First Majestic Updates Mineral Reserve and Resource Estimates for 2017 and Files Form 40‐F Annual Report
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 March 29, 2018
Toronto – FR
Frankfurt – FMV
First Majestic Updates Mineral Reserve and Resource Estimates for 2017
and Files Form 40‐F Annual Report
FIRST MAJESTIC SILVER CORP . (the "Company" or “First Majestic”) is pleased to announce its 2017 Mineral Reserve
and Resource estimates for its existing mineral property assets in Mexico with an effective date of December 31,
2017 and with an exploration cut‐off date of October 31, 2017.
2017 Highlights:
Proven and Probable Reserves increased 11%, or 11.8 million ounces, to 120.2 million silver equivalent
ounces
Santa Elena Reserves up 38%, or 8.5 million ounces, to 30.7 mil lion silver equivalent ounces; average
silver and gold grades up 9% and 7%, respectively
La Parrilla Reserves up 26%, or 2.9 million ounces, to 14.3 million silver equivalent ounces; average silver
grade up 9%, zinc grade up 54%, lead grade up 28%
San Martin Reserves up 24%, or 4.1 million ounces, to 20.8 mill ion silver equivalent ounces; average
silver and gold grades up 24% and 20%, respectively
Measured and Indicated Resources increased 9%, or 10.8 million ounces, to 137.1 million silver equivalent
ounces
Inferred Resources increased 22%, or 41.0 million ounces, to 226.8 million silver equivalent ounces
Significant maiden Inferred Resource of 40.8 million silver equ ivalent ounces at Ermitaño West project
in Santa Elena
“ F i r s t M a j e s t i c e m b a r k e d o n i t s m o s t a g g r e s s i v e e x p l o r a t i o n p r ogram in 2017 by completing 156,540 metres of
diamond drilling across its Mexican assets which I’m pleased to see a healthy 11% increase in the global reserve
b a s e a s w e l l a s a n u m b e r o f s i g n i f i c a n t n e w d i s c o v e r i e s a t L a Parrilla and Santa Elena,” stated Keith Neumeyer,
President and CEO. “Total reserve grades also improved at each of the operating mines with the exception of La
Encantada which remained unchanged compared to 2016. These 201 7 estimates did not capture the full year’s
worth of drilling due to time delays for assay reporting and bl ock modelling, however, it’s very encouraging to see
t h a t t h e r e n e w e d i n v e s t m e n t i n e x p l o r a t i o n a r e s h o w i n g p o s i t i v e r e s u l t s o n o u r r e s e r v e s a n d r e s o u r c e s . O u r
aggressive exploration program is continuing into 2018 with 183,000 metres of diamond drilling planned across our
core assets in Mexico. A major focus of the 2018 program will b e to continue expanding known resources at the
Cerro de Santiago discovery in La Parrilla and the Ermitaño West project in Santa Elena in order to further increase
the mine life at each of these assets.”
The f ollowing t able show s the t ot al t onnag e mined fr om each of the Company’s six producing properties during
2017, including total ounces of s ilver and silver equivalent ou nces produced from each property and the tonnage
mined from delineated Reserves and Resources at each property. A portion of the production from each mine came
from material other than Reserves or Resources, as set out below under the heading “Material Not in Reserves”.
2017 Production Table
SANTA ELENA LA ENCANTADA LA PARRILLA DEL TORO SAN MARTIN LA GUITARRA TOTAL
TONNES OF ORE PROCESSED 927,737 825,486 543,985 278,204 278,252 127,842 2,981,506
OZ OF SILVER PRODUCED 2,282,182 2,178,032 1,730,383 1,124,992 1,822,297 611,705 9,749,591
OZ OF SILVER EQ. PRODUCED
FROM OTHER METALS (1) 3,644,950 5,867 426,816 1,112,738 500,538
407,406 6,098,315
TOTAL OZ OF SILVER EQ.
