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First Majestic Reports Positive Exploration Results at San Dimas, Santa Elena and Jerritt Canyon Properties

07.02.2024  |  Newsfile

Vancouver, February 7, 2024 - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce 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 & CEO 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 Ermitaño 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 ongoing exploration programs include the following drill hole intercepts:

San Dimas Highlights (true width)

  • Hole ST23_014: 40.40 g/t Au and 2,092 g/t Ag over 0.91 metres ("m");
  • Hole SIN23_073: 11.53 g/t Au and 758 g/t Ag over 2.97m;
  • Hole PE23_225: 3.78 g/t Au and 421 g/t Ag over 7.78m;
  • Hole PE23_242: 7.36 g/t Au and 1,238 g/t Ag over 2.41m;

Santa Elena Highlights (true width)

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

Jerritt Canyon Highlights (apparent width)

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

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 (Figure 1).



Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas.

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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 (Figure 2). 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 & 758 g/t Ag over 2.97m;
  • Hole SIN23_076: 9.86 g/t Au & 779 g/t Ag over 1.51m;
  • Hole SIN23_069: 12.65 g/t Au & 578 g/t Ag over 0.95m;

Expansionary drilling on the projection of the historic Santa Teresa vein has returned significant intercepts. The vein remains undrilled to the west for ~500m along strike for exploration upside (Figure 3). Drill hole assay grade and intervals (true width) of the vein intersections are shown below:

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

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 unmodeled gold and silver mineralization in secondary veins, breccias and stockworks in the hanging and foot wall 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 post-mineral faulting is anticipated to decrease, providing confirmation of ore body continuity (Figure 4). Select drill hole assay grade and intervals (true width) of the vein intersections are shown below:

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

Drilling at the Rosario vein continues to delineate a mineralized volume east of the historic mining area (Figure 5). 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 3m, the newly discovered mineralization is open in all directions (Figure 6). Select drill hole assay grade and intervals (true width) are shown below:

  • Hole RO23_031: 7.31g/t Au & 598 g/t Ag, 0.77 m;
  • Hole RO23_032: 7.69 g/t Au & 8g/t Ag, 3.29 m (Peggy vein)



Figure 2: (San Dimas) Sinaloa and Elia Veins, Vertical Section. Looking North

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Figure 3: (San Dimas) Santa Teresa Vein, Vertical Section. Looking North

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Figure 4: (San Dimas) Perez Vein, Vertical Section. Looking North.

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Figure 5: (San Dimas) Rosario vein Long section. Looking North.

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Figure 6: (San Dimas) Rosario, Macho Bayo, Peggy and Basilisa veins cross section. Looking east.

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SANTA ELENA EXPLORATION RESULTS

An infill drilling program designed to convert Mineral Resources to Mineral Reserves at the Ermitaño mine, cut multiple high-grade intersections of gold and silver mineralization (Figure 7). In addition to intercepts of the Ermitaño vein, multiple holes intersected mineralization in secondary veins and breccia zones located in the hanging and footwall of the Ermitaño vein proper. Select drill hole assay grade and true width from the intersections include:

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



Figure 7: Ermitaño Vein Vertical Long Section. Looking North.

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JERRITT CANYON EXPLORATION RESULTS

Drilling at Jerritt Canyon has returned positive results located within the SSX and Smith mine areas (Figure 8).



Figure 8: Jerritt Canyon Property outlining the area of drill results.

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Drilling designed to expand the Javelin target identified in July 2023 cut multiple significant gold intersections located between 90m and 340m 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 (Figure 9 and Figure 10).

  • Hole SMI-230011:
    • 4.34 g/t Au over 6.1m;
    • 8.76 g/t Au over 15.2m;
  • Hole SMI-230012:
    • 8.31 g/t Au over 5.2m;
  • Hole SMI-230013:
    • 4.70 g/t Au over 9.1m;
    • 5.80 g/t Au over 12.9m;
    • 7.44 g/t Au over 15.7m;
    • 4.50 g/t Au over 7.0m;

Drilling of the Purple Haze exploration target intersected new gold mineralization located up to 100m 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 as shown in Figure 11 and Figure 12. Mineralization remains open in multiple directions.

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

Exploration drilling designed to test prospective geologic features in the Gridiron target cut two significant gold intercepts located approximately 80 and 120m 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 (Figure 13 and Figure 14).

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



Figure 9: (Jerritt Canyon) Drill Hole Gold Intercepts in the Javelin Area. Plan view.

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Figure 10: (Jerritt Canyon) Drill Hole Gold Intercepts in the Javelin Area. Vertical Section Looking Northwest and Projected.

