Mr. Keith Neumeyer reports

FIRST MAJESTIC PRODUCES 7.2M SILVER EQV. OZ IN THE FIRST QUARTER CONSISTING OF 2.6M OZ SILVER AND 58,892 OZ GOLD

First Majestic Silver Corp.'s total production in the first quarter of 2022 from the company's four producing operations -- the San Dimas silver/gold mine, the Jerritt Canyon gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine -- reached 7.2 million silver equivalent ounces, consisting of 2.6 million ounces of silver and 58,892 ounces of gold. The company's financial results for the first quarter of 2022 are scheduled to be released on Thursday, May 12, 2022.

First quarter highlights:

• Total production increased by 59 per cent year over year: The company produced 7.2 million silver equivalent ounces consisting of 2.6 million ounces of silver and 58,892 ounces of gold. Total production increased 59 per cent when compared with the first quarter of 2021 primarily due to the acquisition of Jerritt Canyon. However, compared with a record-breaking fourth quarter, production decreased by 16 per cent due to high absenteeism related to an increase in COVID-19 cases in January and February, which resulted in lower processed tonnes across all Mexican operating units.
• Higher production at Ermitano: During the quarter, the company processed 114,190 tonnes of ore from the Ermitano mine at the Santa Elena processing plant, representing a 10-per-cent increase compared with the prior quarter. The higher volumes were the result of strong underground development rates as the mine continues its planned ramp-up in 2022. The company anticipates higher production rates as new production stopes are prepared and brought into production by year-end.
• Liquid natural gas (LNG) power plant expansion at Santa Elena: The company began the construction of the LNG power plant expansion project and power line at Santa Elena to provide low-cost, clean energy to the Ermitano mine. The company is planning to install four additional LNG generators to increase its power generation capacity to approximately 24 megawatts from the current 14 megawatts. In addition, construction of the new power line to connect the LNG plant to Ermitano began during the quarter.
• Awarded the 2022 distinctive ESR in Mexico: The Mexican Center for Philanthropy (CEMEFI) and the Alliance for Corporate Social Responsibility (AliaRSE) has awarded First Majestic's San Dimas, Santa Elena and La Encantada mining units the Socially Responsible Business Distinction for 2022 (Distintivo Empressa Socialmente Responsible 2022). This annual award of distinction was accomplished after having demonstrated continued responsibility, transparency and sustainability at its operations in Mexico.
• 29 exploration drill rigs active: The company completed a total of 75,224 metres of exploration drilling across the company's mines during the quarter. Throughout the quarter, a total of 29 exploration drill rigs were active consisting of 11 rigs at San Dimas, 11 rigs at Jerritt Canyon, five rigs at Santa Elena and two rigs at La Encantada.

"Our new Ermitano mine at Santa Elena has definitely become the highlight for the business in the past two quarters," said Keith Neumeyer, president and chief executive officer. "Having just completed its first full quarter in production, we continue to anticipate additional growth at Ermitano as the mine ramps up to higher throughput levels over the next few quarters. In addition, we are in the process of converting Ermitano over to LNG power, which is expected to reduce energy costs and lower emissions by the end of 2022. The Jerritt Canyon gold mine, our latest acquisition, has been receiving a lot of attention over the past year, which has shown steady improvements in mining, exploration and processing. Furthermore, many of these efforts are expected to begin showing positive results in the second half of 2022 as we bring two past-producing underground areas, West Generator and Saval II, back into production."

Quarterly review

Total ore processed during the quarter at the company's mines amounted to 877,118 tonnes, representing a decrease of 8 per cent compared with the previous quarter. The decrease in tonnes processed was primarily due to higher-than-normal absenteeism in the months of January and February due to new variants of COVID-19 in Mexico. In March, staffing levels improved and production rates returned to budgeted operating rates across the Mexican operating units.

Consolidated silver and gold grades in the quarter averaged 109 grams per tonne and 2.34 grams per tonne, respectively, compared with 125 grams per tonne and 2.42 grams per tonne, respectively, in the previous quarter. The slight decrease in consolidated silver and gold grades was primarily due to lower grades at the La Encantada and San Dimas mines, but partially offset by an 11-per-cent increase in gold grades at Santa Elena after processing higher volumes of ore from Ermitano.

Consolidated silver and gold recoveries averaged 85 per cent and 89 per cent, respectively, during the quarter. The company continued to advance the Santa Elena mill optimization project to facilitate finer grinding and improve metallurgical recoveries of Ermitano's ore, which averaged 52 per cent for silver and 91 per cent for gold in the first quarter. A new tailings filter press, an additional leaching tank and a fourth CCD (countercurrent decantation) thickener is expected to be installed and commissioned at Santa Elena in the coming quarters ahead.

