AG.TO · 2025-03-31 12:00:00

First Majestic Announces 2024 Mineral Reserve and Mineral Resource Estimates Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth

Resource Estimates

First Majestic Announces 2024 Mineral

Reserve and Mineral Resource Estimates

Record Mineral Resource Levels and Strong Year-Over-Year Mineral Reserves Growth

Vancouver, British Columbia--(Newsfile Corp. - March 31, 2025) - First Majestic Silver Corp. (NYSE:

AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the 2024

Mineral Reserve and Mineral Resource estimates for its four operating mines in Mexico and its Jerritt

Canyon Gold Mine in the United States, with an effective date of December 31, 2024. The Company's

four operating mines in Mexico are: the Cerro Los Gatos Silver Mine (following the Company's recent

acquisition of Gatos Silver, Inc., the Company holds a 70% interest in the Los Gatos Joint Venture that

owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and

the La Encantada Silver Mine. The Jerritt Canyon Gold Mine is currently in temporary suspension with

the Company focused on exploration, definition, and anticipated expansion of the Mineral Resources.

Although the Company did not complete the acquisition of Gatos Silver until January 16, 2025, the

Company has included the Cerro Los Gatos Mineral Reserves and Resources as of December 31,

2024, for the purposes of this news release and the Company's annual information form for the year

ended December 31, 2024 (the "2024 AIF").

"2024 marks another record milestone for First Majestic. Due to our strategic M&A activities and

widely successful exploration program, we have increased our Mineral Resources to the highest level

in the Company's history"

stated Keith Neumeyer, President & CEO of First Majestic.

"I am proud of

what we have achieved in 2024 from an exploration and geology stance. We budgeted for a robust

exploration program in 2024 and it has yielded exceptional results, most notably the high-grade gold

and silver discovery at Santa Elena, Navidad, and impressive results at San Dimas, which sets us up

for an exciting future ahead. We finished the year on a fantastic note and our team hit the ground

running executing on our record 2025 exploration program."

In 2024, the Company increased its silver equivalent ("AgEq") ounce Proven and Probable Reserves by

45%, and its Measured & Indicated, and Inferred Mineral Resources by 25% and 23%, respectively. This

strong increase in contained AgEq ounces was driven by the success of the Company's 2024

exploration program and the strategic acquisition of Gatos Silver.

2024 HIGHLIGHTS

The Company agreed to acquire Gatos Silver, which holds a 70% joint venture interest in the Cerro

Los Gatos Silver Mine, and the acquisition was completed subsequent to year-end.

The Company completed 182,909 metres of exploration drilling during 2024.

Reserves +45% Y/Y AgEq:

Proven and Probable Mineral Reserves ("P&P") estimates at the

Company's four producing mines totalled 17.9 million tonnes with 177.6 million AgEq ounces

consisting of 86.8 million ounces of silver and 594,000 ounces of gold, 587 million pounds of zinc,

314 million pounds of lead, and 32 million pounds of copper (the Company's P&P Mineral Reserve

estimates now include zinc, lead and copper following the addition of the Cerro Los Gatos Silver

Mine), which represent a 60% increase in tonnes, a 55% increase in silver ounces and a 12%

decrease in gold ounces for an aggregate 45% increase in AgEq ounces compared to the 2023

year-end P&P Mineral Reserves estimates. The significant growth in P&P Mineral Reserves

reflects the addition of the Cerro Los Gatos Silver Mine. The Mineral Reserves for the Cerro Los

Gatos Silver Mine are reported on a 70% attributable basis to the Company.

M&I Resources +25% Y/Y AgEq:

Measured and Indicated ("M&I") Mineral Resource estimates

for the Company's four producing mines and the Jerritt Canyon Gold Mine totalled 34.8 million

tonnes with 434.2 million AgEq ounces consisting of 135.2 million ounces of silver, 2.9 million

ounces of gold, 672 million pounds of zinc, 360 million pounds of lead, and 35 million pounds of

copper (the Company's M&I Mineral Resource estimates now include zinc, lead and copper

following the addition of the Cerro Los Gatos Silver Mine). This represents a 36% increase in

tonnes, a 41% increase in silver ounces and a 1% increase in gold ounces for an aggregate 25%

increase in AgEq ounces compared to the 2023 year-end M&I Mineral Resource estimates. The

significant growth of the M&I Mineral Resource estimates reflects the addition of the Cerro Los

Gatos Silver Mine (reported on a 70% attributable basis to the Company), mining depletion and

updated economic parameters. Exploration drilling results converted and added M&I Mineral

Resources.

Inferred Resources +23% Y/Y AgEq:

Inferred Mineral Resource estimates for the Company's

four producing mines and the Jerritt Canyon Gold Mine totalled 29.0 million tonnes with 350.3

million AgEq ounces consisting of 81.2 million ounces of silver, 2.9 million ounces of gold, 171

million pounds of zinc, 77 million pounds of lead, and 7 million pounds of copper (the Company's

Inferred Mineral Resource estimates now include zinc, lead and copper following the addition of

the Cerro Los Gatos Silver Mine). This represents a 30% increase in tonnes, a 25% increase in

silver ounces and a 13% increase in gold ounces for an aggregate 23% increase in AgEq ounces

compared to the 2023 year-end Inferred Mineral Resource estimates.

The substantial increase to

the Inferred Mineral Resource estimates reflects the discovery and declaration of a maiden Inferred

Mineral Resource Estimate for the Navidad gold and silver deposit (at Santa Elena), and the

addition of the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the

Company).

The Navidad discovery at Santa Elena added 2.3 million tonnes of Inferred Mineral Resources with

29.7 million AgEq ounces consisting of 5.9 million ounces of silver and 249,000 ounces of gold

with metal grades of 81 g/t Ag and 3.42 g/t Au. To date, only a portion of the newly delineated vein

system has been classified within the resource estimate, with significant upside potential to be

realized through additional drilling.

2024 PRODUCTION TABLE

Concept

Units

SAN DIMAS

SANTA ELENA

LA ENCANTADA

JERRITT

CANYON

TOTAL

Ore Processed

Tonnes

776,812

1,012,523

897,406

2,686,742

Material from Reserves Mined and Processed

Tonnes

703,356

1,012,523

220,349

1,936,228

Material Mined from Areas Not In Reserves

Tonnes

73,456

677,057

750,513

Silver Produced

Ounces

4,543,931

1,514,364

2,342,502

8,400,797

Gold Produced

Ounces

50,432

103,540

164

2,405

156,542

Silver-Equivalent Produced from Gold

Ounces

4,281,328

8,751,949

13,891

207,463

13,254,631

Silver-Equivalent Produced

(1)

Ounces

8,825,259

10,266,313

2,356,393

207,463

21,655,427

AgEq ounces are estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process

and the metal payable of the corresponding contract of each mine. Details as to the method of calculation can be found in the applicable

tables in each mine section of the Company's 2024 AIF, which is available under the Company's profile on SEDAR+ at

www.sedarplus.ca

Numbers in the above are rounded, and totals may not sum as a result.

MINERAL RESERVE AND MINERAL RESOURCE ESTIMATES

As of December 31, 2024, P&P Mineral Reserves estimates at the Company's four producing mines

totalled 86.8 million ounces of silver, 594,000 ounces of gold, 587 million pounds of zinc, 314 million

pounds of lead and 32 million pounds of copper, which represents a total of 177.6 million AgEq ounces.

The significant year-over-year P&P Mineral Reserve Estimate increase on an AgEq basis is driven by

the addition of the Mineral Reserves at the Cerro Los Gatos Silver Mine (reported on a 70% attributable

basis to the Company).

Proven and Probable Mineral Reserve Estimates with an Effective Date of December 31, 2024

Mine

Mineral

Tonn-

age

Grades

Metal Content

Category

Type

tonnes

(g/t)

(%)

Ag-Eq

(g/t)

(k Oz)

(M lb)

Ag-Eq (k

Oz)

CERRO LOS GATOS

(70% First Majestic Attributable)

Proven (UG)

All Mineral

Types

2,187

281

0.27

0.09

2.05

4.23

439

19,773

204

30,892

Probable (UG)

All Mineral

Types

4,773

107

0.18

0.27

2.05

3.64

274

16,421

216

383

42,027

Total Proven and

Probable (UG)

Sulphides

6,960

162

0.21

2.05

3.83

326

36,194

314

587

72,919

SAN DIMAS

Proven (UG)

Sulphides

1,257

253

3.16

529

10,230

128

21,390

Probable (UG)

Sulphides

1,972

241

2.63

470

15,250

167

29,810

Total Proven and

Probable (UG)

Sulphides

3,229

245

2.84

493

25,480

294

51,200

SANTA ELENA

Proven (UG - Ermitano)

Sulphides

797

3.65

518

2,173

13,272

Proven (UG - Santa

Elena)

Sulphides

238

138

1.47

266

1,056

2,039

Probable (UG -

Ermitano)

Sulphides

2,043

1.61

229

2,503

105

15,025

Probable (UG - Santa

Elena)

Sulphides

930

143

1.23

250

4,265

7,461

Probable (Pad)

Oxides

387

0.42

330

860

Total Proven and

Probable (UG+Pad)

All mineral

types

4,395

1.78

274

10,328

252

38,657

LA ENCANTADA

Probable (UG)

Oxides

3,388

137

14,883

Total Probable

(UG)

Oxides

3,388

137

14,883

Consolidated FMS

Proven (UG)

All mineral

types

4,480

33,232

252

204

67,593

Probable (UG)

All mineral

types

13,493

53,653

342

216

383

110,066

Total Proven and

Probable

All mineral

types

17,972

86,885

594

314

587

177,659

Mineral Reserves are classified per CIM Definition Standards and NI 43-101, derived from Measured & Indicated Resources, and are

reported with a reference point of mined ore delivered to the plant.

For San Dimas, Santa Elena and La Encantada: Mineral Reserves are effective December 31, 2024, and account for depletion to that date.

For Cerro Los Gatos: Mineral Reserves are effective July 1, 2024, account for depletion to December 31, 2024, and are reported on a 70%

attributable basis to the Company.

Reserve estimates were supervised or reviewed by Andrew Pocock, P.Eng., Internal Qualified Person for First Majestic per NI 43-101.

Silver equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral

process and the metal payable of the selling contract. The AgEq grade formulas vary and are presented in each mine section of the AIF.

Metal prices for Mineral Reserves estimates for the Santa Elena, San Dimas and La Encantada properties were $26/oz Ag and $2,200 oz

Au; and metal prices for the Cerro Los Gatos property were $23/oz Ag, $1,850/oz Au, $0.95/lb Pb, $1.25/lb Zn and $4.0/lb Cu.

Modifying factors for conversion of resources to reserves include but are not limited to consideration for mining methods, mining recovery,

dilution, sterilization, depletion, cutoff grades, geotechnical conditions, metallurgical factors, infrastructure, operability, safety, environmental,

regulatory, social and legal factors. These factors were applied to produce mineable stope shapes. These parameters are different for each

mine and mining method assumed and are presented in each mine section of the AIF.

The cutoff grades, metallurgical recoveries, payable terms and modifying factors used to convert Mineral Reserves from Mineral Resources

are different for all mines and are presented in each mine section in the 2024 AIF.

Modifying factors for conversion of resources to reserves include consideration for planned dilution which is based on spatial and

geotechnical aspects of the designed stopes and economic zones, additional dilution consideration due to unplanned events, materials

handling and other operating aspects, and mining recovery factors. Mineable shapes were used as geometric constraints.

Tonnage in thousands of tonnes, metal content in thousands of ounces, prices/costs in USD. Numbers are rounded, and as a result, may not

sum due to rounding.

The technical reports from which the above-mentioned information is derived are cited under the heading "Technical Reports for Material

Properties" in the 2024 AIF.

As of December 31, 2024, the M&I Mineral Resource estimates for the Company's four producing mines

and its Jerritt Canyon Gold Mine totalled 434.2 million AgEq ounces consisting of 135.2 million ounces

of silver, 2.9 million ounces of gold, 671.9 million pounds of zinc, 359.6 million pounds of lead, and 35.1

million pounds of copper.

The significant increase in M&I Mineral Resources relate to the additional M&I Mineral Resources

from

the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis to the Company), expansionary

drilling results, and new cutoff grades from updated economic parameters including costs, recoveries

and metal prices. M&I Mineral Resource estimates are reported inclusive of Mineral Reserve estimates.

As of December 31, 2024, the Inferred Mineral Resource estimates for the Company's four producing

mines and its Jerritt Canyon Gold Mine totalled 350.6 million AgEq ounces consisting of 81.4 million

ounces of silver, 2.9 million ounces of gold, 173.6 million pounds of zinc, 78.5 million pounds of lead, and

8.0 million pounds of copper.

The changes are primarily related to the discovery and declaration of a

maiden Inferred Mineral Resource estimate for the Navidad project (at Santa Elena), the additional

Inferred Mineral Resources from the Cerro Los Gatos Silver Mine (reported on a 70% attributable basis

to the Company), expansionary drilling results, and new cutoff grades from updated economic

parameters including costs, recoveries and metal prices.

Measured and Indicated Mineral Resource Estimates with an Effective Date of December 31,

2024

Mine / Project

Mineral

Tonn-

age

Grades

Metal Content

Category / Area

Type

tonnes

(g/t)

(%)

Zn (%)

Ag-Eq

(g/t)

(k Oz)

(M lb)

Ag-Eq

(k Oz)

CERRO LOS GATOS

(70% First Majestic Attributable)

Total Measured

(UG)

All Mineral Types

1,948

363

0.36

0.11

2.61

5.37

563

22,700

112

231

35,230

Total Indicated

(UG)

All Mineral Types

4,339

130

0.22

0.32

2.59

4.61

333

18,080

248

441

46,400

Total Measured and

Indicated

(UG)

All Mineral Types

6,287

202

0.27

0.25

2.59

4.85

404

40,780

360

672

81,630

SAN DIMAS

Measured (UG)

Sulphides

1,851

361

4.69

776

21,490

279

46,210

Indicated (UG)

Sulphides

3,025

280

2.97

543

27,220

289

52,820

Total Measured and

Indicated (UG)

Sulphides

4,876

311

3.63

632

48,710

569

99,030

SANTA ELENA

Total Measured (UG)

All Mineral Types

1,323

108

3.34

492

4,590

142

20,940

Total Indicated (UG)

All Mineral Types

4,465

1.80

282

11,670

259

40,420

Total Measured and

Indicated

(UG & Pad)

All Mineral Types

5,787

2.16

330

16,260

401

61,360

JERRITT CANYON

Total Measured

(UG + OP)

Sulphides

6,150

5.08

436

1,005

86,140

Total Indicated

(UG + OP)

Sulphides

5,824

4.77

409

894

76,620

Total Measured and

Indicated

(UG & OP)

All Mineral Types

11,975

4.93

423

1,899

162,760

LA ENCANTADA

Total Indicated

(UG & Tailings)

All Mineral Types

5,890

155

29,440

Total Indicated

(UG & Tailings)

All Mineral Types

5,890

155

29,440

TOTAL MATERIAL PROPERTIES

Total Measured (UG)

All Mineral Types

11,272

48,780

1,449

112

231

188,520

Total Indicated

(UG & OP)

All Mineral Types

23,542

86,410

1,473

248

441

245,700

Total Measured and

Indicated

(UG & OP)

All Mineral Types

34,815

135,190

2,923

360

672

434,220

Inferred Mineral Resource Estimates with an Effective Date of December 31, 2024

Mine / Project

Mineral

Tonn-

age

Grades

Metal Content

Category / Area

Type

tonnes

(g/t)

(%)

Ag-Eq

(g/t)

(k Oz)

(M lb)

Ag-Eq

(k Oz)

CERRO LOS GATOS

(70% First Majestic Attributable)

Inferred Total (UG)

All Mineral Types

1,942

103

0.16

1.81

3.99

258

6,440

171

16,100

SAN DIMAS

Inferred Total (UG)

Sulphides

5,329

250

2.89

506

42,810

495

86,630

SANTA ELENA

Inferred Total

(UG + Pad)

Sulphides

6,271

2.41

333

17,150

486

67,070

JERRITT CANYON

Inferred Total

(UG & OP)

Sulphides

12,982

4.63

397

1,933

165,660

LA ENCANTADA

Total Inferred

(UG + Tailings)

All Mineral Types

2,438

189

14,800

TOTAL MATERIAL PROPERTIES

Total Inferred

(UG & OP)

All Mineral Types

28,962

81,200

2,924

171

350,260

Mineral Resource estimates are classified per CIM Definition Standards and NI 43-101.

The Mineral Resource estimates have an effective date of December 31, 2024. Sample data was collected through a cutoff date of

December 31, 2024, for the Material Properties except for the Cerro Los Gatos estimate, which was March 31, 2024.

All properties account

for relevant technical information and mining depletion through December 31, 2024.

The Cerro Los Gatos Mineral Resources are reported on a 70% FM attributable basis.

Mineral Resource estimates were supervised or reviewed by David Rowe, CPG, Internal Qualified Person for First Majestic, per NI 43-101.

Silver equivalent grade is estimated considering metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral

process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the AIF.

Metal prices considered for all Mineral Resources estimates for the Santa Elena, San Dimas, Jerritt Canyon and La Encantada properties

were $28/oz Ag and $2,400 oz Au. Metal prices considered for the Cerro Los Gatos Silver Mine were $23/oz Ag, $1,850/oz Au, $0.95/lb Pb,

$1.25/lb Zn and $4.0/lb Cu.

