Thank you, and welcome, everyone, to our Q1 highlights conference call with investors and shareholders. Today, obviously myself is present, I'm in Europe right now.

Mani Alkhafaji, President and Chief Corporate Development Officer, is in Vancouver. David Soares, our Chief Financial Officer, is also in Vancouver.

David Howe, Chief Operating Officer, who just was newly appointed on March or May 4th, which we'll talk about a little bit further in the next couple of slides, but Dave comes with us after, quite a long search for a replacement to Steve. Steve told me last summer that he would like to retire, and we put an effort in place to find his replacement, and we were successful in getting Dave Howe, who's a well-known mining executive.

We're happy to have Dave on board. Steve will be effectively working until June 30th, assisting Dave in anything that Dave might request of Steve over the next month or so.

We also have Samir Patel, General Counsel and Corporate Secretary, present in Vancouver, and also Darrell Rae and Joel [Peltisinski?] , sorry about that Joel, from Investor Relations also present today.

Before I get any further, I'll need to pass the call over to Samir. Samir for the disclaimer.

Thank you, Keith. Before we begin today's call, I would like to remind you that we will be referring to certain non-IFRS measures and making certain statements regarding First Majestic Silver and its operations that constitute forward-looking statements in accordance with applicable Canadian and U.S.

securities laws. All statements that are not historical facts, such as statements regarding future estimates and plans or expectations of future performance, constitute forward-looking statements that reflect the company's current views with respect to future events.

These statements are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the company, are inherently subject to significant business, economic, competitive, political, and social uncertainties and contingencies. We encourage you to refer to the cautionary language included in our news release that was disseminated early this morning, and the disclosure on non-IFRS measures in our most recently filed Management's Discussion and Analysis, as well as the risk factors set out in our most recently filed Annual Information Form.

As reminders, these documents along with all of our continuous disclosure documents are available on SEDAR+ and on EDGAR. Investors are cautioned against attributing undue certainty or reliance on any forward-looking statements made during today's call, and the company does not intend or assume any obligation to update these forward-looking statements or information, other than as required by law.

With that, I will turn the call back to Keith.

Thanks, Samir. Just a couple of things on our management changes.

Steve Holmes has been with the company for 6 years, and he's been extremely instrumental in positioning the company where it is today. Much of the improvements that the business has experienced over the last few years has been a result of Steve's efforts, and we're sad to see him go, but at the same time, it's, time for him to retire, and we wish him best in his his future travel experiences with his wife and family.

Obviously we'll be staying in touch with Steve, but Dave Howe is now the new Chief Operating Officer, and he brings a wealth of experience in the industry and Latin America, held a number of key executive roles, and we're really excited for him to help lead the First Majestic team to the next phase. Further description is available in today's news release if you wish to read a little bit about his history.

We're also quite pleased to announce a hiring that took place on April 20th. We were able to find a a a great leader for the Jerritt Canyon restart.

We've brought on Alex Thompson, and Alex is a seasoned and strategic mining executive with experience in building and operating mines all over the world, and will be key part of the restart plan for Jerritt Canyon, which we'll be excited about talking further about as developments continue. Going to slide 3 of the presentation, which I'm assuming some of you online have access to.

Just going back in time, if you go back over the last 20 years, Q1 is generally kind of a soft quarter. You get everyone coming back from holidays, and and you got to remobilize all the contractors, and usually you you could lose up to 2 or 3 weeks in Q1.

It's not that that unusual, and we've experienced that many, many times over the life of the business. This Q1 was exceptionally good.

We didn't experience that same kind of dip, and, we ended up producing 3.5 million ounces of silver, which was 26% of 2026 guidance, midpoint guidance. That's pretty, pretty good being ahead of guidance.

Gold production was at 28% of midpoint guidance. Both silver and gold are above our current guidance, which is or at least midpoint guidance, which is fantastic to start the year off on such a positive note.

The average realized silver price was $86.35 compared to $33.10 last Q1 2025, pretty impressive there. Revenues were record revenues of $477 million, up 95% compared to a year ago.

We did hold back some silver and gold as well, and so this is not included in revenue. We did hold back 676,000 ounces of silver, also 2,700 ounces of gold held in inventory at the end of the quarter.

