Vancouver, British Columbia--(Newsfile Corp. - February 23, 2023) - FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the "Company" or "First Majestic") is pleased to announce the consolidated financial results for the Company's fourth quarter and year ended December 31, 2022. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.

2022 HIGHLIGHTS

Record production of 31.3 million silver equivalent ("AgEq") ounces, consisting of 10.5 million silver ounces and 248,394 gold ounces, or a 16% increase compared to 2021.

Record annual revenues of $624.2 million, representing a 7% increase compared to 2021.

Operating cash flows before working capital and taxes of $109.4 million, a decrease of 38% compared to 2021 due to inflation and elevated costs at Jerritt Canyon.

Consolidated cash costs were $14.39 per AgEq ounce and All-In Sustaining Costs ("AISC") (see "Non-GAAP Financial Measures", below) were $19.74 per AgEq ounce. Excluding Jerritt Canyon, cash costs and AISC for the three Mexican operations were $11.13 and $14.42 per AgEq ounce, respectively.

Adjusted net earnings of ($55.4) million, or ($0.21) per share, after excluding non-cash or unusual items.

Realized an average silver price of $22.49 per payable AgEq ounce, representing an 11% decrease compared to 2021.

The Company paid $6.9 million in dividends to shareholders in 2022.

Ended the year with cash and cash equivalents of $151.4 million, excluding $125.2 million held in restricted cash. The Company also ended the year with strong working capital of $202.9 million.
Q4 2022 HIGHLIGHTS

Total production of 7.6 million AgEq ounces, a decrease of 14% compared to an all-time record Q3 2022, consisting of 2.4 million ounces of silver and 63,039 ounces of gold.

Quarterly revenues totalled $148.2 million, a decrease of 7% compared to Q3 2022.

Operating cash flows before working capital and taxes of $13.4 million, a decrease of 52% compared to Q3 2022.

Consolidated cash costs were $15.36 per AgEq ounce and AISC were $20.69 per AgEq ounce. Excluding Jerritt Canyon, cash costs and AISC for the three Mexican operations were $11.93 and $15.63 per AgEq ounce, respectively.

Adjusted net earnings of ($17.4) million (adjusted EPS of ($0.07)) (See "Non-GAAP Financial Measures", below) after excluding non-cash and non-recurring items.

Realized an average silver price of $23.24 per ounce, an 18% increase compared to Q3 2022.



Declared a cash dividend payment of $0.0054 per common share for the fourth quarter of 2022 for shareholders of record as of the close of business on March 10, 2023, which will be distributed on or about March 24, 2023.
CEO COMMENTS

"The Company achieved record revenues of $624 million in 2022 largely due to an 81% increase in production at the Santa Elena operation," stated Keith Neumeyer, President and CEO of First Majestic. "In its first full year of production from the Ermitaño mine, Santa Elena achieved a new production record of 9.1 million silver equivalent ounces with a low AISC of $13.97 per ounce. We also completed several key cost savings projects at Santa Elena in 2022, including the dual-circuit project with a new 3,000 tpd tailings filter press and the expansion of the LNG power plant to 24 MW. But despite our ongoing efforts, consolidated cash costs per ounce increased by 9% in 2022 due to unforeseen supply chain issues, a slightly stronger Mexican Peso and persistent inflation pressures felt across the industry."

Mr. Neumeyer continues, "At Jerritt Canyon, AISC costs decreased in the fourth quarter by 14% compared to the previous quarter but remained elevated due to lower than expected production caused by severe cold weather conditions in northern Nevada which reduced the utilization of the processing plant, limited ore transportation from the West Generator and Saval II mines, and created supply chain issues for certain consumables. Over the past few months, many of the supply chain challenges have been successfully remedied and we completed numerous plant improvements to winterize the facility to better withstand harsh winter seasons."

2022 ANNUAL AND FOURTH QUARTER HIGHLIGHTS
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