコ・チワワ」と題された報告について、該当するすべての成約条件を満たすか、適時またはまったく履行されないか、該当するすべての成約条件の放棄 必要なすべての株主、証券取引所、および2023年の領収書（「Gatosテクニカルレポート」）を含みますが、これらに限定されません。それぞれは、規制当局の承認または同意を得てEDGARのwww.sec.gov/edgarまたはSEDAR+で入手できます。 当社、Gatos、およびそれぞれのwww.sedarplus.comに関して重要な変更はありません。Gatosテクニカルレポートは、会社を代表して、P.Geoのゴンザロ・メルカドによってレビューされました。 社内業務; 決算のタイミング 取引と、何らかの理由で取引が成立しなかったこと。会社の結果のQP。当社の知る限りでは、本書の日付の時点で、新しい法的手続きはありません。 取引に関連する予期せぬ困難や支出、鉱物資源や埋蔵量の開示を不正確にするような重要な科学技術情報の価値に関連するリスク、または 取引に関連して発行されます。保留中の取引に管理時間を転用すること-誤解を招く恐れがあります。当社は、Gatosに起因するいかなる声明や報告も（以前の鉱物関連の問題やリスクを含む）を確認したり採用したりしていません 買収の統合に関するもの、国際事業に関連するリスク、共同準備金と資源の申告に関するリスク、このプレゼンテーション以外でGatosが行ったもの）。ベンチャー事業、変動について 証券市場、COVID-19、その他のパンデミックの事業と労働力への影響、および世界の経済と社会への影響、インフレを含む一般的な経済状況、非GAAP財務指標のリスク、 現在の探鉱活動の実際の結果、現在の再生活動の実際の結果、再生費用。このプレゼンテーションには、標準化された対策ではない特定の財務指標への言及が含まれています 会社の経済評価の結論、計画が引き続き改善される過程でのプロジェクトパラメータの変化、商品価格、将来の財務報告の枠組み。これらの対策には、1人あたりのオールインサステインコスト（または「AISC」）が含まれます 銀当量オンス、金属の現金コスト需要と価格、鉱石埋蔵量、等級または回収率の変動の可能性、実際の業績と銀換算オンスあたりの可能なフリーキャッシュフロー。会社はこれらを信じています 対策、プラント、設備、またはプロセスが予想どおりに稼働しなかった場合の措置、運用目的に十分な水の入手可能性、IFRSに従って決定される措置により、投資家の評価能力が向上します。 鉱業の事故、労働争議、その他のリスクの根底にある業績、政府の承認や資金調達、または会社での取得の遅れ。これらの指標は、鉱業のベンチマークとして広く使用されています 実績はあるが、開発または建設活動の完了、国や地方自治体の変更、法律、課税、IFRSで規定されている標準化された意味がないため、比較できない可能性があります 規制、規制、政治的または経済的動向、鉱業や他の会社に関連する運営上または技術上の問題によって開示されている同様の措置。このデータは追加情報を提供するためのもので、そうであってはなりません 単独で、または開発活動として考慮されます。鉱物探査、開発、鉱業の事業に関連するリスクと危険は、IFRSに従って作成された業績指標の代わりになります。詳細な説明については 当社の方法（環境災害、労働災害、異常または予期しない地層、圧力、陥落、洪水を含む）については、そのような指標の計算方法と、特定の指標とGAAP条件との調整をご覧ください 当社の最新の経営陣の議論と分析がSEDAR+に提出されたサプライヤー、精製業者、その他の関係者の信用力または財政状態に関連するリスクにおける「非GAAP指標」 www.sedarplus.caとEDGARは事業を行っています。リスクと危険をカバーする適切な保険に加入できず、www.sec.gov/edgarという法律や規制が存在しています。Gatosに関するそのような措置に関する情報は、直接です および間接子会社、および現在メキシコで制定されているものを含め、鉱業に制限を課す可能性があります。従業員関係、関連会社との関係、およびそれぞれの事業と財産は、開示文書に基づいています。 Gatosが公に提出した、地域社会や先住民による請求。採掘資材の入手可能性とコスト増加、Gatos年次報告書を含む。Gatosがそのような指標を計算する方法の詳細な説明については ロスレイバー、鉱物探査と開発の投機的な性質（必要なライセンス取得のリスクを含む）、ガトス鉱山、および特定の指標と米国会計基準との調整については、「非GAAP」をご覧ください。 Gatosの年間許可と政府当局からの承認にある「対策」、資産としての鉱物埋蔵量の減少または等級が報告されています。 2 税金 | ニューヨーク証券取引所 | 税金 FSE | FMV

