Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND PAYMENT

First Majestic Silver Corp. has released unaudited interim consolidated financial results of the company for the third quarter ended Sept. 30, 2021. The full version of the financial statements and the management discussion and analysis can be viewed on the company's website or on SEDAR and on EDGAR. All amounts are in U.S. dollars unless stated otherwise.

Third quarter 2021 highlights (compared with Q3 2020):

• Generated revenues of $124.6-million, representing a 1-per-cent decrease due to the decision to withhold 1.4 million ounces of silver in inventory in an effort to maximize future profits. Had the company sold these ounces at the end of the quarter it would have generated approximately $33.2-million in additional revenue using the quarterly average realized price of $23.10 per ounce;
• Cash costs increased to $14.09 per silver equivalent ounce due to the addition of Jerritt Canyon;
• All-in sustaining costs (AISC) increased to $19.93 per AgEq ounce primarily due to an increase in sustaining capital costs related to the $12.3-million tailings storage facility (TSF2) lift project at Jerritt Canyon;
• Mine operating earnings of $3.5-million during the quarter, compared with earnings of $48.0-million in Q3 2020, the decrease in earnings was primarily attributed to lower silver ounces sold due to the holdback of 1.4 million ounces of silver along with higher costs attributed to the first full quarter of operations at Jerritt Canyon;
• Net loss of $18.4-million attributed to the reduction in revenue as a result of withholding 1.4 million ounces of silver from sales at quarter-end;
• Adjusted loss per share of seven cents after excluding non-cash and non-recurring items;
• Cash flow per share of nine cents (non-GAAP (generally accepted accounting principles));
• Cash and cash equivalents at Sept. 30, 2021, were $192.8-million with strong working capital of $262.5-million;
• Declared a third quarter cash dividend payment of 0.49 cent per common share for shareholders of record as of the close of business on Nov. 17, 2021, which will be distributed on or about Nov. 30, 2021.

"Our decision to inventory a significant amount of silver during the quarter obviously impacted our third quarter financial results but those additional revenues and cash flows are expected to be realized in the coming quarters as prices improve," stated Keith Neumeyer, president and chief executive officer. "During the quarter, we also invested in two significant capital projects at Jerritt Canyon, which temporarily increased our all-in sustaining costs at the site. With the majority of these investments now complete, we expect a reduction in costs starting in the fourth quarter driven by higher production, reduced capital costs and continued improvements in operating efficiencies. At San Dimas, AISC costs decreased by 19 per cent to $11.58 per ounce due to higher production and higher consumption rates of low-cost energy from our hydro dam when compared to diesel or grid power. At Santa Elena, the mill is preparing to begin test batching low-grade stockpiles from the Ermitano deposit, which is expected to further drive down costs and increase overall production. Finally, the company declared its third quarter dividend, which was also impacted by the lower quarterly revenues due to the withholding of the 1.4 million unsold ounces of silver; however, the upcoming future quarter dividends are expected to increase as this large inventory is divested."

                               OPERATIONAL AND FINANCIAL HIGHLIGHTS

Key performance metrics                          Q3 2021       Q2 2021       Q3 2020      YTD 2021 

Operational
Ore processed/tonnes milled                      943,126       826,213       655,920     2,383,584
Silver ounces produced                         3,302,086     3,274,026     3,158,866     9,484,135
Silver equivalent ounces produced              7,319,441     6,435,023     5,201,085    18,294,760
Cash costs per silver equivalent ounce            $14.09        $13.89         $9.48        $13.65
All-in sustaining cost
per silver equivalent ounce                       $19.93        $19.42        $14.01        $19.60
Total production cost per tonne                  $106.52       $104.94        $71.56       $101.73
Average realized silver price per ounce           $23.10        $27.32        $22.58        $25.74
Financial (in millions)
Revenues                                          $124.6        $154.1        $125.9        $379.2
Mine operating earnings                             $3.5         $29.4         $48.0         $61.1
Net (loss) earnings                               ($18.4)        $15.6         $30.9         ($1.0)
Operating cash flows before
movements in working capital and taxes             $22.6         $51.2         $52.2        $104.9
Cash and cash equivalents                         $192.8        $227.1        $232.4        $192.8
Working capital                                   $262.5        $276.3        $266.7        $262.5
Shareholders
(Loss) earnings per share (EPS) -- basic          ($0.07)        $0.06         $0.14         $0.00
Adjusted EPS (loss)                               ($0.07)        $0.05         $0.12         $0.01
Cash flow per share                                $0.09         $0.21         $0.24         $0.44

Q3 2021 financial results

The company realized an average silver price of $23.10 per ounce during the third quarter of 2021, representing a 2-per-cent increase compared with $22.58 per ounce in the third quarter of 2020.

