Vancouver, British Columbia--(Newsfile Corp. - July 20, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) ("First Majestic" or the "Company") is pleased to announce that total production in the second quarter of 2023 reached 6.3 million silver equivalent ("AgEq") ounces, consisting of 2.6 million silver ounces and 45,022 gold ounces. Approximately 94% of total production, or 6.0 million AgEq ounces, was produced from the Company's three Mexican operations, the San Dimas, Santa Elena and La Encantada mines. The Company's fourth operation, the Jerritt Canyon mine in Nevada, USA, processed most of its remaining ore stockpiles and work in process ("WIP") inventory throughout April and May and produced 4,364 ounces of gold during its partial quarter.

In the first half of 2023, the Company produced 5.2 million silver ounces and 105,616 gold ounces, or approximately 14.0 million AgEq ounces. In the second half of 2023, the Company is expecting to produce between 5.3 to 5.9 million silver ounces and 86,000 to 95,000 gold ounces, or approximately 12.4 to 13.8 million AgEq ounces, at an all-in sustaining cost ("AISC") range of $17.69 to $18.92 per AqEq ounce.

As of April 24, 2023, all activities at the Jerritt Canyon processing plant were discontinued following the Company's previously announced temporary suspension of mining operations on March 20, 2023.

Q2 2023 HIGHLIGHTS

Higher Q2 Silver Production from Mexican Operations: The Company's Mexican operations produced 2.6 million silver ounces and 40,658 gold ounces, or approximately 6.0 million AqEq ounces in the quarter. Silver production increased 4% over the prior quarter primarily due to higher tonnes processed at San Dimas and slightly higher silver grades and recoveries at Santa Elena.

Santa Elena's Dual-Circuit Plant Achieves Record Quarterly Recovery Rates: Metallurgical recoveries of Ermitaño's ore achieved record quarterly rates as a result of strong operational performance of the recently commissioned dual-circuit plant. Gold and silver recoveries averaged 94% and 52%, respectively, in the second quarter.

19 Drill Rigs Active: The Company completed a total of 42,285 metres of drilling across all sites in the second quarter, representing a 15% increase over the prior quarter. Throughout the quarter, up to 19 drill rigs were active consisting of eight rigs at San Dimas, six rigs at Santa Elena, two rigs at La Encantada, and three rigs at Jerritt Canyon.

Safety: In Q2 2023, the consolidated Total Reportable Incident Frequency Rate (TRIFR) was 1.07 and the Lost Time Incident Frequency Rate (LTIFR) was 0.36.

"During the quarter, silver production from our Mexican operations improved as a result of higher processed tonnes and grades," said Keith Neumeyer, President & CEO. "San Dimas and La Encantada have been steady producers in the first half of 2023 and Santa Elena is now well positioned for significant production growth in the second half of 2023 as we traverse back into a higher grade area of the Ermitaño mine. At Jerritt Canyon, all contractors are now offsite and processing activities have been suspended. We plan to continue advancing our exploration efforts at Jerritt Canyon following the recent drill results which demonstrates the robust exploration potential of this project."

Production Table: Q2 Q2 Y/Y Q1 Q/Q
2023 2022 Change 2023 Change
Ore processed/tonnes milled 733,170 903,791 -19% 845,868 -13%
Silver ounces produced 2,633,411 2,775,928 -5% 2,543,059 4%
Gold ounces produced 45,022 59,391 -24% 60,594 -26%
Silver equivalent ounces produced 6,320,971 7,705,935 -18% 7,627,105 -17%

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