CAUTIONARY DISCLAIMER Important Information for Investors and Shareholders about the Transaction and Where to Find It This presentation is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities of First Majestic or Gatos or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities of First Majestic or Gatos in any jurisdiction in contravention of applicable law. This presentation may be deemed to be soliciting material relating to the transaction. In connection with the proposed transaction between First Majestic and Gatos pursuant to the Definitive Agreement and subject to future developments, First Majestic will file with the U.S. Securities and Exchange Commission (the “SEC”) a registration statement on Form F-4 that is expected to include a Proxy Statement of Gatos that will also constitute a Prospectus of First Majestic (the “Proxy Statement/Prospectus”) and other documents. First Majestic will also file a management proxy circular in connection with the transaction with applicable Canadian securities regulatory authorities. This presentation is not a substitute for any registration statement, proxy statement, prospectus or other document First Majestic or Gatos may file with the SEC or Canadian securities regulatory authorities in connection with the pending Transaction. Gatos plans to mail to the Gatos stockholders the definitive Proxy Statement/Prospectus in connection with the transaction and First Majestic will deliver its proxy circular to First Majestic shareholders. INVESTORS AND SECURITY HOLDERS OF GATOS AND FIRST MAJESTIC ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND MANAGEMENT PROXY CIRCULAR, RESPECTIVELY, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORY AUTHORITIES CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE TRANSACTION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FIRST MAJESTIC, GATOS, THE TRANSACTION AND RELATED MATTERS. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus (when available), the filings with the SEC that will be incorporated by reference into the Proxy Statement/Prospectus and other documents filed with the SEC by First Majestic and Gatos containing important information about First Majestic or Gatos and the Transaction through the website maintained by the SEC at www.sec.gov. Investors will also be able to obtain free copies of the management proxy circular and other documents filed with Canadian securities regulatory authorities by First Majestic, through the website maintained by the Canadian Securities Administrators at www.sedarplus.com. In addition, investors and security holders will be able to obtain free copies of the documents filed by First Majestic with the SEC and Canadian securities regulatory authorities on First Majestic’s website at www.firstmajestic.com or by contacting First Majestic’s investor relations team. Copies of the documents filed with the SEC by Gatos will be available free of charge on Gatos’s website or by contacting Gatos’ investor relations team. Participants in the Merger Solicitation First Majestic, Gatos and certain of their respective directors, executive officers and employees may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the shareholders of First Majestic and the stockholders of Gatos in connection with the transaction, including a description of their respective direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus described above and other relevant documents when it is filed with the SEC and Canadian securities regulatory authorities in connection with the transaction. Additional information regarding First Majestic’s directors and executive officers is also included in First Majestic’s Notice of Annual Meeting of Shareholders and 2024 Proxy Statement, which was filed with the SEC and Canadian securities regulatory authorities on April 15, 2024, and information regarding Gatos’s directors and executive officers is also included in Gatos’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 20, 2024, as amended by Amendment No. 1 to such annual report filed with the SEC on May 6, 2024 and Gatos’ 2024 Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2024. These documents are available free of charge as described above. 3 TSX | AG NYSE | AG FSE | FMV

Mine Production Mined Silver Production Vs. Silver Demand Silver is critical due to its unique properties, Current silver to gold 1300 making substitution mine supply ratio 7:1 nearly impossible 1100 900 82% of forecasted annual Silver is the single silver supply is sourced most electrically from mining, 18% is 700 conductive metal sourced from recycling 500 Forecasted annual 2024F demand by usages: 300 silver consumption is 61% industrial fabrication ~1,219M ounces 17% coins & bars compared to annual Source: Metals Focus 17% jewelry 100 mine production of ~ 5% silverware 2014 2016 2018 2020 2022 2024F 824M ounces Mine Production Recycling Silver Demand Source: Metals Focus 4 TSX | AG NYSE | AG FSE | FMV Silver Moz Silver

