Mr. Keith Neumeyer reports

FIRST MAJESTIC ANNOUNCES 2023 MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

First Majestic Silver Corp. has released the 2023 mineral reserve and mineral resource estimates for its four material mineral properties with an effective date of Dec. 31, 2023. Three material properties are currently in production: the San Dimas silver/gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine. The fourth material property, the Jerritt Canyon gold mine, is currently in temporary suspension in respect of mining activities, with the company currently focused on exploration, definition and expansion of the mineral resources, and the optimization of mine planning and plant operations.

During 2023, the company completed a total of 143,454 metres of exploration drilling. Approximately 85 per cent of this drilling was focused on near-mine or brownfield targets while the remainder was focused on greenfield targets exploring for new discoveries. In 2023, the company's measured and indicated and inferred mineral resource estimates remained relatively unchanged in contained silver equivalent (AgEq) ounces; exploration results also successfully offset of reserve depletion following record annual production of 9.6 million AgEq ounces.

2023 highlights (compared with prior mineral reserve and mineral resource estimates on Dec. 31, 2022):

• Proven and probable (P&P) mineral reserve estimates at the company's three producing material assets totalled 122.5 million AgEq ounces consisting of 56.1 million ounces of silver and 671,000 ounces of gold, which represents a 2-per-cent decrease in tonnes, a 9-per-cent decrease in silver ounces and a 14-per-cent decrease in gold ounces.
• Measured and indicated (M&I) mineral resource estimates (inclusive of mineral reserves) for the four material assets totalled 346.6 million AgEq ounces consisting of 95.9 million ounces of silver and 2.9 million ounces of gold, which represents a 1-per-cent increase in tonnes, a 6-per-cent decrease in silver ounces and a 3-per-cent increase in gold ounces, respectively. The changes to mineral resource estimates reflect mining depletion and updated cut-off grades from new economic parameters including costs, metal recoveries and metal prices. Exploration drilling results added new mineral resources and identified additional mineralized areas. Jerritt Canyon added 207,000 ounces of gold to its M&I mineral resource estimates.
• Inferred mineral resource estimates for the company's four material assets totalled 283.8 million AgEq ounces consisting of 65 million ounces of silver and 2.6 million ounces of gold, which represents a 6-per-cent increase in tonnes, a 12-per-cent decrease in silver ounces and a 10-per-cent increase in gold ounces. Jerritt Canyon added 360,000 ounces of gold to its inferred mineral resource driven by a combination of expansionary drilling results, modelling of additional mineralized areas and a decreased cut-off grade.

Metal price assumptions used to estimate the Dec. 31, 2023, mineral reserves were $22.50/oz for silver and $1,850/oz for gold. This compares with the previous metal price assumptions of $21.50/oz for silver and $1,750/oz for gold used to calculate the company's 2022 mineral reserve estimates.

Metal price assumptions used to estimate the Dec. 31, 2023, mineral resources were $24.50/oz for silver and $2,000/oz for gold. This compares with the previous metal price assumptions of $23/oz for silver and $1,900/oz for gold used to calculate the company's 2022 mineral resources estimates.

Mineral reserve and mineral resource estimates

As of Dec. 31, 2023, P&P mineral reserve estimates at the company's three producing material assets totalled 56.2 million ounces of silver and 671,000 ounces of gold, which represents a total of 122.5 million AgEq ounces.

Santa Elena's P&P mineral reserve estimates remained relatively unchanged despite record production of 9.6 million AgEq ounces from Ermitano. At La Encantada, P&P mineral reserves estimates increased mainly due to mine design updates in the Milagros orebody. At San Dimas, P&P mineral reserve estimates decreased due to a combination of depletion, cost-driven increase of cut-off grade and the exclusion of low-tonnage pillars.

M&I mineral resource estimates for the four material assets totalled 346.6 million AgEq ounces consisting of 95.9 million ounces of silver and 2.9 million ounces of gold. The M&I tonnes increased by 1 per cent compared with 2022. M&I mineral resources at Jerritt Canyon increased by 207,000 gold ounces primarily due to successful drilling programs at the SSX and Smith mines that expanded the mineralization, combined with an overall decrease in gold cut-off grade from assumptions related to increased gold prices and lower costs due to self-performed mining instead of third party contractor mining. M&I mineral resource estimates are reported inclusive of mineral reserve estimates.

Inferred mineral resource estimates for the company's four material properties totalled 283.8 million AgEq ounces consisting of 65 million ounces of silver and 2.6 million ounces of gold. Successful exploration drilling at Jerritt Canyon outlined new inferred resource estimates, additional mineralized areas were modelled and a reduction of the gold cut-off grade all contributed to an increase in inferred resources totalling 360,000 ounces of gold.

The company also announces that it has filed its annual information form for the year ended Dec. 31, 2023 (the AIF), under its profile on SEDAR+. In addition, the company has filed its annual report on Form 40-F for the year ended Dec. 31, 2023, with the United States Securities and Exchange Commission. The Form 40-F, which includes the company's annual audited financials statements, management's discussion and analysis (MD&A), and AIF, is available on EDGAR, and on the company's website.

Shareholders may also receive a copy of First Majestic's annual report which includes the annual audited financial statements and MD&A, free of charge, upon request to First Majestic, suite 1800, 925 West Georgia St., Vancouver, B.C., Canada, V6C 3L2, or by e-mail to info@firstmajestic.com.

Qualified persons

Scientific and technical disclosure in this news release relating to the company's material properties is based on technical reports for the material properties that have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The technical reports have been filed under the company's profile on SEDAR+. The technical information has been updated with more current information where appropriate.

Gonzalo Mercado, PGeo, the company's vice-president of exploration and technical services and a qualified person as defined under NI 43-101, has reviewed and approved the scientific and technical information contained in this news release. Mineral resource estimates were prepared under the supervision of, or were reviewed by, David Rowe, CPG, the company's director of mineral resources. Mineral reserve estimates were prepared under the supervision of, or were reviewed by, Brian Boutilier, PEng, its principal mine planning engineer. Each of Mr. Rowe and Mr. Boutilier are also qualified persons under NI 43-101.

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.

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