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Figure 11: (Jerritt Canyon) Drill Hole Gold Intercepts in the Purple Haze Area. Plan view.

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Figure 12: (Jerritt Canyon) Drill Hole Gold Intercepts in the Purple Haze Area. Vertical Section Looking Southwest and Projected.

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Figure 13: (Jerritt Canyon) Drill Hole Gold Intercepts in the Gridiron Area. Plan view.

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Figure 14: (Jerritt Canyon) Drill Hole Gold Intercepts in the Gridiron Area. Vertical Section Looking Northeast and projected.

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Table 1: Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas.

Drillhole Target Target Type Significant intercept
From (m) Length (m) True length (m) Au (g/t) Ag (g/t) AgEq (g/t)
GPE23_001 Guadalupe Vein Resource addition 283.30 0.80 0.78 7.03 903 1466
ST23_014 Santa Teresa (HW) Bx Resource addition 398.10 2.20 1.86 3.95 270 586
ST23_014 Santa Teresa (HW) String zone Resource addition 407.30 3.25 2.90 2.07 130 296
ST23_014 Santa Teresa Vein Resource addition 411.45 1.05 0.91 40.40 2092 5324
ST23_022 Santa Teresa (HW) Resource addition 296.65 1.10 0.78 3.19 274 529
SIN23_069 Sinaloa N - Elia Vein Resource conversion 322.85 1.20 0.95 12.95 578 1614
SIN23_073 Sinaloa N - Elia Vein Resource conversion 64.00 1.15 0.70 13.50 1007 2087
SIN23_073 Sinaloa N - Elia Vein Resource conversion 318.25 3.35 2.97 11.53 758 1681
SIN23_074 Sinaloa N - Elia Vein Resource conversion 333.25 0.80 0.73 4.15 246 578
SIN23_076 Sinaloa N - Elia Vein Resource conversion 48.25 1.55 1.51 9.86 779 1568
SIN23_077 Sinaloa N - Elia Vein Resource conversion 45.40 2.75 2.03 3.97 299 617
SIN23_078 Sinaloa N - Elia Vein Resource conversion 300.90 0.75 0.72 1.71 101 238
SIN23_079 Sinaloa N - Elia Vein Resource conversion 313.25 1.25 0.88 2.80 145 368
PE23_215 Perez Vein Resource addition 267.20 2.00 1.47 1.86 197 345
PE23_219 Perez (HW) Vein Resource addition 214.45 0.80 0.70 2.41 336 529
PE23_220 Perez Vein Resource addition 211.25 1.30 0.96 3.33 634 900
PE23_221 Perez Vein Resource addition 224.25 0.90 0.72 2.76 545 766
PE23_222 Perez Vein Resource addition 260.30 1.90 1.22 1.35 174 281
PE23_224 Perez Vein Resource addition 222.32 0.86 0.84 0.96 115 192
PE23_225 Perez (HW) Vein Resource conversion 243.80 1.05 0.77 1.60 243 371
PE23_225 Perez (HW) Vein Resource conversion 291.15 1.40 1.03 14.18 2439 3574
PE23_225 Perez Vein Resource conversion 297.10 20.50 7.78 3.78 421 723
PE23_225 Perez (FW) Breccia Resource conversion 319.15 1.00 0.84 9.16 242 974
PE23_225 Perez (FW) Vein Resource conversion 321.60 1.30 0.96 1.33 187 293
PE23_229 Perez Vein Resource addition 346.75 12.05 4.42 3.69 509 804
PE23_231 Perez Vein Resource addition 148.65 1.75 1.64 3.15 589 841
PE23_233 Perez Vein Resource conversion 338.85 1.35 0.95 1.75 303 443
PE23_234A Perez (HW) Vein Resource conversion 337.00 1.78 1.26 2.18 210 384
PE23_234A Perez Vein Resource conversion 364.30 3.43 2.43 9.10 189 917
PE23_242 Perez Vein Resource conversion 272.10 3.75 2.41 7.36 1238 1826
ROS23_026 Rosario Vein Resource addition 763.37 1.38 1.13 2.12 256 426
ROS23_030 Rosario Vein Resource addition 707.60 1.15 1.06 2.48 175 374
ROS23_031 Rosario Vein Resource addition 776.65 1.00 0.77 7.31 598 1182
ROS23_032 Peggy Vein Resource addition 612.00 3.80 3.29 7.69 8 623
ROS23_033 Rosario Vein Resource addition 723.00 1.45 1.26 0.85 124 192
ORO23_103 El Oro Vein Resource conversion 238.50 1.50 0.91 13.39 606 1677
ORO23_104 El Oro Vein Resource conversion 291.00 2.25 1.29 0.34 245 273
ORO23_105 El Oro Vein Resource conversion 289.75 2.60 1.92 1.22 239 337
SJ23_165 San Jose Vein Resource conversion 155.90 1.30 1.04 1.68 127 261
SJ23_168 San Jose Vein Resource conversion 165.40 1.65 1.35 3.41 347 620
SNL23_044 San Luis (FW) Vein Resource addition 121.65 4.30 3.04 1.87 108 257
SNL23_048 San Luis (FW) Vein Resource addition 130.40 1.15 0.85 10.77 1437 2298