• Silver is the best-known electrical conductor, best metallic Photovoltaic and Electric Vehicle Silver Demand thermal conductor, and has the highest known reflectivity of 400 any raw material. • These qualities make silver an irreplicable in applications 295 where quality is critical. For example, silver: 300 265 • Serves as electrodes in the most common solar cell types. 185 200 • Is in nearly every electronic system from 157 150 149 134 133 135 telecommunication infrastructure to electric vehicles. • Is a preferred component of reflectors in telescopes and 100 concentrated solar installations. • As we move to a high-tech, low-carbon economy, we will need more technologies that utilize silver. 0 2016 2018 2020 2022 2024F • The International Renewable Energy Agency (IRENA) reports that global energy commitments alone would require an 18- PV Silver Demand EV Silver Demand fold increase in solar deployment between 2018 and 2050. ~35% of total global mined production Source: Metals Focus 5 TSX | AG NYSE | AG FSE | FMV Silver Moz

ABOUT THE COMPANY Multi Leverage Asset Goal to Silver Producer ~50% of revenue from Three doré-producing Become the World’s Largest Silver (50% Gold) underground mines in Mexico Primary Silver Producer North Bullion American Producer Assets First Mint >245,000 Ha of mining Own and produce .999+ claims in two premier bullion at our minting mining jurisdictions – facility, First Mint, LLC Mexico and Nevada 6 TSX | AG NYSE | AG FSE | FMV

Sustainalytics • ESG Risk Rating improved by 39% year over year. High • As of Q2 2024 our score of 30.6 is in the top 40% industry performance. Medium S&P Global Low • 2023 Corporate Sustainability Assessment ESG Negligible score improved to 31, above the Metals & Mining industry average for the first time. ISS ESG • As of Q2 2024, both our environment and social 31 scores are in the top 40% of mining industry 25 performance. 20 17 • We achieved placement in the best 10% for the environment sub-topics of “natural resources” and “waste and toxicity”, as well as the social sub-topics of “Labor, Health and Safety” and Industry Average “Product Safety, Quality, and Brand” 2020 2021 2022 2023 2024E 7 TSX | AG NYSE | AG FSE | FMV Sustainalytics S&P Global Measure of performance Measure of risk

FIRST MAJESTIC SILVER ANNOUNCES AGREEMENT TO ACQUIRE GATOS SILVER IN ALL-SHARE DEAL WORTH ~US$970M • The transaction value is based on the fixed exchange ratio of 2.550 First Majestic Shares per Gatos Share (US$13.49 per share at time of announcement) implying total equity value for Gatos of ~US$970M • The transaction has been approved by the Board of Directors of First Majestic and Gatos • The transaction is anticipated to close in January 2025 and is subject to: • The approval of at least 50%+1 of First Majestic shareholder votes cast and 50%+1 of outstanding Gatos Shares • Receipt of any required regulatory approvals, including clearance from Mexican anti-trust authorities 8 TSX | AG NYSE | AG FSE | FMV

TRANSACTION HIGHLIGHTS Consolidates three world-class, producing silver mining districts in Mexico under one banner 1 • Cerro Los Gatos (CLG), San Dimas and Santa Elena collectively provide the foundation of a diversified, intermediate primary silver producer Enhances production profile with strong margins 2 (1) • Combined annual production of 30-32 Moz AgEq, including 15-16 Moz Ag at all-in sustaining costs of US$18.00-US$20.00/oz AgEq Bolsters free cash flow generation 3 (2) • Gatos expected to immediately contribute annual free cash flow of ~US$70M to the combined entity Leverages a highly experienced combined team with a strong track record of value creation in Mexico 4 • Over 20 years of experience operating in Mexico, with an emphasis on socially responsible mining, community engagement and value creation Maintains peer-leading exposure to silver 5 (3) • Over 50% of pro forma revenue derived from silver compared to an average of ~30% for intermediate silver producing peers Creates a 350,000 ha highly prospective land package which has yielded a history of exploration success 6 • Cerro Los Gatos contributes 103,000 ha of unencumbered and underexplored land with significant new discovery potential Results in a larger company with a strengthened balance sheet, leading trading liquidity and improved capital markets profile 7 • Pro forma market cap approaching US$3B, average daily trading liquidity of ~US$49M, and well-positioned to deliver increased shareholder value Realizes meaningful synergies 8• Corporate cost savings, supply chain and procurement efficiencies, cross-pollination of expertise, and acceleration/optimization of internal projects and exploration programs all expected to deliver meaningful value creation for all shareholders Source: Capital IQ, Corporate disclosure (1) Based on First Majestic and Gatos 2024 production guidance, adjusted for First Majestic metal price assumptions and shown on an attributable basis. All-in-sustaining costs or “AISC” are non-GAAP (2) measures. For further information regarding such measures please refer to each companies’ respective separate public disclosure. Based on analyst consensus estimates for 2024. Free cash flow is a non- 9 (3) GAAP measure. For further information regarding such measure please refer to each companies’ respective separate public disclosure. Based on mid-point of silver production guidance divided by silver TSX | AG NYSE | AG FSE | FMV equivalent production guidance.

