Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS HIGH-GRADE EXPLORATION RESULTS AT SAN DIMAS, SANTA ELENA AND JERRITT CANYON

First Majestic Silver Corp. has provided positive drilling results from its continuing exploration programs at San Dimas, Santa Elena and Jerritt Canyon. The continuing exploration programs were designed to focus on adding new mineral resources, upgrading resources to mineral reserves and further defining mineralization near current underground infrastructure. In the first half of 2023, the company had up to 19 active drill rigs and completed a total of 78,973 metres of exploration drilling across its portfolio of mines and projects in Mexico and the United States.

"We are very encouraged with the high-grade exploration results that have been achieved to date," stated Keith Neumeyer, president and chief executive officer of First Majestic. "The recent drilling has accomplished multiple goals from confirming new geologically prospective areas to achieving strong intercepts for resource to reserve conversion. Results from the Elia and Santa Teresa veins at San Dimas highlight the potential to add new, high-grade ounces within this past-producing area. At Santa Elena, the results from the Ermitano vein are in many cases better than expected and will provide a solid foundation for reserve replacement. Finally, successful drilling at the Javelin target at Jerritt Canyon has identified what appears to be another large, mineralized gold pod near underground infrastructure and further showcases the strong exploration potential in the asset."

Drilling highlights

Select highlights from the company's continuing exploration program include the following high-grade intercepts:

• At San Dimas:
  • 8.38 grams per tonne gold and 763 g/t silver (1,434 g/t silver equivalent (AgEq)) over 3.88 m (EL23-246);
  • 14.98 g/t Au and 89 g/t Ag (1,287 g/t AgEq) over 4.12 m (ST23-012);
  • 5.41 g/t Au and 883 g/t Ag (1,315 g/t AgEq) over 5.69 m (PE23-187).
• At Santa Elena:
  • 4.27 g/t Au and 127 g/t Ag (468 g/t AgEq) over 13.3 m (EWUG-23-001);
  • 5.98 g/t Au and 222 g/t Ag (700 g/t AgEq) over 15.55 m (EWUG-23-002);
  • 13.73 g/t Au and 150 g/t Ag (1,248 g/t AgEq) over 6.42 m (EWUG-23-003).
• At Jerritt Canyon:
  • 5.61 g/t Au over 61.2 m (SMI-D04-EXP22-1094);
  • 4.74 g/t Au over 24.4 m (SMI-230004);
  • 8.04 g/t Au over 12.2 m (SMI-230010).

San Dimas exploration results

Exploration drill holes at the San Dimas property intersected significant gold and silver mineralization in three separate veins: the Sinaloa North-Elia vein, the Santa Teresa vein and the Perez vein.

Drilling at the historic Sinaloa North-Elia mines cut multiple gold and silver mineralized intercepts. The drill holes confirmed the presence of mineralization below zones of historic mining at the Sinaloa vein and extended the Elia vein east approximately 175 metres away from historic mine stopes. Select drill hole assay grade and intervals (true width) of the vein intersections below:

• SIN23-059: 5.84 g/t Au and 396 g/t Ag (864 g/t AgEq) over 0.98 m;
• SIN23-066: 6.33 g/t Au and 291 g/t Ag (798 g/t AgEq) over 1.15 m;
• EL23-246: 8.38 g/t Au and 763 g/t Ag (1,434 g/t AgEq) over 3.88 m;
• EL23-248: 2.84 g/t Au and 133 g/t Ag (360 g/t AgEq) over 0.82 m.

Expansionary drilling on the projection of the historic Santa Teresa vein has returned encouraging results about 110 m to the east of historic mining. The vein remains open to the east and west. The assay grade and the true width of the vein mineralization is:

• ST23-012: 14.98 g/t Au and 89 g/t Ag (1,287 g/t AgEq) over 4.12 m.

Expansionary drilling of the Perez vein tested the extension of the vein approximately 300 m east of the current inferred mineral resources. The vein in the area appears disrupted by postmineral faulting but multiple gold and silver intercepts were reported and identify a new mineralized shoot. Drill holes also cut gold and silver mineralization in the hangingwall and footwall secondary veins. The Perez vein potential remains open to the east where it projects into an area where postmineral faulting is anticipated to decrease. Select drill hole assay grade and intervals (true width) of the vein intersections.

• PE23-187: 5.41 g/t Au and 883 g/t Ag (1,315 g/t AgEq) over 5.69 m;
• PE23-191: 1.21 g/t Au and 205 g/t Ag (302 g/t AgEq) over 0.84 m;
• PE23-206: 4.58 g/t Au and 740 g/t Ag (1,106 g/t AgEq) over 3.05 m.

