Financial Data and Key Metrics Changes - The company produced 4.2 million pure silver ounces in Q4 and over 15 million for the year, exceeding revised guidance [8] - Revenues reached nearly $1.3 billion for the year, marking a significant financial milestone [9] - The realized silver price for Q4 was just under $59, while the average for the year was $41.52 [9] - Record cash flows were reported, attributed to increased metal prices and production [10] - The company held just under $940 million in cash, with working capital at $733 million [21] Business Line Data and Key Metrics Changes - The mint operation generated just under $23 million in revenue for Q4, with profitability of about $24 million for the year [9][19] - The exploration program included over 250 kilometers of drilling, with positive results expected to be reflected in the Annual Information Form [10][24] - The company achieved a silver purity of over 60% in Q4, continuing to improve its position as a pure silver producer [10] Market Data and Key Metrics Changes - The company noted that the silver equivalent ratio collapsed towards the end of the year, impacting production and costs [12] - The market for silver has shown volatility, affecting refineries and retail buyers, but the company remains unaffected due to its financing structure [31] Company Strategy and Development Direction - The company plans to maintain a focus on silver purity while exploring potential acquisitions to enhance its portfolio [51] - There are ongoing investments in plant expansions, particularly at Santa Elena, with a target to increase throughput [17] - The company is also targeting robust production for 2026, with guidance set for 13-14 million pure silver ounces [13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong cash flow and a favorable market environment for silver prices [21][24] - The company is actively addressing a pending tax issue that has been ongoing since 2012, with hopes to resolve it in 2026 [38] - Management highlighted the importance of safe production and maintaining world-class safety metrics [18] Other Important Information - The company declared an increase in its dividend policy, doubling it from 1% to 2% of top-line revenue effective 2026 [22] - The company is focused on expanding its mint operations, which have shown rapid growth since inception [48] Q&A Session Summary Question: Any quantifiable issues related to costs or shipments this quarter? - Management noted that refineries have suspended financing, impacting retail buyers but not affecting the company directly [30][31] Question: Plans for exploration and availability of rigs? - The company confirmed that it has long-term contracts with drilling contractors, ensuring contained costs and availability of rigs [33] Question: Thoughts on cash allocation and potential returns to investors? - Management indicated that while cash is increasing, there are ongoing discussions regarding a tax issue, and they have not ruled out share buybacks [38] Question: Update on Jerritt Canyon and potential restart? - Management stated that a standalone update on Jerritt Canyon will be provided once plans are finalized, with attention now focused on this operation [52]

Financial Data and Key Metrics Changes - The company produced 4.2 million pure silver ounces in Q4 2025, totaling just over 15 million for the year, exceeding revised guidance [7][8] - Revenues reached nearly $1.3 billion for the year, marking a significant financial milestone [9] - The realized silver price for Q4 was just under $59, while the annual average was $41.52, indicating strong pricing strategies [9][10] - Record cash flows were reported, attributed to operational discipline and improved metal prices [10][22] Business Line Data and Key Metrics Changes - The mint operation generated just under $23 million in revenue for Q4, with profitability of about $24 million for the year [9][20] - The company reported a silver purity of over 60% in Q4, which is a key performance indicator [10][51] Market Data and Key Metrics Changes - The company noted a significant increase in marketable securities, rising by about $140 million for the year [21] - The company is experiencing a tight market with volatility affecting refineries, but it does not impact the company's operations as it does not finance its metal [31] Company Strategy and Development Direction - The company is targeting production of 13-14 million pure silver ounces and 110,000-130,000 ounces of gold for 2026, with a focus on maintaining a stable conversion ratio [13][14] - The integration of the Gatos asset has been successful, providing opportunities for cost reduction and resource growth [15][17] - The company plans to expand its plant capacity at Santa Elena from 3,100-3,200 tons per day to 3,500 tons per day by H2 2026 [18] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing improved metal prices and a strong cash position of just under $940 million [22][24] - The company is focused on resolving a pending tax issue that has been ongoing since 2012, with hopes of final resolution in 2026 [38] Other Important Information - The company has doubled its dividend policy effective 2026, increasing from 1% to 2% of top-line revenue [23] - The company is planning to conduct 266 kilometers of drilling across all operations, reflecting confidence in exploration success [24] Q&A Session Summary Question: Any quantifiable issues related to costs or shipments encountered this quarter? - Management noted that refineries have suspended financing, impacting smaller producers but not the company, which does not finance its metal [31] Question: How is the company thinking about cash management and potential capital returns to investors? - Management indicated that while cash is increasing, there are ongoing discussions regarding a tax issue, and they have not conducted share buybacks but have increased dividends [38] Question: Is there any update on Jerritt Canyon? - Management stated that a standalone update on Jerritt Canyon will be provided once plans and numbers are finalized, with a focus on this asset now that Gatos is integrated [53]

