Mr. Keith Neumeyer reports

FIRST MAJESTIC PRODUCES 6.3 MILLION AGEQ OZ IN Q2 2023 CONSISTING OF 2.6 MILLION SILVER OUNCES AND 45,022 GOLD OUNCES; ANNOUNCES UPDATED 2023 GUIDANCE AND MANAGEMENT UPDATE

First Majestic Silver Corp.'s total production in the second quarter of 2023 reached 6.3 million silver equivalent (AgEq) ounces, consisting of 2.6 million silver ounces and 45,022 gold ounces. Approximately 94 per cent of total production, or 6.0 million AgEq ounces, was produced from the company's three Mexican operations, the San Dimas, Santa Elena and La Encantada mines. The company's fourth operation, the Jerritt Canyon mine in Nevada, USA, processed most of its remaining ore stockpiles and work in process ("WIP") inventory throughout April and May and produced 4,364 ounces of gold during its partial quarter.

In the first half of 2023, the company produced 5.2 million silver ounces and 105,616 gold ounces, or approximately 14.0 million AgEq ounces. In the second half of 2023, the company is expecting to produce between 5.3 to 5.9 million silver ounces and 86,000 to 95,000 gold ounces, or approximately 12.4 to 13.8 million AgEq ounces, at an all-in sustaining cost ("AISC") range of $17.69 to $18.92 per AqEq ounce.

As of April 24, 2023, all activities at the Jerritt Canyon processing plant were discontinued following the company's previously announced temporary suspension of mining operations on March 20, 2023.

Q2 2023 HIGHLIGHTS

• Higher Q2 Silver Production from Mexican Operations: The company's Mexican operations produced 2.6 million silver ounces and 40,658 gold ounces, or approximately 6.0 million AqEq ounces in the quarter. Silver production increased 4 per cent over the prior quarter primarily due to higher tonnes processed at San Dimas and slightly higher silver grades and recoveries at Santa Elena.
• Santa Elena's Dual-Circuit Plant Achieves Record Quarterly Recovery Rates: Metallurgical recoveries of Ermitano's ore achieved record quarterly rates as a result of strong operational performance of the recently commissioned dual-circuit plant. Gold and silver recoveries averaged 94 per cent and 52 per cent, respectively, in the second quarter.
• 19 Drill Rigs Active: The company completed a total of 42,285 metres of drilling across all sites in the second quarter, representing a 15 per cent increase over the prior quarter. Throughout the quarter, up to 19 drill rigs were active consisting of eight rigs at San Dimas, six rigs at Santa Elena, two rigs at La Encantada, and three rigs at Jerritt Canyon.
• Safety: In Q2 2023, the consolidated Total Reportable Incident Frequency Rate (TRIFR) was 1.07 and the Lost Time Incident Frequency Rate (LTIFR) was 0.36.

"During the quarter, silver production from our Mexican operations improved as a result of higher processed tonnes and grades," said Keith Neumeyer, President & CEO. "San Dimas and La Encantada have been steady producers in the first half of 2023 and Santa Elena is now well positioned for significant production growth in the second half of 2023 as we traverse back into a higher grade area of the Ermitano mine. At Jerritt Canyon, all contractors are now offsite and processing activities have been suspended. We plan to continue advancing our exploration efforts at Jerritt Canyon following the recent drill results which demonstrates the robust exploration potential of this project."

At the San Dimas Silver/Gold Mine:

• San Dimas produced 3,372,418 AgEq ounces during the quarter consisting of 1,690,831 ounces of silver and 20,509 ounces of gold. Silver and gold production increased 6 per cent and 2 per cent, respectively, compared to the prior quarter primarily due to a 4 per cent increase in tonnes processed.
• The mill processed a total of 227,065 tonnes of ore with average silver and gold grades of 245 g/t and 2.92 g/t, respectively.
• Silver and gold recoveries during the quarter averaged 95 per cent and 96 per cent, respectively.
• The Central Block and Sinaloa Graben areas contributed approximately 75 per cent and 25 per cent, respectively, of the total production during the quarter.
• During the quarter, up to eight underground drill rigs completed a total of 16,588 metres of drilling on the property.

