Vancouver, BC, Canada – First Majestic Silver Corp. (NYSE:AG) (TSX:FR) (FSE:FMV) (the "Company" or “First
Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the
third quarter ended September 30, 2023. The full version of the financial statements and the management
discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at
www.sedarplus.ca and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
Q3 2023 HIGHLIGHTS
• Production of 6.3 million silver equivalent (“AgEq”) ounces, consisting of 2.5 million silver ounces and 46,720
gold ounces, comparable to the previous quarter.
• Quarterly revenues totalled $133.2 million, compared to $146.7 million in the previous quarter.
• Mine operating earnings totalled $13.0 million, compared to $1.1 million in the previous quarter.
• Operating cash flows before movements in working capital and taxes totalled $14.1 million, compared to
$26.9 million in the previous quarter.
• Consolidated cash costs improved to $14.13 per AgEq ounce and All-in sustaining costs (“AISC”) (see “NonGAAP Financial Measures”, below) improved to $19.74 per AgEq ounce representing a reduction of 9% and
8%, respectively, compared to the previous quarter.
• Adjusted net earnings of ($10.93) million (adjusted EPS of ($0.04)) (see “Non-GAAP Financial Measures”, below) after excluding non-cash and non-recuring items.
• Sold 61,444 ounces of silver bullion, or approximately 2.9% of the Company’s silver production, on First Majestic’s online bullion store at an average silver price of $26.17 per ounce for total proceeds of $1.6 million.
• At the end of the quarter, the Company had a cash and restricted cash balance of $257.3 million consisting of $138.3 million cash and cash equivalents and $119.0 million of restricted cash.
• Declared a cash dividend payment of $0.0046 per common share for the third quarter of 2023 for shareholders of record as of the close of business on November 15, 2023, and will be distributed on or about, November 30, 2023.

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