New drilling significantly expands the gold and silver mineralization of the Santo Niño and Navidad discoveries

Drilling completed at Luna expected to convert substantial amount of Inferred Mineral Resources to Indicated Mineral Resources

Start of scoping-level studies for Navidad and Santo Niño provide guidance on potential mining strategies

Mani Alkhafaji promoted to President & Chief Corporate Development Officer

Vancouver, BC, Canada – First Majestic Silver Corp. (NYSE:AG) (TSX:AG) (FSE:FMV) (the “Company” or “First Majestic”) is pleased to announce the start of preliminary mine planning studies for the Navidad and Santo Niño discoveries located at the Company’s Santa Elena Silver/Gold Mine in Sonora, Mexico. Additionally, the Company announces positive exploration drilling results for the Santo Niño and Navidad targets that significantly increase the gold (“Au”) and silver (“Ag”) mineralization beyond the currently declared 2024 Inferred Resources. Furthermore, drilling in the Luna Zone to the east of the currently producing Ermitaño deposit has successfully infilled portions of the 2024 Inferred Mineral Resources for Santa Elena, and will support the conversion to Indicated Mineral Resource estimates when the Company declares its Mineral Reserves and Mineral Resources for the year-ended December 31, 2025.

Following the encouraging exploration results at Navidad and Santo Niño, the Company is conducting internal scoping-level studies to assess potential underground mining scenarios for the two discoveries. A material handling trade-off study analyzed how to access the Winter-Navidad target and determined that the best access is a straight, approximately 3-kilometre underground ramp with a portal located adjacent to the Santa Elena processing plant. The Santo Niño mineralization presents several promising options for additional access including a potential crosscut from the ramp to Navidad or a new portal situated near the deposit where thick intercepts of high-grade gold and silver are reported within 100 metres (“m”) from surface.

Third-party metallurgical testing completed for Santo Niño mineralization indicates that expected metallurgical recoveries for gold and silver are excellent. The testing, see & read more on

https://www.firstmajestic.com/investors/news-releases/first-majestic-reports-continued-exploration-success-at-santa-elena-and-announces-senior-management-update