There's no substitute for silver Q 4 Q 4 - - 25 PRESENTATION TSX AG / NYSE AG / FSE FMV FEBRUARY 19, 2026 Forward Looking Statements CAUTIONARY DISCLAIMER This presentation includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include all-in sustaining costs (or "AISC") per silver equivalent ounce, cash costs per silver equivalent ounce and free cash flow. The Company believes that these measures, together with ...

Vancouver, British Columbia--(Newsfile Corp. - February 19, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the Company's audited consolidated financial results for the fourth quarter and year end ended December 31, 2025. The full version of the annual financial statements and the accompanying management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: First Majestic Silver (AG) - First Majestic Silver has a Momentum Style Score of B, indicating potential for strong performance based on price changes and earnings estimate revisions [3] - The company currently holds a Zacks Rank of 2 (Buy), suggesting it is positioned for outperformance in the market [4] Price Performance - Over the past week, AG shares have increased by 4.41%, outperforming the Zacks Mining - Silver industry, which rose by 2.73% [6] - In a longer timeframe, AG's shares have surged by 90.38% over the past quarter and 322.06% over the last year, significantly outperforming the S&P 500's gains of 1.76% and 13.08% respectively [7] Trading Volume - The average 20-day trading volume for AG is 29,463,580 shares, which serves as a bullish indicator when combined with rising stock prices [8] Earnings Outlook - In the last two months, one earnings estimate for AG has increased, raising the consensus estimate from $0.25 to $0.30 for the full year, with two upward revisions for the next fiscal year [10] Conclusion - Given the positive momentum indicators and earnings outlook, AG is recommended as a strong buy candidate for investors seeking short-term opportunities [12]

Core Viewpoint - First Majestic Silver's stock has dropped 9% due to declining gold and silver prices, which is concerning for investors in the mining sector [1]. Group 1: Gold and Silver Price Trends - Gold prices reached an all-time high of $5,419.80 per ounce on January 28 but fell to nearly $4,500 in early February, currently sitting at $4,878 [2]. - Silver prices peaked at $116.58 per ounce on January 28, dropped to $66, and have since fluctuated, currently priced at $73.40, remaining below the critical $80 mark [3]. Group 2: First Majestic Silver's Financial Outlook - First Majestic is expected to report Q4 earnings soon, with analysts predicting earnings of $0.23 per share, significantly higher than Q4 2024 profit, but full-year earnings are only projected at $0.34 [4]. - The stock is currently priced around $21, resulting in a P/E ratio exceeding 61x if earnings targets are met, which may be considered expensive [4][5]. Group 3: Investment Considerations - Analysts from The Motley Fool Stock Advisor have identified ten stocks as better investment opportunities than First Majestic Silver, suggesting caution for potential investors [6].

