First Majestic Silver Corp.

First Majestic Silver Corp. is a senior silver producer headquartered in Vancouver, Canada, operating primarily in Mexico. The company's portfolio consists of 8 projects, comprising 5 operating mines, 1 development, and 2 suspended projects. Key assets include Cerro Los Gatos, San Dimas, and Santa Elena. The organization's business model integrates the production, development, exploration, and acquisition of mineral properties. Operational activities are supported by a diverse range of processing capabilities, including cyanide tank leaching, Merrill-Crowe circuits, flotation, and roasting facilities. The company has implemented advanced dewatering technologies such as press and belt filters to enhance tailings management. A key strategic differentiator is the vertical integration into the direct-to-consumer market through a wholly-owned and operated minting facility, which produces investment-grade bullion products. This allows the enterprise to capture a greater portion of the value chain and sell directly to shareholders and customers. The portfolio is actively managed and includes producing assets, properties under care and maintenance, and operations that have been temporarily suspended to focus on optimization and resource expansion. The business also utilizes streaming agreements as part of its financing and operational strategy, creating long-term delivery obligations in exchange for upfront and ongoing payments.

Strategic direction centers on a dual approach of organic growth through exploration and value-accretive growth via acquisitions. A core tenet of the operational strategy involves optimizing asset performance, demonstrated by the temporary suspension of one operation to focus on resource definition, mine planning optimization, and cost reduction initiatives. The enterprise actively pursues resource base expansion through systematic exploration programs, which have resulted in significant new discoveries and the declaration of maiden resource estimates for new mineralized systems. Capital management is multifaceted, utilizing at-the-market offerings for flexible equity financing, a formal dividend policy tied to a percentage of net revenues, and a share repurchase program to return value to shareholders. A significant strategic initiative has been the establishment of a proprietary minting facility, enabling vertical integration and direct sales to bullion customers, thereby enhancing market position and brand presence. This approach is complemented by the disposition of non-core assets to streamline the portfolio and secure equity positions in other resource companies.

Governance is structured around a board of 6 directors and 4 standing committees: Audit, Compensation, Corporate Governance & Nominating, and Sustainability. The Audit Committee is composed of 3 members, all of whom are independent and financially literate, operating under a formal charter to oversee financial reporting integrity, external auditor performance, and internal controls. Executive leadership is led by a President and CEO with over 2 decades of tenure with the company. The governance framework is reinforced by a Code of Ethical Conduct and an Anti-Bribery and Corruption Policy, with mandatory annual training for all supervisory employees. The organization has established formal procedures for the confidential and anonymous submission of employee concerns regarding accounting or auditing matters. Board oversight extends to key strategic areas, with dedicated committees monitoring sustainability performance, compensation practices, and corporate governance standards, ensuring a comprehensive and structured approach to corporate management and risk oversight.

The organization's sustainability approach is guided by formal, externally certified management systems, including an Environmental Management System (EMS) based on ISO 14001:2015 and a comprehensive Social Management System (SMS). Proactive community engagement is demonstrated through the repeated achievement of the Socially Responsible Business (ESR) distinction for its operating units and the launch of a seed investment program to support local businesses. Environmental stewardship initiatives include the implementation of lower-emission power generation plants and the use of advanced filtered tailings storage facilities to minimize environmental impact. The enterprise actively pursues third-party certifications, such as the 'Clean Industry' certificate in its operating jurisdictions. Workplace health and safety are managed through a dedicated system aligned with the 'Mexico Safe Company Certification' program, and one operation has received a 'Silver Helmet' safety award. Transparency is a key component, supported by the annual publication of a detailed Sustainability Report and direct engagement with third-party ESG data brokers to ensure accurate performance reporting.

In January 2025, the company completed the acquisition of Gatos Silver, Inc., thereby securing a 70% interest in the Los Gatos Joint Venture, which owns the Cerro Los Gatos Mine; the remaining 30% is held by Dowa Metal & Mining Co., Ltd. This followed the 2021 acquisition of the entity that owns the Jerritt Canyon Mine from Sprott Mining Inc. The corporate structure has also been shaped by strategic divestitures, including the sale of the La Guitarra Silver Mine to Sierra Madre Gold & Silver Ltd. in March 2023 and the La Parrilla Silver Mine to Silver Storm Mining Ltd. in August 2023. These transactions resulted in the company obtaining significant equity stakes and net smelter return royalties in both purchasing entities. Operations are conducted through several wholly-owned subsidiaries, including Minera La Encantada, S.A. de C.V., Primero Empresa Minera, S.A. de C.V., and Jerritt Canyon Gold LLC, which hold the respective mineral properties and manage local activities.