Silver Crown Royalties Commences Trading On Cboe Canada

• Increased Production: Total production in Q2 2024 consisted of 2,104,181 silver ounces and 39,339 gold ounces, representing a 7% and 9% increase, respectively, when compared to Q1 2024. Silver equivalent production for the quarter was 5.3 million ounces, representing a 2% increase compared to Q1. The silver equivalent (Silver:Gold) ratio in Q2 2024 decreased 10% to 81:1 compared to 88:1 in Q1 2024 due to the silver price outperforming the gold price. While higher silver prices positively impact revenue, the reported silver equivalent production is impacted when silver outperforms gold.

• La Encantada Increased Production: Since successfully identifying a water source in Q1 2024, water inventory and processing rates at La Encantada have increased significantly leading to a 28% increase in silver production through the second quarter. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day (“tpd”) in Q3 2024.

• Santa Elena’s Robust Production Continues: Production during the second quarter at Santa Elena totaled 2.6 million AgEq ounces, representing a 13% increase compared to Q1 and is on track to exceed the Company’s original annual production guidance plan (see updated guidance section below).

• Conversion to Liquefied Natural Gas (“LNG”) at San Dimas: To provide an additional, more reliable and lower carbon emission power option at San Dimas, management has launched a process at San Dimas to replace the diesel backup power generation plant with LNG. The main source of power at San Dimas remains cost efficient hydroelectricity sourced from Las Truchas, the Company’s 100%-owned and operated hydroelectric power generation facility.

• Safety Performance: In Q2 2024, the consolidated Total Reportable Incident Frequency Rate (“TRIFR”) remained strong at 0.48, well below the Company’s target key performance indicator (“KPI”) of

• 2023 Sustainability Report: The Company released its third Sustainability Report, accompanied by the Company’s first analyst-focused Sustainability Data Download containing detailed quantitative data, allowing investors to easily compare First Majestic’s key sustainability metrics across time periods.

• Sustainability: Continued improvement in the Company’s ESG ratings with ISS ESG, achieving performance in the top 40% of the industry in both Environmental and Social categories, reflecting our carbon footprint reduction and community involvement initiatives.

• Up to 22 Active Drill Rigs: The Company completed a total of 47,447 metres (“m”) of drilling across its mines in Mexico during the second quarter, representing a 31% increase compared to the previous quarter. Throughout the second quarter, up to 22 drill rigs were active consisting of 13 rigs at San Dimas, eight rigs at Santa Elena and one rig at La Encantada.

“Consistent with our plans, our operations delivered a robust quarter, and we are well-positioned for a strong second half of 2024”, said Keith Neumeyer, First Majestic’s…