Thank you and welcome everyone to our Q2 conference call to discuss today's or this morning's news release. Hopefully you've all read it by now.

Before I get into introducing Samir, I'd like to introduce the other people in the room with me here today. Daniel Calvache, our President and Chief Corporate Development Officer.

We have Dave Howe, our Chief Operating Officer who's new to the company, he's joined us about 3 months ago. Samir Patel, General Counsel, Corporate Secretary, Darrell Rae and Jill Valpinsky from Investor Relations, Darren Fernandes from our financial leadership team, and our new CFO Neil Beaumont, who's just recently joined us a couple weeks ago.

We did put a news release out on that and his bio's there. He was with Canada Pension Plan and KPMG and BHP and has added a lot of depth to the financial role, which we're quite pleased about.

I'm just going to pass this on to Samir for comments.

Thanks, 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 US securities laws.

All statements that are not historical facts, such as statements regarding future estimates, 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 earlier 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 a reminder, 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. We have a presentation showing on the screen.

Some of you hopefully can see it. I've got full control over it, we'll go through it slide by slide on our end.

I won't read the entire slides as hoping most people on the call have already gone through our news release. Another strong quarter for us.

Big revenue number $416 million dollars, up at 53% year-over-year. Um 3.8 million ounces of silver produced in the quarter, bringing our H1 production numbers up to 7.3 million ounces, which is basically 50% of our revised guidance that we put out in July, which is obviously as you probably know about 10% increase from our our guidance that we put out in in January.

We're looking forward to a a strong H2 going forward. EBITDA of 100 $252 million, up 110%.

Strong cash flows of 50 cents a share. Exploration is continuing at a robust pace.

We did 94,000 m across the portfolio in Q2, bringing total first 6 months of the year we did 160,000 m of drilling. We're very, very pleased to see the permits come in from Mexico on our Santo Niño and Navidad portals.

Those two discoveries have been well laid out to the public in the form of several news releases over the last couple years. These two portals, we were actually projecting them to come into development in about 12 to 14 months, and we've now started development at Santo Niño within the last few weeks.

Looking forward to doing first blasting there in the next week or so. Santo Niño is over a year ahead of schedule, which will hopefully bring ore into the mill towards the end of 2027 from that.

Slightly later, probably about 18 months after that, we'll probably see Navidad starting to add ore to the mill at Santa Elena. Those are two very exciting things that are developing at Santa Elena, looking for, extended mine life there as a result of these two new discoveries that were discovered about 2 years ago now.

We did revise our guidance, as I did say already. We did declare our dividend as well, into a 270% increase in our dividend year-over-year, which is obviously nice for shareholders.

We did do substantial share buybacks in the quarter, we bought 1.2 million shares during the period. That program, is there for us to use at any time.

Whether or not we do that going forward, I expect that we likely will, but you know look for further news on that. We ended with a strong treasury at the end of June 30th, at $1.25 billion in the treasury, which is obviously pretty nice place to be in.

I'm going to jump to the next slide. That was all slide 3, on slide 4.

Looking at the all-in sustaining costs and, as everyone knows and listening to this webinar, analysts are quite familiar with this, there is inflation, of course. As a result of you know quite large bonuses going to the workforce, which is quite nice for them.

You can you you know you can probably imagine how happy the workforce is these days cuz you know their bonuses are tied to silver prices. It's really paying off for the communities in the areas that we're active in.

That's really nice to see from from our perspective. We're keeping our costs in line, as you can see on that graph there, our cost per ton are, $107, you know pretty well compared to the last 4 years.

We're we are keeping our costs in line is on a daily basis as a result of strong efforts ongoing and underway. Jumping to the next slide, operating cash flows, you know obviously quite quite quite good.

You see the Q2 number there of $248 million, slightly down from Q1, but that's all price-driven, as we all know. What happens in the gold and silver prices, we are affected by those prices as we're completely un- unhedged at all times, as our our shareholders virtually demand that we remain unhedged, which I'm a firm believer of that.

Still with strong cash flows and still adding cash flow into treasury, which is obviously very nice to see. Free cash flow, we had a strong $195 million as well in the quarter.

Moving along. The at Los Gatos, we're working to continually reach the 4,000-ton-per-day.

We actually exceeded that number, as you can see. We hit a record of 4,070 tons per day in June, which is great.

We're on track to to have continuous throughput at Los Gatos at 4,000 tons a day, which is important for that operation. Santa Elena, continues to perform extremely well.

We we and we now have our throughput or we are we're getting close to 3,500 tons a day now. We expect to have daily throughput of 3,500 tons a day throughout H2.

Again, this permit at Santo Niño and Navidad, of course, are key for that asset going forward. San Dimas had a pretty good quarter.

There was some labor disruptions, as quite common at that mine, as most of our shareholders are aware. Nevertheless, the union's getting paid a lot of money these days, and they're I can tell you they're quite happy.

They're working hard, and some of the development rates that we're seeing out of the workforce there are are are are quite quite good compared compared to the last couple of years. La Encantada, you know we have our our own fleet now of trucks doing our own ore transport to the mill.