Note: All holes are Diamond Drill; AgEq grade = silver grade (g/t) + [gold grade (g/t)*80]
From, To and Length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.

Gold and silver drill hole intercepts at San Dimas were composited using the length weighted averages of uncapped sample assays, a 190 g/t AgEq minimum grade, and a minimum composite length of 0.7m (true width). A maximum 1m 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 hanging 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.

Table 2: Summary of Significant Drill Hole Silver and Gold Intercepts at Santa Elena.

Drillhole Target Target type Significant intercept
From (m) Length (m) True length (m) Au (g/t) Ag (g/t) AgEq (g/t)
EWUG-23-007 VSSTK_HW Resource conversion 110.95 16.35 8.18 4.51 155 516
EWUG-23-007 Ermitaño-Splay Resource conversion 140.65 7.85 3.93 4.33 88 434
EWUG-23-007 VSSTK_FW Resource conversion 173.65 6.60 1.71 18.50 304 1784
EWUG-23-007 VINT1 Resource conversion 186.15 3.85 1.32 7.44 107 702
EWUG-23-008 VSSTK_HW Resource conversion 116.35 6.20 3.56 5.17 162 575
EWUG-23-008 VSSTK_HW Resource conversion 124.55 7.35 4.22 4.23 202 540
EWUG-23-008 VSSTK_HW Resource conversion 145.60 3.45 1.73 2.30 104 288
EWUG-23-008 Ermitaño-Splay Resource conversion 157.25 12.45 6.23 4.39 96 448
EWUG-23-012 Ermitaño-Splay Resource conversion 135.30 20.10 10.05 7.02 189 750
EWUG-23-012 VSSTK_HW Resource conversion 157.60 9.75 4.88 20.95 311 1987
EWUG-23-012 VINT1 Resource conversion 172.45 6.95 2.38 7.99 187 826
EWUG-23-013 VSSTK_HW Resource conversion 134.20 3.55 2.04 4.20 149 485
EWUG-23-013 VSSTK_HW Resource conversion 143.60 10.05 3.44 3.59 122 409
EWUG-23-013 Ermitaño-Splay Resource conversion 159.45 11.05 3.78 3.08 89 335
EWUG-23-014 Ermitaño-Splay Resource conversion 194.70 11.65 5.83 4.14 85 416
EWUG-23-015 Ermitaño-Splay Resource conversion 170.55 10.45 5.23 9.38 230 980
EWUG-23-015 VSSTK_FW Resource conversion 197.75 3.25 1.63 3.43 192 466
EWUG-23-016 VINT1 Resource conversion 250.15 3.15 1.58 4.23 241 580
EWUG-23-017 Ermitaño-Splay Resource conversion 105.45 3.00 1.27 2.62 28 238

Note: All holes are Diamond Drill; AgEq grade = silver grade (g/t) + (gold grade (g/t)*80)
From, To and Length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.

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 1m (true width). A maximum 1m 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.

Table 3: Summary of Significant Drill Hole Gold Intercepts at Jerritt Canyon.

