The condensed interim consolidated financial statements of First Majestic Silver Corp. (the “Company”) are the responsibility of the Company’s management. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board and reflect management’s best estimates and judgment based on information currently available.

Management has developed and maintains a system of internal controls to ensure that the Company’s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for approval.

The condensed interim consolidated financial statements have not been audited.

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The Condensed Interim Consolidated Statements of Earnings (Loss) provide a summary of the Company’s financial performance and net earnings or loss over the reporting periods.

The Condensed Interim Consolidated Statements of Comprehensive Income (Loss) provide a summary of total comprehensive earnings or loss and summarizes items recorded in other comprehensive income that may or may not be subsequently reclassified to profit or loss depending on future events.

The Condensed Interim Consolidated Statements of Cash Flows provide a summary of movements in cash and cash equivalents during the reporting periods by classifying them as operating, investing or financing activities.

						Three Months Ended June 30,												Six Months Ended June 30,
			Note			2025						2024						2025						2024
Operating Activities
Net earnings (loss) for the period						$56,579						($48,251)						$62,819						($61,814)
Adjustments for:
Depletion, depreciation and amortization						74,058						31,979						136,832						58,193
Share-based payments						3,000						3,162						7,514						7,063
Income tax (recovery) expense						(18,561)						30,514						4,249						17,392
Finance costs			11			7,798						7,335						14,761						14,419
Unrealized (gain) loss from marketable securities and silver futures derivatives						(2,717)						(1,463)						444						(349)
Other						(5,236)						494						(1,666)						1,479
Operating cash flows before non-cash working capital and taxes						114,921						23,770						224,953						36,383
Net change in non-cash working capital items			25			5,805						3,467						(20,695)						6,860
Income taxes paid						(30,620)						(10,393)						(58,660)						(13,965)
Cash generated in operating activities						90,106						16,844						145,598						29,278
Investing Activities
Expenditures on mining interests						(31,551)						(22,807)						(77,391)						(44,783)
Acquisition of property, plant and equipment						(17,974)						(4,149)						(28,489)						(12,699)
Deposits paid for acquisition of non-current assets						(49)						(11)						(150)						(477)
Gatos Silver Inc. cash acquired, net of cash consideration paid			4			—						—						159,560						—
Acquisition of Springpole Silver Stream			15(f)			—						—						(5,000)						—
Other			25			1,733						(1,958)						(372)						882
Cash (used in) provided by investing activities						(47,841)						(28,925)						48,158						(57,077)
Financing Activities
Proceeds from prospectus offering, net of share issue costs			22			—						71,154						—						71,154
Proceeds from exercise of stock options						9,829						31						18,167						31
Repayment of lease liabilities			21			(3,940)						(4,012)						(8,508)						(7,907)
Dividends paid to non-controlling interests			23			(9,688)						—						(9,688)						—
Finance costs paid						(2,237)						(2,207)						(4,133)						(4,611)
Dividends declared and paid			22			(2,180)						(1,080)						(4,939)						(2,459)
Shares repurchased			22			(2,844)						—						(4,270)						—
Cash (used in) provided by financing activities						(11,060)						63,886						(13,371)						56,208
Effect of exchange rate on cash and cash equivalents held in foreign currencies						2,235						(1,701)						2,188						(1,817)
Increase in cash and cash equivalents						31,205						51,805						180,385						28,409
Cash and cash equivalents, beginning of the period						351,313						102,069						202,180						125,581
Cash and cash equivalents, end of period						$384,753						$152,173						$384,753						$152,173
Supplemental cash flow information			25

The Condensed Interim Consolidated Statements of Financial Position provides a summary of assets, liabilities and equity, as well as their current versus non-current nature, as at the reporting date.

			Note						June 30, 2025						December 31, 2024
Assets
Current assets
Cash and cash equivalents									$384,753						$202,180
Trade and other receivables									36,157						12,303
Value added taxes receivable			24						41,687						33,864
Inventories			13						82,992						62,524
Other financial assets			14						81,824						49,781
Prepaid expenses and other									12,776						8,169
Total current assets									640,189						368,821
Non-current assets
Mining interests			15						2,675,695						1,034,522
Property, plant and equipment			16						557,087						378,630
Right-of-use assets			17						17,134						23,898
Deposits on non-current assets									5,802						5,720
Trade and other receivables									5,000						5,000
Non-current restricted cash			18						125,327						106,072
Non-current value added taxes receivable			24						10,589						10,750
Deferred tax assets									57,213						46,375
Total assets									$4,094,036						$1,979,788
Liabilities and Equity
Current liabilities
Trade and other payables			19						$176,625						$103,895
Unearned revenue			6						142						580
Current portion of debt facilities			20						735						825
Current portion of lease liabilities			21						12,013						16,215
Income taxes payable									6,527						22,792
Total current liabilities									196,042						144,307
Non-current liabilities
Debt facilities			20						213,658						208,657
Lease liabilities			21						8,128						11,320
Decommissioning liabilities									174,959						159,067
Other liabilities									6,687						5,587
Non-current income taxes payable									21,115						19,685
Deferred tax liabilities									571,027						80,094
Total liabilities									$1,191,616						$628,717
Equity
Share capital									3,037,808						1,978,101
Equity reserves									126,383						90,028
Accumulated deficit									(667,186)						(717,058)
Equity attributable to owners of the Company									2,497,005						1,351,071
Non-controlling interest			23						405,415						—
Total equity									$2,902,420						$1,351,071
Total liabilities and equity									$4,094,036						$1,979,788
Commitments (Note 24); Contingencies (Note 26); Subsequent event (Note 27)