TRANSACTION SUMMARY PROPOSED TRANSACTION• First Majestic to acquire all of the issued and outstanding common shares of Gatos • Fixed exchange ratio of 2.550 First Majestic Shares per Gatos Share • Represents an offer price of US$13.49 per Gatos Share, which implies a premium of 16% based on the closing prices of the First CONSIDERATION Majestic Shares and Gatos Shares on the NYSE on September 4, 2024, a premium of 16% based on each company’s 20-day VWAP ending September 4, 2024 • Implies a total equity value for Gatos of approximately US$970M • Pro forma ownership of 62% for current First Majestic shareholders and 38% for current Gatos shareholders OWNERSHIP • The Electrum Group LLC will own approximately 12% of the pro forma entity • Directors and officers of each of First Majestic and Gatos have agreed to vote their shares in favour of the Proposed Transaction SHAREHOLDER SUPPORT AGREEMENTS • The Electrum Group LLC has entered into a voting support agreement, representing approximately 32% of Gatos Shares • Customary non-solicitation provisions, subject to “fiduciary out” in the event of a “superior proposal” and “intervening event” DEAL PROTECTION• Right to match any Superior Proposal (four business days, reduced to two business days for amended offers) • Termination fees of US$46M payable by First Majestic and US$28M payable by Gatos in certain circumstances • Transaction has been approved by the boards of First Majestic and Gatos • Subject to approval of at least 50%+1 of First Majestic shareholder votes cast and 50%+1 of outstanding Gatos Shares APPROVALS AND KEY CONDITIONS • Receipt of any required regulatory approvals, including clearance from Mexican anti-trust authorities • No material adverse change • Shareholder meetings expected to be held before the end of 2024 PROPOSED TIMING • Closing expected in calendar Q1 2025 (Outside Date of April 30, 2025) 10 Source: Bloomberg, Capital IQ, Corporate disclosure TSX | AG NYSE | AG FSE | FMV

TRANSACTION BENEFITS TO SHAREHOLDERS Benefits to First Majestic Shareholders Adds a third cornerstone, long-life, low-cost, producing underground mine with exploration potential to the First Majestic portfolio (1) Bolsters anticipated annual attributable production by approximately 6 Moz Ag and 9 Moz AgEq Cerro Los Gatos generates significant free cash flow and enhances portfolio diversification Accretive on all key metrics including NAV, cash flow, production, and Mineral Reserves to First Majestic shareholders Builds upon First Majestic's strengths in Mexico and underground mining expertise Enhances scale and capital markets presence, and solidifies position as an intermediate primary silver producer Adds concessions covering approximately 103,000 hectares of unencumbered (no material royalties or streams) land at Cerro Los Gatos, with significant exploration potential and supported by a large base of Mineral Reserves and Resources 11 Source: Corporate disclosure TSX | AG NYSE | AG FSE | FMV (1) Cerro Los Gatos production estimates based on 2024 guidance

THREE WORLD-CLASS SILVER Producing Assets Cerro Los Gatos (70%) Ag Au Zn Pb Cu Chihuahua, Mexico MINING DISTRICTS WITH A (1)(2) 2024E Production: 13.5 – 15.0 Moz AgEq MASSIVE 350,000-HECTARE (2) 2024E AISC: US$14.00 – $16.00 / oz AgEq LAND PACKAGE La Encantada Ag Coahuila, Mexico 2024E Production: 2.4 – 2.5 Moz AgEq 2024E AISC: US$26.17 – $27.18 / oz AgEq Del Toro Ag Zacatecas, Mexico Care & Maintenance British Columbia, Canada Durango Santa Elena Ag Au Sonora, Mexico 2024E Production: 9.2 – 9.6 Moz AgEq 2024E AISC: US$15.25 – $15.64 / oz AgEq Mexico City First Mint Facility Ag Au San Dimas Nevada, USA Durango, Mexico 2024E Production: 9.8 – 10.4 Moz AgEq Ag San Martin Jerritt Canyon Au 2024E AISC: US$18.69 – $19.45 / oz AgEq Jalisco, Mexico Nevada, USA Care & Maintenance Care & Maintenance Source: Corporate disclosure 12 TSX | AG NYSE | AG FSE | FMV (1) (2) Cerro Los Gatos production shown on a 100% basis. Cerro Los Gatos production and AISC estimates based on 2024 guidance

