AG.TO · 2025-01-23 12:00:00

First Majestic Provides Positive Exploration Results at San Dimas

Drill Results

First Majestic Provides Positive Exploration

Results at San Dimas

Vancouver, British Columbia--(Newsfile Corp. - January 23, 2025) - First Majestic Silver Corp. (NYSE:

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

results from its comprehensive 2024 exploration program at its San Dimas Silver and Gold Mine in

Durango, Mexico. The 2024 drilling program intersected significant silver and gold mineralization in

multiple veins across the San Dimas property.

The drilling results successfully expanded Mineral

Resources and will convert Inferred Mineral Resources to Indicated Mineral Resources, and ultimately to

Mineral Reserves.

"At the beginning of the year we planned a robust exploration program at our San Dimas mine which

has returned impressive results,"

stated Keith Neumeyer, President & CEO of First Majestic.

"Our

exploration teams have completed approximately 113,000 metres of drilling within the district and

have intersected significant silver and gold mineralization in multiple veins. Through the process of

successfully converting Inferred to Indicated Resources at the Perez and Sinaloa-Elia veins, the

program derisked mineralization for mining in 2025 and 2026."

SAN DIMAS DRILLING HIGHLIGHTS:

Select highlights from the Company's 2024 exploration program includes the following high-grade silver

and gold intercepts:

Perez Vein Highlights (true width):

PE24_397:

10.03 g/t Au and 1,996 g/t Ag over 3.65 metres ("m");

PE24_343:

6.28 g/t Au and 1,001 g/t Ag over 2.30 m;

PE23_328:

3.66 g/t Au and 485 g/t Ag over 3.14 m;

PE24_346:

2.00 g/t Au and 309 g/t Ag over 5.06 m.

Sinaloa-Elia Vein System Highlights (true width):

SIN24_120:

23.33 g/t Au and 1,045 g/t Ag over 1.31 m;

SIN24_106:

6.61 g/t Au and 501 g/t Ag over 2.97 m;

SIN24_109:

10.91 g/t Au and 796 g/t Ag over 1.69 m;

SIN24_103:

8.31 g/t Au and 507 g/t Ag over 1.64 m.

Santa Teresa Vein Highlights (true width):

ST24_067:

10.02 g/t Au and 359 g/t Ag over 3.41 m;

ST24_051:

3.11 g/t Au and 166 g/t Ag over 5.86 m;

ST24_065:

13.53 g/t Au and 211 g/t Ag over 1.69 m.

Jessica East Vein Highlights (true width):

SJE24_480:

2.22 g/t Au and 422 g/t Ag over 0.75 m;

SJE24_479:

2.27 g/t Au and 223 g/t Ag over 0.78 m.

SAN DIMAS EXPLORATION RESULTS

Exploration drilling at San Dimas intersected significant silver and gold mineralization in multiple veins.

Results from four of the veins are highlighted here: Perez, Sinaloa-Elia, Santa Teresa and Jessica East

(Figure 1).

Figure 1: San Dimas District Vein Occurrence Map and Highlighted Target Areas

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

https://images.newsfilecorp.com/files/1475/238178_bf5dd34be45d5ae3_002full.jpg

Exploration drilling of the Perez vein extended silver and gold mineralization up-dip in the west-central

portion of the vein and converted Inferred to Indicated resources refining vein width and grades.

This

process derisked mineralization that will be mined during 2025 and 2026.

The Perez vein potential

remains open to the east and to the west (Figure 2).

Select drill hole assay grades and true width

intervals of the Perez vein intersections are highlighted below:

PE24_397:

10.03 g/t Au and 1,996 g/t Ag over 3.65 m;

PE24_343:

6.28 g/t Au and 1,001 g/t Ag over 2.30 m;

PE23_328:

3.66 g/t Au and 485 g/t Ag over 3.14 m;

PE24_346:

2.00 g/t Au and 309 g/t Ag over 5.06 m.