The Condensed Interim Consolidated Statements of Changes in Equity summarizes movements in equity, including common shares, share capital, equity reserves and retained earnings or accumulated deficit.

(a)Share-based payments reserve records the cumulative amount recognized under IFRS 2 share-based payments in respect of stock options granted, restricted share units, deferred share units, preferred share units and shares purchase warrants issued but not exercised or settled to acquire shares of the Company.

(b)Other comprehensive income reserve principally records the unrealized fair value gains or losses related to fair value through other comprehensive income ("FVTOCI") of financial instruments and re-measurements arising from actuarial gains or losses and return on plan assets in relation to San Dimas' retirement benefit plan.

(c)Equity component of convertible debenture reserve represents the estimated fair value of its conversion option of $42.3 million, net of deferred tax effect of $11.4 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves.

First Majestic Silver Corp. (the “Company” or “First Majestic”) is in the business of production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The Company owns four producing mines in Mexico consisting of the Santa Elena Silver/Gold Mine, the newly acquired Los Gatos Silver Mine (through the Company's 70% interest in the Los Gatos joint venture) (see Note 4), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine. The Company also owns the Jerritt Canyon Gold Mine in Nevada, USA which the Company placed on temporary suspension on March 20, 2023 to focus on exploration, definition, and expansion of the mineral resources and optimization of mine planning and plant operations. The Company owns two additional mines in Mexico that are in suspension: the San Martin Silver Mine and the Del Toro Silver Mine, and several exploration stage projects. In addition, the Company is the 100% owner and operator of its own minting facility, First Mint, LLC ("First Mint").

First Majestic is incorporated in the Province of British Columbia, Canada, and is publicly listed on the New York Stock Exchange (“NYSE”) and the Toronto Stock Exchange (“TSX”) under the symbol “AG”, and on the Frankfurt Stock Exchange under the symbol “FMV”. The Company’s head office and principal address is located at Suite 1800 - 925 West Georgia Street, Vancouver, British Columbia, V6C 3L2, Canada.

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” of the IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB"). These condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as at and for the year ended December 31, 2024 as some disclosures from the annual consolidated financial statements have been condensed or omitted.

These condensed interim consolidated financial statements have been prepared on a historical cost basis except for certain items that are measured at fair value including derivative financial instruments (Note 24) and marketable securities (Note 14). All dollar amounts presented are in thousands of United States dollars unless otherwise specified.

These condensed interim consolidated financial statements incorporate the financial statements of the Company and its controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation.

These condensed interim consolidated financial statements were prepared using accounting policies consistent with those in the audited consolidated financial statements as at and for the year ended December 31, 2024 except as outlined in Note 3.

The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its unaudited condensed interim consolidated financial statements. In addition, the preparation of the financial data requires the Company’s management to make assumptions and estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

In preparing the Company’s unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2025, the Company applied the accounting policies, critical judgments and estimates disclosed in Note 3 of its audited consolidated financial statements for the year ended December 31, 2024 and the following accounting policies, critical judgments and estimates in applying accounting policies:

In the current year, the Company has applied the below amendments to IFRS Accounting Standards as issued by the IASB that were effective for annual periods that begin on or after January 1, 2025. Their adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements.

At the date of authorization of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective. Management does not expect that the adoption of the Standards listed below will have a material impact on the financial statements of the Company in future periods, except if indicated.

Fair Value Estimates in the acquisition of Gatos Silver Inc. (Note 4)

Determination of Control or Significant Influence in Los Gatos Joint Venture (the “LGJV”) (Note 4)

Revenue Recognition (Note 6)

Non-Controlling Interest (Note 23)

Revenue Recognition (Note 6)

When considering whether the Company has satisfied its performance obligation, it considers the indicators of the transfer of control, which include, but are not limited to, whether: the Company has a present right to payment; the customer has legal title to the asset; the Company has transferred physical possession of the asset to the customer; and the customer has the significant risks and rewards of ownership of the asset.

