First Majestic Silver Shareholder Letter July 2025

July 22, 2025

Keith Neumeyer

President & CEO

First Majestic Silver Corp.

1800 – 925 West Georgia Street

Vancouver, BC V6C 3L2

Dear Mr. Neumeyer,

As a significant and long-standing shareholder of First Majestic Silver, I am writing to urge the Board and management team to take bold, decisive action in the coming quarters to reinforce investor confidence and maximize long-term value creation.

The market has already demonstrated how it responds favorably when First Majestic commits to meaningful capital returns. The September 2024 buyback announcement of $50 million drove a measurable re-rating of our shares and renewed institutional interest. That reaction underscores the market’s desire for consistent, visible capital allocation that aligns management’s optimism—particularly your well-known conviction in triple-digit silver prices—with tangible shareholder benefits.

Yet despite silver now trading solidly above $30/oz and approaching levels last seen when it briefly touched $39/oz, First Majestic’s shares remain near $8–$9 per share. By contrast, at the last $39/oz silver peak (2011), First Majestic traded near $20 per share (adjusted for splits). This stark disconnect highlights the urgency of taking direct, shareholder-focused measures—most notably, expanding the pace and scale of buybacks—to bridge the valuation gap and drive a market re-rating.

At current share prices near $9, every million shares repurchased reduces the float by roughly 0.34% and allows remaining shareholders to own a proportionately greater share of our silver reserves and cash flow at a steep discount to intrinsic value. Simply put, buybacks at these levels are immediately accretive and represent one of the highest-return investments the company can make.

In addition, First Majestic trades at a material discount to peers like Pan American and Hecla on both NAV and EV/EBITDA metrics, despite similar silver leverage. This relative undervaluation has persisted for several quarters and can be partially corrected through a disciplined and transparent buyback strategy that demonstrates management’s commitment to shareholder alignment.

With free cash flow now tracking over $170 million on an annualized basis, First Majestic has ample capacity to materially expand its buyback program without jeopardizing growth investments or balance sheet strength. Even allocating $100 million to repurchases by year-end would leave sufficient cash to fund Los Gatos integration and ongoing capital projects, while signaling a strong commitment to shareholder returns.

Finally, a visible and predictable buyback schedule—such as monthly reporting of shares repurchased and a clearly communicated annual target—would materially boost institutional confidence, reduce volatility, and attract new capital to the stock as silver prices continue to advance.

I encourage you and the Board to accelerate and expand the current NCIB program, with a transparent and ambitious framework that reflects First Majestic’s strong financial position and bullish silver outlook. Such a move would help close the valuation gap, reward long-term investors, and establish First Majestic as the sector’s leader in both growth and disciplined capital returns.

Thank you for your continued leadership and vision. I am confident that, with a decisive capital return strategy, First Majestic can unlock substantial shareholder value while positioning the company for outsized upside as silver advances.

Sincerely,

 Brandon Osborne

Founder, Aequus Capital and Aequus Ventures

Email: Bosborne@aequuscapitalUS.com

Submitted this 24th day of July, 2025