Mr. Keith Neumeyer reports

FIRST MAJESTIC PRICES OFFERING OF CONVERTIBLE SENIOR NOTES

First Majestic Silver Corp. has priced its previously announced offering of unsecured convertible senior notes due in 2027. The company will issue $200-million (U.S.) aggregate principal amount of notes (or $230-million (U.S.) aggregate principal amount if the overallotment option is exercised in full). The notes will be issued at par value. The company intends to use approximately $164.9-million (U.S.) of the net proceeds of the offering to repurchase, in separate privately negotiated transactions, approximately $125.2-million (U.S.) aggregate principal amount of its outstanding 1.875 per cent convertible senior notes. The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including strategic opportunities.

The notes will bear cash interest semi-annually at a rate of 0.375 per cent per annum. The initial conversion rate for the notes will be 60.3865 common shares per $1,000 (U.S.) principal amount of notes, equivalent to an initial conversion price of approximately $16.56 (U.S.) per share. The initial conversion rate represents a premium of approximately 35 per cent relative to yesterday's closing market price of the shares and is subject to adjustment in certain events.

In accordance with the terms of the existing notes, First Majestic intends to redeem, following a required 30-day notice period, any existing notes that are not converted or repurchased in conjunction with the offering. The company expects all such redemptions to be completed on or before Dec. 31, 2021.

The offering is expected to close on or about Dec. 2, 2021, subject to customary closing conditions.

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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