Revenue Recognition (Note 6) (continued)

Gatos a 70% interest in the Los Gatos Joint Venture (“LGJV”), which owns the producing Los Gatos underground silver mine in Chihuahua, Mexico. The Los Gatos mine consists of approximately 103,000 hectares of mineral rights, representing a highly prospective and under-explored district with numerous silver-zinc-lead epithermal mineralized zones identified as priority targets. The acquisition was completed in order to support the Company's growth strategy by adding another cornerstone asset within a world-class mining jurisdiction to the Company's portfolio.

(1)Fair value of Consideration Shares was estimated at $5.68 per share based on the opening price of First Majestic’s common share on the New York Stock Exchange on January 16, 2025.

(2)Other consideration is made up of cash payments for withholding taxes and payments made for fractional shares.

(3)The fair value of Consideration Options was estimated using the Black-Scholes method as at the Acquisition Date, using the following assumptions:

(2) Cash acquired by the Company on the Acquisition Date was $159.6 million net of withholding taxes on RSU settlements amounting to $7.8 million.

All of the Company’s operations are within the mining and metals industry and its major products are precious metals doré and concentrate which are refined or smelted into pure silver and gold and sold to global metal brokers. Transfer prices between reporting segments are set on an arms-length basis in a manner similar to transactions with third parties. Coins and bullion cost of sales are based on transfer prices.

An operating segment is defined as a component of the Company that:

•Engages in business activities from which it may earn revenues and incur expenses;

•Whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

•For which discrete financial information is available.

For the six months ended June 30, 2025, the Company's significant operating segments include its four operating mines in Mexico, including its newly acquired Los Gatos Silver mine in Chihuahua, its Jerritt Canyon Gold Mine in Nevada, United States, and its "non-producing properties" in Mexico which include the Del Toro and San Martin mines, which have been placed on suspension. In addition, as of January 1, 2024, the Company has added First Mint LLC ("First Mint") as an operating segment, which is inclusive of the Company's bullion store and its minting facility in Nevada, United States. The Jerritt Canyon Gold mine was placed on temporary suspension as of March 20, 2023 to focus on exploration, definition, and expansion of the mineral resources and optimization of mine planning and plant operations. “Others” consists primarily of the Company’s corporate assets including cash and cash equivalents, other development and exploration properties (Note 15), debt facilities (Note 20), and corporate expenses which are not allocated to operating segments. The Company’s chief operating decision maker (“CODM”) evaluates segment performance based on mine operating earnings. Therefore, other income and expense items not directly related to mining operations are not allocated to the segments.

Significant information relating to the Company’s reportable operating segments is summarized in the tables below:

(1) Santa Elena and Jerritt Canyon have incurred mine holding costs related to care and maintenance and temporary suspension activities (Note 8).

(2) The First Mint segment is inclusive of operations from the Company's bullion store and its minting facility located in Nevada. This segment generated coin and bullion revenue of $7.8 million (2024 - $3.3 million) through the sale of 231,506 silver ounces (2024 - 106,890) at an average price of $33.58 per ounce (2024 - $30.86).

(3) Jerritt Canyon was placed on temporary suspension in March 2023. In-circuit recovery efforts performed during the three months ended June 30, 2024 resulted in the recovery of 74 ounces.

During the three months ended June 30, 2025, the Company had five (June 30, 2024 - four) customers that accounted for 99% (June 30, 2024 - 96%) of its sales revenue, with two major metal brokers accounting for 78% of total revenue, each contributing 47% and 31%, respectively (June 30, 2024 - one major broker accounting for 83%).

(1) The First Mint segment is inclusive of operations from the Company's bullion store and its minting facility located in Nevada. This segment generated coin and bullion revenue of $15.6 million (2024 - $4.3 million) from coins and bullion sales of 475,371 silver ounces (2024 - 143,849) at an average price of $32.90 per ounce (2024 - $29.79).

(2) Santa Elena and Jerritt Canyon have incurred mine holding costs related to care and maintenance and temporary suspension activities (Note 9).

(3) Jerritt Canyon was placed on temporary suspension in March 2023. In-circuit recovery efforts performed during the six months ended June 30, 2024 resulted in the recovery of 721 ounces.

During the six months ended June 30, 2025, the Company had five (June 30, 2024 - four) customers that accounted for 97% (June 30, 2024 - 98%) of its sales revenue, with two major metal broker accounting for 80% of total revenue, each contributing 50% and 30%, respectively (June 30, 2024 one major broker accounting for 88%).