PRODUCED 5,927,132 2,183,899 2,517,199 2,237,730 2,322,835
1,019,111 16,207,906
TONNES MINED FROM
MATERIAL IN RESERVES 804,045 2,965 538,650 261,607 219,914 67,368 1,894,548
TONNES MINED FROM
MATERIAL NOT IN RESERVES 123,692 822,521 5,335 16,597 58,338 60,474 1,086,958
(1) Silver‐equivalent 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 min e. Details as to the method of calculation can be found in the applicable tables in each
mine section of the 2017 Annual Information Form.
(2) Totals may not add up due to rounding.
The silver price assumption used to estimate the 2017 Reserves remained unchanged at $18.00/oz compared to the
previous estimate. However, the price assumptions for gold, lea d and zinc were increased slightly to $1,300/oz for
gold (+$50/oz), $1.20/lb for lead (+$0.20/lb) and $1.40/lb for zinc (+$0.25/lb) compared to the previous estimate.
2017 Exploration Results
The Company completed a total of 156,540 metres of diamond dril ling at its six operating mines in 2017,
representing a 60% increase in metres drilled compared to the prior year. The Company was successful at discovering
multiple new ore bodies across the portfolio of assets, however, the two most significant discoveries were the Cerro
de Santiago in La Parrilla and the Ermitaño West project in Santa Elena.
The Cerro de Santiago area is located in the valley to the east of the San Marcos mine and consists of a hill made of
silica lying over Cretaceous limestones. The silica forming the hill has characteristics of a silica sinter deposit but
further studies are needed to confirm this hypothesis. The Cretaceous limestones that surround the Cerro de
Santiago host a system of quartz‐calcite‐fluorite veins and breccias that strike predominantly NNW .
The company conducted a diamond drilling campaign under the silica cap and confirmed the presence of Fresnillo‐
type epithermal mineralization. In 2017, five holes were drilled at the northern portion of the hill where a system of
veins and stockwork ranging in apparent widths from 0.3 to 3.0 metres were intercepted approximately 300 metres
below the silica cap. The newly discovered veins are located approximately 1,500 metres east and 150 metres below
haulage level 11 in San Marcos mine. The Company is planning to drill approximately 11,000 exploration metres at
Cerro de Santiago in 2018 and plans on advancing underground de velopment in the second half of 2018, pending
additional drill results, to bring Cerro de Santiago into production in late 2019 to early 2020.
Another significant 2017 discovery occurred at the Ermitaño West project in Santa Elena located 4 kilometres to the
south of the operating mill. The project contains epithermal mi neralization in the main Ermitaño West vein which
consists of massive and banded quartz vein material associated with stockwork and narrower veins at the hanging
wall. Ten diamond drill holes were completed in 2017 along the main Ermitaño West vein which has initially defined
an Inferred Resource of 40.8 million silver equivalent ounces w ith average silver and gold grades of 68 g/t and 4.0
g/t, respectively. In late 2017, the Aitana vein was discovered at the hanging wall of Ermitaño West with an estimated
true thickness of 5.7 metres, 0.7 g/t Au and 11 g/t Ag; the vein was intercepted by one hole approximately 50 metres
below surface elevation and remains to be explored at depth whe re higher concentr ations of gold and silver are
expected to be recovered. Due to the exploration success in 201 7, the Company is planning to complete a 13,000
metre drill program at Ermitaño in 2018 for infill and expansion drilling at depth as well as explore the recently
discovered Aitana vein.
2018 Exploration Program
For 2018, First Majestic is planning to invest a total of $27.4 million towards exploration to drill approximately
183,000 metres across its core Mexican assets. The 2018 explora tion program will consist of approximately 25,000
metres of diamond drilling intended to upgrade Resources to Res erves at the six operating mines; approximately
136,000 metres of diamond drilling intended to increase or add new Measured & Indicated or Inferred Resources at
the six operating mines, with a focus at Cerro de Santiago in L a Parrilla, Nazareno in La Guitarra and the Ermitaño
West project in Santa Elena; and drill approximately 22,000 metres at the Plomosas Silver Project.