At the historic Sinaloa-Elia vein system located in the western portion of the property, drilling intersected

several intervals of silver and gold mineralization.

Resource conversion drilling confirmed and further

delineated mineralization below the Sinaloa vein with several intersections returning better than

expected values.

Results also reveal that the mineralization is open to the west for potential Mineral

Resource expansion.

Follow-up expansionary drilling below historic mine excavations at Elia confirmed

the presence of down-dip extension potential with some results initially reported in June 2024 (Figure 3).

Select drill hole assay grades and true width intervals of the Sinaloa-Elia vein system intersections are

highlighted below:

SIN24_120:

23.33 g/t Au and 1,045 g/t Ag over 1.31 m;

SIN24_106:

6.61 g/t Au and 501 g/t Ag over 2.97 m;

SIN24_109:

10.91 g/t Au and 796 g/t Ag over 1.69 m;

SIN24_103:

8.31 g/t Au and 507 g/t Ag over 1.64 m;

EL24_280:

2.52 g/t Au and 182 g/t Ag over 1.26m.

Expansionary drilling of the Santa Teresa vein has returned significant intercepts both in eastern and

western unexplored projection of the vein.

Drilling followed up on results reported in June 2024 and

confirmed vein continuity and silver and gold mineralization; there is, to the west, approximately 1

kilometres of strike length of open potential (Figure 4).

Select drill hole assay grades and true width

intervals of the Santa Teresa vein intersections are highlighted below:

ST24_067:

10.02 g/t Au and 359 g/t Ag over 3.41 m;

ST24_051:

3.11 g/t Au and 166 g/t Ag over 5.86 m;

ST24_065:

13.53 g/t Au and 211 g/t Ag over 1.69 m.

A review of exploration upside on major past producing veins has identified multiple targets and

opportunities for further mineral resource expansion along strike and up and down-dip.

Initial drilling on

the eastern projection of the Jessica vein (one of the historic top 5 past producing veins in the district)

has intersected veins and returned two encouraging results separated by ~250 m; drilling continues to

test the area (Figure 5).

SJE24_480:

2.22 g/t Au and 422 g/t Ag over 0.75 m;

SJE24_479:

2.27 g/t Au and 223 g/t Ag over 0.78 m.

Figure 2: Perez Vein Vertical Long Section Looking North

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

https://images.newsfilecorp.com/files/1475/238178_bf5dd34be45d5ae3_003full.jpg

Figure 3: Sinaloa-Elia Vein System Vertical Long Section Looking North

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

https://images.newsfilecorp.com/files/1475/238178_bf5dd34be45d5ae3_004full.jpg

Figure 4: Santa Teresa Vein Vertical Long Section Looking North

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

https://images.newsfilecorp.com/files/1475/238178_bf5dd34be45d5ae3_005full.jpg

Figure 5: Santa Jessica Vein Vertical Grade x Thickness Long Section Looking North

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

https://images.newsfilecorp.com/files/1475/238178_bf5dd34be45d5ae3_006full.jpg

Table 1:

Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas

Drillhole

Target

Target Type

Significant Intercept

From

(m)

Length

(m)

True length

(m)

(gpt)

AgEq

(gpt)

