Vancouver, BC, Canada - First Majestic Silver Corp. ("First Majestic" or the "Company") announces that total
production in the third quarter of 2023 from the Company’s three producing operations, namely the San Dimas
Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached 6.3 million silver
equivalent (“AgEq”) ounces consisting of 2.5 million ounces of silver and 46,720 ounces of gold. In the first nine
months of 2023, the Company produced 7.6 million ounces of silver and 152,336 ounces of gold for total
production of 20.2 million AgEq ounces, or approximately 75% of the Company’s 2023 guidance midpoint of
producing 26.2 to 27.8 million ounces.
Q3 2023 HIGHLIGHTS
• Higher Q3 Silver Equivalent Production from the Mexican Operations: The Company’s Mexican
operations produced 2.5 million silver ounces and 46,324 gold ounces, or approximately 6.3 million AgEq
ounces in the quarter. Total production increased 5% over the prior quarter primarily due to higher
tonnes, grades, and recoveries at Santa Elena.
• Continuous Metallurgical Success at Santa Elena: Metallurgical recoveries of Ermitaño’s ore achieved
new record quarterly rates in Q3, with silver and gold recoveries averaging 64% and 95%, respectively.
The higher recovery rates are facilitated by the operation of the new dual-circuit plant, which allows for
finer grinding and full utilization of the High Intensity Grinding (“HIG”) mill.
• Central Lab Relocation: Completed the move of the ISO 9000 certified Central Lab from Durango to Santa
Elena. Major construction activities were completed in Q3 with the Lab expected to be fully operational
in Q4 as planned.
• 16 Drill Rigs Active: The Company completed approximately 31,600 metres of drilling across its mines
during the third quarter. Throughout the quarter, up to sixteen drill rigs were active consisting of twelve
rigs at San Dimas, and four rigs at Santa Elena.

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