Mr. Keith Neumeyer of First Majestic reports

EARLY WARNING NEWS RELEASE

First Majestic Silver Corp. has disposed of 17.5 million common shares of Sierra Madre Gold and Silver Ltd. pursuant to a share purchase and sale agreement (and not through the facilities of the TSX Venture Exchange) at a price of $1.33 per share for gross aggregate proceeds of $23,275,000.

Immediately prior to giving effect to the sale, First Majestic held beneficial ownership of, or control and direction over, 69,063,076 shares of Sierra Madre, representing approximately 37.13 per cent of the issued and outstanding shares of Sierra Madre on a non-diluted basis. After giving effect to the sale, First Majestic now holds beneficial ownership of, or control and direction over, 51,563,076 shares of Sierra Madre, representing approximately 27.72 per cent of the issued and outstanding shares of Sierra Madre on a non-diluted basis.

All securities of Sierra Madre owned by First Majestic are held for investment purposes. First Majestic has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Sierra Madre. First Majestic reviews its holdings from time to time, and may, depending on market conditions and other factors, increase or decrease its position in Sierra Madre as future circumstances may dictate.

All ownership percentages herein are based upon the number of issued and outstanding shares of Sierra Madre as at Nov. 5, 2025.

This news release is being issued in accordance with National Instrument 62-103 (the Early Warning System and Related Take-Over Bid and Insider Reporting Issues). An early warning report regarding the sale will be filed on SEDAR+ under Sierra Madre's issuer profile in accordance with applicable securities laws. To obtain a copy of such early warning report, please contact Darrell Rae, manager of investor relations at First Majestic, toll-free at 1-866-529-2807 (or by e-mail at info@firstmajestic.com) or refer to Sierra Madre's SEDAR+ profile.