A TIER 1 SILVER MINE WITH ROBUST EXPLORATION UPSIDE Asset Key Stats OWNERSHIP▪ 70% Gatos | 30% Dowa Metals & Mining MINE TYPE▪ Underground (1) SILVER PURITY▪ 64% THROUGHPUT▪ Ramping up to +3,500 tpd ▪ 7 years based on currently defined Reserves with MINE LIFE significant opportunities to extend mine life (2) 2024 GUIDANCE PRODUCTION▪ 13.5 – 15.0 Moz AgEq (8.4 – 9.2 Moz Ag) 2024 GUIDANCE AISC▪ US$14.00 - $16.00/oz AgEq PRODUCES▪ High Ag-bearing Pb and Zn Concentrates • CLG is a sizeable, low-cost producing silver asset with robust exploration and development potential, operating since 2019 Production Stats (Actual – 100% Basis) • Key position in an established silver district FULL YEAR Q1 2024 Q2 2024 • Over 103,000 hectares of mineral rights in Chihuahua State, 2023 representing a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones AG PRODUCTION (MOZ) 9.2 Moz 2.4 Moz 2.3 Moz • 70% owned district, with modern, mechanized underground AGEQ PRODUCTION (MOZ) 14.3 Moz 3.7 Moz 3.9 Moz operation AISC (US$/OZ) $15.51 $14.36 $15.26 • Strong JV partner, Japan’s Dowa Metals & Mining Co., Ltd (30%) 13 Source: Corporate disclosure TSX | AG NYSE | AG FSE | FMV (1) (2) Calculated as 2023 Ag production as a % of 2023 AgEq production. Shown on a 100% basis

LARGE SCALE, LOW-COST AND HIGH-MARGIN CLG is One of the Largest Primary Silver Mines Globally Comparative Advantages of CLG 2023A AgEq Production (Moz) 2023A Ag Production (Moz) ▪ High-grade primary silver deposit with substantial by-products 23.5 23.3 23.0 21.7 ▪ Deposit geometry and vein width allows for 19.1 efficient, mechanized mining methods 14.4 14.3 ▪ Modern, well-capitalized mine, mill and 12.8 11.9 surface facilities 10.3 9.6 ▪ Proven operating team that continues to 16.8 13.3 12.8 optimize the asset and elevate targets 12.1 9.7 9.7 9.2 6.6 6.4 5.7 1.2▪ Attractive AISC versus comparable primary silver operations Saucito Juanicipio Fresnillo Greens Creek San Julian Palmarejo CLG San Dimas Pirquitas Las Chispas Santa Elena (Fresnillo) (56% Fresnillo (Fresnillo) (Hecla) (Fresnillo) (Coeur) (70% Gatos / (First Majestic) (SSR) (SilverCrest) (First Majestic) ▪ Stable free cash flow generation / 44% MAG) 30% Dowa) ▪ Significant asset upside and district potential CLG is One of the Lowest-Cost Silver Mines Currently in Operation (1) (1) 2023 By-Product AISC (US$/oz Ag) 2023 Co-Product AISC (US$/oz AgEq) Peer High $25 Peer High $25 $20 $20 $15 $15 $10 $10 $15.51 Peer Peer $14.73 $11.33 $5 $5 $8.42 Average Average -- -- (2) (3) 4 Peers Gatos Gatos 3 Peers Gatos Gatos (H1'24) (H1'24) Source: Capital IQ, Corporate disclosure (1) (2) 14 Peer AISC figures are based on full-year 2023 reporting; peer costs include both silver and gold operations to reflect the cost base of the operating portfolios. Peers reporting on a by-product AISC TSX | AG NYSE | AG FSE | FMV (3) basis include Hecla, Coeur, MAG and Endeavour Silver. Peers reporting on a co-product AISC basis include First Majestic (pre-transaction), Fresnillo, and SilverCrest