That's a changeover from what we did over the last several years. We bought our own fleet, and it's really paying off and adding to the throughput.

We're starting to hit record throughput levels at La Encantada as we speak, which is really nice to see for that operation. Both La Encantada and and Santa Elena are are performing above budget, which is quite nice to see.

Jumping to the next slide, Jerritt Canyon, we continually get a bunch of questions on Jerritt. We're pretty excited about it.

At you know at current gold prices, it's going to be a big cash flow generator for us. We have initiated underground development and rehabilitation.

Drilling has is continuing. I don't have the number in front of me, but we had substantial meters of drilling in the quarter, and we'll continue to do that to prove up the mine plan and get ready for mining next year.

A variety of consultants have been hired to initiate production there. We're on track, we're within budget, and all a bunch of the key equipment has now been ordered.

There's a couple of components that are still being worked on to get orders in the system. As I said, we're on track to see production at Jerritt Canyon likely in Q3 of 2027, which will be quite an exciting event for all of us, including our shareholders.

Jumping along to future catalysts, that is page or slide 8 for those of you who are following us. Exploration is really key for us this year and last year.

You see that we're adding ounces to our our resource base. We had a nice increase in our our numbers that we put out in March of this year, and we continually discover new structures and and new ore bodies.

Just recently, we've had some good news on on San Dimas, which is really nice to see. The drilling in Santo Niño and Navidad are continuing.

We continually see nice extensions of the Santo Niño ore body, and we will be updating our resources over the coming quarters. We're likely to be putting out a 43-101 on on Los Gatos in the next quarter or so, and we'll likely be following that up with Santa Elena.

43-1 101 out either later this year or early next year. Look for further news on exploration.

Look for further news on the Jerritt Canyon restart, and look for the continued cash flow and cash generation and building our treasury, because that's really one of our key focuses right now. Really getting ready for the future, and you know we think we're have a very bright future ahead with all the great things going on within the company.

That's it for the presentation. We'll open the call up for questions.

Morning Keith and team, how are you?

How are you?

Hey, two quickie ones here. Your finished goods inventory, obviously over 1 million ounces of silver, close to 5,000 ounces of gold as of the end of last month.

You want to give a little bit of color of where that stands today, what the new baseline is? If I want to go out on a limb here, maybe even where you see this at the end of this quarter and maybe even at the end of the year, just so we can incorporate it into our model?

Sure. The mint needs around 400,000 oz in the vault at all times to keep that business operating sufficiently.

That should be kind of I think your base. Last quarter we ended off a little over 600,000 oz.

You're right, this quarter we're over 1 million. The reason really for that is just the precipitous drop in the silver price during a very a very short period of time.

We didn't want to be caught selling silver in the low $50 range, and I felt that there was going to be a bounce, and we are seeing that now. I don't want to give you numbers or false expectations, but I would suggest that inventory number will drop during the quarter.

Fair enough. Then completely different one.

Jerritt Canyon seems like things are really starting to happen there, and frankly they need to, given that we're at this point, what, 17 months away at the very longest of the timeline, with the second half of next year. How many people are working there now?

Maybe if you would, a little bit of an inkling of a clue of quarter-by-quarter capital spent at the site?

We haven't put the details out on that yet. We did put the number of $75 million out in February.

We're well in line with that number. The Sandvik fleet, for example, the deposits have been made, and other key components deposit been made.

There's a couple other key components that are being ordered in the next 30 days, and deposits will be made on those orders as well. A lot of that money is back-ended.

We will be putting out additional capital requirements likely in January of 2027 once we get through the 2027 budget. We don't really expect that $75 million is going to change in 2026 unless, if there's some changes currently that potentially we may decide to buy additional equipment or something along those lines.

Nothing currently is anticipated regarding that. On the staffing, there was about 40 people that have been there current over the last couple years, and they're there for care and maintenance purposes.

We had a 45 individual or 45 positions that we needed to fill you know from the time we decided to start, to when we started building out the workforce. Out of those 45 individuals, 80% of those positions have now been filled.

That's good. Very helpful.

I'll get back in queue. Thank you, guys.

Thank you.

Great. Hi Keith and team.

Thanks for taking my question. Just wondering here, Santo Niño and Navidad, any comments here in terms of critical path items or sequencing over the next 12-18 months as you ramp up to production there?

Let me pass that question on to our Chief Operating Officer, David Howe.

No, I don't see any Good morning. No, I don't really see any issues.

I think we're actually trying to speed some of the ore access up, we're looking at right now revising our mine plan.

Does that answer your question, Eric, or would you like more specifics?

Anything you can share there in terms of what we should be looking for here on the works program here through the balance of this year and the next?

I think our first blast should be around 15th of August, and then we'll just be pushing ahead. We've got all of our ground control items ordered, and then we'll just push down, spiraling down.

I don't see any issues going forward with any of the development.

Great. That's helpful.

Thanks very much. In terms of San Dimas or any other mines, any major works programs underway beyond the expansions you talked about?