Drillhole Target Drill type Target type Significant Intercept
From (m) To (m) Apparent Length (m) Au (g/t)
SMI-235007 Blackjack RC Resource conversion 85.3 91.4 6.1 12.55
SMI-235009 Blackjack RC Resource addition 59.4 76.2 16.8 10.36
SMI-230001 Aurora DDH Resource conversion 182.9 191.7 8.8 3.72
SMI-230001 Aurora DDH Resource conversion 219.8 230.1 10.4 3.33
SMI-230002 Aurora DDH Resource addition 222.8 235.9 13.1 3.24
SMI-230011 Javelin DDH Resource addition 336.2 342.3 6.1 4.34
SMI-230011 Javelin DDH Resource addition 372.8 388.0 15.2 8.76
SMI-230012 Javelin DDH Resource addition 370.3 375.5 5.2 8.31
SMI-230013 Javelin DDH Resource addition 242.9 252.1 9.1 4.70
SMI-230013 Javelin DDH Resource addition 334.7 347.6 12.9 5.80
SMI-230013 Javelin DDH Resource addition 353.0 368.7 15.7 7.44
SMI-230013 Javelin DDH Resource addition 375.5 382.5 7.0 4.50
SMI-230014 Dreadnought DDH Resource addition 55.5 60.7 5.2 7.16
SMI-230026 Voodoo DDH Resource addition 146.3 153.0 6.7 4.44
SMI-230026 Voodoo DDH Resource addition 180.4 191.1 10.7 9.18
SMI-235000B Blackjack RC Resource addition 3.0 16.8 13.7 3.69
SMI-235000B Blackjack RC Resource addition 22.9 38.1 15.2 3.37
SSX-230010 Purple Haze DDH Resource addition 35.2 40.5 5.3 6.13
SSX-230011 Purple Haze DDH Resource conversion 136.6 156.4 19.8 4.33
SSX-230011 Purple Haze DDH Resource conversion 181.5 192.8 11.2 3.47
SSX-230011 Purple Haze DDH Resource conversion 199.0 215.8 16.8 4.60
SSX-230013 Purple Haze DDH Resource addition 123.7 129.8 6.1 8.97
SSX-235020 Gridiron RC Resource addition 115.8 121.9 6.1 4.10
SSX-235020 Gridiron RC Resource addition 161.5 187.5 25.9 12.04
SSX-235020 (incl) Gridiron RC Resource addition 164.6 176.8 12.2 17.35

Note From, To and Length indicated in metres, true thickness of the mineralized zones are unknown at this time. Results >15gpt Au are reported as "includes".

Gold drill hole intercepts at Jerritt Canyon were composited using the length weighted averages of uncapped sample assays, a 3.0 g/t Au minimum grade, and a minimum composite length of 5m. A maximum 5m 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 ("Central Lab") (ISO 9001-2015). Core samples from San Dimas and Santa Elena drilling were submitted to the Central Laboratory or SGS in Durango, Mexico ("SGS") (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 g Fire Assay gravimetric finish (ASAG-14). Silver is analyzed by 3-Acid Digest AAS finish (AAG-13) or by 20 g Fire Assay Gravimetric Finish (ASAG-13-Ag). Results above 200 g/t Ag are analyzed by 20 g Fire Assay gravimetric finish (ASAG-14). At SGS, gold is analyzed by 30 g Fire Assay AAS finish (GE_FAA30V5). Results above 10 g/t Au are analyzed by 30 g Fire Assay gravimetric Finish (GO_FAG30V). Silver is analyzed by 2 g 3-Acid digest AAS finish (GE_AAS33E50). Results above 100 g/t Ag are analyzed by 30 g Fire Assay Gravimetric Finish (GO_FAG37V).

See the Company's most recently filed Annual Information Form, available at www.sedarplus.ca, 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, 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 ("NI 43-101"), 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 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. In Q1 2024, First Majestic will also commence bullion production from its 100%-owned and operated minting facility, First Mint, LLC, to manufacture its very own exceptional silver bullion products catering to the growing demand for physical silver.

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

First Majestic Silver Corp.

"signed"

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Statements such as the timing of the Company's year-end update of Mineral Resource and Mineral Reserve estimates are forward-looking statements. Statements concerning Proven and Probable Mineral Reserves and Mineral Resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of Measured and Indicated Mineral Resources or Proven and Probable Mineral Reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Cautionary Note to United States Investors

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.

Appendix

Drill hole location, sample type, azimuth, dip and total depth.

Hole ID Target Drill Type Collar Location Azimuth Dip Total Depth (ft)
Easting (ft) Northing (ft) Elevation (ft)
SMI-235007 Blackjack RC 396,286 407,275 6,893 320 -5 380
SMI-235009 Blackjack RC 396,289 407,276 6,893 310 -15 250
SMI-230001 Aurora DDH 395,876 407,910 6,914 250 15 1,079
SMI-230002 Aurora DDH 395,874 407,911 6,915 259 18 914
SMI-230011 Javelin DDH 398,790 406,346 6,717 207 -1 1,337
SMI-230012 Javelin DDH 398,792 406,346 6,717 198 -3 1,348
SMI-230013 Javelin DDH 398,790 406,346 6,717 214 -2 1,495
SMI-230014 Dreadnought DDH 401,276 406,038 6,615 25 -48 347
SMI-230026 Voodoo DDH 401,177 405,433 6,604 215 -23 852
SMI-235000B Blackjack RC 396,341 407,224 6,889 197 -41 330
SSX-230010 Purple Haze DDH 391,790 407,486 7,119 70 10 1,133
SSX-230011 Purple Haze DDH 391,790 407,486 7,119 69 4 1,173
SSX-230013 Purple Haze DDH 391,784 407,476 7,114 169 -29 533
SSX-235020 Gridiron RC 391,473 408,239 7,294 301 -8 790

Drill collar locations are surveyed in local Jerritt Canyon mine grid (NAD27 Nevada West State Plane (feet) modified by a false northing of -2,000,000) using a total station.

