Mr. Keith Neumeyer reports

FIRST MAJESTIC ANNOUNCES THE OPENING OF A MINTING FACILITY

First Majestic Silver Corp. has launched its 100-per-cent-owned-and-operated minting facility, First Mint LLC. Located in the state of Nevada, United States, First Mint will expand upon First Majestic's existing bullion sales through vertically integrating the production of investment-grade fine silver bullion. This will allow First Majestic to sell a substantially greater portion of its silver production directly to its shareholders and bullion customers.

"The decision to open our own mint was made to ensure our bullion store has adequate supplies in order to fulfill customers' demand," stated Keith Neumeyer, president and chief executive officer. "Last year, we sold over 440,000 ounces of silver bullion, generating over $11-million in revenue. However, sales could have been substantially higher had we not been constrained by limited supply from our minting partners due to the incredible demand the silver industry is currently experiencing. By minting our own silver, we are able to reduce unit production costs and expedite delivery time to our customers. In time, our goal is to sell 100 per cent of the silver we produce directly to the physical market."

First Mint will operate some of the most innovative processing equipment in the precious metals industry, including an environmentally friendly flameless tunnel, which uses significantly less electricity and releases fewer emissions when compared with traditional minting processes. The high-efficiency equipment will allow the company to turn several million ounces of its own silver into an array of finished bullion products, as well as offer manufacturing capacity for third party demand.

The company expects the new mint to begin production of silver bullion products in the fourth quarter of 2023. Shortly thereafter, the mint will seek ISO 9001:2015 certification, allowing for its silver to be IRA eligible. Along with this certification comes a quality commitment: the mint will fully guarantee the weight, purity and content of its bullion products.

Shareholders with at least 100 shares are reminded that they qualify for a silver discount of 50 cents per ounce from the company's posted price through the shareholder benefits program.

Management changes

In alignment with First Majestic's growth strategy, it is pleased to announce vice-president changes. Mani Alkhafaji has accepted the role of vice-president of corporate development and investor relations, under the leadership of Mr. Neumeyer. Mr. Alkhafaji joined the company in 2015 and most recently was vice-president of business planning and procurement. Todd Anthony has decided to pursue other opportunities. The company wishes Mr. Anthony all the best in his future endeavours, and thanks him for being an integral part of the team and the company's growth over the past years.

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 currently owns and operates the San Dimas silver/gold mine, the Santa Elena silver/gold mine and 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 on-line at its bullion store at some of the lowest premiums available.

We seek Safe Harbor.