Mr. Keith Neumeyer reports

FIRST MAJESTIC COMPLETES US$230 MILLION CONVERTIBLE SENIOR NOTES OFFERING

First Majestic Silver Corp. has closed its previously announced offering of $200-million (U.S.) aggregate principal amount of 0.375 per cent unsecured convertible senior notes due in 2027. The company also announced the concurrent closing of an additional $30-million (U.S.) aggregate principal amount of the notes pursuant to the exercise in full of the overallotment option granted to the initial purchasers of the notes. The initial conversion rate for the notes is 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 company will use a portion of the proceeds of the offering to complete the repurchase, in separate privately negotiated transactions, of approximately $125.2-million (U.S.) aggregate principal amount of its outstanding 1.875 per cent convertible senior notes (the existing notes) for payment of approximately $164.9-million (U.S.). The company intends to use the remainder of the net proceeds from the offering for general corporate purposes, including strategic opportunities.

In accordance with the terms of the existing notes, First Majestic has provided notice that it will redeem all existing notes that are not converted or repurchased in conjunction with the offering. The effective date of the redemption will be Dec. 30, 2021.

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.

We seek Safe Harbor.