Mr. Keith Neumeyer reports

FIRST MAJESTIC ANNOUNCES TEMPORARY SUSPENSION OF NAFTA ARBITRATION PROCEEDINGS AS SETTLEMENT FRAMEWORK AGREED TO WITH MEXICO

First Majestic Silver Corp. has agreed to suspend its NAFTA arbitration proceedings (the APA arbitration) against the government of Mexico pursuant to Chapter 11 of the North American Free Trade Agreement in respect of the legacy tax issue concerning First Majestic's subsidiary, Primero Empresa Minera S.A. de C.V. (PEM). Details regarding the history of this legacy tax issue are set out in First Majestic's continuous disclosure documents available on SEDAR+.

First Majestic and Mexico have been involved in discussions and negotiations to settle PEM's legacy tax issue for the past several years, with significant progress at reaching a settlement having been made this year. With First Majestic and Mexico having agreed in principle to a framework to settle the tax issue, the parties have requested that the tribunal overseeing the APA arbitration temporarily suspend proceedings whilst they work to finalize and implement the settlement. Accordingly, the tribunal has issued an order temporarily suspending the proceedings until Dec. 31, 2026.

The negotiations to date have been constructive and cordial, and First Majestic remains optimistic that a settlement will be finalized by the end of 2026. If additional time is required to conclude the settlement, the parties can request the tribunal to extend the term of the temporary suspension into the first quarter of 2027. In the event a final settlement cannot be concluded by the end of 2026 and the parties do not believe that additional time will result in the conclusion of a settlement, First Majestic will request that the tribunal lift the suspension and the APA arbitration proceedings will recommence.

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 some of the lowest premiums available.

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