The value of that inventory is $63 million. If we'd sold it, that obviously would have improved our revenue and also improved our profitability, but we elected to hold on to it for higher prices, and, we're expecting that's going to be a good strategy for us.

We've we really got our eyes on margins, and as the price of silver goes up, costs also go up, and we'll address that in the next couple slides. One thing I think the analysts or the investors should really pay attention to is actually the expanding margins, which is pretty impressive, and I've got a couple of more comments coming up on on that topic.

We've really been focused on efficiency and keeping our costs in check, and is really paying off. We've had operating cash flows in in Q1 of $311 million, 63 cents a share.

Our silver purity is 66%, that compares to 60% in Q4 of 2025. Our dividend is is our largest dividend ever at 1.71 cents for shareholders of record on May 15th.

The dividend is basically 4 times the size of last year's dividend, with the revenue doubling and us changing our policy, increasing our dividend from 1% to 2% effective January 1st, 2026. It's made a big impact, and so shareholders will be getting, the highest dividend that they've ever received in the company's history.

That'll be fun to to to see all those checks arriving in people's mailboxes. Going on to slide 4.

The cash costs and all-in sustaining cost per ounce are aligned with plans, there's really no big surprises there. Per ounce costs increased when you compare to Q1 as it shows on this slide there.

The main drivers of the increase, as we've mentioned to the analysts before, it is we have changed our ratios, which which has a big impact, which I'll talk about shortly. Our production costs did go up a little bit, mostly due to higher throughput, because we have reduced the cut-off grades due to price.

We could mine lot lower grade ore and and still get the same ounces, but it does affect your costs. Your costs do go do go up as a result of that method of mining, but it does improve life of mine as well at the same time, it has a a big benefit.

The and the revenues that we're getting, even though the the the grades are slightly lower, far outpaces the the increase in costs, which is really nice to see. Other things, as I said, the price ratio, that had a $3 impact.

If we used the same price ratio as we did in 2025 at 90:1, it would it would our all-in sustaining costs would be basically $3 less than what we're showing in Q1 of 2026. We did fix the ratio at 75:1 due to the volatility of silver and gold, and that 75:1 ratio will be held throughout the quarter, or pardon me, throughout the year.

Profit sharing, as also gone up, and I've got another comment later on that, but profit sharing was close to $2 an ounce. Smelting and royalties obviously go up as with silver prices going up, everyone's, obviously, making a little bit more money, which is great to see.

Important to note, notice, as I said about margins, the margins have increased almost 4 times. Our margins a year ago in Q1 were $13 an ounce.

Our margins in Q1 of 2026 is $52 an ounce, quite a game-changer. Any increase in in costs that we're experiencing is is easily taken taken with the increase of margins.

Our our cost per ton, $170, which if you look at that chart on that slide, slide 4, you'll see that it's, the lowest for a while. That shows you quite clearly that we're having true a true impact on on keeping our costs in line with our expectations.

On a bit of a side note, we've got calls from analysts and others about our exposure to diesel with the with the happenings that are going on in the Middle East right now. Most of you probably know that we converted 3 of our mines over to liquid natural gas over the last few years, and 1 of our mines is on the grid.

Our total exposure to diesel in our in our costs is only 5%. It's it's, we rely on diesel very little.

Most of the energy is created by renewable sources. Going on to slide 5.

We produced $311 million in operating cash flow from the 4 operating mines. Each of them had notable year-over-year improvements in profitability, notably La Encantada, where it had a bang-up quarter.

La Encantada actually profited $30 million in Q1. I don't actually remember the last time we made that much money, but it's obviously going quite well there.

It's nice to see that mine finally hitting its stride after, some, difficulty that it had over the last couple of years. Corporate-wide, this translates into $224 million in free cash flow, even accounting for a very large tax payment that was made in in January as a result of our 2025 income taxes that, just simply due to the profitability of the business, the Mexican government was paid $95 million, which obviously came out of our cash flow.

The chart shows, the increase in cash flow being generated. Operating discipline, of course, or over our 4 mines is key, cost cost efficiencies, and, obviously, the increase in silver prices, having a huge impact on the business.

We're very flexible for future growth, the size of our treasury, over over, $1.1 billion, obviously pretty impressive. Our development and exploration programs are very aggressive and on track, and I've got a couple of more comments later on the exploration programs.