Core Viewpoint - First Majestic Silver Corp. is set to report its fourth-quarter 2025 results, with earnings estimates showing a significant increase, indicating strong production performance and potential growth opportunities despite ongoing challenges in Mexico [1][10]. Earnings Estimates - The Zacks Consensus Estimate for the company's quarterly earnings is currently at 27 cents per share, reflecting a 68.8% increase in estimates over the past 60 days and an 800% surge compared to the previous year [1][10]. Earnings Surprise History - The company has a poor earnings surprise history, having missed the Zacks Consensus Estimate in the last four quarters, with an average negative surprise of 31.6% [2]. Production Performance - First Majestic's total production reached 7.8 million silver-equivalent ounces in Q4 2025, including a record 4.2 million silver ounces, marking a 37% year-over-year increase driven by a 77% surge in silver production [5][10]. Market Conditions - Silver prices have risen significantly due to strong safe-haven demand, geopolitical tensions, and increasing industrial demand, particularly in solar energy and electronics, which now account for over half of global silver demand [6]. Strategic Acquisitions - The acquisition of Gatos Silver in January 2025 has strengthened First Majestic's position as a primary silver producer, likely enhancing its performance in the quarter [7]. Operational Challenges - The company faces ongoing tax disputes with the Mexican government, which pose financial and operational risks to its four operating mines in Mexico [8]. Cost Pressures - First Majestic has been experiencing high costs related to increased production, labor, and integration expenses from acquisitions, which may impact its margins and profitability [9][11]. Stock Performance - First Majestic shares have increased by 98.8% over the past three months, outperforming the Zacks Mining - Silver industry and the S&P 500 [12]. Valuation Metrics - The company is trading at a forward P/E ratio of 57.93X, significantly higher than the industry average of 18.91X, which may expose the stock to pullbacks if market sentiment declines [15]. Competitive Position - First Majestic's market leadership, diversified assets, and strong liquidity position provide a competitive advantage to capitalize on long-term demand in the silver and gold markets [19]. Growth Prospects - The company's healthy production rates, rising metal prices, and strategic acquisitions are expected to drive performance in upcoming quarters, indicating positive growth potential [20]. Investment Considerations - Despite its high valuation, the company's strong market position and growth prospects suggest it may be an attractive investment opportunity for potential investors [21].

Company Performance - First Majestic Silver (AG) has returned approximately 37.8% year-to-date, outperforming the average gain of 21.3% in the Basic Materials sector [4] - The Zacks Consensus Estimate for AG's full-year earnings has increased by 4% over the past quarter, indicating an improving earnings outlook [4] - First Majestic Silver holds a Zacks Rank of 2 (Buy), suggesting a favorable investment opportunity [3] Industry Context - First Majestic Silver is part of the Mining - Silver industry, which consists of 9 individual stocks and currently ranks 13 in the Zacks Industry Rank [6] - The Mining - Silver industry has gained an average of 21.3% this year, with First Majestic Silver performing better than this average [6] - Another stock in the Basic Materials sector, McEwen (MUX), has also outperformed the sector with a year-to-date increase of 38.9% [5]

Precious Metals Market Overview - Precious metals, particularly silver, have seen significant price increases due to geopolitical tensions and industrial demand, with the iShares Silver Trust rising 160% in the past year [1] - There is a multi-year shortage of silver, with demand consistently outpacing supply, a trend expected to continue into 2026 [1] Silver Mining Companies First Majestic Silver - First Majestic Silver is a traditional mining company operating in Mexico and the U.S., involved in all aspects from exploratory drilling to excavation [5] - The company acquired Gatos Silver, gaining a 70% interest in the high-grade Los Gatos mine, with 57% of its revenue derived from silver as of the third quarter last year [5] - First Majestic is a leveraged play on silver prices, benefiting from fixed operational costs, but faces risks if silver prices drop or mining costs rise [6] Wheaton Precious Metals - Wheaton Precious Metals operates under a streaming model, financing mining companies without owning physical mines [7] - The company provides upfront payments to mining firms in exchange for the right to purchase a percentage of the produced precious metals at a predetermined price [8] - In the third quarter, Wheaton's average cash cost of silver was $6.35 per ounce, offering cost predictability and protection against inflationary pressures [8]

Group 1: Market Activity - Financial giants have shown a bullish sentiment towards First Majestic Silver, with 50% of traders being bullish and 40% bearish in recent options trading [1] - The trading activity indicates significant investors are targeting a price range for First Majestic Silver between $5.0 and $41.0 over the past three months [2] - The trading volume for First Majestic Silver stands at 10,047,708, with the stock price currently at $23.39, reflecting a decrease of -0.17% [7] Group 2: Options Trading Insights - A total of 44 unusual options trades were identified for First Majestic Silver, with 37 calls valued at $3,395,363 and 7 puts valued at $318,018 [1] - The analysis of volume and open interest provides insights into the liquidity and interest in First Majestic Silver's options within the strike price range of $5.0 to $41.0 over the last 30 days [3] - Recent options trading patterns suggest a focus on the company's current market position and performance [5] Group 3: Analyst Opinions - Two professional analysts have provided insights on First Majestic Silver, with an average price target set at $23.75 [5] - An analyst from Scotiabank maintains a Sector Perform rating with a target price of $23, while another from HC Wainwright & Co. holds a Buy rating with a target price of $24 [7]