Vancouver, British Columbia--(Newsfile Corp. - August 14, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce that it has closed its previously announced transaction to sell its 100% owned past producing La Parrilla Silver Mine located in the state of Durango, Mexico to Golden Tag Resources Ltd. ("Golden Tag") (TSXV: GOG) following the receipt of approval from the Comisión Federal de Competencia Económica (COFECE) and the TSX Venture Exchange as well as the completion of other customary closing conditions. In consideration of the sale, First Majestic received 143,673,684 common shares of Golden Tag at a deemed price of CDN$0.19 per common share for an approximate value of CDN$27.0 million or US$20.0 million (the "Consideration Shares"). First Majestic will also receive up to US$13.5 million (see terms below) in the form of three milestone payments in either cash or shares in Golden Tag with the share price and number of shares to be determined upon the anniversary date (where applicable).

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