(1) (3) % of Revenue from Silver (2024E) Gross Margins (H1 2024A) Sector Top of peer set on leading silver gross margins purity (2) (4) Silver and Silver-Equivalent Production (2024E) Free Cash Flow (2025E) Ag Production (Moz) AgEq Production (Moz) Up-tiers on Significant FCF silver generation production Source: Capital IQ, Corporate disclosure (1) (2) (3) 15 Mid-point of silver production guidance divided by silver equivalent production guidance. Based on latest management guidance. Calculated as Cost of Sales as a % of Revenue from respective TSX | AG NYSE | AG FSE | FMV (4) peer income statements, before depreciation. Based on analyst consensus

Silver Oz (M) Gold Oz (k) Silver Eqv Oz (M) Cash Cost AISC Silver Operations: ($ per AgEq oz) ($ per AgEq oz) Santa Elena, Mexico 1.3 – 1.4 94 – 99 9.2 – 9.6 12.45 – 12.73 15.25 – 15.64 San Dimas, Mexico 5.2 – 5.5 56 – 59 9.8 – 10.4 14.17– 14.69 18.69 – 19.45 La Encantada, Mexico 2.4 – 2.5 – 2.4 – 2.5 21.52 – 22.26 26.17 – 27.18 Operations Total: 8.9 – 9.5 150 – 158 21.4 – 22.6 14.25 – 14.68 19.73 – 20.45 Corporate: ($ per AgEq oz) ($ per AgEq oz) Corporate Charges – – – – 0.63 – 0.67 Total Production ($ per AgEq oz) ($ per AgEq oz) Consolidated 8.9 – 9.5 150 – 158 21.4 – 22.6 14.25 – 14.68 20.36 – 21.11 *As of July 18, 2024. • Certain amounts shown may not add exactly to the total amount due to rounding differences. • Metal price & FX assumptions for calculating equivalents are silver: $28.00/oz, gold: $2,300.00/oz, 18.25:1 MXN:USD. 16 TSX | AG NYSE | AG FSE | FMV

First Majestic’s Capital Expenditures 2024E Capex Breakdown Budget $250 $230 $220 U/G Development $74M Exploration $37M $200 PP&E $22M $141 Corporate Projects $3M $136 $150 $125 $124 TOTAL $136M $107 $100 + $50 $0 2018 2019 2020 2021 2022 2023 2024E 17 TSX | AG NYSE | AG FSE | FMV Capital Expenditures (USD $M) $50M $86M Sustaining Expansionary

2024E Operational Guidance Mill Throughput: 2,650 tpd 9.2M – 9.6M AgEq oz Production: (1.3M – 1.4M Ag oz + 94K - 99K Au oz ) AISC: $15.25 – $15.64 Produces: 100% Doré QUARTER END Full Year 2023 Q3 2024 Q2 2024 Q3 2023 Silver production (oz) 376,203 376,947 374,941 1,176,591 • Continued strong metallurgical recoveries due to the operational optimization of the new dual circuit plant Silver eqv. production (oz) 2,685,375 2,580,497 2,669,411 9,571,792 • Exploration drilling focused in the search of a new mineralized Silver grade (g/t) 68 69 75 64 vein Gold grade (g/t) 3.50 3.52 4.09 3.77 • Upgraded the LNG facility to 24MW (from 12MW) to power the Ermitaño mine and dual-circuit processing plant Cash costs / oz ($US) TBA $12.25 $11.72 $11.87 • Certified ISO 9001 Assay Lab on site, increasing reliability as well All-in Sustaining cost / oz ($US) TBA $15.07 $14.68 $14.83 as reducing costs and allowing for faster assay turnaround times 18 TSX | AG NYSE | AG FSE | FMV

Exploration Upside • Large land package of • Currently drilling multiple Las Chispas mining claims covering prospective veins within a 102,244 hectares 10km radius of the processing plant and • New discovery made at drilling at Los Hernandez P&P: 38.2M AgEq oz @ 468 g/t AgEq Ermitaño in late 2016 M&I: 52.0M AgEq oz @ 564g/t AgEq Inferred: 41.2M AgEq oz @ 449 g/t AgEq Santa Elena Processing Plant Vein outcropping at Ermitaño 19 TSX | AG NYSE | AG FSE | FMV

