Mr. Keith Neumeyer reports

FIRST MAJESTIC REPORTS POSITIVE EXPLORATION RESULTS AT SAN DIMAS, SANTA ELENA AND JERRITT CANYON PROPERTIES

First Majestic Silver Corp. has released positive drilling results from its 2023 exploration programs at San Dimas, Santa Elena and Jerritt Canyon. The drilling programs were designed to test new silver and gold mineral targets, increase mineral resources, and convert mineral resources to mineral reserves.

"We are very encouraged with the exploration results that have been achieved throughout 2023," stated Keith Neumeyer, president and chief executive officer of First Majestic. "The recent drilling has accomplished multiple goals from highlighting new geologically prospective areas to expanding and further defining known silver and gold mineralization. These results provide the basis for First Majestic's year-end update of mineral resource and mineral reserve estimates expected to be released at the end of March. At San Dimas, we have tested previously undrilled veins like the Peggy vein and have explored extensions of known mineralization such as the Perez, Santa Teresa and Rosario veins. At Santa Elena, infill drilling of the Ermitano vein intersected mineralization that is in many cases better than expected while follow-up drilling of the new Javelin target at Jerritt Canyon has identified what appears to be a new gold mineralized zone near underground infrastructure and continues to highlight the exploration potential of the asset. These results set us up well for an exciting start for 2024."

Drilling highlights

Select highlights from the company's continuing exploration programs include the following drill hole intercepts:

San Dimas highlights (true width):

• Hole ST23_014: 40.40 grams per tonne gold and 2,092 g/t silver over 0.91 metre;
• Hole SIN23_073: 11.53 g/t Au and 758 g/t Ag over 2.97 m;
• Hole PE23_225: 3.78 g/t Au and 421 g/t Ag over 7.78 m;
• Hole PE23_242: 7.36 g/t Au and 1,238 g/t Ag over 2.41 m.

Santa Elena highlights (true width):

• Hole EWUG-23-012: 20.95 g/t Au and 311 g/t Ag over 4.88 m;
• Hole EWUG-23-007: 18.50 g/t Au and 304 g/t Ag over 1.71 m;
• Hole EWUG-23-015: 9.38 g/t Au and 230 g/t Ag over 5.23 m.

Jerritt Canyon highlights (apparent width):

• Hole SSX-235020: 12.04 g/t Au over 25.9 m;
• Hole SMI-230011: 8.76 g/t Au over 15.2 m;
• Hole SMI-230013: 7.44 g/t Au over 15.7 m.

San Dimas exploration results

Exploration drill holes at the San Dimas property intersected significant gold and silver mineralization in multiple veins. Four areas are highlighted here: Sinaloa North-Elia, Santa Teresa, Rosario and Perez.

Drilling at the historic Sinaloa North-Elia mines/veins cut multiple gold and silver mineralized vein intercepts. The drilling confirmed and further delineates the presence of mineralization below historic mining of the Sinaloa vein. Select drill hole assay grade and intervals (true width) of the Sinaloa vein intersections are shown below:

• Hole SIN23_073: 11.53 g/t Au and 758 g/t Ag over 2.97 m;
• Hole SIN23_076: 9.86 g/t Au and 779 g/t Ag over 1.51 m;
• Hole SIN23_069: 12.65 g/t Au and 578 g/t Ag over 0.95 m.

Expansionary drilling on the projection of the historic Santa Teresa vein has returned significant intercepts. The vein remains undrilled to the west for approximately 500 m along strike for exploration upside. Drill hole assay grade and intervals (true width) of the vein intersections are shown below:

• Hole ST23_014:
  • 3.95 g/t Au and 270 g/t Ag over 1.86 m;
  • 2.07 g/t Au and 130 g/t Ag over 2.90 m;
  • 40.40 g/t Au and 2,092 g/t Ag over 0.91 m.
• Hole ST23_022:
  • 3.19 g/t Au and 274 g/t Ag over 0.78 m.

Drilling at the Perez vein delineated and extended gold and silver mineralization up-dip on one of the known ore shoots and further defined a newly identified mineralized shoot to the east. In some cases, drilling cut unmodelled gold and silver mineralization in secondary veins, breccias and stockworks in the hangingwall and footwall of the primary vein for higher ore tonnage. The Perez vein exploration potential remains open to the east where it projects into an area where postmineral faulting is anticipated to decrease, providing confirmation of orebody continuity. Select drill hole assay grade and intervals (true width) of the vein intersections are shown below:

• Hole PE23_225: 3.78 g/t Au and 421 g/t Ag over 7.78 m;
• Hole PE23_242: 7.36 g/t Au and 1,238 g/t Ag over 2.41 m;
• Hole PE23-229: 3.69 g/t Au and 509 g/t Ag over 4.42 m.

