Analyst Report Highlights Major Upside in Cobre’s Botswana Copper Play

“The past twelve months of our exploration activities at Santa Elena have been outstanding,” stated Keith Neumeyer, President & CEO of First Majestic. “The Santo Niño discovery marks yet another exciting milestone for the district, and the drilling shows the vein remains open for expansion in most directions. At the same time, step-out drilling at the Navidad Discovery continues to intercept exceptionally high-grade mineralization and expand the resource envelope. Together with the producing Santa Elena and Ermitaño mines, these new deposits confirm Santa Elena as a truly prolific district with tremendous untapped potential. We believe Santo Niño and Navidad will meaningfully extend the mine life and will unlock additional value to the portfolio.”

EXPLORATION HIGHLIGHTS FOR SANTO NIÑO AND NAVIDAD

Exploration drilling approximately 900 metres (“m”) south of the Santa Elena processing plant has discovered the Santo Niño vein – a large, epithermal quartz-adularia vein hosting gold (“Au”) and silver (“Ag”) within a newly identified fault zone. Exploration drilling to date has traced the vein over one kilometre (“km”) of strike and 400 m down-dip, with thirteen intercepts to date returning significant gold and silver grades. Confirmed mineralization spans more than 600 m along strike and approximately 200 m down dip, and the upside potential is open in multiple directions. Geological characteristics closely mirror those of the Ermitaño deposit, situated approximately 2.2 km to the east-southeast along strike, underscoring the district-scale potential at Santa Elena.

Drilling of the Navidad/Winter vein system, following the maiden Inferred Mineral Resource estimate effective December 31, 2024, expanded the footprint of precious metal mineralization while returning gold and silver grades substantially higher than were reported in the maiden Resource estimate. Drillhole EWUG-25-050 targeted the Winter vein more than 100 m east of prior drilling and intersected some of the highest-grade mineralization ever encountered on the Santa Elena Property: 6.8 m grading 14.8 g/t Au and 642 g/t Ag for an AgEq grade of 1,898 g/t. This interval includes 1.2 m at 29.5 g/t Au and 919 g/t Ag for 3,427 g/t AgEq; and 2.5m at 21.2 g/t Au and 1,093 g/t Ag for 2,897 g/t AgEq. Five additional significant intersections were cut further downhole including that of the Navidad vein. Resource conversion drilling confirms the continuity of precious metal mineralization and, in general, returned significantly higher gold and silver grades than estimated from prior drilling.

KEY DRILLING HIGHLIGHTS

Tables 1-3 below present a selection of drill hole intercepts with significant assay results from drilling at the Santo Niño and Navidad discoveries. All intercepts are true width.

Santo Niño Discovery Highlights

Table 1: Santo Niño Vein Significant Intercepts