ORO24_119

El Oro Vein

Resource conversion

177.65

1.30

0.92

4.08

362

ORO24_121

El Oro Vein

Resource conversion

286.35

1.65

0.95

8.92

1487

2200

Include

286.35

0.40

0.23

34.18

5263

7998

PE24_321

Perez Vein

Resource conversion

268.80

2.05

1.71

1.53

215

337

PE24_323

Perez Vein

Resource conversion

328.30

1.50

1.06

5.03

138

540

PE24_326

Perez Vein

Resource conversion

176.35

1.15

0.81

2.79

542

765

Include

176.95

0.55

0.39

4.10

801

1129

PE24_328

Perez Vein

Resource conversion

280.80

4.10

3.14

3.66

485

778

Include

283.00

1.35

1.03

8.20

1052

1708

PE24_332

Perez Vein

Resource conversion

332.70

1.30

1.08

3.11

170

418

PE24_335

Perez Vein

Resource conversion

265.90

1.50

1.24

1.06

217

302

PE24_438

Perez Vein

Resource conversion

70.15

0.80

0.78

1.59

115

242

PE24_439

Perez Vein

Resource conversion

80.25

0.80

0.75

2.99

503

742

PE24_340

Perez Vein

Resource conversion

283.90

9.10

3.85

2.21

282

459

Include

285.35

0.40

0.17

7.23

791

1370

Include

288.80

1.00

0.42

3.75

653

953

PE24_341

Perez Vein

Resource conversion

150.05

1.15

0.91

3.39

434

705

Include

150.05

0.70

0.55

5.02

657

1059

PE24_343

Perez Vein

Resource conversion

141.35

2.45

2.30

6.28

1001

1503

Include

141.35

0.55

0.52

7.03

949

1512

Include

142.25

1.55

1.46

7.11

1199

1769

PE24_346

Perez Vein

Resource conversion

239.10

7.15

5.06

2.00

309

469

Include

239.10

1.00

0.71

5.46

873

1309

PE24_347

Perez Vein

Resource conversion

171.15

1.85

1.36

2.48

525

724

Include

172.65

0.35

0.26

4.17

1158

1492

PE24_350

Perez Vein

Resource conversion

288.55

1.75

1.34

2.99

441

680

Include

288.55

1.15

0.88

3.84

553

861

PE24_351

Perez Vein

Resource conversion

159.80

5.15

4.22

1.07

166

251

PE24_354

Perez Vein

Resource addition

302.40

2.05

1.45

2.64

326

537

Include

302.40

0.95

0.67

4.02

447

769

PE24_361

Perez Vein

Resource conversion

316.00

2.25

0.95

0.99

146

226

PE24_376

Perez Vein

Resource conversion

137.85

1.40

1.27

1.98

200

358

PE24_380

Perez Vein

Resource addition

285.00

1.80

0.83

3.08

330

576

Include

286.25

0.55

0.25

8.78

898

1600

PE24_385

Perez Vein

Resource conversion

153.45

1.05

0.91

0.79

157

220

PE24_386

Perez Vein

Resource conversion

271.20

1.55

0.89

4.10

493

820

Include

271.60

0.55

0.32

7.37

841

1431

PE24_390

Perez Vein

Resource conversion

150.95

1.25

1.02

5.04

860

1263

Include

150.95

0.60

0.49

7.27

1377

1958

PE24_395

Perez Vein

Resource conversion

202.75

1.00

0.77

2.59

148

355

Include

203.35

0.40

0.31

5.36

273

701

PE24_397

Perez Vein

Resource conversion

156.40

3.95

3.65

10.03

1996

2799

PE24_401

Perez Vein

Resource addition

314.20

2.70

1.45

2.22

523

700

Include

315.60

0.55

0.35

3.73

740

1038

PE24_407

Perez Vein

Resource conversion

287.25

3.20

1.41

1.71

323

460

Include

289.65

0.80

0.46

3.81

724

1029

PE24_415

Perez Vein

Resource addition

782.90

0.75

0.70

1.32

217

322

Include

782.90

0.30

0.28

3.11

525

774

PE24_447

Perez Vein

Resource addition

145.75

7.75

4.16

3.41

325

598

Include

147.40

0.50

0.27

4.31

456

801

Include

149.00

1.90

1.02

8.23

646

1304

Vein

Resource conversion

120.15

4.65

2.99

1.51

198

319

Include

121.40

0.50

0.32

4.60

802

1170

Drillhole

Target

Target Type

Significant Intercept

From

(m)

Length

(m)

True length

(m)

(gpt)

AgEq

(gpt)