Reserves and Resources Update
As of December 31, 2017, Proven and Probable Reserves totaled 120.2 million silver equivalent ounces, representing
an 11% increase in metal content compared to the prior estimate of December 31, 2016 (as updated pursuant to
the technical reports filed on December 20, 2017 regarding Del Toro, La Parrilla and San Martin). The most significant
increase in reserves were achieved at Santa Elena, La Parrilla and San Martin, which increased 38%, 26% and 24%,
respectively, compared to the previous estimates.
The Company’s consolidated Measured and Indicated Resources totaled 137.0 million silver equivalent ounces,
representing a 9% increase from 2016 estimates despite depletion from production. In addition, Inferred Resources
increased 22% to 227.8 million silver equivalent ounces primari ly due to positive exploration results in Santa Elena
and La Encantada.
The complete 2017 Mineral Reserve and Resource estimates for all metals, tonnage and grades are shown below in
the following tables:
Proven and Probable Mineral Reserves with an effective date of December 31, 2017
(1) Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on
Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI 43‐101.
(2) Metal prices considered for Mineral Reserves estimates were $18.00 /oz Ag, $1,300 /oz Au, $1.10 /lb Pb, and $1.40 /lb Zn.
(3) The Mineral Reserves information provided above is based on internal estimates prepared as of December 31, 2017. The information provided was reviewed
and validated by Ramon Mendoza Reyes, P . Eng., QP Mining for First Majestic, who has the appropriate relevant qualifications, and experience in mining and
reserves estimation practices.
(4) Silver‐equivalent grade is estimated considering: metal pri ce assumptions, metallurgical recovery for the corresponding mi neral type/mineral process and
the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2017 Annual Information Form.
(5) The cut‐off grades and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines. The cut‐off grades and factors
are listed in each mine section of the 2017 Annual Information Form.
Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (% ) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐Eq (k Oz)
SANTA ELENA Proven (UG) Sulphides 247 174 2.96 ‐ ‐ 402 1,390 23.5 3,200
Probable (UG) Sulphides 3,206 104 1.39 ‐ ‐ 211 10,690 143.7 21,750
Probable (Pad) Oxides 1,736 36 0.87 ‐ ‐ 103 2,010 48.6 5,750
Total Proven and Probable (UG+Pad) Oxides + Sulphides 5,189 84 1.29 ‐ ‐ 184 14,090 215.8 30,700
LA ENCANTADA Proven (UG) Oxides 261 257 ‐ ‐ ‐ 257 2,150 ‐ 2,150
Probable (UG) Oxides 1,610 209 ‐ ‐ ‐ 209 10,820 ‐ 10,820
Probable (UG) Oxides ‐ Flotation 809 147 ‐ 2.35 ‐ 196 3,820 ‐ 5,090
Probable (Tailings) Oxides 4,138 110 ‐ ‐ ‐ 110 14,630 ‐ 14,630
Total Proven and Probable (UG) Oxides + Tailings 6,817 143 ‐ 0.28 ‐ 149 31,420 ‐ 32,690
LA PARRILLA Proven (UG) Oxides ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Probable (UG) Oxides 573 211 0.11 ‐ ‐ 220 3,890 2.1 4,050
Total Proven and Probable (UG) Oxides 573 211 0.11 ‐ ‐ 220 3,890 2.1 4,050
Proven (UG) Sulphides ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Probable (UG) Sulphides 1,004 186 ‐ 1.87 1.93 318 5,990 ‐ 10,250
Total Proven and Probable (UG) Sulphides 1,004 186 ‐ 1.87 1.93 318 5,990 ‐ 10,250
