Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS Q3 2026 PRODUCTION RESULTS, ANNOUNCES Q3 CONFERENCE CALL DETAILS AND RENEWAL OF SHARE REPURCHASE PROGRAM

First Majestic Silver Corp.'s total production in the third quarter of 2026 from the company's four producing underground mines in Mexico, namely, the Santa Elena silver/gold mine, the Los Gatos silver mine (the company holds a 70-per-cent interest in the Los Gatos joint venture that owns the mine), the San Dimas silver/gold mine and the La Encantada silver mine, reached 3.4 million silver ounces, 29,552 gold ounces, 13.3 million pounds of zinc, 7.8 million pounds of lead and 221,111 pounds of copper.

Q3 2026 production highlights:

• Silver production (72 per cent of guidance midpoint): The company produced 3.4 million silver ounces in the quarter, reaching 72 per cent of the 2026 revised guidance midpoint. The lower production was mostly driven by a labour dispute at San Dimas, which impacted the operations by 12 days in Q3 2026.
• Silver sales: The company sold 3.5 million silver ounces in the quarter, on an attributable basis (4.0 million silver ounces on a 100-per-cent basis for Los Gatos), compared with 3.4 million ounces in the second quarter of 2026 (3.9 million silver ounces on a 100-per-cent basis).
• Gold production (75 per cent of guidance midpoint): The company produced 29,552 gold ounces in Q3 2026, aligned to the company's revised 2026 guidance, despite the labour disruptions at San Dimas.
• Gold sales: The company sold 31,934 gold ounces in the quarter, compared with 32,681 ounces in the second quarter of 2026.
• Continued active exploration: During the third quarter, the company completed a total of approximately 78,475 metres of drilling across its mines in Mexico and the Jerritt Canyon gold mine in Nevada, United States. During the quarter, up to 33 drill rigs were active consisting of six rigs at Los Gatos, eight rigs at Santa Elena, 13 rigs at San Dimas, two rigs at La Encantada and four rigs at Jerritt Canyon.
• Safety performance: The consolidated total reportable incident frequency rate (TRIFR) was 0.61, while the lost-time incident frequency rate (LTIFR) was 0.10, maintaining First Majestic as a leader amongst its peer group.
• Sustainability efforts: The company received an aggregate score of 50 across multiple environmental, social and corporate governance topics in S&P Global's annual corporate sustainability assessment published at the end of September. This score places the company in the top 17 per cent of mining companies globally.

"First Majestic remains focused on meeting its production guidance and, with a focus on controlling costs, looks forward to delivering enhanced profitability to investors through the rest of the year," said Keith Neumeyer, chief executive officer. "Despite labour disruptions at San Dimas impacting operations and production, our team is working diligently to resolve the situation and return to normal operations as quickly as possible. At Santa Elena and Los Gatos, our mill and mine expansion projects continue to advance on schedule, with both expected to be completed in the near term. Meanwhile, La Encantada delivered another strong quarter of production. At Jerritt Canyon, the restart is progressing well and is ahead of plan in several key areas. We are accelerating recruitment efforts and site preparation activities as we work toward bringing this asset back into production and positioning it to make a meaningful contribution to the company's future financial performance."

Los Gatos silver mine (reported on a 70-per-cent attributable basis):

• During the third quarter, Los Gatos produced 1,245,178 ounces of silver, 13,277,264 pounds of zinc, 7,839,182 pounds of lead, 221,111 pounds of copper and 625 ounces of gold. While ore processed and milled increased 6 per cent in the quarter compared with Q3 2025, production at Los Gatos was partially offset by lower silver grades, and slightly lower lead and zinc recoveries.
• The mill processed a total of 226,689 tonnes of ore (3,994 tonnes per operating day on a 100-per-cent basis), with head grades of 200 g/t silver, 3.82 per cent zinc, 1.93 per cent lead and 0.18 g/t gold. Management continues to focus on achieving sustainably higher mill throughput at Los Gatos by increasing mining rates toward a sustained increase in ore throughput of 4,000 tonnes of ore per day on a 100-per-cent basis in the second half of 2026.
• Silver, zinc, lead and gold recoveries during the quarter averaged 86 per cent, 70 per cent, 81 per cent and 48 per cent, respectively.
• During the quarter, up to six surface drill rigs completed 10,074 m of drilling on the property. Drilling continued at the Central Deeps and Northwest Deeps zones, as well as several greenfield targets. Drilling also commenced at Southeast Deeps to test the open extensions of the mineralized zone.

