Vancouver, British Columbia--(Newsfile Corp. - March 20, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announces that it has received regulatory consent to extend its share repurchase program (the "Share Repurchase") pursuant to a normal course issuer bid in the open market through the facilities of the Toronto Stock Exchange ("TSX") or alternative Canadian trading systems over the next 12 months. Pursuant to the Share Repurchase, the Company has the ability to repurchase up to 5,000,000 common shares of the Company which represents approximately 1.83% of the 274,479,942 issued and outstanding shares of the Company as of March 10, 2023.

In order to implement the Share Repurchase, First Majestic has received TSX approval of its notice of intention to make a normal course issuer bid. The notice provides that First Majestic may, during the 12 month period commencing on March 22, 2023 and ending on or before March 21, 2024, purchase up to 5,000,000 common shares through the facilities of the TSX and alternative Canadian trading systems.

In accordance with TSX rules, daily purchases made by the Company on the TSX will not exceed 199,679 common shares, or 25% of First Majestic's average daily trading volume of 798,717 common shares on the TSX for the six calendar months preceding the date of the acceptance of the original notice, subject to certain prescribed exemptions.

Under its prior normal course issuer bid, the Company repurchased a total of 100,000 shares for cancellation through the facilities of the TSX at a volume weighted average price of CDN$8.52 as of March 10, 2023. Under this prior normal course issuer bid, which commenced on March 22, 2022 and expires on March 21, 2023, the Company received approval to purchase up to 10,000,000 common shares.

First Majestic will make no purchases of common shares under the normal course issuer bid other than open-market purchases. The price that the Company will pay for any common shares will be the prevailing market price of such shares at the time of acquisition. All common shares, if any, purchased pursuant to the Share Repurchase will be cancelled.

The Company believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of common shares would be in the best interests of the Company. Such purchases are expected to benefit all remaining shareholders by increasing their proportionate equity interest in the Company.

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, the La Encantada Silver Mine, and the Jerritt Canyon Gold Mine.

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.

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