Mr. Thomas Fudge reports

FIRST MAJESTIC ANNOUNCES VOTING RESULTS FROM ANNUAL GENERAL MEETING

First Majestic Silver Corp. has released the voting results for its annual general meeting held on May 25, 2023.

A total of 121,898,845 shares were represented at the meeting, being 44.41 per cent of the company's issued and outstanding common shares. The voting results submitted by proxy are as shown in the attached table.

Shareholders approved setting the total number of directors to seven, re-elected the seven incumbent directors to the board of directors, and reappointment of Deloitte LLP as auditor for the company.

The non-binding advisory resolution with respect to the company's approach to executive compensation as outlined in the circular was not approved by shareholders.

Thomas Fudge, chairman of the board, stated: "We acknowledge the low say-on-pay advisory vote and shareholder concerns regarding our disclosure of compensation practices and incentive policies for executives and officers. In 2023, we are committed to engaging with our shareholders to better understand and address their concerns. First Majestic will focus on enhancing our disclosure of the metrics used in determining total compensation, including short- and long-term incentives."

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 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 premiums available.

We seek Safe Harbor.