Operational expansions at both Santa Elena and Los Gatos is coming along quite nicely, well, I'll address that as well going forward. We just keep pushing other permits and and the development of the Santa Elena new ore bodies, which we'll discuss, as as these topics become more relevant, and we'll be discussing those via news releases in the coming months as as developments occur.

Going to slide 6, okay. We continually have exploration success at San Dimas and Santa Elena and Los Gatos.

We're expanding the Santa Elena mill, we're expanding the Los Gatos mine mine development. At Los Gatos, our our work is to mine 4,000 tons a day.

We have brought in a contractor to assist in getting up to those levels. We're actually pretty close right now.

The mill itself can handle that, it's not it's not a bottleneck at the mill. It's always been a bottleneck at the mine, and that's what we're resolving by bringing on some assistance from a third-party contractor, which seems to be working quite well.

We're making good progress at Santa Elena getting that mill expanded. As I think most of we're expanding that mill to 3,500 tons a day from 3,200 tons a day, and we should reach that objective by H2 2026.

Exploration is just going wonderfully. Navidad and Santo Niño, disclosures are, obviously really paying off.

We've put out some numbers on on those 2 ore bodies already, but we continually advance studies and and work on those 2 ore bodies because we want to get them into the mill as soon as we can. That work is underway, and as we get more information and more timelines associated with getting Santo Niño and Navidad up and running, we'll be putting more additional news out on timelines and and how that's going to affect future production at Santa Elena.

Always, always looking for, enhancing adjustments, productivity, that's always a focus, not just at Santa Elena, but also in all the mines. La Encantada, I think most of you likely know as well, we decided about a year ago to go to self-hauling.

We were having challenges with the contractors that, were assisting in getting ore to the mill, and after the a couple contractors, we decided just to do it ourselves. We bought a dozen trucks, which took almost a year to get delivered, and they're all now on-site and they're all now operational.

I would expect you're going to start to see costs come down a little bit as a result of that, but also we're already noticing increased throughput at the mill. The mill can handle it, there's no problem with that.

That this mill ran at 5,000 tons a day back in back, years ago, it's just really the the mine, and and we're resolving that by having this truck fleet and and so on. It's it's early early days, but it's looking pretty good.

Going to Jerritt Canyon, we're obviously very excited about the announcement of hiring Alex Thompson as a managing managing director. We really needed a leader there to really get a hold of this thing.

Alex has 20 years experience, probably primarily at BHP, but he's really taken control of this operation, and he's very well-liked by the team down on-site, and will be putting, obviously, a bunch of new people in place, to to get this operation up and running. We're investing $75 million in 2026, and filling in the talent bases, as I as I've mentioned.

We are preparing a a feasibility study, or pre-feasibility study, I should say. Hopefully that'll be out in early 2027.

We're prepping the underground. We've got people on-site right now underground, prepping the area, planning on development.

The plant upgrading is is not quite started yet. We're just in the order of process of ordering a bunch of different equipment.

A bunch of POs have gone out, and several more POs will be going out over the next 2 weeks as as, items become obviously required or or we identify items that we need. Some of the items are longer lead than others, and so we're trying to get all those items necessary for the underground and the plant ordered and in the system and, get these pieces of equipment on-site as soon as possible.

We'll share updates as as we progress over the next year. We are still targeting for production to commence in H2 2027, and so far we're on track.

I I did want to bring something up, because we we had a false news release that went out out of Mexico. It was regarding a collapse at Los Gatos, and I looked at the photograph myself, and I read the article myself, and I don't know We actually don't even know where that mine is.

It was definitely not a commercial operation. It was some little hole in the side of a mountain that was probably just, artisanal mining or maybe owned by a Mexican mining company or something, I have no idea.

It was definitely not a modern operation. We did have a small collapse, and there was a 10-meter section of the ramp that collapsed, and we were down 2 and a half days, and back on back on track is very normal.

Was not material in any way at all, that's why we didn't say anything about it, we didn't news release it, because it was just, things happen in mining, and being down for 2 days is, nothing. We decided not to comment on it.

I know that a number of analysts did phone the company and asked about it, and asked about that story. I just wanted to address it on this call just so everyone's clear that everything's hunky-dory and there's no issues that remain.

Going to slide 7. The solid balance sheet and cash flows, we are investing in our world-class district-scale operations.

