First Majestic Silver Corp.

Section 1: Company Fundamentals

1.1 Company Overview and Performance summary

Company Overview:

First Majestic Silver Corp (NYSE: AG) is a precious metals mining company engaged in the production of silver and gold across Mexico and the United States. Its operations span a land package of roughly 350,000 hectares and include the San Dimas, Santa Elena, and La Encantada mines, along with a 70% ownership stake in the Cerro Los Gatos Silver Mine. The Company also maintains a diversified pipeline of development and exploration properties, most notably the Jerritt Canyon Gold project in northeastern Nevada.

This US Inflation Report covers the Company Overview & Price performance, Summary table, Key positives & negatives, Key metrics, Company details, technical guidance & Stock recommendation, and Price chart.

Price Performance:

• The stock shows a strong bullish trend over the past year, with momentum accelerating from mid-2025 onward.
• Volume gradually increased during the uptrend, signaling accumulation and strengthening investor interest.
• A bullish crossover occurred when the 20-day MA (USD 13.90) moved above the 50-day MA (USD 13.27), confirming a trend reversal.
• Current price (USD 16.74) remains well above both the 20-day and 50-day moving averages, indicating strong trend alignment.
• RSI is at ~64, placing the stock in overbought territory and suggesting the possibility of near-term consolidation or a pullback.
• Trend strength remains intact, with any decline toward the 20-day MA likely to serve as a potential support or re-entry zone.

1.2 Summary Table

1.3 The Key Positives & Negatives

1.4 Key Metrics

The marked improvement across all profitability margins from Q3 FY24 to Q3 FY25 is primarily driven by substantial revenue growth resulting from higher production volumes, the integration of the Los Gatos mine, stronger silver grades, and a significant increase in realized metal prices. These factors allowed revenue to outpace the rise in labor, energy, contractors, and abnormal operating costs, resulting in stronger gross, EBITDA, and operating margins. The Company also moved from a loss to a profit position, normalizing its tax margin and materially improving net margin, supported further by favorable foreign exchange movements and higher attributable earnings. Overall, the combination of scale expansion, improved operational efficiency and stronger pricing enabled First Majestic to achieve profitability metrics that aligned more closely with—or exceeded—industry medians.

1.5 Bullish Sentiment on Silver

Silver Prices Hold Near Record Highs Amid Tight Supply and Supportive Fed Signals

Silver stayed above USD 63 per ounce, close to all-time highs, as a combination of the Fed’s recent rate cut, easing policy outlook, and tightening physical supply conditions boosted sentiment. Strong ETF inflows, firm retail demand, and rising industrial consumption—driven by solar, EVs, and data-center infrastructure—supported expectations of a market deficit next year. Additionally, elevated lease rates and borrowing costs in London pointed to genuine physical delivery stress, further reinforcing price strength. 

Section 2: First Majestic Silver Corp (NYSE: AG) (“Buy” at the current market price of USD 16.07, as of Dec 12,2025 at 9:25 am PST)

2.1 Company Details

2.2 Technical Guidance and Stock Recommendation  

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is Dec 12, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: The report publishing date is as per the Pacific Time Zone.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

 Resistance: A level at which the stocks prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.

 Stop-loss: It is a level to protect against further losses in case of unfavorable movement in the stock prices.