PE24_448

Perez Vein

150.35

1.25

1.15

1.46

268

385

PE24_451

Perez Vein

Resource conversion

173.95

1.80

1.60

1.79

339

482

PE24_456

Perez Vein

Resource conversion

76.65

1.35

1.07

1.35

274

382

SIN24_103

Vein

Resource conversion

58.50

8.20

3.47

2.28

205

388

Include

59.10

0.85

0.36

5.83

476

943

Sinaloa Vein

345.75

2.00

1.64

8.31

507

1172

Include

345.75

1.15

0.94

12.95

791

1827

SIN24_104

Sinaloa Vein

Resource conversion

296.70

2.00

1.35

4.94

270

665

Include

297.00

1.10

0.74

7.07

351

917

SIN24_105

Sinaloa Vein

Resource conversion

342.75

1.25

0.96

8.83

225

932

Include

342.75

0.80

0.61

13.46

269

1346

SIN24_106

Sinaloa Vein

Resource conversion

303.40

3.35

2.97

6.61

501

1030

Include

303.40

1.00

0.89

6.18

492

986

Include

305.15

0.60

0.53

15.76

1458

2719

SIN24_108

Sinaloa Vein

Resource conversion

314.70

3.20

2.26

3.93

196

510

Include

Resource conversion

314.70

0.70

0.49

9.77

562

1344

SIN24_109

Sinaloa Vein

Resource conversion

278.70

2.20

1.69

10.91

796

1669

Include

279.50

0.95

0.73

20.19

1525

3140

SIN24_110

Sinaloa Vein

Resource conversion

334.10

0.95

0.78

7.93

385

1019

Include

334.10

0.50

0.41

12.97

620

1658

SIN24_114

Sinaloa Vein

Resource conversion

358.15

1.65

1.50

7.46

118

715

Include

358.15

0.75

0.68

15.00

211

1411

SIN24_117

Sinaloa Vein

Resource addition

407.85

1.25

0.96

2.10

254

SIN24_118

Sinaloa Vein

Resource conversion

365.60

1.20

0.85

1.35

105

213

SIN24_120

Sinaloa Vein

Resource addition

436.65

1.60

1.31

23.33

1045

2911

Include

437.15

1.10

0.90

32.54

1455

4058

SIN24_124

Sinaloa Vein

Resource addition

417.80

1.15

1.02

3.72

113

411

SIN24_125

Sinaloa Vein

Resource conversion

390.50

1.20

1.04

2.39

273

EL24_280

Elia Vein

Resource addition

395.55

2.20

1.26

2.52

182

384

EL24_282

Elia Vein

Resource addition

360.90

1.25

0.84

2.78

100

322

ST24_031

Santa Teresa Vein

Resource addition

149.30

3.05

2.42

2.83

176

402

Include

150.70

0.55

0.44

6.34

274

781

ST24_051

Santa Teresa Vein

Resource addition

206.60

7.15

5.86

3.11

166

415

Include

209.25

0.55

0.45

6.12

299

789

Include

212.70

0.60

0.49

12.16

731

1704

ST24_052

Santa Teresa Vein

Resource addition

237.90

2.40

2.08

4.11

415

Santa Teresa FW

256.80

1.30

1.13

4.95

407

ST24_054

Santa Teresa FW

Resource addition

196.10

1.45

1.26

8.51

264

945

Include

197.00

0.55

0.48

19.33

622

2169

ST24_059

Santa Teresa Vein

Resource addition

139.80

1.20

0.73

0.93

1079

1154

Include

139.80

0.40

0.24

1.29

3035

3138

ST24_060

Santa Teresa Vein

Resource addition

199.40

1.70

1.39

4.49

124

483

ST24_062

Santa Teresa

Resource addition

233.50

2.70

1.55

3.70

161

457

ST24_064

Santa Teresa

Resource conversion

173.60

1.05

4.46

111

467

Santa Teresa

175.95

0.75

5.91

130

603

Include

176.40

0.30

8.08

214

860

ST24_065

Santa Teresa

Resource addition

254.15

2.75

1.69

13.53

211

1293

Include

255.60

1.30

0.80

24.31

288

2233

Santa Teresa

Resource addition

262.25

5.95

3.41

10.02

359

1161

Drillhole

Target

Target Type

Significant Intercept

From

(m)

