Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS FIRST QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND PAYMENT

First Majestic Silver Corp. has released the unaudited interim consolidated financial results of the company for the first quarter ended March 31, 2022. 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.

First quarter 2022 highlights

• Silver equivalent production totalled 7.2 million ounces, up 59 per cent compared to Q1 2021. Total production consisted of 2.6 million ounces of silver and 58,891 ounces of gold.
• Quarterly revenues totalled $156.8-million, or an increase of 56 per cent compared with Q1 2021.
• Mine operating earnings of $15.1-million, or a decrease of 46 per cent compared with Q1 2021.
• Operating cash flows before movements in working capital and taxes totalled $35.3 million, an increase of 14 per cent compared with Q1 2021.
• Cash costs were $14.94 per silver equivalent (AgEq) ounce.
• All-in sustaining costs (AISC) were $20.87 per AgEq ounce.
• Net earnings of $7.3-million (earnings per share (EPS) of three cents) or adjusted net loss of $6.2-million (adjusted loss per share of two cents) after excluding non-cash and non-recurring items.
• Sold a record 156,200 ounces of silver bullion, or approximately 6 per cent of the quarterly silver production, on First Majestic's bullion store at an average price of $27.86 per ounce for total proceeds of $4.4-million.
• Cash and cash equivalents as of March 31, 2022, was $192.8-million. In addition, the company has a strong working capital position of $194.4-million and total available liquidity of $294.4-million.
• Declared a cash dividend payment of 0.6 cent per common share for the first quarter of 2022 for shareholders of record as of the close of business on May 25, 2022, which will be distributed on or about June 10, 2022.

"In the first quarter, we faced a number of obstacles and challenges that were outside of our usual control," stated Keith Neumeyer, president and chief executive officer. "Not only was Mexico hit hard with the Omicron COVID-19 variant, which significantly reduced personnel and production rates across our operations, we experienced increasing inflationary cost pressure across the operating portfolio for reagents and consumables such as diesel, cyanide and grinding media. Cost-cutting measures are under way across the company to improve profitability and help reduce further impacts to the business. In addition, efforts to improve efficiencies at Jerritt Canyon remain a key focus. As we reached the one-year anniversary of the acquisition, our team has made significant investments and operating improvements within the mines and at the processing plant. As production comes on-line at the West Generator and Saval II mines in the coming months, we anticipate improved production rates to drive costs lower."

Operational highlights

The relevant attached table represents the quarterly operating and cost parameters at each of the company's four producing mines during the quarter.

The company produced 7.2 million silver equivalent ounces consisting of 2.6 million ounces of silver and 58,891 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 of 2021, production decreased by 16 per cent, primarily 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.

Q1 2022 dividend announcement

The company's board of directors has declared a cash dividend payment in the amount of 0.6 cent per common share for the first quarter of 2022. The first quarter cash dividend will be paid to holders of record of First Majestic's common shares as of the close of business on May 25, 2022, and will be distributed on or about June 10, 2022.

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.

Environmental, social, health and safety committee

The board of directors has agreed to create an environmental, social, health and safety (ESHS) committee of the board.

Subsequent to the annual general and special meeting on May 26, 2022, and the election of the slated directors, the ESHS committee will be formed, and the board intends to appoint Jean des Rivieres as chair, and Marjorie Co and Raymond Polman as ESHS committee members. For clarity, Mr. Polman, as former chief financial officer, will not serve on the compensation committee, audit committee, or corporate governance and nominating committee for so long as he is considered a non-independent director.

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.