As these are big, big, chunky land packages, and we're increasing the mining rates at Los Gatos, to to, get that operation up to 4,000 tons a day, as we've said already. We want to get the Santa Elena, obviously, expansion complete as well.

A lot of focus is going on on those 2 operations. We have a very, very large exploration program.

It's 266,000 meters of exploration over over the sites this year, and that does not include an additional 42,000 meters at Jerritt Canyon, which we've just recently announced with the opening or re-opening news release on on Jerritt Canyon. We're drilling over 300,000 meters of drilling this year, which is, quite a, obviously, a very very large program.

Pretty exciting. We've updated our resources and reserves in March, and not sure if you've seen the AIF that went out in March, but it's all there for people that want to go look at it, it's on SEDAR, it's also on our website.

The Santa Elena, we had a 90 million ounce increase, which is pretty amazing. That was basically due to Santo Niño and Navidad discoveries, and we continually upgrade those assets, and I I think that number is actually going to improve over the next year.

Jerritt Canyon, with the including some of the underground, we've kind of redeveloped that. Based on gold prices today, all those open pits that were, being mined back in the '80s and '90s are pretty well now economic.

We're going to be We've working on a plan to include the underground and open pit in the same mine plan, obviously blending and so on. We're now at 7.8 million ounces of gold at Jerritt Canyon, which is, pretty, pretty impressive compared to, our prior disclosure a couple years ago.

Restart still scheduled, as I said, for H2. I guess that's really about it.

Continually strengthen our cash flow, balance sheet, look for continued increase in our treasury. Obviously, we're quite leveraged to the price of silver, as you can see in our share volatility over the last couple of days, but that's something that we've got used to over time.

Anyways, I am done with my presentation. We will now go to questions.

Hi there, thanks for taking my questions, and congratulations to Alex and Dave, who I know quite well from his time back at Endeavour. Hey, Keith, you focused quite a bit on the margins earlier on this call, and obviously it's quite impressive what has been happening and what's been accomplished the last few quarters.

I assume the answer is no, but do you think there comes a point, when and if commodity prices keep rising or even staying at these levels, where people are more so trying to get their piece, be it labor, governments, other stakeholders? Have there been any conversations, what have you seen?

You're much closer to the pulse than I am, maybe just a bit of color.

On the government, you can never predict, right? There's no rumors or there's no discussions that the government is going to be changing anything.

You have to remember, at these prices and the profitability of the Mexican miners, the government's getting a windfall. Their tax income from mining has accelerated quite dramatically.

I'm pretty sure the government's pretty happy, I'm not sure why they'd want to kill the goose or whatever. The unions, again, the same thing.

These union members, their bonuses are tied to the silver price. We've just gone through a couple of negotiations with the national union, and they're very quiet, quite happy, obviously.

Negotiations went very smoothly. There's really no issues there, but they are getting paid more.

Our all-in sustaining costs has increased as a result of higher taxes and higher bonuses, so that can be expected. Other things, if we go back to the last bull market, 2011, when silver hit 50, we saw Sandviks of the world, increase prices by 15% to 25%.

We have not seen that. We're just in the process of signing this agreement with Sandvik, and it's looking like we're going to get pretty reasonable pricing on this new purchase that we've been putting in.

We haven't seen big increases in cyanide or ammonia. We don't rely on diesel that much.

No, we haven't really seen the inflation that maybe someone would be expecting.

All right. Fair enough.

Moving on to Jerritt Canyon. Obviously, I'm excited to see the site re-enter production.

I know we got Alex on board now, but on a grander scale, I went through your April 2nd release again this morning, and you mentioned the $75 million to spend this year, 7.5 of that is workforce and staffing. When do you think hiring for the site should really start ramping up?

I assume this is second half or even fourth quarter kind of thing. Then building on all of that, once Jerritt is in full operations, I don't think you'll have any issues getting workers to site given the proximity to town.

What are you seeing with the labor pool? Because you're probably going to take up a decent amount of the workforce in the local area, no?

I think all of it will come from the local area. Maybe some of the turmoil at Newmont right now might assist, hopefully.

We don't know for a fact, but we have a list of positions that need to be filled. It's very extensive and detailed.

