Mr. Keith Neumeyer reports

FIRST MAJESTIC FILES NI 43-101 TECHNICAL REPORT FOR THE LOS GATOS SILVER MINE

First Majestic Silver Corp. has filed a technical report for its Los Gatos silver mine entitled "NI 43-101 Technical Report on Mineral Resource and Mineral Reserve Estimates, Los Gatos Silver Mine."

The technical report has an effective date of Aug. 25, 2026, and supports the Los Gatos mineral resource and mineral reserve estimates effective Dec. 31, 2025. The technical report was prepared in accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects by Gonzalo Mercado, PGeo, David Rowe, CPG, AIPG, Andrew Pocock, PEng, Hector Mezquita, RM MMSA, and Maria Elena Vazquez Jaimes, PGeo, all of whom are employed by First Majestic and are qualified persons (as defined under National Instrument 43-101).

The technical report has been voluntarily filed under the company's SEDAR+ profile and has not been filed in connection with a material change or a short-form prospectus. The technical report does not disclose any material change to the mineral resource and mineral reserve estimates previously disclosed in the company's news release dated March 31, 2026, and in the company's annual information form for the year ended Dec. 31, 2025.

Los Gatos is owned through the Los Gatos joint venture (LGJV), in which First Majestic holds a 70-per-cent interest and acts as operator; Dowa Metals & Mining Co. Ltd. holds the remaining 30-per-cent interest.

Cautionary note regarding mineral resources

Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that all or any part of an inferred mineral resource will be upgraded to an indicated or measured mineral resource category or converted into a mineral reserve.

For additional information regarding the mineral resource and mineral reserve estimates presented herein, including estimation methodologies, key assumptions, modifying factors, data verification procedures, metallurgical considerations and the basis for classification, readers are encouraged to review the technical report filed under the company's profile on SEDAR+ and available on the company's website.

Qualified persons and QA/QC

The mineral resource and mineral reserve estimates disclosed herein are supported by quality assurance and quality control (QA/QC) programs, data verification procedures, and review processes described in the technical report.

The scientific and technical information contained in this news release has been reviewed and approved by David Rowe, CPG, director of mineral development and the qualified person for mineral resources, and Andrew Pocock, PEng, director of technical services and the qualified person for mineral reserves, each of whom is a qualified person as defined by NI 43-101.

About First Majestic Silver Corp.

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company presently owns and operates four producing underground mines in Mexico: the Los Gatos silver mine (the company holds a 70-per-cent interest in the Los Gatos joint venture that owns and operates the mine), the Santa Elena silver/gold mine, the San Dimas silver/gold mine and the La Encantada silver mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold mine located in northeastern Nevada, United States.

First Majestic operates its own minting facility, First Mint LLC, and offers a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase on-line.

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