Mr. Keith Neumeyer reports

FIRST MAJESTIC PRODUCES 6.3 MILLION AGEQ OZ IN Q3 2023 CONSISTING OF 2.5 MILLION SILVER OUNCES AND 46,720 GOLD OUNCES

First Majestic Silver Corp.'s total production in the third quarter of 2023 from the company's three producing operations, namely the San Dimas silver/gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine, reached 6.3 million silver equivalent (AgEq) ounces consisting of 2.5 million ounces of silver and 46,720 ounces of gold. In the first nine months of 2023, the company produced 7.6 million ounces of silver and 152,336 ounces of gold for total production of 20.2 million AgEq ounces, or approximately 75 per cent of the company's 2023 guidance midpoint of producing 26.2 million to 27.8 million ounces.

Q3 2023 highlights:

• Higher Q3 silver equivalent production from the Mexican operations: The company's Mexican operations produced 2.5 million silver ounces and 46,324 gold ounces, or approximately 6.3 million AgEq ounces in the quarter. Total production increased 5 per cent over the prior quarter primarily due to higher tonnes, grades and recoveries at Santa Elena.
• Continuous metallurgical success at Santa Elena: Metallurgical recoveries of Ermitano's ore achieved new record quarterly rates in Q3, with silver and gold recoveries averaging 64 per cent and 95 per cent, respectively. The higher recovery rates are facilitated by the operation of the new dual-circuit plant, which allows for finer grinding and full utilization of the high-intensity grinding (HIG) mill.
• Central lab relocation: Completed the move of the ISO 9000 certified central lab from Durango to Santa Elena. Major construction activities were completed in Q3 with the lab expected to be fully operational in Q4 as planned.
• 16 drill rigs active: The company completed approximately 31,600 metres of drilling across its mines during the third quarter. Throughout the quarter, up to 16 drill rigs were active consisting of 12 rigs at San Dimas and four rigs at Santa Elena.
• Safety: In Q3 2023, the consolidated total reportable incident frequency rate (TRIFR) was 1.06 and the lost time incident frequency rate (LTIFR) was 0.37.

"Our operations continued to deliver strong performance during the quarter and we're on track to meet our 2023 guidance," said Keith Neumeyer, president and chief executive officer. "We are extremely pleased with the production trajectory at Santa Elena, with Ermitano's metal recovery and mill throughput reaching another quarterly record in Q3, combined with high silver and gold grades. Over the past years, we deployed several projects and technologies at Santa Elena which are now paying off and we are excited about the future of this operation."

At the San Dimas silver/gold mine:

• San Dimas produced 3,010,377 AgEq ounces during the quarter consisting of 1,548,203 ounces of silver and 17,863 ounces of gold. Silver and gold production decreased 8 per cent and 13 per cent, respectively, compared with the prior quarter primarily due to 6-per-cent-lower throughput combined with lower silver and gold grades.
• The mill processed a total of 213,681 tonnes of ore with average silver and gold grades of 237 grams per tonne and 2.71 g/t, respectively.
• Silver and gold recoveries during the quarter averaged 95 per cent and 96 per cent, respectively.
• The Central bock and Sinaloa graben areas contributed approximately 80 per cent and 20 per cent, respectively, of the total production during the quarter.
• During the quarter, up to 12 drill rigs were active, 11 underground and one on surface, with approximately 22,400 metres of drilling completed on the properties.

At the Santa Elena silver/gold mine:

• Santa Elena produced 2,669,336 AgEq ounces during the quarter consisting of 347,941 ounces of silver and 28,367 ounces of gold. Total production increased 49 per cent primarily due to higher silver and gold grades in the quarter.
• The mill processed a total of 226,292 tonnes of ore from Ermitano containing average silver and gold head grades of 75 g/t and 4.09 g/t, respectively.
• Silver and gold recoveries from Ermitano reached another quarterly record averaging 64 per cent and 95 per cent, respectively, during the quarter. The improvement in recoveries is a result of operational optimization of the 3,000-tonne-per-day filter press and dual-circuit plant.
• During the quarter, up to four drill rigs consisting of two surface rigs and two underground rigs completed approximately 9,200 metres of drilling on the property.

At the La Encantada silver mine:

• During the quarter, La Encantada produced 565,724 ounces of silver, representing a 29-per-cent decrease compared with the prior quarter. The lower production is primarily related to limited water availability due to the collapse of one well which occurred at the end of the second quarter. After geophysical survey and analysis, construction of the new replacement well commenced in September and is expected to be operational in the fourth quarter. Production is expected to return back to budgeted levels once this new well is on-line.
• The mill processed a total of 230,230 tonnes of ore with an average silver grade and recovery of 109 g/t and 70 per cent, respectively. Stope production from the new Beca zone has contributed 74,695 tonnes with average silver grades of 146 g/t.

Q3 2023 earnings and dividend announcement

The company is planning to release its third quarter 2023 unaudited financial results, and announce the third quarter dividend payment, and shareholder record and payable dates on Nov. 2, 2023.

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

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