# FIRST MAJESTIC SILVER CORP - EX-99.1 \(2026-10-08\) Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01 Original source: https://www.sec.gov/Archives/edgar/data/1308648/000106299326005237/exhibit99-1.htm Publisher: sec\_edgar Original announcement: 2026-10-08T00:00:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-08T11:26:18.119Z Atlas analysis updated: 2026-10-08T11:26:18.119Z - Company: First Majestic Silver Corp. - Ticker: AG - Exchange: NYSE - Region: Mexico - Primary commodity: Silver - Secondary commodities: Gold, Zinc, Lead, Copper - Document categories: Production, Metallurgy - Extracted: 2026-10-08 11:26:18 UTC Narrative sentiment: -0.30 · Bearish ## Minestarters Atlas summary First Majestic Silver Corp. reported Q3 2026 production results, noting a decline in silver and gold output compared to the previous year. The lower production was largely driven by a labour dispute at the San Dimas mine, though La Encantada saw significant growth. Reasoning: The report shows a decline in consolidated silver and gold production, primarily due to labour disruptions at San Dimas, despite strong performance at La Encantada. - Positive factor: La Encantada production increased 68% YoY - Positive factor: Santa Elena mill throughput and recoveries improved - Positive factor: Jerritt Canyon restart progressing ahead of plan - Negative factor: Labour dispute at San Dimas impacted production and grades - Negative factor: Total silver production reached only 72% of guidance midpoint - Negative factor: Overall gold and silver production down YoY Facts used in scoring: 8 ## Classification and evidence **Production Decline** Polarity: negative Story-specific tag Definition: No canonical definition is currently available. Why it applies: Silver production reached only 72% of guidance midpoint and gold production was down 17% YoY. Evidence · text > Silver Production \(72% of guidance midpoint\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 8. Some facts used in scoring do not have a stored record. ## Metallurgical Results (8) ### Fact 1 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-0) Los Gatos · silver #### Identity - Project: Los Gatos - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: Los Gatos \(100%\) #### Recovery - Recovery: 86 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Standard recovery for the site. Evidence · table > 86% Context: 323,841 ### Fact 2 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-1) Los Gatos · gold #### Identity - Project: Los Gatos - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: Los Gatos \(100%\) #### Recovery - Recovery: 48 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Standard recovery for the site. Evidence · table > 48% Context: 323,841 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 48% is below the weak band \(80%\) ### Fact 3 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-2) Santa Elena · silver #### Identity - Project: Santa Elena - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: Santa Elena #### Recovery - Recovery: 69 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Recovery improved year-over-year. - Positive factor: Improved from 65% in prior year Evidence · table > 69% Context: 286,382 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 69% is below the weak band \(75%\) ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-3) Santa Elena · gold #### Identity - Project: Santa Elena - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: Santa Elena #### Recovery - Recovery: 94 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Recovery improved year-over-year. - Positive factor: Improved from 92% in prior year Evidence · table > 94% Context: 286,382 ### Fact 5 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-4) San Dimas · silver #### Identity - Project: San Dimas - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: San Dimas #### Recovery - Recovery: 88 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Consistent with prior year. Evidence · table > 88% Context: 229,188 ### Fact 6 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-5) San Dimas · gold #### Identity - Project: San Dimas - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: San Dimas #### Recovery - Recovery: 93 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Consistent with prior year. Evidence · table > 93% Context: 229,188 ### Fact 7 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-6) La Encantada · silver #### Identity - Project: La Encantada - Commodity: silver - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: La Encantada #### Recovery - Recovery: 66 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Consistent with prior year. Evidence · table > 66% Context: 346,449 #### Tags used in scoring **Low Recovery** Polarity: negative Definition: Recovery below the weak band for the commodity and processing route. Why it applies: 66% is below the weak band \(75%\) ### Fact 8 [Link to this fact](https://atlas-staging.minestarters.com/news/first-majestic-silver-corp-ex-99-1-2026-10-08--418ee3a5-6bf9-444d-9b48-5f2d57eb3f01#fact-metallurgical-facts-7) La Encantada · gold #### Identity - Project: La Encantada - Commodity: gold - Region: mexico - Reported Region: Mexico - Ticker: AG #### Test Work - Sample: La Encantada #### Recovery - Recovery: 90 % #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-08T00:00:00.000Z Reasoning: Standard recovery for the site. Evidence · table > 90% Context: 346,449 ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.