Mr. Keith Neumeyer reports

FIRST MAJESTIC ANNOUNCES 2021 MINERAL RESERVE AND RESOURCE ESTIMATES

First Majestic Silver Corp. has released its 2021 mineral reserve and resource estimates for its material mineral property assets with an effective date of Dec. 31, 2021. The company completed a record exploration program totalling 227,845 metres of drilling at its operating mine properties in 2021, representing a 46-per-cent increase in metres drilled compared with the prior year. Approximately 80 per cent of this drilling was focused on near-mine or brownfield targets while the remainder was focused on greenfield targets looking for new discoveries. During 2021, the company added more ounces into reserves than were depleted following a record 26.9 million silver equivalent ounces in annual production.

2021 highlights (compared with prior mineral reserve and mineral resource estimates on Dec. 31, 2020):

• Proven and probable (P&P) mineral reserve estimates at the company's four producing material assets totalled 177.4 million silver equivalent ounces consisting of 63 million ounces of silver and 1.32 million ounces of gold. Silver and gold ounces increased 1 per cent and 118 per cent, respectively, primarily due to the addition of 440,000 ounces of gold at Jerritt Canyon and the addition of 1.55 million ounces of silver and 280,000 ounces of gold at Santa Elena following its previously reported prefeasibility study in November, 2021, which incorporated the Ermitano mine into the life of mine. In addition, P&P reserves at La Encantada increased 29 per cent in silver ounces as a result of successful drilling at the Ojuelas and Milagros breccia deposits.
• Measured and indicated (M&I) mineral resource estimates for the company's four material assets totalled 332.5 million silver equivalent ounces consisting of 111 million ounces of silver and 2.89 million ounces of gold, representing a 1-per-cent decrease and a 130-per-cent increase, respectively. Jerritt Canyon added 1.6 million ounces of gold in eight different deposits over its large land package. At Santa Elena, M&I mineral resource estimates totalled 18.8 million ounces of silver and 544,000 ounces of gold, corresponding to 70.8 million ounces of silver equivalent, representing an 11-per-cent increase.
• Inferred mineral resource estimates for the company's material assets totalled 235.1 million silver equivalent ounces consisting of 75.3 million ounces of silver and 2.08 million ounces of gold. Inferred mineral resources increased significantly with the incorporation of Jerritt Canyon.

Metal price assumptions used to estimate the Dec. 31, 2021, mineral reserves were $22.50 per ounce for silver and $1,750 per ounce for gold. This compares with the previous metal price assumptions of $17.50 per ounce for silver and $1,700 per ounce for gold used to calculate the company's 2020 mineral reserves.

Mineral reserve and mineral resource update

As of Dec. 31, 2021, proven and probable mineral reserves estimates at the company's material assets totalled 177.4 million silver equivalent ounces, consisting of 63 million ounces of silver and 1.32 million ounces of gold. The increase is primarily due to the acquisition of the Jerritt Canyon gold mine, which added 440,000 ounces of gold grading 5.41 grams per tonne. At Santa Elena, P&P reserves increased 160 per cent to 54.3 million silver equivalent ounces consisting of 11.8 million ounces of silver and 402,000 ounces of gold. The Ermitano mine at Santa Elena added mineral reserves of 4.7 million ounces of silver and 328,000 ounces of gold grading 52 grams per tonne silver and 3.66 grams per tonne gold. Consolidated tonnage at the material assets increased to 13.2 million tonnes, representing a 57-per-cent increase compared with the previous year.

Measured and indicated mineral resource estimates for the material assets totalled 332.5 silver equivalent ounces consisting of 111 million ounces of silver and 2.89 million ounces of gold. The Jerritt Canyon acquisition added 1.6 million ounces of gold grading 5.84 grams per tonne gold. At Santa Elena, M&I mineral resource estimates totalled 18.8 million ounces of silver and 544,000 ounces of gold. Consolidated tonnage at the material assets increased to 25.6 million tonnes, representing a 54-per-cent increase compared with the previous year. Measured and indicated mineral resources estimates are reported inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.

Inferred mineral resources at the material assets totalled 235.1 million silver equivalent ounces consisting of 75.3 million ounces of silver and 2.08 million ounces of gold.

The complete 2021 mineral reserve and mineral resource estimates for all tonnage, metal grades and metal content are shown in the attached tables.

The company also announces that its 2021 annual information form has been filed on SEDAR. In addition, a Form 40-F report has been filed with the U.S. Securities and Exchange Commission and is available on EDGAR and the company's website.

Shareholders may also receive a copy of First Majestic's annual report, which includes the audited financial statements, without charge, upon request to First Majestic, Suite 1800, 925 W Georgia St., Vancouver, B.C., Canada, V6C 3L2, or to info@firstmajestic.com.

Ramon Mendoza Reyes, PEng, vice-president, technical services, for First Majestic, is a qualified person as such term is defined under National Instrument 43-101 and has reviewed and approved the technical information disclosed in this news release.

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.

First Majestic is proud 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 its bullion store at some of the lowest-possible premiums.

We seek Safe Harbor.