Vancouver, British Columbia--(Newsfile Corp. - March 31, 2022) - FIRST MAJESTIC SILVER CORP. (TSX: FR) (NYSE: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce its 2021 Mineral Reserve and Resource estimates for its material mineral property assets with an effective date of December 31, 2021. The Company completed a record exploration program totalling 227,845 metres of drilling at its operating mine properties in 2021, representing a 46% increase in metres drilled compared to the prior year. Approximately 80% of this drilling was focused on near mine or brownfield targets while the remainder was focused on greenfield targets looking for new discoveries. During 2021, the Company added more ounces into Reserves than were depleted following a record 26.9 million silver equivalent ounces in annual production.

2021 HIGHLIGHTS (compared to prior Mineral Reserve and Mineral Resource estimates on December 31, 2020)

Proven and Probable Mineral Reserves estimates ("P&P") at the Company's four producing material assets totalled 177.4 million silver equivalent ounces consisting of 63.0 million ounces of silver and 1.32 million ounces of gold. Silver and gold ounces increased 1% and 118%, respectively, primarily due to the addition of 440,000 ounces of gold at Jerritt Canyon, and the addition of 1.55 million ounces of silver and 280,000 ounces of gold at Santa Elena following its previously reported pre-feasibility study in November 2021 which incorporated the Ermitaño Mine into the life of mine. In addition, P&P at La Encantada increased 29% in silver ounces as a result of successful drilling at the Ojuelas and Milagros Breccia deposits.

Measured and Indicated Mineral Resource estimates ("M&I") for the Company's four material assets totalled 332.5 million silver equivalent ounces consisting of 111.0 million ounces of silver and 2.89 million ounces of gold, representing a 1% decrease and a 130% increase, respectively. Jerritt Canyon added 1.60 million ounces of gold in 8 different deposits over its large land package. At Santa Elena, M&I totalled 18.8 million ounces of silver and 544,000 ounces of gold, corresponding to 70.8 million ounces of silver equivalent representing an 11% increase.

Inferred Mineral Resource estimates for the Company's material assets totalled 235.1 million silver equivalent ounces consisting of 75.3 million ounces of silver and 2.08 million ounces of gold. Inferred Mineral Resources increased significantly with the incorporation of Jerritt Canyon.

2021 PRODUCTION TABLE

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