AG.TO · 2025-04-09 12:00:00

First Majestic Produces 7.7 Million AgEq Ounces in Q1 2025 Including a Record 3.7 Million Silver Ounces

Production Results

First Majestic Produces 7.7 Million AgEq

Ounces in Q1 2025 Including a Record 3.7

Million Silver Ounces

Vancouver, British Columbia--(Newsfile Corp. - April 9, 2025) - First Majestic Silver Corp. (NYSE: AG)

(TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the first

quarter of 2025 from the Company's four producing underground mines in Mexico, namely the Cerro Los

Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the

mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver

Mine reached 7.7 million silver equivalent ("AgEq") ounces, consisting of 3.7 million silver ounces,

36,469 gold ounces, 12.5 million pounds of zinc and 7.5 million pounds of lead.

"The first quarter of 2025 is paving the way for a transformational 2025 for First Majestic,"

said Keith

Neumeyer, President & CEO.

"Our team continues to focus on safe production across all our

operations, and I am pleased to see another record safety performance combined with an all-time

record for silver production this quarter. Operations at Cerro Los Gatos were excellent during the

quarter, with the district now accounting for nearly 30% of the Company's production portfolio. The

results achieved this quarter by the Company, throughout a busy time closing the Gatos acquisition

and integrating the Cerro Los Gatos operation into our portfolio, truly demonstrate the quality of the

First Majestic team."

Q1 2025 PRODUCTION HIGHLIGHTS

Record Silver Production (+88% Y/Y):

The Company produced 3.7 million silver ounces in Q1

2025 representing an 88% increase when compared to 2.0 million silver ounces produced in Q1

2024. Total silver production in the quarter included 1.4 million ounces of attributable silver

production from Cerro Los Gatos as well as a notable 17% (0.2 million ounce) increase at San

Dimas primarily due to operational improvements.

Strong Silver Equivalent Production (+49% Y/Y):

The Company produced 7.7 million AgEq

ounces in Q1 2025 representing a 49% increase when compared to 5.2 million AgEq ounces

produced in Q1 2024 driven by an 88% increase in attributable consolidated silver production and

a 1% increase in gold production.

The significant increase resulted from the inclusion of

attributable production from Cerro Los Gatos, as well as an 11% increase in production at San

Dimas.

Continued Active Exploration Program:

During the first quarter, the Company completed a

total of 61,219 metres ("m") of drilling across its mines in Mexico.

Throughout the quarter, up to 28

drill rigs were active consisting of seven rigs at Cerro Los Gatos, seven rigs at Santa Elena, 13

rigs at San Dimas, and one rig at La Encantada.

Conversion to Liquefied Natural Gas ("LNG") at San Dimas:

The replacement of the diesel

generators used for on-site back-up power at San Dimas with LNG units is near completion, with

four 1 megawatt ("MW") LNG generators on site that will commence operating in Q2 2025. We

expect this shift to LNG to generate substantial cost-savings and will result in a reduction in carbon

emissions of up to 25%, when back-up power is required.

Record Safety Performance Continues (-65% Y/Y):

The consolidated Q1 2025 Total

Reportable Incident Frequency Rate ("TRIFR") was 0.17, well below the Company's 2025 target

KPI of 0.70 and a 65% improvement compared to Q1 2024.

The Lost Time Incident Frequency

Rate ("LTIFR") was 0.06 compared to 0.08 from the same period last year. The Cerro Los Gatos

operation finished Q1 without a reportable incident, a significant milestone in the operation's

history.

Attributable Consolidated Production Details:

Y/Y

Q/Q

2025

2024

Change

Attributable Consolidated Production Results

2024

Change

944,373

588,651

60%

Ore processed/tonnes milled

745,124

27%

7,711,709

5,162,283

49%

Silver equivalent ounces

5,713,289

35%

3,704,503

1,975,176

88%

Silver ounces produced

2,353,865

57%

36,469

35,936

Gold ounces produced

39,506

(8)%

12,492,869

N/A

Zinc pounds produced

N/A

7,487,065

N/A

Lead pounds produced

N/A

Consolidated production values include attributable ounces from Cerro Los Gatos (70%) from January 16, 2025 onwards.

Q1 2025 Mine-by-Mine Production Details:

Mine

Ore

Processed

Tonnes per

Day

Ag Grade

(g/t)

Au Grade

(g/t)

Recovery

Ag Oz

Produced

Au Oz

Produced

AgEq Oz

Produced

Cerro Los Gatos (100%)

276,892

3,692

262

0.24

89%

53%

2,063,884

1,134

3,217,511

Cerro Los Gatos (70%)

193,825

3,692

262

0.24

89%

53%

1,444,719

794

2,252,258

Santa Elena

270,203

2,969

2.59

68%

95%

339,784

21,408

2,259,772

San Dimas

231,190

2,541

203

2.04

90%

94%

1,359,378

14,241

2,636,689

La Encantada

249,155

2,738

104

0.00

67%

90%

560,622

562,990

Certain amounts shown may not add exactly to the total amount due to rounding differences.

