Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS THIRD QUARTER FINANCIAL RESULTS AND QUARTERLY DIVIDEND PAYMENT

First Majestic Silver Corp. has released the unaudited interim consolidated financial results of the company for the third quarter ended Sept. 30, 2023. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

Q3 2023 HIGHLIGHTS

• Production of 6.3 million silver equivalent ("AgEq") ounces, consisting of 2.5 million silver ounces and 46,720 gold ounces, comparable to the previous quarter.
• Quarterly revenues totalled $133.2 million, compared to $146.7 million in the previous quarter.
• Mine operating earnings totalled $13.0 million, compared to $1.1 million in the previous quarter.
• Operating cash flows before movements in working capital and taxes totalled $14.1 million, compared to $26.9 million in the previous quarter.
• Consolidated cash costs improved to $14.13 per AgEq ounce and All-in sustaining costs ("AISC") (see "Non-GAAP Financial Measures", below) improved to $19.74 per AgEq ounce representing a reduction of 9% and 8%, respectively, compared to the previous quarter.
• Adjusted net earnings of ($10.93) million (adjusted EPS of ($0.04)) (see "Non-GAAP Financial Measures", below) after excluding non-cash and non-recuring items.
• Sold 61,444 ounces of silver bullion, or approximately 2.9% of the Company's silver production, on First Majestic's online bullion store at an average silver price of $26.17 per ounce for total proceeds of $1.6 million.
• At the end of the quarter, the Company had a cash and restricted cash balance of $257.3 million consisting of $138.3 million cash and cash equivalents and $119.0 million of restricted cash.
• Declared a cash dividend payment of $0.0046 per common share for the third quarter of 2023 for shareholders of record as of the close of business on November 15, 2023, and will be distributed on or about, November 30, 2023.

Q3 2023 FINANCIAL RESULTS

The Company realized an average price of $22.41 per AgEq ounce during the third quarter of 2023, representing a 14% increase compared to the third quarter of 2022.

Revenues generated during the quarter totalled $133.2 million, compared to $159.8 million in the third quarter of 2022. The decrease in revenues was primarily attributable to the temporary suspension of operations at Jerritt Canyon and slightly lower production at San Dimas and La Encantada.

The Company reported mine operating earnings of $13.0 million compared to $3.3 million in the third quarter of 2022. The increase in mine operating earnings is primarily attributable to an improvement in cost of sales and depreciation and depletion compared to the prior year quarter, following the temporary suspension of mining operations at Jerritt Canyon in the first quarter of 2023.

During the quarter, the Company incurred restructuring costs of $6.4 million as the Company continues to focus on optimizing its workforce primarily at San Dimas, as well as the Durango regional office and Santa Elena.

The Company reported net loss of $27.1 million (EPS of ($0.09)) compared to net loss of $20.7 million (EPS of ($0.08)) in the third quarter of 2022. The net loss for the quarter was driven by the restructuring costs, additional mine holding costs primarily related to the temporary suspension of Jerritt Canyon, and $1.6 million one-time loss on sale of mining interest following the disposition of La Parrilla.

Adjusted net earnings for the quarter, normalized for non-cash or non-recurring items such as share-based payments, unrealized losses on marketable securities and non-recurring write-downs on mineral inventory for the quarter was ($10.9) million (adjusted EPS of ($0.04)) compared to ($22.6) million (adjusted EPS of ($0.09)) in the third quarter of 2022.

Operating cash flow before movements in working capital and taxes in the quarter $14.1 million compared to $27.7 million in the third quarter of 2022.

As of September 30, 2023, the Company had a cash and restricted cash balance of $257.3 million consisting of $138.3 million cash and cash equivalents and $119.0 million of restricted cash. The Company also had working capital of $197.8 million.

OPERATIONAL HIGHLIGHTS

The table below represents the quarterly operating and cost parameters at each of the Company's four producing mines during the quarter.

Total production in the third quarter was 6.3 million AgEq ounces consisting of 2.5 million ounces of silver and 46,720 ounces of gold, representing a 7% decrease and 4% increase, respectively, compared to the previous quarter. The Company's Mexican operations produced over 2.5 million ounces of silver and 46,324 gold ounces, or approximately 6.3 million AgEq ounces in the quarter. Silver equivalent production for the Mexican operations increased 5% over the prior quarter primarily due to higher tonnes, grades and recoveries at Santa Elena.

Cash cost for the quarter improved to $14.13 per AgEq ounce, compared to $15.58 per AgEq ounce in the previous quarter. The reduction in cash costs per ounce was primarily attributable to an increase in AgEq production at the Santa Elena operations. Production at Santa Elena increased by 49%, compared to the prior quarter, as a direct result of processing higher grade silver and gold ore from the Ermitano underground mine. Record recoveries were also achieved due to the recent addition of the Dual Circuit plant. Additionally, the Company has implemented numerous costs saving measures to help offset the strengthening of the Mexican Peso and to combat inflationary impacts primarily in energy, reagents, and other major consumables.

AISC in the third quarter was $19.74 per AgEq ounce compared to $21.52 per AgEq ounce in the previous quarter. The 8% improvement in AISC was primarily attributable to lower cash costs along with a reduction in general and administrative costs as the Company has reduced its headcount across various corporate and operational departments.

Total capital expenditures in the third quarter were $32.2 million, primarily consisting of $13.5 million at San Dimas, $12.3 million at Santa Elena, $1.6 million at La Encantada, $2.8 million at Jerritt Canyon and $2.0 million for strategic projects.

Q3 2023 DIVIDEND ANNOUNCEMENT

The Company is pleased to announce that its Board of Directors has declared a cash dividend payment in the amount of $0.0046 per common share for the third quarter of 2023. The third quarter cash dividend will be paid to holders of record of First Majestic's common shares as of the close of business on November 15, 2023, and will be distributed on or about November 30, 2023.

Under the Company's dividend policy, the quarterly dividend per common share is targeted to equal approximately 1% of the Company's net quarterly revenues divided by the number of the Company's common shares outstanding on the record date.

The amount and distribution dates of future dividends remain at the discretion of the Board of Directors. This dividend qualifies as an "eligible dividend" for Canadian income tax purposes. Dividends paid to shareholders outside Canada (non-resident investors) may be subject to Canadian non-resident withholding taxes.

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, U.S.A.

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.