First Majestic Silver Corp. Ordinary Shares (Canada)

Liquidity is strong. Q2 2026 cash and equivalents exceeded $1.0 billion and working capital reached a record level, while the carrying amount of convertible notes and other debt sat near $0.30 billion at March 31, 2026. The company has capacity to self-fund near-term development and the 2026 Jerritt Canyon restart program.

Treasury growth reflects both operations and the 2025 acquisition accounting; we note restricted cash and tax payments as important nuances. Overall resilience has improved versus prior years.