The metal prices that were used to calculate the silver equivalent ounces were, silver: $31.91/oz, gold: $2,862/oz, lead: $0.89/lb., zinc:

$1.29/lb.

III

Silver equivalent ounces for Cerro Los Gatos includes 12,492,869 lbs. zinc and 7,487,065 lbs. lead (70%) and 17,846,955 lbs. zinc and

10,695,808 lbs. lead (100%).

First quarter details for Cerro Los Gatos include production from January 16, 2025 onwards.

Cerro Los Gatos Silver Mine (reported on a 70% attributable basis):

Cerro Los Gatos produced 2,252,258 attributable AgEq ounces, consisting of 1,444,719 ounces

of silver, 12,492,869 pounds of zinc, 7,487,065 pounds of lead and 794 ounces of gold.

The mill processed a total of 193,825 tonnes of ore, with silver, zinc, lead and gold head grades of

262 g/t, 4.08%, 1.98% and 0.24 g/t, respectively.

Silver, zinc, lead and gold recoveries during the quarter averaged 89%, 72%, 89% and 53%,

respectively.

During the quarter, seven drill rigs completed 14,880 m of drilling on the property.

Santa Elena Silver/Gold Mine:

Santa Elena produced 2,259,772 AgEq ounces, consistent with the same period last year,

consisting of 339,784 ounces of silver and 21,408 ounces of gold.

The mill processed 270,203 tonnes of ore, 20% higher than the same period last year, with

average silver and gold head grades of 58 g/t and 2.59 g/t, respectively.

Silver and gold recoveries during the quarter averaged 68% and 95%, respectively, consistent with

69% and 95% in the same period last year.

During the quarter, seven drill rigs consisting of five surface rigs and two underground rigs

completed 16,809 m of drilling on the property.

San Dimas Silver/Gold Mine:

San Dimas produced 2,636,689 AgEq ounces during the quarter representing an 11% increase

compared to Q1 2024, consisting of 1,359,378 ounces of silver and 14,241 ounces of gold. Silver

production increased by 17%, while gold production increased by 5%, when compared to the

same period last year. The increase in silver and gold production was driven by a 29% increase in

ore tonnes processed, partially offset by lower metal grades.

The mill processed 231,190 tonnes of ore, an increase of 29% compared to Q1 2024, with

average silver and gold grades of 203 g/t and 2.04 g/t, respectively, compared with 220 g/t and

2.45 g/t in the same period last year.

Silver and gold recoveries during the quarter averaged 90% and 94%, respectively, compared to

92% and 96% in the same period last year.

During the quarter, a total of 13 drill rigs consisting of three surface rigs and 10 underground rigs

completed 28,535 m of drilling on the property.

La Encantada Silver Mine:

During the quarter, La Encantada produced 560,622 ounces of silver, representing a 23%

increase compared to Q1 2024, driven primarily by a 34% increase in ore processed and a 7%

increase in silver recovery, partially offset by lower silver grades.

The mill processed 249,155 tonnes of ore, a 34% increase over the same period last year, with an

average silver grade of 104 g/t, compared to 123 g/t in the same period last year.

Silver recovery for the quarter was 67%, compared to 62% in Q1 2024.

During the quarter, one underground drill rig completed 995 m of drilling on the property.

Q1 2025 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company plans to release its first quarter 2025 unaudited financial results, and announce its

dividend payment for the first quarter of 2025, and shareholder record and payable dates for such

dividend payment, after market close on May 7, 2025.

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

http://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: the timing for the release of the Company's financial results for the

first quarter of 2025; the timing to replace the diesel generators at San Dimas with LNG generators; statements relating to cost-savings and

reduction in carbon emissions from using LNG generators at San Dimas; timing for the announcement of the Company's first quarter dividend

payment and the shareholder record and payable dates in connection with such dividend payment; and operations at the Company's 100%-owned

and operated minting facility and production of bullion from the mint. Assumptions may prove to be incorrect and actual results and future events may

differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance

upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are

placed will occur. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and

probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they

involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated

mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral

deposit can be economically exploited. 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".

Actual results may vary from 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: the duration and effects of global health crises, such as pandemics, on our operations and workforce, and the effects on global

economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic

evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates;

actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; social and labour

unrest; relations with local communities; changes in national or local governments; changes in applicable legislation, rules or regulations and the

application and enforcement thereof; delays in obtaining approvals or financing or in the completion of development or construction activities;

exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of

pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk

Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2024 filed with the Canadian securities regulatory

authorities under the Company's SEDAR+ profile at

www.sedarplus.ca

, and in the Company's Annual Report on Form 40-F for the year ended

December 31, 2024 filed with the United States Securities and Exchange Commission on EDGAR at

www.sec.gov/edgar

. Although First Majestic 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.

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

https://www.newsfilecorp.com/release/247875

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