Santa Elena silver/gold mine:

• Santa Elena produced 368,333 ounces of silver, and 18,489 ounces of gold during the quarter representing decreases of 11 per cent and 12 per cent year-over-year, respectively. The decline in production was primarily attributable to lower silver and gold grades, partially offset by increased mill throughput and improved metallurgical recoveries, compared with the prior-year period.
• The mill processed 286,382 tonnes of ore (3,360 tonnes of ore per day) in the third quarter, 3 per cent higher than the same period last year and down 6 per cent from record throughput of 305,369 tonnes in Q2 2026, as the company continues advancing its 3,500-tonne-per-day expansion project with planned downtime related to equipment installation for the project. A record milling month was achieved in August, with 104,000 tonnes processed and daily throughput rates frequently exceeding 3,600 tonnes of ore per day. Silver and gold head grades averaged 58 grams per tonne and 2.14 grams per tonne, respectively.
• Silver and gold recoveries during the quarter improved to 69 per cent and 94 per cent, respectively, compared with 65 per cent and 92 per cent in the same period last year.
• During the quarter, eight drill rigs, consisting of five surface rigs and three underground rigs, completed 19,511 metres of drilling on the property. Drilling focused on the conversion of inferred mineral resources to indicated mineral resources at Santo Nino and Winter as well as testing new targets in brownfield exploration.

San Dimas silver/gold mine:

• San Dimas produced 859,869 ounces of silver and 10,386 ounces of gold, representing a decrease of 41 per cent, and 26 per cent, respectively, when compared with the same period last year. The lower production was primarily attributable to reduced grades due to the impact of a continuing labour dispute that slowed throughput of fresh ore in the quarter.
• The mill processed a total of 229,188 tonnes of ore, a slight decrease of 2 per cent compared with Q3 2025, with average silver and gold grades of 133 g/t and 1.51 g/t, respectively.
• Silver and gold recoveries during the quarter averaged 88 per cent and 93 per cent, respectively, consistent with 88 per cent and 92 per cent, respectively, in the same period last year.
• During the quarter, up to 13 drill rigs consisting of five surface rigs and eight underground rigs completed 29,493 metres of drilling focused on the Coronado, Carmen Escobosa, Elia and Convencion veins, with targets spanning across the exploration pipeline (mineral resource expansion and mineral resource conversion). Drill results from San Dimas's 2026 exploration program were released during the quarter, demonstrating inferred to indicated resource conversion and resource addition results through multiple high-grade silver and gold intercepts across the district, plus expansion of the exploration activity footprint (see news release dated Sept. 9, 2026).

La Encantada silver mine:

• During the quarter, La Encantada produced 967,067 ounces of silver, representing a 68-per-cent increase compared with Q3 2025, driven primarily by a 32-per-cent increase in silver grades and a 27-per-cent increase in ore processed. Production at La Encantada improved significantly due to improved ore flow and mine development rates and process optimization resulting from key initiatives implemented in 2025.
• The mill processed a total of 346,449 tonnes of ore, a 27-per-cent increase over the same period last year, with an average silver grade of 132 g/t, compared with 100 g/t in the same period last year.
• Silver recovery for the quarter was 66 per cent, consistent with Q3 2025.
• During the quarter, one surface and one underground drill rig completed 3,114 m of drilling on the property. The company is concurrently testing new exploration targets and potential near-term mineralization expansion areas.