Length

(m)

True length

(m)

(gpt)

AgEq

(gpt)

ST24_067

Include

262.85

1.65

0.95

25.22

1043

3061

Include

266.90

1.30

0.75

10.18

168

983

ROS24_045

Rosario Vein

Resource addition

380.35

1.10

0.71

4.50

814

1174

Include

380.65

0.80

0.66

6.06

1091

1576

ROS24_047

Intermedia Vein

Resource addition

315.00

1.05

0.97

10.58

561

1408

Include

315.00

0.45

0.42

18.93

944

2458

ROS24_052

Rosario Vein

Resource addition

457.65

2.45

1.49

5.64

317

769

Include

457.65

0.80

0.49

13.61

712

1801

ROS24_053

Intermedia Vein

Resource addition

337.20

3.45

2.33

5.53

382

825

SRE24_298

Santa Regina Vein

Resource conversion

263.85

0.85

0.74

2.53

675

878

Include

263.85

0.55

0.48

3.22

930

1188

SRE24_299

Santa Regina Vein

Resource addition

479.45

0.80

0.74

1.57

233

358

RO24_475

Roberta Vein

Resource addition

362.50

1.15

1.00

5.92

306

780

Include

363.10

0.55

0.51

11.43

555

1469

SJE24_479

Santa Jessica Vein

Resource addition

852.75

0.90

0.78

2.27

223

404

SJE24_480

Santa Jessica Vein

Resource addition

1037.20

1.50

0.75

2.22

422

600

Include

1038.00

0.70

0.35

2.70

514

730

NB24_070

Noche Buena Vein

Resource addition

126.00

0.80

0.71

4.61

603

972

NB24_072

Noche Buena Vein

Resource conversion

126.85

0.90

0.82

2.91

331

564

Include

126.85

0.60

0.54

3.86

437

746

NB24_078

Noche Buena

Resource addition

139.25

0.85

0.70

3.31

272

537

Include

139.60

0.50

0.41

5.10

424

832

NB24_080

Noche Buena

Resource addition

284.40

2.70

0.92

7.47

841

1439

Include

284.40

0.55

0.19

7.48

688

1286

Include

285.50

1.60

0.55

9.58

1141

1907

NB24_082

Noche Buena

Resource addition

258.75

5.00

1.71

1.61

145

273

Include

260.85

0.40

0.14

5.05

509

913

Drillhole

Target

Target Type

Significant Intercept

From

(m)

Length

(m)

True length

(m)

(gpt)

AgEq

(gpt)

Notes:

All holes are Diamond Drill; AgEq grade = silver grade (g/t) + [gold grade (g/t)*80].

From and Length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.

See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.

Where present, single samples or intercepts with assay results higher than 700 g/t AgEq are highlighted as "Include" in each intercept.

At San Dimas, silver and gold drill hole intercepts were composited using the length weighted averages

of uncapped sample assays, a 215 g/t AgEq minimum grade, and a minimum composite length of 0.7 m

(true width).

A maximum one metre below the minimum grade was allowed as internal dilution and a

single sample below the minimum but above 100 g/t AgEq was allowed in the hanging or footwall to

achieve minimum true width in select cases. True width of intercepts is calculated based on current

understanding of drill hole and vein angle geometry.

All individual samples or intercepts higher than 700

g/t AgEq are reported as "include".

First Majestic's drilling programs follow established QA/QC insertion protocols with standards, blanks

and duplicates introduced to the sample stream and submission of check duplicates to an independent

third-party laboratory.

After geological logging, all drill core samples are cut in half. One half of the core is

submitted to the laboratory for analysis and the remaining half is retained on-site for verification and

reference purposes.

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