Santa Elena exploration results

A delineation drill program designed to convert inferred to indicated mineral resource estimates at the Ermitano mine cut multiple intersections of gold and silver mineralization. The drilling program was intended to replace reserve estimates depleted by mining. In addition to intercepts in the Ermitano vein, multiple holes intersected mineralization in secondary veins located in the hanging and footwall of the Ermitano vein. Select drill hole assay grade and true width from the intersections include:

• EW-23-339: 3.39 g/t Au and 56 g/t Ag (327 g/t AgEq) over 1.96 m;
• EW-23-352: 2.09 g/t Au and 134 g/t Ag (301 g/t AgEq) over 3.85 m;
• EWUG-23-001: 4.27 g/t Au and 127 g/t Ag (468 g/t AgEq) over 13.3 m;
• EWUG-23-002: 5.98 g/t Au and 222 g/t Ag over (700 g/t AgEq) 15.55 m;
• EWUG-23-003: 13.73 g/t Au and 150 g/t Ag (1,248 g/t AgEq) over 6.42 m.

Jerritt Canyon exploration results

Recent drilling at Jerritt Canyon has returned positive results located within the SSX and Smith mine areas.

Two drill holes were completed between the Smith and SSX mines and south of the mine connection drift at the new Javelin target. The drill hole gold intercepts were located between 90 m and 340 m away from existing mine development, geometry and controls of the gold mineralization are interpreted to trend at a relatively low angle to the drill hole intersections, gold mineralization is open in multiple directions.

• SMI-D04-EXP22-1094:
  • 3.52 g/t Au over 8.2 m;
  • 3.46 g/t Au over 5.6 m;
  • 5.61 g/t Au over 61.2 m.
• SMI-230010:
  • 8.04 g/t Au over 12.2 m;
  • 4.60 g/t Au over 12.2 m.

Drilling in Smith zone 2A also returned multiple gold mineralized intercepts. Results from holes SMI-0007 and SMI-0008 intersected gold mineralization approximately 110 m away from existing mine development as highlight below. The geometry and controls of the gold mineralization are interpreted to trend at a relatively low angle to the drill hole intersections.

• SMI-23007: 3.67 g/t Au over 30.3 m;
• SMI-23008: 4.82 g/t Au over 10.4 m.

Gold and silver drill hole intercepts at San Dimas were composited using the length weighted average of uncapped sample assays, a 190 g/t AgEq minimum grade, and a minimum composite length of 0.7 m (true width). A maximum one metre below the minimum grade was allowed as internal dilution. A single sample below the minimum but above 100 g/t AgEq was allowed in the hanging or footwall to achieve minimum true width in select cases. The true width of intercepts is calculated based on current understanding of drill hole and vein angle geometry.

Gold and silver drill hole intercepts at Ermitano were composited using the length weighted averages of uncapped sample assays, a 190 g/t AgEq minimum grade, and a minimum length of one metre (true width). A maximum one metre below the minimum grade was allowed as internal dilution. The true width of intercepts is calculated based on current understanding of drill hole and vein angle geometry.

Gold drill hole intercepts at Jerritt Canyon were composited using the length weighted averages of uncapped sample assays, a 3.0 g/t Au minimum grade, and a minimum composite length of five m. A maximum five metres below the minimum grade was allowed as internal composite dilution. True thickness of intercepts is not known at this time.

First Majestic's drilling programs follow established quality assurance/quality control insertion protocols with standards, blanks and duplicates introduced into the San Dimas, Santa Elena and Jerritt Canyon sample-stream. After geological logging, all drill core samples are cut in half. One-half of the core is submitted to the designated laboratory for analysis and the remaining half core is retained on-site for verification and reference purposes.

Core samples from Jerritt Canyon drilling were submitted to Paragon Geochemical (International Organization for Standardization/International Electrotechnical Commission 17025:2017) or to First Majestic's central laboratory (ISO 9001-2015). Core samples from San Dimas and Santa Elena drilling were submitted to the central laboratory.

Samples submitted to Paragon Geochemical and to the central laboratory are dried, crushed and pulverized to 85 per cent passing 75 micrometres. At Paragon Geochemical, gold is analyzed by Au by fire assay-aqua regia digest AAS finish (Au-AA30). Samples returning gold greater than eight parts per million are analyzed by 30 g fire assay gravimetric finish (Au-GR30). At the central laboratory, gold is analyzed by fire assay with atomic absorption finish (Au-AA13). Results above 10 g/t gold are analyzed by 20 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by three-acid digest AAS finish (AAG-13). Results above 200 g/t silver are analyzed by 20 g fire assay gravimetric finish (ASAG-13).

See the company's annual information form, dated March 31, 2023, 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.

Gonzalo Mercado, vice-president of exploration and technical services 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 43-101.

About the company

First Majestic Silver 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 as well as a portfolio of development and exploration assets, including the Jerritt Canyon gold project located in northeastern Nevada.

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 online at its bullion store at some of the lowest possible premiums.

We seek Safe Harbor.