Jerritt Canyon gold mine:

Preparations to restart the Jerritt Canyon gold mine continue to advance positively during the quarter. The company remains on track to begin production from Jerritt Canyon in the second half of 2027:

• Surface and plant infrastructure: BBA Consultants USA LP progressed through the second phase of engineering and process plant inspections. A Metso Loesche vertical roller mill (VRM) was selected as a key component of Jerritt Canyon's restart strategy. The VRM will begin to arrive on site in the first half of 2027 and will upgrade existing infrastructure with a more efficient and lower-cost processing platform.
• Rehabilitation and development: The company's underground contractor, Cementation, has safely completed 5,965 m of underground rehabilitation year to date to establish numerous diamond drill locations and support the operational restart. Development of some stope access drives also commenced in the quarter.
• People: The hiring of key roles at site is progressing to plan. Notable hires during the quarter included human resources and health and safety managers.
• Technical studies: The development and optimization of the restart mine plan continues to progress well. This work is now being led by a dedicated Jerritt Canyon technical team, with the support of Stantec Consulting Services Inc.
• Exploration drilling: During the quarter, up to two reverse circulation surface drill rigs and two underground core drill rigs completed approximately 16,284 m of drilling. Surface drilling focused on defining the historical deepest open-pit mining depth within partially backfilled pits, while increasing confidence level on in situ mineralization along the Central and Northern mineralized trends. Underground drilling targeted areas identified as having potential for early mining.

Q3 2026 earnings and dividend announcement

The company plans to release its unaudited financial results for the third quarter of 2026 and announce its third quarter dividend payment and shareholder record and payable dates for such dividend payment, before markets open on Nov. 5, 2026.

Conference call announcement

The company will host a conference call and webcast on Thursday, Nov. 5, 2026, at 9 a.m. PT/11 a.m. ET to provide investors and analysts with a business update and to discuss its production and financial results for Q3 2026.

To participate in the conference call, please use the following dial-in numbers.

Canada and United States toll-free:  1-833-752-3407

Outside of Canada and the United States:  1-647-846-2866

Toll-free United Kingdom:  44-20-3514-3188

Participants should dial in at least 15 minutes prior to the start of the call to ensure placement in the conference on time.

A live webcast of the call will be accessible through the Nov. 5, 2026, webcast link on the First Majestic website. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.

A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling the following numbers.

United States and Canada toll-free:  1-855-669-9658

Outside of Canada and the United States:  1-412-317-0088

Access code:  2372437

The telephone replay will be available for seven days following the end of the event.

Renewal of share repurchase program

The company is also pleased to announce that the Toronto Stock Exchange has accepted for filing First Majestic's notice of intention to make a normal course issuer bid (the share repurchase program) to be transacted through the facilities of the TSX and/or through Canadian alternative trading systems.

Pursuant to the share repurchase program, First Majestic may, during the 12-month period commencing Oct. 14, 2026, and ending on or before Oct. 13, 2027, purchase up to 10 million of its common shares, being approximately 2 per cent of the company's 493,080,912 issued and outstanding shares as of Sept. 30, 2026. First Majestic may purchase up to a daily maximum of 413,612 shares (being 25 per cent of the average daily trading volume of the shares for the last six calendar months, which was 1,654,449 shares), subject to the TSX rules permitting block purchases.

Under the share repurchase program, other than purchases made by way of exempt offer, all purchases of shares will be made by First Majestic on the open market through the facilities of the TSX and/or other Canadian alternative trading systems. The price that the company will pay for any shares will be the prevailing market price of such shares at the time of acquisition. Any purchases under the share repurchase program will depend on future market conditions, and any shares purchased by the company will be cancelled. Purchases under the share repurchase program will be made by First Majestic's broker further to instructions from First Majestic and based upon the parameters prescribed by the TSX and by applicable law.

Under First Majestic's current normal course issuer bid, which commenced on Oct. 14, 2025, and expires on Oct. 13, 2026, the company has repurchased a total of 1.7 million shares for cancellation through open-market purchases at a volume-weighted average price of $23.38. The company had received TSX approval to purchase up to 24.5 million common shares under the current program.

First Majestic believes that, from time to time, the market price of its shares may not fully reflect the underlying value of the company's business and its future business prospects. The company believes that at such times the purchase of shares would be in the best interests of the company. Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the company.

Qualified persons

Gonzalo Mercado, PGeo, the company's vice-president of exploration and technical services and a qualified person as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

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 Santa Elena silver/gold mine, 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 San Dimas silver/gold mine and La Encantada silver mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold mine, which the company is currently in the process of restarting.

First Majestic is proud to own and operate its own minting facility, First Mint LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase on-line at the First Mint website, at some of the lowest premiums available.

We seek Safe Harbor.