Total Proven and Probable (UG) Oxides + Sulphides 1,577 195 0.04 1.19 1.23 282 9,880 2.1 14,300
SAN MARTÍN Proven (UG) Oxides 473 273 0.52 ‐ ‐ 314 4,150 8.0 4,770
Probable (UG) Oxides 1,810 251 0.31 ‐ ‐ 275 14,600 18.1 16,020
Total Proven and Probable (UG) Oxides 2,283 255 0.36 ‐ ‐ 283 18,750 26.1 20,790
DEL TORO Proven (UG) Transition + Sulphides 392 159 0.08 3.38 1.53 295 2,000 1.0 3,730
Probable (UG) Transition + Sulphides 815 159 0.19 3.34 2.90 313 4,170 4.8 8,200
Total Proven and Probable (UG) Transition + Sulphides 1,207 159 0.15 3.35 2.46 307 6,170 5.8 11,930
LA GUITARRA Proven (UG) Sulphides 253 233 1.47 ‐ ‐ 337 1,890 12.0 2,730
Probable (UG) Sulphides 664 245 1.19 ‐ ‐ 329 5,230 25.4 7,020
Total Proven and Probable (UG) Sulphides 917 242 1.27 ‐ ‐ 331 7,120 37.4 9,750
Total Proven and Probable All mineral types 17,991 151 0.50 0.44 0.27 208 87,430 287.2 120,160
Measured and Indicated Mineral Resources with an effective date of December 31, 2017
(1) Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions
are incorporated by reference into NI 43‐101.
(2) In all cases, metal prices considered for Mineral Resource estimates were $20.00/oz Ag, $1,450/oz Au, $1.20/lb Pb, and $1.50/lb Zn.
( 3 ) T h e M i n e r a l R e s o u r c e s i n f o r m a t i o n p r o v i d e d a b o v e i s b a s e d on internal estimates prepared as of December 31, 2017. The information provided was
reviewed and validated by Jesus M. Velador Beltran, MMSA, QP Geology for First Majestic, who has the appropriate relevant qualifications, and experience
in geology and resource estimation.
(4) 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 below.
(5) The cut‐off grades used to estimate Mineral Resources are different for all mines. The cut‐off grades and silver‐equivale nt factors are listed in each mine
section of the 2017 Annual Information Form.
(6) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.
Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (% ) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐Eq (k Oz)
SANTA ELENA Measured (UG) Sulphides 560 178 2.65 ‐ ‐ 383 3,210 47.7 6,890
Indicated (UG) Sulphides 2,580 129 1.77 ‐ ‐ 266 10,720 147.1 22,080
Indicated (Pad) Oxides 1,496 39 0.97 ‐ ‐ 114 1,870 46.5 5,470
Total Measured and Indicated (UG+Pad) Oxides + Sulphides 4,635 106 1.62 ‐ ‐ 231 15,800 241.3 34,440
LA ENCANTADA Measured (UG) Oxides 244 320 ‐ ‐ ‐ 320 2,510 ‐ 2,510
Indicated (UG) Oxides 1,001 285 ‐ ‐ ‐ 285 9,160 ‐ 9,160
Indicated (UG) Oxides ‐ Flotation 734 246 ‐ 4.07 ‐ 325 5,810 ‐ 7,670
Indicated (Tailings) Oxides 4,222 110 ‐ ‐ ‐ 110 14,930 ‐ 14,930
Total Measured and Indicated (UG) Oxides + Tailings 6,201 163 ‐ 0.48 ‐ 172 32,410 ‐ 34,270
LA PARRILLA Measured (UG) Oxides ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Indicated (UG) Oxides 696 216 0.10 ‐ ‐ 224 4,830 2.2 5,030
Total Measured and Indicated (UG) Oxides 696 216 0.10 ‐ ‐ 224 4,830 2.2 5,030
Measured (UG) Sulphides ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐
Indicated (UG) Sulphides 1,021 208 ‐ 2.08 2.12 354 6,840 ‐ 11,620
Total Measured and Indicated (UG) Sulphides 1,021 208 ‐ 2.08 2.12 354 6,840 ‐ 11,620
Total Measured and Indicated (UG) Oxides + Sulphides 1,718 212 0.04 1.24 1.26 301 11,670 2.2 16,650
SAN MARTÍN Measured (UG) Oxides 489 287 0.55 ‐ ‐ 330 4,500 8.6 5,180
Indicated (UG) Oxides 2,103 263 0.36 ‐ ‐ 291 17,770 24.5 19,700
