Vancouver, British Columbia--(Newsfile Corp. - April 20, 2023) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) ("First Majestic" or the "Company") announces that total production from the Company's four material properties; the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine and the Jerritt Canyon Gold Mine reached 7.6 million silver equivalent ("AgEq") ounces in the first quarter of 2023, consisting of 2.5 million silver ounces and 60,594 gold ounces. This represents a 6% increase in total production compared to the first quarter of 2022 and a 1% increase compared to the prior quarter.

Q1 2023 HIGHLIGHTS

Strong Q1 Silver Production from Mexican Operations: The Company's Mexican operations produced 2.5 million silver ounces and 44,252 gold ounces, or approximately 6.2 million AqEq ounces in the quarter. Silver production increased 6% over the prior quarter primarily due to higher grades at both San Dimas and La Encantada. Gold production in Mexico decreased 4% as slightly lower grades were processed at Santa Elena and San Dimas. At Jerritt Canyon in Nevada, USA, gold production reached 16,431 ounces, or a 3% decrease over the prior quarter primarily due to lower processed tonnes caused by continued extreme winter weather conditions.

Ermitaño Achieves Full Quarterly Production at Santa Elena: In Q1 2023, Santa Elena transitioned full mine production to Ermitaño achieving strong throughputs rates of 208,821 processed tonnes, or 26% higher than the prior quarter.

Refocus of Resources at Jerritt Canyon: On March 20, 2023, the Company announced the temporary suspension of all mining activities at Jerritt Canyon in order to reduce overall costs and refocus on mining and exploration plans. For the rest of 2023, the Company plans to shift the focus of its exploration activities towards growth of the Inferred Resource and testing locations with favorable geologic settings and large volume resource potential. Approximately 28,000 metres of drilling are planned to be drilled in 2023 at Jerritt Canyon.

18 Drill Rigs Active: The Company began the 2023 exploration program during the quarter by completing a total of 36,688 metres of drilling across all sites, representing a 128% increase over the prior quarter. Throughout the quarter a total of 18 drill rigs were active consisting of seven rigs at San Dimas, five rigs at Santa Elena, two rigs at La Encantada, and four rigs at Jerritt Canyon.

Safety: In Q1 2023, the consolidated Total Reportable Incident Frequency Rate (TRIFR) was 1.11 and the Lost Time Incident Frequency Rate (LTIFR) was 0.45. To support a strong safety culture, the Company has started several safety initiatives to maximize safety performance throughout the business. One key deliverable was the establishment of the Rules to Live By program which is composed of 12 critical rules that when lived, followed, and owned by employees, contractors, business partners, and visitors will lead to lower incident rates and lower severity incidents.

"During the quarter, our Mexican operations saw strong production as a result of higher silver grades and overall plant performance," said Keith Neumeyer, President & CEO. "At our San Dimas and La Encantada mines, each operation experienced double-digit increases in silver grades as well as higher plant throughputs. At Santa Elena, significantly higher production levels at the Ermitaño mine were achieved following the Company's decision to transition away from the Main Vein and only process Ermitaño ores in 2023. In addition, Santa Elena's new dual-circuit processing plant completed its first operational quarter with solid recovery improvements following increased leaching times and the processing of finer grind ores. Lastly, due to ongoing challenges at Jerritt Canyon we decided to take a step back to complete a full reset of the operation. We are not walking away from Nevada - but repositioning the project to be successful for when we decide to restart operations. The first quarter of 2023 will be an inflection point towards improving the cash flows and overall financial position of the Company going forward."

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