I think I don't have the exact number in front of me, but we've hired a handful of people just in the last couple of weeks, and for key management positions, and we're looking to hire several more key people over the next week or 2. Then at that point, we'll start going down into the business deeper and targeting more labor-intensive type individuals.

We should be well-manned by fall and then having to look at adding the underground workforce and so on in the early part of 2027. Don't forget, Jerritt is only 45 minutes away from town, Elko.

It's the closest mine to Elko. Rather than having to drive to one of the other neighboring mines that will take you an hour and a half both ways, you're on the road for 3 hours a day, working at Jerritt, you're only on the road for 1 and a half hours on a day.

It's a big, big difference, and it's a well-known site, and I think the community at Elko is pretty excited about it. We're getting approached by people regularly to come on as employees.

As someone who's been on the ground at Jerritt Canyon, the site is just gargantuan, it's huge. Anyways, on that note, I'll get back in queue.

Thank you very much.

Thanks, Heiko.

hi, Keith and team. Thanks for taking my question.

Maybe just continuing on Jerritt Canyon. In addition to the hiring plans, any other critical path items or milestones beyond the PFS we should be looking for throughout this year and into next year?

The 2 most critical things is the oxygen plant and the underground fleet. We're working right now on defining all of that, and defining costs, and defining timelines, and we're still a little bit early, but we will be putting an order in for some of the underground fleet in the next couple of weeks, which have 10 to 12 month lead times.

We're just working with a group on the oxygen plant right now, and I can't really give you a whole bunch of details because it's just kind of a moving thing. Once we know more, we'll be putting more information out to the market.

Thank you. Appreciate that.

Maybe just some of the other expansions you're working on, Los Gatos or Santa Elena, any critical items there we should be keeping an eye on?

No, no, just time and money. There's nothing critical.

Okay. Appreciate that.

Maybe just one more for me, if you don't mind. In terms of M&A, what are you guiding to the market?

Are you happy with the size of the portfolio or any changes you want to make or assets you might look to add down the road?

We're always looking for ways to grow. I can't talk too much about it, but, yeah, look, our group continually scours the planet and looking for good silver projects, and they're kind of a rare animal and they're hard to find.

We continue to look.

Appreciate that. I'll hop back in the queue, but thanks very much for the detail.

Cheers.

You too. Thanks.

Thanks, Ashia. Just a few here.

One is just getting a general First Mint update, I'd say. There are a few questions in here.

What percentage of your total revenue came from First Mint business, and just talk about the first quarter.

I'm going to pass this question over to Mani.

Thanks, Keith. The mint continues to operate quite nicely.

Q1 was another record for us. It is very, very retail-driven, obviously when we see the metal prices are running up, the orders are coming in nicely.

We had a nice uptick throughout the quarter, which was great to see. Operationally is going quite well.

We're staffed quite nicely, and we do have plans for further expansion. We'll be pulling the trigger on this in due course, but all in all is going quite nicely and building on the momentum that we had from last year.

Okay. The last one we have from the queue is just picking up on, Keith, your comments and elaborating on the strategy about the lower cut-off grade and that seemingly increasing mine life.

Just a little clarification question.

I would maybe use 20%. I should talk to our QP before I throw that number out, but that's kind of my guess is, yeah, mine life does increase as a result of the lower cut-off grade.

Previously, you're in a underground and you're mining 3, 4 meters of rock, and you're leaving behind the low-grade material on the walls of that tunnel, because it's deemed uneconomic, you just leave it behind, and that's just common mining practice. Today, we can widen those mining stopes by a couple of meters, and pull all this rock out and still make money even though the grade is lower.

Yes, it does. You're mining slower, or you're advancing slower, and you're mining wider.

That has an impact on your life of mine, and it's obviously a positive impact.

That's it from the webcast, Ashia.

I think I covered everything. Obviously, impressive quarter.

Q2 is looking pretty darn good as well, we hope to have another great quarter back-to-back, but we'll have much more things to talk about as we advance through this year. It's an exciting year with the large capital expenditure going into exploration, development, and mill and mine expansions.

We're pretty excited about what we're seeing in the company, and also with metal prices, the way they are today, assuming they stay in these levels, it's just going to be a bang-up record year again. Mani, is there anything that you would like to add before we go?

Nope. Just be on the lookout for more updates throughout the year, but a lot of exciting stuff.

Very good. Thanks, everyone, for joining us.