Revenues generated in the third quarter totalled $124.6-million compared with $125.9-million in the third quarter of 2020. Revenues in the quarter were impacted primarily due to the temporary withholding of 1.4 million ounces of silver, which remained in the inventory at quarter-end. Had the company sold the withheld inventory, the company would have generated approximately $33.2-million in additional revenue using the quarterly average realized price of $23.10 per ounce.

The company realized mine operating earnings of $3.5-million compared with mine operating earnings of $48.0-million in the third quarter of 2020. The decrease in mine operating earnings was primarily attributed to the decision to withhold 1.4 million silver ounces from sale along with higher costs primarily attributed to the first full quarter of operations of Jerritt Canyon.

Loss for the quarter was $18.4-million (EPS loss of seven cents) compared with earnings of $30.9-million (EPS of 14 cents) in the third quarter of 2020.

Adjusted net loss for the quarter was $18.1-million (adjusted EPS loss of seven cents) compared with earnings of $25.7-million (adjusted EPS of 12 cents) in the third quarter of 2020, after excluding non-cash and non-recurring items.

Cash flow from operations before movements in working capital and income taxes in the quarter was $22.6-million (nine cents per share) compared with operating cash flow from operations of $52.2-million (24 cents per share) in the third quarter of 2020.

Ended the quarter with $192.8-million in cash and cash equivalents as of Sept. 30, 2021. In addition, the company has a strong working capital position of $262.5-million and total available liquidity of $272.5-million, including $10-million of available undrawn revolving credit facility.

Operational highlights

The associated table represents the quarterly operating and cost parameters at each of the company's four producing silver and gold mines.

                                       THIRD QUARTER PRODUCTION SUMMARY

                                     San Dimas    Santa Elena   La Encantada  Jerritt Canyon    Consolidated

Ore processed/tonnes milled            214,205        234,862        263,645         230,415         943,126
Silver ounces produced               1,888,371        508,641        905,074               -       3,302,086
Gold ounces produced                    20,767          7,498            114          26,145          54,525
Silver equivalent
ounces produced                      3,422,032      1,061,657        913,481       1,922,270       7,319,441
Cash costs per silver
equivalent ounce                         $8.29         $17.09         $12.25             N/A          $14.09
All-in sustaining cost
per silver equivalent ounce             $11.58         $21.10         $15.28             N/A          $19.93
Cash cost per AuEq ounce                   N/A            N/A            N/A          $1,735             N/A
All-in sustaining costs
per AuEq ounce                             N/A            N/A            N/A          $2,286             N/A
Total production cost per tonne        $128.67         $75.76         $41.08         $192.17         $106.52

The company produced 7.3 million silver equivalent ounces consisting of 3.3 million ounces of silver and 54,525 ounces of gold, representing an increase of 1 per cent and 17 per cent, respectively, compared with the previous quarter primarily due to a 39-per-cent increase in gold production from the Jerritt Canyon operation in Nevada. In the first nine months of 2021, the company produced 9.5 million ounces of silver and 124,942 ounces of gold for total production of 18.3 million silver equivalent ounces, or approximately 69 per cent of the company's 2021 guidance midpoint of producing 25.7 million to 27.5 million ounces. Furthermore, the company anticipates achieving its 2021 production guidance due to expected higher grades at San Dimas, Jerritt Canyon and Santa Elena in the fourth quarter.

Costs and capital expenditures

Cash cost per ounce for the quarter was $14.09 per AgEq ounce, an increase of 1 per cent from $13.89 per ounce in the previous quarter. The increase in cash cost per AgEq ounce was due to the addition of Jerritt Canyon, which was producing at a higher cash cost compared with the previous quarter, which was primarily affected by a 14-day planned semi-annual maintenance shutdown of the dual roasters.

AISC in the second quarter was $19.93 per ounce compared with $19.42 per ounce in the previous quarter. The increase in AISC per AgEq ounce was primarily attributed to the TSF2 lift project at Jerritt Canyon. The increase in AISC was partially offset by lower costs at San Dimas and La Encantada as a result of increased rates of production.

Total capital expenditures in the third quarter were $59.7-million, primarily consisting of $22.4-million at Jerritt Canyon, $14.2-million at San Dimas, $15.7-million at Santa Elena (including $9.3-million towards the Ermitano project), $2.8-million at La Encantada and $4.6-million for strategic projects.

Q3 2021 dividend announcement

The company is pleased to announce that its board of directors has declared a cash dividend payment in the amount of 0.49 cent per common share for the third quarter of 2021. The third quarter cash dividend will be paid to holders of record of First Majestic's common shares as of the close of business on Nov. 17, 2021, and will be distributed on or about Nov. 30, 2021.

Under the company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1 per cent of the company's net quarterly revenues divided by the company's then-outstanding common shares on the record date.

The amount and distribution dates of future dividends remain at the discretion of the board of directors. This dividend qualifies as an eligible dividend for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.

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 the San Dimas silver/gold mine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine.

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