At the San Dimas silver/gold mine:

• San Dimas produced 3,080,940 silver equivalent ounces during the quarter consisting of 1,632,117 ounces of silver and 18,528 ounces of gold, representing a 23-per-cent decrease and a 22-per-cent decrease, respectively, when compared with the prior quarter. The decrease in production was primarily due to high absenteeism in the months of January and February caused by an increase in COVID-19 infections within the Tayoltita community.
• The mill processed a total of 195,300 tonnes of ore with average silver and gold grades of 282 grams per tonne and 3.09 grams per tonne, respectively. Silver and gold grades were lower in the first quarter due to higher dilution from the long-hole stopes in the Jessica vein.
• Silver and gold recoveries during the quarter averaged 92 per cent and 96 per cent, respectively.
• The Central Block and Sinaloa Graben areas contributed approximately 76 per cent and 24 per cent, respectively, of the total production during the quarter. The company continued advancing underground development for stope preparation and ventilation within the Perez vein to be ready for initial production in the third quarter.
• A total of 11 drill rigs, consisting of one surface rig and 10 underground rigs, were active on the property during the quarter.

At the Jerritt Canyon gold mine:

• During the quarter, Jerritt Canyon produced 20,707 ounces of gold, representing a 12-per-cent decrease compared with the prior quarter. The decrease was primarily due to weather conditions in January, which resulted in a 10-per-cent reduction in tonnes processed compared with the prior quarter. The mill processed a total of 230,001 tonnes of ore with an average gold grade and recovery of 3.39 grams per tonne and 83 per cent, respectively.
• The SSX and Smith mines contributed approximately 35 per cent and 48 per cent, respectively, of the total production in the quarter. In addition, several surface areas contributed approximately 17 per cent of total production during the quarter. The processing of lower ore grade from SSX and surface material continued during the quarter, which resulted in lower-than-budgeted ore grades processed in the plant.
• The company has begun rehabilitation efforts in the West Generator underground mine and expects to begin shipping ore to the plant by the end of the second quarter. This new area, along with the rehabilitation of the Saval II underground mine, is anticipated to increase mine throughput and the average gold head grade at the plant in the second half of 2022.
• In March, the company implemented an amended contract with the mining contractor and took control of all mine planning, technical services, geology, mine engineering and ore controls in the SSX and Smith mines, which is expected to result in improved efficiencies and lower costs in the coming quarters.
• A total of 11 drill rigs, consisting of two surface rigs and nine underground rigs, were active during the quarter.

At the Santa Elena silver/gold mine:

• Santa Elena produced 1,868,787 silver equivalent ounces consisting of 337,201 ounces of silver and 19,556 ounces of gold during the quarter, representing a 21-per-cent decrease in silver and a 1-per-cent decrease in gold production when compared with the prior quarter. The decrease in silver production was primarily due to processing higher volumes of Ermitano's ore, which is known to contain lower silver grades but higher silver equivalent grades than Santa Elena's ore.
• Santa Elena and Ermitano contributed approximately 43 per cent and 57 per cent, respectively, of the ore tonnes processed during the quarter. The mill processed a total of 201,910 tonnes of ore consisting of 87,720 tonnes from Santa Elena and 114,190 tonnes from Ermitano. At quarter-end, a total of 94,845 tonnes of mineralized material grading 1.48 grams per tonne gold and 76 grams per tonne silver remained in surface stockpiles at Santa Elena.
• Silver and gold grades from Santa Elena averaged 97 grams per tonne and 1.13 grams per tonne, respectively, while silver and gold grades from Ermitano averaged 45 grams per tonne and 4.98 grams per tonne, respectively.
• Consolidated silver and gold recoveries averaged 77 per cent and 91 per cent, respectively, during the quarter. The company continued to advance the dual-circuit construction at the Santa Elena processing plant, which is designed to increase leaching performance and metallurgical recoveries of ore from Ermitano. An additional leaching tank and a fourth CCD thickener are now expected to be commissioned in the third quarter followed by a new tailings filter press in the fourth quarter of 2022.
• During the quarter, the company began construction of the LNG power plant expansion and power line at Santa Elena to provide low-cost, clean power to the Ermitano mine and to support the power requirements for the dual-circuit installations. The company is planning to install four additional LNG generators to increase its power generation capacity to approximately 24 megawatts from the current 14 megawatts. Furthermore, construction on a new power line to connect the LNG plant to Ermitano also began during the quarter, with completion expected in the third quarter.
• A total of five drill rigs, consisting of three surface rigs and two underground rigs, were active during the quarter.

At the La Encantada silver mine:

• During the quarter, La Encantada produced 644,009 ounces of silver, representing a 15-per-cent decrease in ounces compared with the prior quarter. The decrease was primarily due to a 7-per-cent decrease in processed tonnes and an 8-per-cent decrease in silver grade.
• The mill processed a total of 249,906 tonnes of ore with an average silver grade and recovery of 108 grams per tonne and 74 per cent, respectively. The decrease in grade and recoveries were the result of low-grade material being sourced from previously mined areas. The company continued developing toward the Ojuelas orebody as well as installing new draw points within the 660 area in an effort to increase silver grades in the second half of 2022.
• Two drill rigs, consisting of one surface rig and one underground rig, were active on the property during the quarter.

Q1 earnings and dividend announcement

The company is planning to release its first quarter 2022 unaudited financial results and to announce the first quarter dividend payment, along with the shareholder record and payable dates, on Thursday, May 12, 2022.

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.