At the Santa Elena Silver/Gold Mine:

• Santa Elena produced 1,788,596 AgEq ounces during the quarter consisting of 142,037 ounces of silver and 20,073 ounces of gold. Total production decreased 15 per cent primarily due to processing lower gold grades at the Santa Elena plant when compared to the prior quarter.
• The mill processed a total of 213,878 tonnes of ore from Ermitano containing average silver and gold head grades of 39 g/t and 3.12 g/t, respectively.
• Silver and gold recoveries from Ermitano reached new quarterly records averaging 52 per cent and 94 per cent, respectively, during the quarter. The increased recoveries are the result of the robust operational performance of the new 3,000 tpd filter press and dual-circuit plant.
• During the quarter, up to six drill rigs consisting of four surface rigs and two underground rigs, completed 16,373 metres of drilling on the property.

At the La Encantada Silver Mine:

• During the quarter, La Encantada produced 800,543 ounces of silver, representing a 4 per cent decrease compared to the prior quarter. The lower production was mostly due to drought conditions in the area which limited water availability and reduced the utilization of the ball mills. The company has hired a geophysical consultant to help determine pilot well drill targets in an effort to locate additional water sources.
• The mill processed a total of 260,986 tonnes of ore with an average silver grade and recovery of 127 g/t and 75 per cent, respectively. Stope production from the new Beca Zone began in the quarter and contributed 46,849 tonnes with average silver grades of 166 g/t.
• During the quarter, up to two underground rigs completed 1,950 metres of drilling on the property.

At the Jerritt Canyon Gold Mine:

• During its partial quarter, Jerritt Canyon produced 4,364 ounces of gold by processing most of its remaining ore stockpiles and WIP inventory throughout April and May. As of April 24, 2023, all activities at the Jerritt Canyon processing plant were suspended following the company's previously announced temporary suspension of mining activities on March 20, 2023.
• The mill processed a total of 31,240 tonnes of ore with an average gold grade and recovery of 4.90 g/t and 89 per cent, respectively.
• During the quarter, up to three underground drill rigs completed 7,375 metres of drilling on the property.

OUTLOOK

The company is revising its full year 2023 guidance to reflect changes due to production variances including improved milling efficiencies at Santa Elena's dual-circuit plant, improved silver and gold grades from the Ermitano mine, the exclusion of gold production at Jerritt Canyon as a result of the previously announced temporary suspension, as well as incorporating changes to metal price assumptions, foreign exchange rates, and production impacts from the first half of 2023. Details of the changes and their expected impacts are presented below:

1. Higher production in the second half of 2023 is expected at Santa Elena due to strong recovery performance of the dual-circuit plant and processing higher silver and gold grades from the Ermitano mine. Total production is expected to increase to between 4.7 to 5.2 million AgEq ounces in the second half of 2023, or 27 per cent higher based on the guidance midpoint compared to the first half of 2023.
2. As a result of the previously announced temporary suspension at Jerritt Canyon, the company has assumed there will be no gold production from Jerritt Canyon in the second half of 2023.
3. Increased silver and gold price assumptions in the second half of 2023 to $23.50/oz and $1,950/oz, respectively, which reduces the silver to gold ratio to 83:1.
4. As a result of the continued strength of the Mexican Peso, the company is now assuming a 17:1 (MXN:USD) ratio in the second half of 2023 compared to the original guidance of 20:1.

As a result of these adjustments, the company's estimate for 2023 full year silver production has increased slightly to an estimated range of 10.5 to 11.2 million ounces compared to prior guidance of 10.0 to 11.1 million ounces. Additionally, 2023 gold production is now estimated to range between 190,000 to 201,000 ounces compared to the prior guidance of 277,000 to 310,000 ounces. As a result, total 2023 production is estimated to range between 26.2 to 27.8 million AgEq ounces compared to the prior guidance of 33.2 to 37.1 million AgEq ounces.

