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AG.TO ·

FR Frankfurt – FMV First Majestic Responds to Market Activity

Listings & Exchange

FIRST MAJESTIC SILVER CORP.

Suite 1800 – 925 West Georgia Street Vancouver, B.C., Canada V6C 3L2 Telephone: (604) 688-3033 Fax: (604) 639-8873 Toll Free: 1-866-529-2807 Web site: www.firstmajestic.com; E-mail: [email protected]

NEWS RELEASE

New York – AG                January 28, 2021 Toronto – FR Frankfurt – FMV

First Majestic Responds to Market Activity

Vancouver, BC, Canada ‐ At the request of IIROC ("Investment Industry Regulatory Organization of Canada"), First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (the "Company") wishes to confirm that it is not aware of any material, undisclosed information related to the Company that would account for the recent increase in the market price and level of trading volume of its ordinary shares.

ABOUT THE COMPANY 

First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates

the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.Production
from these mines are projected to be between 12.5 to 13.9 million silver ounces or 20.6 to 22.9 million
silver equivalent ounces in 2021.

FOR FURTHER INFORMATION contact [email protected], visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO