AG.TO · 2025-05-28 12:00:00

First Majestic Announces Second Gold-Silver Discovery Within a Year at Santa Elena and Expands High-Grade Mineralization at Navidad Santo Niño: A New Gold-Silver Discovery Confirmed 900 Metres South of the Santa Elena Plant.

Drill Results

First Majestic Announces Second Gold-Silver

Discovery Within a Year at Santa Elena and

Expands High-Grade Mineralization at Navidad

Santo Niño:

A New Gold-Silver Discovery Confirmed 900 Metres South of the Santa Elena Plant.

Navidad: Drilling Expands the Mineral Deposit Footprint and Returns Higher-Grade Gold and Silver.

Vancouver, British Columbia--(Newsfile Corp. - May 28, 2025) - First Majestic Silver Corp. (NYSE: AG)

(TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to report a second significant

discovery of vein-hosted gold and silver mineralization within a year at the Santa Elena property in

Sonora, Mexico, and to share additional positive drilling results from the Navidad discovery.

The near

surface, newly identified Santo Niño vein, located approximately one kilometre south of the Santa Elena

mine, marks a significant addition to the district. Resource addition and resource conversion drilling at

the Navidad Discovery - completed after maiden Inferred Resource estimate declaration (see news

release dated

March 31, 2025

) - substantially increased the size of the mineralized area and several

holes returned higher than average grades for the deposit. With the additions of Navidad and Santo

Niño, the Santa Elena property now hosts four significant gold-silver deposits: Santa Elena, Ermitaño,

Navidad, and Santo Niño, underscoring the growing scale and potential of the district.

"The past twelve months of our exploration activities at Santa Elena have been outstanding,"

stated

Keith Neumeyer, President & CEO of First Majestic.

"The Santo Niño discovery marks yet another

exciting milestone for the district, and the drilling shows the vein remains open for expansion in most

directions. At the same time, step-out drilling at the Navidad Discovery continues to intercept

exceptionally high-grade mineralization and expand the resource envelope. Together with the

producing Santa Elena and Ermitaño mines, these new deposits confirm Santa Elena as a truly

prolific district with tremendous untapped potential. We believe Santo Niño and Navidad will

meaningfully extend the mine life and will unlock additional value to the portfolio."

EXPLORATION HIGHLIGHTS FOR SANTO NIÑO AND NAVIDAD

Exploration drilling approximately 900 metres ("m") south of the Santa Elena processing plant has

discovered the Santo Niño vein - a large, epithermal quartz-adularia vein hosting gold ("Au") and silver

("Ag") within a newly identified fault zone. Exploration drilling to date has traced the vein over one

kilometre ("km") of strike and 400 m down-dip, with thirteen intercepts to date returning significant gold

and silver grades. Confirmed mineralization spans more than 600 m along strike and approximately 200

m down dip, and the upside potential is open in multiple directions. Geological characteristics closely

mirror those of the Ermitaño deposit, situated approximately 2.2 km to the east-southeast along strike,

underscoring the district-scale potential at Santa Elena.

Drilling of the Navidad/Winter vein system, following the maiden Inferred Mineral Resource estimate

effective December 31, 2024, expanded the footprint of precious metal mineralization while returning

gold and silver grades substantially higher than were reported in the maiden Resource estimate.

Drillhole EWUG-25-050 targeted the Winter vein more than 100 m east of prior drilling and intersected

some of the highest-grade mineralization ever encountered on the Santa Elena Property: 6.8 m grading

14.8 g/t Au and 642 g/t Ag for an AgEq grade of 1,898 g/t. This interval includes 1.2 m at 29.5 g/t Au and

919 g/t Ag for 3,427 g/t AgEq; and 2.5m at 21.2 g/t Au and 1,093 g/t Ag for 2,897 g/t AgEq. Five

additional significant intersections were cut further downhole including that of the Navidad vein.

Resource conversion drilling confirms the continuity of precious metal mineralization and, in general,

returned significantly higher gold and silver grades than estimated from prior drilling.

KEY DRILLING HIGHLIGHTS

Tables 1-3 below present a selection of drill hole intercepts with significant assay results from drilling at

the Santo Niño and Navidad discoveries. All intercepts are true width.

Santo Niño Discovery Highlights

Table 1: Santo Niño Vein Significant Intercepts

Hole ID

From (m)

To (m)

True Width (m)

Metal Grades

SE-24-04

471.45

473.80

1.93

3.07 g/t Au and 115 g/t Ag

And

479.80

482.40

1.99

2.69 g/t Au and 59 g/t Ag

SE-25-15

345.00

347.20

1.91

8.38 g/t Au and 248 g/t Ag

Includes 1

345.75

346.25

0.43

27.50 g/t Au and 641 g/t Ag

SE-25-19

363.20

364.95

1.12

2.10 g/t Au and 34 g/t Ag

And

366.25

372.30

5.24

1.51 g/t Au and 81 g/t Ag

And

374.00

388.25

12.34

1.65 g/t Au and 113 g/t Ag

SE-25-23

376.20

378.60

1.84

4.81 g/t Au and 94 g/t Ag

Navidad Discovery Highlights

Table 2: Winter Vein Significant Intercepts

Hole ID

From (m)

To (m)

True Width (m)

Metal Grades

EWUG-25-050

702.50

713.10

6.81

14.77 g/t Au and 642 g/t Ag

Includes 1

702.90

704.75

1.19

29.51 g/t Au and 919 g/t Ag

Includes 2

705.10

708.95

2.47

21.22 g/t Au and 1093 g/t Ag

EWUG-25-051

569.10

575.90

5.89

11.11 g/t Au and 215 g/t Ag

Includes 1

569.45

569.90

0.39

17.81 g/t Au and 189 g/t Ag

Includes 2

571.15

572.50

1.17

24.99 g/t Au and 435 g/t Ag

Includes 3

573.45

573.80

0.30

12.05 g/t Au and 518 g/t Ag

Includes 4

574.35

575.00

0.56

16.52 g/t Au and 367 g/t Ag

Table 3: Navidad Vein Significant Intercepts

Hole ID

From (m)

To (m)

True Width (m)

Metal Grades

EW-24-387

1369.65

1371.75

1.61

4.74 g/t Au and 209 g/t Ag

EW-25-389

1120.95

1122.55

1.23

2.33 g/t Au and 158 g/t Ag

EW-25-389

1124.65

1129.55

3.75

6.06 g/t Au and 103 g/t Ag

EWUG-25-047

803.90

806.90

1.93

2.54 g/t Au and 14 g/t Ag

EWUG-25-047

815.00

825.45

9.05

3.31 g/t Au and 55 g/t Ag

EWUG-25-050

1017.00

1019.50

1.25

2.75 g/t Au and 314 g/t Ag

District-Scale Exploration Strategy

Building on the exploration model unveiled in February 2025, our exploration team delivered a second

gold and silver discovery in less than 12 months - the Santo Niño vein. By drilling beneath the masking

andesitic cover into the prospective rhyolite horizon, geologists intercepted the Santo Niño vein and

delineated zones of high-grade mineralization. Large portions of the Santa Elena concession, where this

rhyolite is concealed, have not yet been explored, underscoring the district's untapped potential. Figure 1

shows the locations of the two new discoveries within the broader Santa Elena property.

Figure 1: Santa Elena Property Schematic Map of the Santo Niño and Navidad Discovery Areas. Plan View.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_002full.jpg

Santo Niño Target

The Santo Niño discovery sits approximately 900 m south of the Santa Elena processing plant and 2.2

km west-northwest of the Ermitaño deposit. Twenty-three diamond drill core holes have been completed

to date with thirteen returning significant vein-hosted gold and silver mineralization (Figures 2 and 3).

Eleven of those intercepts define a continuous, higher-grade zone in the vein's western upper levels.

Santo Niño is a low-sulphidation, epithermal quartz-adularia vein within the Santo Niño fault zone (Figure

4). Drilling shows the structure strikes north-northwest and dips moderately to the northeast. The vein has

now been traced for more than 1 km along strike and 400 m down-dip. Within that envelope, a

mineralized core measuring ~600 m along strike by ~220 m down-dip has been identified to date. The

average thickness of the mineralized zone is ~4.5 m and ranges from 1 m to 12.3 m. The mineralized

area outlined by drilling is located in the western portion of the drill pattern projecting towards surface

and the westernmost drill holes have returned some of the highest gold and silver grades. Mineralization

remains open to the west and up-dip, while step-out holes on the east side have also intersected

additional significant Au-Ag values that are open both eastward and at depth.

The full extent of the Santo Niño vein is yet to be defined, and substantial follow-up drilling is planned for

2025 to test its lateral and vertical potential.

Figure 2: Santo Niño Discovery Details, Santo Niño Vein. (A) Vertical Cross-Section of the Santo Niño Vein looking East. (B) Plan View of the

Santo Niño Vein. (C) Long-Section Looking North. Full Projection of Santa Elena Mine Located ~ 1km North from Santo Niño Vein.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_003full.jpg

Figure 3: Santo Niño Vein Long Section Looking North with Significant Intercepts Highlighting the Emerging Mineral Discovery.

Santa Elena Mine Projected in the Background for Reference.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_004full.jpg

Figure 4: Core Photography of the Sano Niño Quartz-Adularia Vein with Gold and Silver Mineralization Detected by XRF Analysis

Hole SE-25-19 Assay Results: 12.34 m at 1.65 g/t Au and 113 g/t Ag (true width)

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_005full.jpg

Navidad Target

Drilling in the first half of 2025 has significantly expanded the Navidad/Winter vein system and delivered

assay grades that exceed the averages estimated from prior drilling in the maiden Inferred Mineral

Resource estimate. Step-out and in-fill holes have now traced the combined structure for 1.3 km along

strike and 450 m down-dip, confirming both the lateral continuity and the vertical reach of high-grade

mineralization.

The most significant growth has occurred on the eastern flank of the deposit. Since the resource cut-off

date, drilling to the east has expanded the Winter vein by 175 m, and the Navidad vein by 325 m, with

each step-out hole returning robust precious-metal values (Figure 5).

Three holes highlight the potential for deposit grade increase, and core photos from these holes are

shown in Figures 6 and 7:

EWUG-25-050 (Winter vein) - drilled from an underground drill bay - an expansionary hole that

intersected 6.81 m true width grading 14.77 g/t Au and 642 g/t Ag (1,898 g/t AgEq), including sub-

intervals of 1.19 m at 29.51 g/t Au and 919 g/t Ag (3,427 g/t AgEq) and 2.47 m at 21.22 g/t Au and

1,093 g/t Ag (2,897 g/t AgEq).

EWUG-25-051 (Winter vein) - drilled from an underground drill bay, intersected 5.89 m at 11.1 g/t

Au and 215 g/t Ag (1,159 g/t AgEq), including sub-interval of 1.17m at 24.99 g/t Au and 435 g/t Ag

(2,559 g/t AgEq).

EW-25-389 (Navidad vein) - returned 3.75m at 6.06 g/t Au and 103 g/t Ag (618 g/t AgEq).

Structural interpretation indicates that the principal mineral shoots in both veins plunge gently - about 20°

toward the east-northeast - and remain open up and down plunge (Figures 8 and 9).

In combination with the emerging Santo Niño discovery, the Navidad/Winter results reinforce Santa

Elena's status as a district-scale, multi-deposit system with significant upside. An aggressive drill

program, with nine active rigs currently, is in progress for the remainder of 2025, drilling aims to test the

full strike length and depth potential of the new discoveries and to explore for additional mineral

deposits.

Figure 5:

Navidad Vein System Detail. Winter and Navidad Veins. (A) Long-Section of Winter Vein Showing Expansion from Drilling. (B) Plan View

of Winter Vein. (C) Long Section of Navidad Vein Showing Expansion from Drilling. (D) Plan View of Navidad Vein.

Full Projection, Long Sections Looking North.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_006full.jpg

Figure 6: Core Photography of the Winter Vein with Very High-Grade Gold and Silver Mineralization Detected by XRF Analyzer.

Hole EW-25-050 Assay Results: 6.81 m at 14.77 g/t Au and 642 g/t Ag (true width).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_007full.jpg

Figure 7: Core Photography of the Navidad Vein with High-Grade Gold and Silver Mineralization Detected by XRF Analyzer.

Hole EW-25-389 Assay Results: 1.23 m at 2.33 g/t Au and 158 g/t Ag and 3.75 m at 6.06 g/t Au and 103 g/t Ag (true width).

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_008full.jpg

Figure 8: Winter Vein Long Section Looking Northwest with Significant Intercepts. Green Boundary Represents the Previously Disclosed Inferred

Mineral Resource.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_009full.jpg

Figure 9: Navidad Vein Long Section Looking Northwest with Significant Intercepts. Green Boundary Represents the Previously Disclosed Inferred

Mineral Resource.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/253610_92522a9524a179e3_010full.jpg

Table 4: Drilling Summary of Significant Gold and Silver Drill Hole Intercepts at Santo Niño and Navidad Discoveries

Drillhole

Target

Target Type

Significant Intercept

From

(m)

True Length

(m)

(g/t)

AgEq

(g/t)

Santo Niño Project

SE-24-04

Santo Niño Vein 1

Resource addition

471.45

473.80

1.93

3.07

115

376

SE-24-04

Santo Niño Vein 2

Resource addition

479.80

482.40

1.99

2.69

288

SE-24-04

Santo Niño Vein 3

Resource addition

484.35

486.00

1.26

1.12

141

236

SE-24-04

Santo Niño Vein 4

Resource addition

486.80

488.45

1.26

1.12

151

SE-24-08

Santo Niño Vein 1

Resource addition

558.10

559.40

1.18

1.15

128

SE-24-08

Santo Niño Vein 2

Resource addition

562.70

564.00

1.18

0.53

133

SE-25-10

Santo Niño Vein 1

Resource addition

650.40

653.55

2.73

0.81

153

SE-25-10

Santo Niño Vein 2

Resource addition

655.15

659.25

3.55

0.67

150

SE-25-12

Vein

Resource addition

374.00

375.70

1.2

1.39

145

SE-25-12

Santo Niño Vein

Resource addition

381.30

389.30

5.66

1.18

120

221

SE-25-13

Santo Niño Vein

Resource addition

492.75

495.30

2.51

1.83

197

SE-25-14

Santo Niño Vein

Resource addition

639.95

641.55

1.03

2.69

151

379

SE-25-15

Santo Niño Vein

Resource addition

345.00

347.20

1.91

8.38

248

960

SE-25-15

Include 1

Resource addition

345.75

346.25

0.43

27.5

641

2,979

SE-25-16

Santo Niño Vein

Resource addition

344.85

347.00

1.95

2.55

237

SE-25-18

Santo Niño Vein

Resource addition

396.45

398.25

1.16

1.88

120

280

SE-25-19

Vein

Resource addition

363.20

364.95

1.12

2.1

212

SE-25-19

Breccia

Resource addition

366.25

372.30

5.24

1.51

209

SE-25-19

Santo Niño Vein

Resource addition

374.00

388.25

12.34

1.65

113

253

SE-25-21

Breccia

Resource addition

386.35

388.95

2.13

2.6

279

SE-25-21

Santo Niño Vein

Resource addition

405.35

415.20

8.07

0.8

133

SE-25-22

Santo Niño Vein 1

Resource addition

488.50

489.80

1.13

1.79

208

SE-25-22

Santo Niño Vein 2

Resource addition

492.00

495.55

3.07

229

SE-25-23

Santo Niño Vein

Resource addition

376.20

378.60

1.84

4.81

503

← Back to feed