DRILLING FOCUSED ON TESTING CONTINUITY, EXTENT & GRADE OF NAVIDAD’S MINERALIZATION IN H2 2024 Ermitaño-Navidad Ermitaño-Splay Ermitaño-Luna Ermitaño-Central W E Mined YE 2023 The Navidad Vein System: New High-Grade Gold and Silver Discovery EW-23-364 8.15 g/t Au and 427 g/t Ag (July 2024) over 4.78 m (1079 AgEq) OPEN EW-24-368 54.93 g/t Au and 399 g/t Ag EW-24-370 EW-24-367 over 1.82 m (4794 AgEq) (No vein) 10.13 g/t Au and 86 g/t Ag over 4.42 m (896 AgEq) EW-23-366 1.4 g/t Au and 124 g/t Ag EW-24-371 EW-24-374 over 2.85 m (236 AgEq) EW-24-372 EW-24-373 EW-23-360 EW-23-359 3.48 g/t Au and 74 g/t Ag 3.27 g/t Au and 39 g/t Ag over 2.39 m (353 AgEq) over 2.46 m (301 AgEq) 20 TSX | AG NYSE | AG FSE | FMV

2024E Operational Guidance Mill Throughput: 2,300 tpd 9.8M – 10.4M AgEq oz Production: (5.2M – 5.5M Ag oz + 56K – 59K Au oz) AISC: $18.69 – $19.45 Produces: 100% Doré QUARTER END Full Year 2023 Q3 2024 Q2 2024 Q3 2023 Silver production (oz) 1,046,340 1,141,906 1,548,203 6,355,308 • Over 50% of the power requirements provided by environmentally clean, low-cost hydroelectric power Silver eqv. production (oz) 2,110,905 2,114,072 3,010,458 12,789,920 • Focused on improvements in dilution control from long hole Silver grade (g/t) 188 210 237 240 stoping and cut and fill in order to increase head grades • 2024 exploration budget is the largest since asset Gold grade (g/t) 2.12 2.15 2.71 2.85 acquisition. The focus is on the West Block“, where several Cash costs / oz ($US) TBA $16.66 $14.07 $12.51 of the districts most prominent producers are trending in this direction All-in Sustaining cost / oz ($US) TBA $21.78 $17.76 $16.48 21 TSX | AG NYSE | AG FSE | FMV

2024 Exploration Highlights: • First reported mining in the • Considered to be one of the • PE24_309: 10.87 g/t Au and 1,034 g/t San Dimas district in 1757 – most significant precious Ag over 7.88m over 250 years ago metal mining districts in • SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76m. Mexico • Historic district production estimated at 11.1M Au oz & • Land package of mining 756M Ag oz claims covering 71,867 hectares • Over 500km of underground development Processing Mill Current Mining & Development Areas 22 TSX | AG NYSE | AG FSE | FMV

2024E Operational Guidance Mill Throughput: 2,715 tpd Production: 2.4M – 2.5M Ag oz AISC: $26.17 – $27.18 Produces: 100% Doré QUARTER END Full Year 2023 Q3 2024 Q2 2024 Q3 2023 Silver production (oz) 545,031 585,329 565,724 2,718,856 • Natural gas generators currently supplying 90% of power requirements Silver eqv. production (oz) 550,042 589,060 573,458 2,745,622 • Optimizing costs and improving efficiencies Silver grade (g/t) 110 129 109 121 • Ramping up throughput at the mill to budgeted rates in Cash costs / oz ($US) TBA $23.69 $25.63 $20.05 H2 2024 All-in Sustaining cost / oz ($US) TBA $27.87 $29.86 $24.28 23 TSX | AG NYSE | AG FSE | FMV

• Located in Elko County, Nevada, U.S.A. • Underground mining operations temporarily suspended in March 2023 • Focused on new regional discoveries across the large 30,821- hectare (119 square mile) land package; ~$10M 2024 exploration budget • Current known Measured & Indicated resources of 1.83M oz contained (10,918K tonnes @ 5.2 g/t Au) & Inferred resources of 1.91M oz contained (12,427K tonnes @ 4.8 g/t Au) • Processing facility contains one of only three Roasters in the State of Nevada • Analyzing the optimization of bulk mining and cost-effective mining methods • Continuing modernization of the open-air processing plant to better withstand severe weather conditions 24 TSX | AG NYSE | AG FSE | FMV

Geologic Map All Drilling >3 g/t Au Drill Collars • Detailed surface mapping and rock chip sampling (2023) • Geophysics: • Seismic 2023 • Induced Polarization 2024 • ~$10M exploration campaign commenced in July 2024 Upper Plate Lower Plate Au >3gpt Only ~15% of Jerritt Canyon’s claims have been explored to date 25 TSX | AG NYSE | AG FSE | FMV