Hole ID Target Drill Type Collar Location Azimuth Dip Total Depth (m)
Easting (m) Northing (m) Elevation (m)
EWUG-23-007 Ermitaño DDH 583,789 3,319,555 753 201 -48 294
EWUG-23-008 Ermitaño DDH 583,789 3,319,555 753 212 -41 261
EWUG-23-012 Ermitaño DDH 583,830 3,319,555 753 178 -59 261
EWUG-23-013 Ermitaño DDH 583,831 3,319,555 753 156 -60 261
EWUG-23-014 Ermitaño DDH 583,831 3,319,555 752 145 -66 282
EWUG-23-015 Ermitaño DDH 583,830 3,319,555 753 188 -65 261
EWUG-23-016 Ermitaño DDH 583,830 3,319,555 753 182 -71 282
EWUG-23-017 Ermitaño DDH 583,831 3,319,555 753 162 -73 300

Drill collar locations are surveyed in WGS84, Zone 12 (meters), using a total station for holes underground and a differential global positioning system (GPS) for surface.

Hole ID Target Drill Type Collar Location Azimuth Dip Total Depth (m)
Easting (m) Northing (m) Elevation (m)
GPE23_001 Guadalupe Core 398,324 2,666,358 571 153 5 462
ST23_014 Santa Teresa Core 398,455 2,667,239 557 301 29 413
ST23_022 Santa Teresa Core 398,456 2,667,239 556 310 11 363
SIN23_069 Sinaloa Core 399,888 2,666,329 561 299 -13 354
SIN23_073 Sinaloa Core 399,888 2,666,328 562 289 -5 339
SIN23_074 Sinaloa Core 399,888 2,666,328 562 285 -6 336
SIN23_076 Sinaloa Core 399,890 2,666,330 561 342 -19 282
SIN23_077 Sinaloa Core 399,890 2,666,330 561 334 -18 309
SIN23_078 Sinaloa Core 399,889 2,666,329 561 316 -18 318
SIN23_079 Sinaloa Core 399,889 2,666,329 561 310 -15 351
PE23_215 Perez Core 399,313 2,671,668 858 11 -10 309
PE23_219 Perez Core 399,311 2,671,668 858 2 -9 246
PE23_220 Perez Core 399,312 2,671,667 858 6 -14 234
PE23_221 Perez Core 399,312 2,671,668 858 11 -15 285
PE23_222 Perez Core 399,312 2,671,667 859 5 -3 294
PE23_224 Perez Core 399,311 2,671,668 858 354 -2 231
PE23_225 Perez Core 399,018 2,671,352 844 299 30 333
PE23_229 Perez Core 399,018 2,671,351 843 288 24 408
PE23_231 Perez Core 399,310 2,671,667 857 322 -44 177
PE23_233 Perez Core 399,018 2,671,352 844 305 33 369
PE23_234A Perez Core 399,018 2,671,352 843 291 31 429
PE23_242 Perez Core 399,020 2,671,354 843 331 29 333
ROS23_026 Rosario Core 400,344 2,665,894 553 204 2 801
ROS23_030 Rosario Core 400,344 2,665,894 553 204 -10 763
ROS23_031 Rosario Core 400,344 2,665,894 553 211 -10 790
ROS23_032 Rosario Core 399,811 2,665,304 951 172 -13 981
ROS23_033 Rosario Core 400,344 2,665,894 553 207 -14 765
ORO23_103 El Oro Core 404,187 2,665,505 510 305 38 420
ORO23_104 El Oro Core 404,186 2,665,504 510 295 33 300
ORO23_105 El Oro Core 404,186 2,665,505 510 281 21 318
SJ23_165 San Jose Core 399,594 2,668,348 558 332 -9 180
SJ23_168 San Jose Core 399,593 2,668,348 558 324 -5 201
SNL23_044 San Luis Core 406,152 2,670,984 611 245 9 222
SNL23_048 San Luis Core 406,153 2,670,983 611 301 17 174

Collar coordinates are determined using total station equipment after hole completion with WGS84, Zone 13 (meters) as the reference system.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197046


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