First Majestic prices $300 million convertible notes offering

First Majestic Silver Corp. (NYSE: AG) (TSX: AG) announced it has priced an offering of $300 million in convertible senior notes due 2031, with an option to increase the amount to $350 million if over-allotment provisions are exercised.

The notes will be issued at par value and bear interest at 0.125% per annum, payable semi-annually. The initial conversion rate is set at 44.7227 common shares per $1,000 principal amount of notes, equivalent to a conversion price of approximately $22.36 per share.

This conversion rate represents a 42.50% premium to the company's closing share price on the NYSE as of the previous trading day. The conversion rate is subject to adjustment under certain circumstances.

First Majestic plans to use proceeds from the offering to repurchase a portion of its outstanding 0.375% convertible senior notes due 2027 through privately negotiated transactions. Additional proceeds will fund general corporate purposes, including strategic opportunities.

The offering is expected to close on or about December 8, 2025, subject to customary closing conditions.

The notes and underlying shares have not been registered under the U.S. Securities Act of 1933 or qualified by prospectus in Canada. Sales will be conducted under applicable exemptions from registration and prospectus requirements.

First Majestic operates four producing underground mines in Mexico and holds development and exploration assets, including the Jerritt Canyon Gold project in Nevada. The company focuses on silver and gold production across its portfolio of mining operations.

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