The company is also providing guidance below on a mine-by-mine basis for the second half of 2023.

In the first half of 2023, the company produced a total of 14.0 million AgEq ounces consisting of 5.2 million ounces of silver and 105,616 ounces of gold. In the second half of 2023, the company expects to produce 12.4 to 13.8 million AgEq ounces. Silver production is expected to range between 5.3 to 5.9 million ounces, or 8 per cent higher based on the guidance midpoint when compared to the first half of the year due to anticipated higher silver grades and recoveries at Santa Elena. Additionally, gold production is now expected to range between 86,000 to 95,000 ounces, or 14 per cent lower based on the guidance midpoint when compared to the first half of 2023. The decrease in gold production is primarily due to the suspension of Jerritt Canyon partially offset by higher gold production at both San Dimas and Santa Elena.

Cash costs in the second half of 2023 are expected to be within the range of $12.23 to $12.89 per AgEq ounce. In addition, AISC are expected to be within a range of $17.69 to $18.92 per AgEq ounce in the second half of 2023. The stronger than normal Mexican Peso has increased operating costs in Mexico. The company continues to implement cost savings initiatives that are expected to partially offset the exchange rate impact. As of July 2023, the Peso reached a new 7-year high compared to the US Dollar.

A mine-by-mine breakdown of the revised full year 2023 production guidance is included in the table below and assumes the prices for calculating AgEq ounces are the same as previously stated above.

REVISED CAPITAL BUDGET

In an effort to maintain its strong balance sheet and manage inflationary pressures, the company has updated its annual 2023 capital budget to include the reallocation of development and exploration expenditures across its operations and investments in projects. As a result, the company has reduced its planned 2023 capital investments by 26 per cent to $139.7 million consisting of $64.3 million of sustaining investments and $75.4 million of expansionary investments.

The revised 2023 annual budget includes total capital investments of $74.4 million on underground development, $29.7 million toward property, plant and equipment, $29.2 million on exploration and $6.5 million toward efficiency and corporate projects.

In the first half of 2023, the company completed 19,649 metres of underground development and 78,973 metres of exploration drilling. Under the revised 2023 budget, the company is now planning to complete a total of approximately 34,400 metres of underground development in 2023, representing a 15 per cent decrease compared to the original guidance. In addition, the company is now planning to complete a total of approximately 162,300 metres of exploration drilling in 2023, representing a 34 per cent decrease compared to the original guidance.

Q2 2023 EARNINGS AND DIVIDEND ANNOUNCEMENT

The company is planning to release its second quarter 2023 unaudited financial results, and to announce the second quarter dividend payment, and shareholder record and payable dates on August 3, 2023.

MANAGEMENT CHANGES

In support of the reorganization and future growth of the company, the Corporate Secretary and General Counsel positions have been combined into a single position under the leadership of Keith Neumeyer. Samir Patel, LL.B., a securities lawyer with over 14 years of post-call experience in securities and corporate law, has been appointed as the company's General Counsel & Corporate Secretary. Prior to joining First Majestic, Mr. Patel was General Counsel and Corporate Secretary of First Mining Gold Corp., a Canadian gold development company, where he spent over seven years as one of the founding members of First Mining's management team. During his tenure at First Mining, Mr. Patel was key to the successful completion of numerous equity financings, mergers and acquisitions and project transactions. He commenced his legal career as an associate in the Securities and Capital Markets group of a leading Canadian law firm. As a result of the reorganization, Connie Lillico has left the company after 16 years of service and we thank Connie for her dedication over the years. In addition, Sophie Hsia has also left the company and we thank her for her efforts over the past four years.

ABOUT THE COMPANY

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 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 premiums available.

We seek Safe Harbor.