The cutoff grades and cutoff values used to report Mineral Resources are different for all mines. The cutoff grades, values and economic

parameters are listed in the applicable section describing each mine section of the 2024 AIF.

Mineral Resources are reported within mineable stope shapes or open pit shapes the cutoff values calculated using the stated metal prices

and metal recoveries in the mine section of the AIF. The cutoff values include mill recoveries and payable metal factors appropriate to the

existing processing circuit.

No dilution was applied to the Mineral Resource which are reported on an in situ basis.

Tonnage is expressed in thousands of tonnes; metal content is expressed in thousands of ounces and millions of pounds. Totals may not

add up due to rounding.

Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do

not have demonstrated economic viability.

The technical reports from which the above-mentioned information for the material properties is derived are cited under the heading

"Technical Reports for Material Properties " of the 2024 AIF.

The Company also announces that its 2024 AIF has been filed under the Company's profile on SEDAR+

and is available at

www.sedarplus.ca

. In addition, an Annual Report on Form 40-F (the "40-F") has been

filed with the United States Securities and Exchange Commission, and the 40-F is available on EDGAR

and on the Company's website at

www.firstmajestic.com

Shareholders may also receive a copy of First Majestic's Annual Report which includes the audited

financial statements, without charge, upon request to First Majestic, Suite 1800 - 925 West Georgia

Street Vancouver, British Columbia

V6C 3L2 or to

[email protected]

QUALIFIED PERSON

Scientific and technical disclosure for the material properties is based on technical reports prepared in

accordance with National Instrument 43-101

Standards of Disclosure for Mineral Projects

("NI 43-101")

(collectively, the "Technical Reports"). The Technical Reports have been filed on SEDAR+ at

www.sedarplus.ca

, with the exception of the Technical Report for the Cerro Los Gatos Silver Mine, which

is available under Gatos Silver's SEDAR+ profile. The technical information has been updated with more

current information where appropriate.

Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a

"Qualified Person" as defined under NI 43-101, has reviewed and approved the scientific and technical

information contained in this news release.

Mineral Resource estimates were prepared under the

supervision of, or were reviewed by, David Rowe, CPG, our Director of Mineral Development. Mineral

Reserve estimates were prepared under the supervision of, or were reviewed by, Andrew Pocock,

P.Eng., our Director, Reserves.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and

the United States. The Company presently owns and operates four producing underground mines in

Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint

Venture that owns and operates the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold

Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets,

including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion

of its silver production for sale to the public. Bars, ingots, coins and medallions are available for

purchase online at

www.firstmint.com,

at some of the lowest premiums available.

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

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking information" and "forward-looking statements" under

applicable Canadian and U.S. securities laws (collectively, "forward-looking statements"). These

statements relate to future events or the Company's future performance, business prospects or

opportunities that are based on forecasts of future results, estimates of amounts not yet determinable

and assumptions of management made in light of management's experience and perception of historical

trends, current conditions and expected future developments. Forward-looking statements in this news

release include, but are not limited to, statements with respect to future exploration activities and the

results thereof. Assumptions may prove to be incorrect and actual results and future events may differ

materially from those anticipated. Any statements that express or involve discussions with respect to

predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often,

but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate",

"expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might",

"should", "believe" and similar expressions) are not statements of historical fact and may be "forward-

looking statements".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that

may cause actual results to materially differ from those expressed or implied by such forward-looking

statements, including but not limited to: material adverse changes, unexpected changes in laws, rules or

regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the

company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of

exploration programs or studies to deliver anticipated results or results that would justify and support

continued exploration, studies, development or operations. Although the Company has attempted to

identify important factors that could cause actual results to differ materially from those contained in

forward-looking statements, there may be other factors that cause results not to be as anticipated,

estimated or intended.

The Company believes that the expectations reflected in these forward-looking statements are

reasonable, but no assurance can be given that these expectations will prove to be correct and such

forward-looking statements included herein should not be unduly relied upon. These statements speak

only as of the date hereof. The Company does not intend, and does not assume any obligation, to

update these forward-looking statements, except as required by applicable laws.

Cautionary Note to United States Investors

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities

Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional

Disclosure System, and is therefore permitted to prepare the technical information contained herein in

accordance with the requirements of the securities laws in effect in Canada, which differ from the

requirements of the securities laws currently in effect in the United States. Accordingly, information

concerning mineral deposits set forth herein may not be comparable with information made public by

companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the

requirements of United States securities laws and uses terms that comply with reporting standards in

Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for

all public disclosure an issuer makes of scientific and technical information concerning the issuer's

material mineral projects.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/246856

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