Mr. Keith Neumeyer reports

FIRST MAJESTIC ANNOUNCES VOTING RESULTS FROM ANNUAL GENERAL MEETING AND MANAGEMENT UPDATE

First Majestic Silver Corp. has released the voting results for its annual general meeting held on May 27, 2021.

A total of 97,420,710 shares were represented at the meeting, being 43.72 per cent of the company's issued and outstanding common shares. Shareholders approved all matters brought before the meeting.

In addition, the reappointment of Deloitte LLP as auditor of the company and setting the total number of directors at six, as outlined in the circular, were also approved by a majority vote of shareholders present in person or represented by proxy. Robert McCallum was not a nominee for re-election as a director, as he has fulfilled his term under the director tenure policy.

Management update

The company announces today that Raymond Polman, chief financial officer, has communicated his plans to retire after 15 successful years with the company. Mr. Polman will remain in his current position until a replacement has transitioned into the role. It is expected that a new chief financial officer will be announced by the end of the third quarter.

Keith Neumeyer, president and chief executive officer, stated: "Ray has been an important member of First Majestic for the past 15 years, and his financial leadership has assisted in building First Majestic into the world-class silver company it is today. I'm grateful for his contributions to the business and wish him all the best in his retirement. In addition, I would like to thank Robert McCallum for his long-standing directorship to First Majestic. Rob has been with the company since inception, and his contributions have enabled First Majestic to grow into one of the world's largest silver companies. Both Ray and Robert will be greatly missed; however, both will be available for advisory roles over the next 12 months."

Additionally, the company is pleased to announce the appointments of Michael Deal as its general manager of the Jerritt Canyon gold mine and Edward Kirwan as director of environment. Mr. Deal has greater than 17 years of mining and mineral processing experience and was most recently processing manager and regional metallurgist at Nevada Gold Mines, a joint venture between Barrick Gold and Newmont. Mr. Kirwan has greater than 34 years of environmental, sustainability and project management experience in the mining industry and, most recently, held environmental positions at Tahoe Resources, Silver Standard Resources and KHGM. Also, effective today, Greg Kulla has resigned from the company as vice-president of exploration, and a search for his replacement has begun.

Renewal of at-the-market program

The company has entered into an equity distribution agreement with BMO Capital Markets Corp. and TD Securities, pursuant to which the company may, at its discretion and from time to time until June 18, 2023, sell, through the agents, such number of common shares of the company as would result in aggregate gross proceeds to the company of up to $100-million (U.S.). Sales of common shares will be made through at-the-market distributions, as defined in National Instrument 44-102 -- Shelf Distributions, including sales made directly on the New York Stock Exchange or any other recognized marketplace on which the common shares are listed or quoted, or where the common shares are traded in the United States. The sales, if any, of common shares made under the sales agreement will be made by means of ordinary brokers' transactions on the NYSE at market prices, or as otherwise agreed upon by the company and the agents. No offers or sales of common shares will be made on the Toronto Stock Exchange or other trading markets in Canada.

The offering will be made by way of a prospectus supplement to the base prospectus included in the company's existing U.S. registration statement on Form F-10 and Canadian short form base shelf prospectus dated May 18, 2021. The prospectus supplement relating to the offering has been filed with the securities commissions in each of the provinces of Canada (other than Quebec) and the United States Securities and Exchange Commission (SEC). The U.S. prospectus supplement (together with the related base prospectus) will be available on the SEC's website, and the Canadian prospectus supplement (together with the related base shelf prospectus) will be available on the SEDAR website. Alternatively, the agents will provide copies of the U.S. prospectus and the U.S. prospectus supplement upon request by contacting BMO Capital Markets (c/o BMO Capital Markets, attention: equity syndicate department, 3 Times Square, New York, N.Y., 10036, or by telephone at 800-414-3627, or by e-mail at bmoprospectus@bmo.com).

The company expects to use the net proceeds of the offering, if any, together with the company's current cash resources, to develop and/or improve the company's existing mines and to add to the company's working capital.

About First Majestic Silver Corp.

First Majestic Silver is a publicly traded mining company focused on silver and gold production in Mexico and the United States, and is aggressively pursuing the development of its existing mineral property assets. The company presently owns and operates the San Dimas silver/gold mine, the Santa Elena silver/gold mine, the La Encantada silver mine and the Jerritt Canyon gold mine.

We seek Safe Harbor.