Mr. Keith Neumeyer reports

FIRST MAJESTIC INTERSECTS 8.39 G/T AU OVER 29.7M NEAR ACTIVE UNDERGROUND MINING AT JERRITT CANYON

First Majestic Silver Corp. has released positive drill results from its continuing exploration program at the Jerritt Canyon gold mine, located in Elko county, Nevada. Since acquiring the mine on April 30, 2021, the company has completed over 70,000 metres in exploration drill holes consisting of stepout and greenfield targets designed to increase the confidence of the mineral resource and add new ounces. In 2022, the company plans to drill approximately 135,000 metres at Jerritt Canyon with a focus primarily on the Smith/SSX mines, and the Winters Creek, Waterpipe, Wheeler and Murray areas.

The company is also pleased to announce that the United States Forest Service (USFS) has approved an exploration permit to conduct activities across 42,976 acres (17,976 hectares) of USFS land at Jerritt Canyon. This permit allows for up to 500 acres of newly constructed exploration roads and up to 1,100 new drill pads. The company is now prioritizing exploration drill targets and is expected to commence drilling on July 1, 2022.

"Today's exploration results validate our thesis that Jerritt Canyon possesses tremendous mineral potential between the SSX and Smith mines as well as across the entire 30,821 hectare land package," stated Keith Neumeyer, president and chief executive officer of First Majestic. "We have identified a high-grade underground mineralized pod near current mining activities and we plan to advance the area toward ore production in the coming quarters. In addition, we have discovered numerous near-surface gold mineralization that have the potential to grow into large, new gold deposits for open-pit mining. Since our acquisition, our team has made significant steps towards rebuilding Jerritt Canyon's reputation within the state of Nevada and having received the USFS exploration permit is a major achievement for the future growth of Jerritt Canyon."

Highlights from the company's continuing exploration program include the following summary of intercepts:

At the Smith/SSX mines:

• SMI-LX-1112: 8.39 grams per tonne (g/t) gold over 29.7 metres, located approximately 90 metres southeast of the new connection drift developed between the SSX and Smith mines and only 55 metres southwest of active underground workings. Early-stage geologic modelling suggests the gold mineralization discovered is flat-lying, similar to other deposits in the mine and the drill hole intersected the mineralization at a low angle. Follow up drilling designed to determine geometry and extent of the mineralization is under way.

At Winters Creek:

• WC-588: 11.81 g/t Au over 13.7 m; the intercept is approximately 400 m east of the Winters Creek historic open pit and remains open to the west and north. The geometry of the mineralization is not yet known.

At the historic Murray mine:

• GR-425: 4.74 g/t Au over 12.2m, confirming the presence of gold mineralization approximately 100 m south of historic mine workings. Geologic modelling of this flat-lying gold mineralization suggests that this intercept reflects the apparent thickness of the zone.

At Waterpipe II to Wheeler, in the southern end of the land package, drilling has identified a new zone of gold mineralization with multiple low-grade intercepts to date. The gold mineralization in this area dips at a shallow angle and drill holes summarized below are vertical:

Waterpipe II:

• WT-156: 1.91 g/t Au over 18.2 m, starting from a depth of 82.3 m; 1.37g/t Au over 22.9 m starting from 109.7 m and 1.57g/t Au over 12.2 m starting from 138.6 m;
• WT-192: 2.06 g/t over 13.7 m, starting from a depth of 25.9 m;
• WT-200: 1.82 g/t Au over 35 m, starting from a depth of 57.9 m and 0.95 g/t Au over 15.2 m, starting from a depth of 97.5 m down hole;
• WT-209: 1.45 g/t Au over 21.3 m, starting from a depth of 60.9 m and 1.96 g/t Au over 19.8 m, starting from a depth of 242.3 m down hole.

Wheeler:

• WH-49: 1.27 g/t over 15.2 m, starting from 35.1 m down hole;
• WH-068: 1.37 g/t Au over 38.1 m starting at 109.7 m down hole;
• WH-073: 1.14 g/t over 15.2 m starting from 216.4 m down hole.

Sample assay results from several completed holes are still pending and will be incorporated into block model estimates on a continuous basis.

The continuing drilling campaign at Jerritt Canyon consists of short-term focused underground core drilling, testing extensions of known ore controls in close proximity to active mining; midterm-focused drilling planned to validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming to make new gold discoveries in the district.

Gold intercepts are calculated using weighted averages, uncapped sample assays, a 3.0-gram-per-tonne Au cut-off grade and a minimum length of five m for Smith, Winters Creek and Murray. Intercepts are calculated using weighted averages, uncapped sample assays, a 0.5-gram-per-tonne Au cut-off grade and a minimum length of 10 m at Wheeler and Waterpipe II. True width of intercepts is unknown at this time. A maximum of one consecutive sample lower than the cut-off grade is allowed as dilution.

First Majestic's drill programs follow established quality assurance/quality control (QA/QC) insertion protocols with standards, blanks and duplicates introduced in the sample stream. After detailed geological logging, all drill core samples were cut in half. One half of the core is submitted to Paragon Geochemical (Au-AA30, Au-GR30 -- ISO/IEC 17025:2017) or First Majestic central laboratory (ISO 9001:2015). The remaining half core is retained on-site for verification and reference purposes. Reverse circulation drilling was geologically logged and samples obtained at the drill site shipped for assaying to Bureau Veritas (FA430- ISO/IEC 17025:2005), chip trays are retained for reference. Paragon and Bureau Veritas are independent laboratories.

Samples submitted to Paragon Geochemical and First Majestic central laboratory are dried, crushed and pulverized to 85 per cent passing 75 micrometres. At Paragon Geochemical, Au is analyzed by Au by fire assay aqua regia digest AAS finish. Samples returning Au greater than eight parts per million (ppm) are analyzed by 30-gram fire assay gravimetric finish. At First Majestic central laboratory, Au is analyzed by fire assay with atomic absorption finish. Samples above 10 g/t gold is analyzed by 20-gram fire assay with a gravimetric finish. Samples submitted to Bureau Veritas are dried, crushed and pulverized to 85 per cent passing 200 mesh. Au is analyzed by fire assay with an atomic absorption finish. Samples above 10 g/t gold are analyzed by 30-gram fire assay with a gravimetric finish.

See the company's annual information form, available on SEDAR, for further information concerning QA/QC and data verification matters, the key assumptions, parameters and methods used by the company to estimate mineral reserves and mineral resources, and for a detailed description of known legal, political, environmental and other risks that could materially affect the company's business and the potential development of the company's mineral reserves and mineral resources.

The information provided in this report/statement/release constitutes exploration results. It is inappropriate for the reader to use the information presented for deriving estimates of tonnage and grade or quality.

Gonzalo Mercado, vice-president of exploration for First Majestic, has reviewed and approved the technical information disclosed in this news release and is a qualified person as defined under National Instrument (NI) 43-101.

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.