Mr. Keith Neumeyer reports

FIRST MAJESTIC PRODUCES 5.2 MILLION AGEQ OZ IN Q1 2024

First Majestic Silver Corp.'s total production in the first quarter of 2024 from the company's three producing mines in Mexico, the San Dimas silver/gold mine, the Santa Elena silver/gold mine and the La Encantada silver mine, reached 5.2 million silver equivalent (AgEq) ounces, consisting of 2.0 million silver ounces and 35,936 gold ounces. The Company's financial results for the first quarter of 2024 are scheduled to be released on Wednesday, May 8, 2024.

Q1 2024 HIGHLIGHTS

Record safety performance: In Q1 2024, the consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.48 and the Lost Time Incident Frequency Rate ("LTIFR") was 0.08, an improvement of 53% and 79% compared to the prior quarter, respectively. In support of ongoing strong safety performance and culture, the Company's Silver Helmet Award was issued to the La Encantada Silver Mine for exceptional health and safety leadership.

Total Production: The Company produced 5.2 million AgEq ounces consisting of 2.0 million ounces of silver and 35,936 ounces of gold, aligned to its 2024 guidance production plan.

La Encantada: During March, the Company successfully identified and developed a significant new water source and is in the process of increasing water inventory levels and processing rates at the plant. Plant ore throughput rates are expected to return to targeted levels of approximately 3,000 tonnes per day ("tpd") by Q3 2024.

Santa Elena continues strong production: Produced 2.3 million AgEq ounces, on track with the 2024 guidance production plan.

ESG Performance: Received 2023 S&P Global Corporate Sustainability Assessment score, which placed First Majestic above the average performance for the Metals & Mining industry.

17 Active Drill Rigs: The Company completed a total of 36,274 metres of drilling across its mines in Mexico during the first quarter, representing an increase of 10% and 15% over Q4 and Q3 2023, respectively. Throughout the quarter, up to seventeen drill rigs were active consisting of eleven rigs at San Dimas, and six rigs at Santa Elena.

"Q1 represented a strong start to 2024 from a safety and production stance, with continued strong production from Santa Elena and an encouraging outlook for La Encantada," said Keith Neumeyer, President & CEO. "I am proud of the safety performance that we are achieving across our operations while delivering on our production plans. Santa Elena continues to exceed our expectations with another quarter of robust production. At La Encantada, our teams have been working diligently on sourcing additional water since June last year, and we are thrilled to have identified a new water source that is expected to put the operation back to budgeted throughput and production rates by Q3."

San Dimas Silver/Gold Mine:

San Dimas produced 2,364,875 AgEq ounces during the quarter consisting of 1,163,792 ounces of silver and 13,543 ounces of gold. Silver and gold production decreased by 23% and 27%, respectively, when compared to the prior quarter primarily due to a decrease in ore processed and silver and gold grades. These reductions were caused by the transition into lower grade areas of the Central and Graben blocks. Management anticipates improvement in grades and throughput throughout the year and consistent with the Company's 2024 guidance plan.

The mill processed a total of 178,957 tonnes of ore with average silver and gold grades of 220 g/t and 2.45 g/t, respectively.

Silver and gold recoveries during the quarter averaged 92% and 96%, respectively.

The Central Block and Sinaloa Graben areas contributed approximately 84% and 16%, respectively, of the total production during the quarter.

During the quarter, a total of eleven drill rigs, consisting of two surface rigs and nine underground rigs, completed 26,363 metres of drilling on the property, representing a 6% increase when compared to the prior quarter.

Santa Elena Silver/Gold Mine:

Santa Elena produced 2,280,739 AgEq ounces, consisting of 355,205 ounces of silver and 21,713 ounces of gold. Silver and gold production is tracking to the Company's 2024 guidance production plan.

The mill processed a total of 224,394 tonnes of ore, containing average silver and gold head grades of 72 g/t and 3.16 g/t, respectively.

Silver and gold recoveries averaged 69% and 95%, respectively, during the quarter.

During the quarter, six drill rigs, consisting of four surface rigs and two underground rigs, completed 9,911 metres of drilling on the property, representing a 25% increase when compared to the prior quarter.

La Encantada Silver Mine:

Throughout Q1 2024, and as reflected in the Company's 2024 guidance, La Encantada was impacted by limited water supply to the mill, mainly driven by severe drought conditions in 2023 which impacted the existing water wells in the area. Since June 2023, the Company drilled a total of five exploration and production holes in an effort to source additional water. The most recent hole (G11) has identified a significant water resource, and the Company is in the process of increasing water inventory levels and processing rates at the plant. First Majestic anticipates improved ore throughput rates in Q2 and reaching historic levels in Q3.

During the quarter, La Encantada produced 456,179 ounces of silver, representing a 12% decrease compared to the prior quarter primarily due to a decrease in ore processed and silver recovery.

The mill processed a total of 185,298 tonnes of ore with an average silver grade of 123 g/t and silver recovery of 62%, representing a 11% increase and 12% decrease, respectively. Stope production from the new Beca Zone has contributed 26,910 tonnes with average silver grades of 106 g/t.

Q1 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company is planning to release its first quarter 2024 unaudited financial results and announce details regarding its first quarter dividend payment on May 8, 2024.

Gonzalo Mercado, P.Geo., 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.

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 www.firstmint.com, at some of the lowest premiums available.

For further information, contact info@firstmajestic.com visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

We seek Safe Harbor.