FIRST, WE MINE. THEN WE MINT. • Located in Nevada, U.S.A. • Commenced producing bullion in Q1 2024 • Production led by industry veterans with over 20 years of experience working at two of the largest mints in North America • High efficiency production allows the mint to produce over 10% of the Company’s production from our Mexican operations • Eliminating the middleman by vertically integrating the minting process and controlling the supply chain while capitalizing on the strong investment demand for physical silver and above average premiums • State-of-the-art machines require less electricity and release no gas emissions compared to the traditional minting processes 26 TSX | AG NYSE | AG FSE | FMV

• Closing and integrating Gatos Silver into the First Majestic portfolio • Ongoing exploration activities, mine plan optimization and processing plant improvements planned at Jerritt Canyon • Continued improvements in metallurgical recoveries through implementation of fine grinding and other R&D • Over 210,000 m of exploration planned in 2024 - West, Central & Sinaloa blocks, Los Hernandez, Ermitaño, Navidad & Jerritt Canyon • Santa Elena’s new high-grade discovery, Navidad (July 30, 2024): • EW-24-364: 8.2 g/t Au and 427 g/t Ag over 4.78 m Santa Elena’s 24MW LNG Power Plant • EW-24-370: 10.1 g/t Au and 86 g/t Ag over 4.42 m • Higher Silver Prices!! 27 TSX | AG NYSE | AG FSE | FMV

Available Liquidity • $269.7M cash on hand, including $117.5M of Restricted Cash • Total Working Capital of $229.9M inclusive of $58.4M of Marketable Securities, including: • 5% interest in Metalla Royalty & Streaming • 45% interest in Sierra Madre Gold & Silver Revolving • 36% interest in Silver Storm Mining Credit • Revolving Credit Facility of $175.0M ($124.6M undrawn) Working Available Facility • Senior Convertible Debenture @ 0.375% in the amount of Capital Liquidity (Undrawn) $204.2M $171.5M $124.6M $354.5M Marketable Securities $58.4M The above liquidity is exclusive of • All amounts shown are in US dollars $117.5 million in restricted cash. • As of 06/30/24 28 TSX | AG NYSE | AG FSE | FMV

Capital Structure Research Coverage Bank of Montreal Scotiabank Market Capitalization: $1.97B USD / $2.70B CDN Cormark Securities Shares Outstanding (09/30/2024): 302M (FD 312M) Toronto Dominion 3M Avg. Daily Volume (NYSE & TSX): 9.7M Shares; ~$56M daily liquidity H.C. Wainwright National Bank Financial Share Price: $6.52 USD / $8.96 CDN TheGoldAdvisor.com 52 Week Low/High: $4.17 / $8.42 | $5.67 CDN / $11.58 CDN • As of 10/11/24 unless stated otherwise *All amounts are in U.S. dollars unless stated otherwise. 2% Top Shareholders % S/O Van Eck (GDXJ & GDX) 9.6% The Vanguard Group 3.6% 39% Mirae Asset Global Investments 2.6% 59% BlackRock Asset Management 1.9% Dimensional Fund Advisors 1.6% Tidal Investments LLC 1.5% Keith Neumeyer (President & CEO) 1.4% Citadel Advisors 1.0% KBC Group NV 0.7% State Street Global Advisors 0.7% Institutional Retail Insiders Management • As of 09/30/24 29 TSX | AG NYSE | AG FSE | FMV

Under the Company’s dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company’s revenues. The Q2 2024 cash dividend of $0.0046 per share was paid to holders of record of First Majestic as of the close of business on August 16, 2024, and was distributed on or about August 30, 2024. 30 TSX | AG NYSE | AG FSE | FMV

1. Silver is real money 6. Silver inventories are falling 2. Physical silver is a hard asset 7. Industrial use is growing 3. Silver is relatively inexpensive 8. New supply is falling 4. Silver isn’t just cheaper to buy, but it can be more practical when you need 9. World demand is growing to sell, too 5. Silver outperforms gold in bull markets 10. The gold/silver ratio favors silver 31 TSX | AG NYSE | AG FSE | FMV

SCP Resource Finance Global Silver Conference New York, NY First Majestic Silver Corp. 1800 - 925 West Georgia Street Vancouver, British Columbia, Canada V6C3L2 Email: info@firstmajestic.com Tel: 604.688.3033 Fax: 604.639.8873 North American Toll-Free: 1.866.529.2807 Bullion Sales Email: customersupport@firstmajestic.com Email: customersupport@firstmint.com