Dave, did you catch that?

Not right now, no. We're just pushing ahead with our development, doing very well.

As Keith mentioned earlier, our union workers doing very well with the long haulage development. No, we don't see any issues at all.

Great. That's helpful.

Thank you. Maybe just more of a strategy question, but obviously, cash balance is building.

Any thoughts here on capital allocation when it comes to M&A or dividends and buybacks? Any thoughts for the rest of this year?

In the quarter, we spent $22 million on share buybacks, which is, I think, the most we've ever spent in the history of the company on share buybacks. I can't commit to you on what we're going to be doing for the rest of the year, but is obviously on our list of things to do with our cash.

The dividends were up they upgraded, doubled in January for 2026, and that was really nice to see. It's still a relatively low dividend.

I'd like to see it increased further, but, I'd like to see the treasury, build even more. I know it's a lot of money, $1.25 billion, it's a lot, and it is growing, which is really nice to see.

there is a couple of cash items that, are on our list that could be large, and that's the tax settlement in Mexico with Primero in San Dimas, as all of our shareholders, and I'm sure you're aware of, or Eric. so the once we get that off our plate, which we hope will be resolved by the end of the year, and then with Jerritt Canyon also, we don't know what the spend is going to be in 2027.

We've got some numbers that we're expecting to make public as I said in January 2027 to get that finally up and running by the third quarter. Once we get those two big spends out behind us, then, we'll look at further capital allocations.

Fantastic. Appreciate the added color.

I'll hop back in the queue. Thank you.

Cheers.

Thank you.

Hey guys, thanks for taking my questions here. Wanted to follow up just on Santo Niño, well Santa Elena rather.

Keith, you made a comment, and I apologize if I may have missed it here, but you were saying Santo Niño targeting to get that first ore from there end of 2027, was that right? Then Navidad maybe about 18 months after?

Just wanted to confirm that's kind of what you're targeting at the moment.

No, that's exactly right, Alex.

Okay. All right, good.

Then I know maybe you can just can you remind me, actually, when it comes to metallurgy, I know the Ermitaño ore, a lot of the stuff you're putting through now, gold recovery is good, but silver recovery is a little bit lighter. What's the expectation for Santo Niño ore?

Is that same as Ermitaño, or are we seeing something a bit better there?

Dave, do you want to grab that one?

Talking about

the recoveries at Santo Niño.

Santo Niño, that should be very good. I don't know We're looking at I don't have the No, we

I'll pass it on to Daniel. He's got the numbers.

The

Santo Niño is behaving similarly to the original Santa Elena, we're seeing mid-90s. The metallurgical testing for both Navidad and Santo Niño is showing 95% plus for both gold and silver, with higher silver grade as well.

We're expecting more contribution of silver from both of them.

Perfect. That's what I was looking to hear.

Great. Just my last question, on capital spending, I think you guys were a little bit light, well, at least tracking so far for this year.

Your first half of the year is a bit I think it was around 37% of your annual guidance. I guess that is implies obviously the second half this year is going to be, heavier, but I'm just curious, is there any projects maybe falling behind a little bit just from timing perspective or permitting or anything like that, or really just we should expect a lot more spending to pick up in the second half this year?

It is very much back-ended, and there's really no issues anywhere there except, maybe it's Los Gatos that was a little bit behind on development. It's not material of materially behind, but it is slightly behind budget.

The other mines are well within budget, but mostly the effect is timing.

Perfect. All right, that's it for me.

Thank you.

If there's anyone else

Sorry.

Okay. Thanks, Gaylene.

There's a lot of questions that are very similar, Keith, to ones that you already answered. A lot on capital allocation, the dividend, stock buybacks, when we would do that.

Maybe a little bit that we haven't talked about is our holdings in other junior mining companies. There's a question here on what are your thoughts and what are your plans for the holdings in these companies such as Silver Storm and Sierra Madre?

Our plan is to continually help those companies evolve and hopefully much larger businesses, we could make substantial profits on those investments. That's why we sold those assets to those groups.

We're confident that those groups can continually build, and we have sold some C sold some of the Sierra Madre shares over the last few quarters, just taking a little bit of money off the table. We've now added a larger position as a result of the sale of Del Toro, we're actually up on that from a on a per-share basis anyways, or number-of-share basis.

Silver Storm, we just lent them $5 million bucks last week. We did that same structure with Sierra Madre as well about 2 years ago.

Sierra Madre just paid the balance of their loan back to us last quarter or in Q2, which is really nice to see. Sierra Madre came through with their commitment and paid back the loan.

The loan to Silver Storm is the same structure, and we're working with them to build out their team in Mexico, and we're very supportive shareholders of both those companies.

Thanks, Keith. That's it from the queue for us, Gaylene.

Okay. Thanks everyone for your time today and dialing into our call.

I understand this will be also on the website for people who haven't listened to it a little bit later. If there are any other questions or comments that anyone on the call or anyone going to be listening to the webcast after the call, please contact our Investor Relations department for any further answers to any queries you may have.

Thanks again.