Drilling at the Rosario vein continues to delineate a mineralized volume east of the historic mining area. Drill testing also cut multiple veins in the footwall of Rosario: the Macho Bayo, Peggy and Basilisa veins. The intersection of the Peggy vein returned significant gold and silver values over three m, the newly discovered mineralization is open in all directions. Select drill hole assay grade and intervals (true width) are shown below:

• Hole RO23_031: 7.31 g/t Au and 598 g/t Ag, 0.77 m;
• Hole RO23_032: 7.69 g/t Au and eight g/t Ag, 3.29 m (Peggy vein).

Santa Elena exploration results

An infill drilling program designed to convert mineral resources to mineral reserves at the Ermitano mine cut multiple high-grade intersections of gold and silver mineralization. In addition to intercepts of the Ermitano vein, multiple holes intersected mineralization in secondary veins and breccia zones located in the hangingwall and footwall of the Ermitano vein proper. Select drill hole assay grade and true width from the intersections include:

• Hole EWUG-23-012: 20.95 g/t Au and 311 g/t Ag over 4.88 m;
• Hole EWUG-23-007: 18.50 g/t Au and 304 g/t Ag over 1.71 m;
• Hole EWUG-23-015: 9.38 g/t Au and 230 g/t Ag over 5.23 m.

Jerritt Canyon exploration results

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

Drilling designed to expand the Javelin target identified in July, 2023, cut multiple significant gold intersections located between 90 m and 340 m from existing Smith mine developments. The flat-lying geometry of the gold mineralization trends at a relatively low angle to the drill hole intersections which define a mineralized volume that remains open in multiple directions.

• Hole SMI-230011:
  • 4.34 g/t Au over 6.1 m;
  • 8.76 g/t Au over 15.2 m.
• Hole SMI-230012:
  • 8.31 g/t Au over 5.2 m.
• Hole SMI-230013:
  • 4.70 g/t Au over 9.1 m;
  • 5.80 g/t Au over 12.9 m;
  • 7.44 g/t Au over 15.7 m;
  • 4.50 g/t Au over seven m.

Drilling of the Purple Haze exploration target intersected new gold mineralization located up to 100 m away from existing developments of the SSX mine. The geometry and controls of the gold mineralization are interpreted to trend at a relatively low angle to the drill hole intersections. Mineralization remains open in multiple directions.

• Hole SSX-230010:
  • 6.13 g/t Au over 5.3 m.
• Hole SSX-230011:
  • 4.33 g/t Au over 19.8 m;
  • 3.47 g/t Au over 11.2 m;
  • 4.60 g/t Au over 16.8 m.
• Hole SSX-230013:
  • 8.97 g/t Au over 6.1 m.

Exploration drilling designed to test prospective geologic features in the Gridiron target cut two significant gold intercepts located approximately 80 and 120 m away from existing SSX mine development. The mineralization is hosted adjacent to a Jurassic dike cutting the base of the Silurian Roberts Mountain formation. The geometry of the gold mineralization is not yet defined, and the mineralization is open in several directions.

• Hole SSX-235020:
  • 4.1 g/t Au over 6.1 m;
  • 12.04 g/t Au over 25.9 m.

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

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

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

Quality assurance and quality control

First Majestic's drilling programs follow industry-standard established QA/QC 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 of the core is retained on site for verification and reference purposes.

Core samples from Jerritt Canyon drilling were submitted to First Majestic's Central Laboratory (ISO 9001-2015). Core samples from San Dimas and Santa Elena drilling were submitted to the Central Laboratory or SGS in Durango, Mexico (ISO/IEC 17025:2017)

At the Central Lab, gold is analyzed by fire assay with atomic absorption finish (Au-AA13, ASAG-13-Au). Results above 10 g/t Au are analyzed by 20-gram fire assay gravimetric finish (ASAG-14). Silver is analyzed by three-acid digest atomic absorption spectroscopy finish (AAG-13) or by 20-gram fire assay gravimetric finish (ASAG-13-Ag). Results above 200 g/t Ag are analyzed by 20-gram fire assay gravimetric finish (ASAG-14). At SGS, gold is analyzed by 30-gram fire assay AAS finish (GE_FAA30V5). Results above 10 g/t Au are analyzed by 30-gram Fire Assay gravimetric Finish (GO_FAG30V). Silver is analyzed by two-gram three-acid digest AAS finish (GE_AAS33E50). Results above 100 g/t Ag are analyzed by 30-gram fire assay gravimetric finish (GO_FAG37V).

See the company's most recently filed annual information form, 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.

Qualified person

Gonzalo Mercado, PGeo, the company's vice president of exploration and technical services and a qualified person as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical and test data underlying such information.

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, U.S.

We seek Safe Harbor.