Total Measured and Indicated (UG) Oxides 2,591 267 0.40 ‐ ‐ 299 22,270 33.1 24,880
DEL TORO Measured (UG) Transition + Sulphides 408 193 0.12 4.06 2.01 360 2,540 1.6 4,720
Indicated (UG) Transition + Sulphides 949 195 0.28 3.91 3.69 382 5,970 8.6 11,660
Total Measured and Indicated (UG) Transition + Sulphides 1,357 195 0.23 3.96 3.19 375 8,510 10.2 16,380
LA GUITARRA Measured (UG) Sulphides 228 284 1.77 ‐ ‐ 409 2,090 12.9 3,000
Indicated (UG) Sulphides 584 295 1.43 ‐ ‐ 396 5,540 26.9 7,440
Total Measured and Indicated (UG) Sulphides 812 292 1.53 ‐ ‐ 400 7,630 39.8 10,440
Total Measured and Indicated All mineral types 17,315 177 0.59 0.61 0.37 246 98,290 326.6 137,060
Inferred Mineral Resources with an effective date of December 31, 2017
(1) Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are
incorporated by reference into NI 43‐101.
(2) In all cases, metal prices considered for Mineral Resource estimates were $20.00/oz Ag, $1,450/oz Au, $1.20/lb Pb, and $1.50/lb Zn.
( 3 ) T h e M i n e r a l R e s o u r c e s i n f o r m a t i o n p r o v i d e d a b o v e i s b a s e d on internal estimates prepared as of December 31, 2017. The information provided was
reviewed and validated by Jesus M. Velador Beltran, MMSA, QP Geology for First Majestic, who has the appropriate relevant qualifications, and experience
in geology and resource estimation.
(4) 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 below.
(5) The cut‐off grades used to estimate Mineral Resources are different for all mines. The cut‐off grades and silver‐equivale nt factors are listed in each mine
section of the 2017 Annual Information Form.
(6) Inferred Mineral Resource estimates for La Joya Project are based on the 2013 Preliminary Economic Assessment Technical Report compiled for SilverCrest.
The Company also announces that its 2017 Annual Information Form has been filed on SEDAR. In addition, a Form
40‐F report has been filed with the United States Securities an d Exchange Commission and is available on EDGAR.
Both documents are also available 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, Sui te 1800 ‐ 925 West Georgia Street Vancouver, B.C.,
Canada, V6C 3L2 or to [email protected].
Mr . Ramon Mendoza Reyes, Vice President Technical Services for First Majestic, is a "Qualified Person" as such term
is defined under National Instrument 43‐101, and has reviewed a nd approved the technical information disclosed
in this news release.
About the Company
F i r s t M a j e s t i c i s a m i n i n g c o m p a n y f o c u s e d o n s i l v e r p r o d u c t i o n i n M e x i c o a n d i s a g g r e s s i v e l y p u r s u i n g t h e
development of its existing mineral property assets. The Company presently owns and operates six producing silver
mines; the Santa Elena Silver/Gold Mine, the La Encantada Silve r Mine, the La Parrilla Silver Mine, the San Martin
Silver Mine, the Del Toro Silver Mine and the La Guitarra Silve r Mine. Production from these six mines is projected
to be between 10.6 to 11.8 million ounces of pure silver or 15.7 to 17.5 million ounces of silver equivalents in 2018.
Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (% ) Zn (%) Ag‐Eq (g/t) Ag (k Oz) Au (k Oz) Ag‐Eq (k Oz)
SANTA ELENA Inferred Santa Elena Mine (UG) Sulphides 1,063 105 1.44 ‐ ‐ 216 3,580 49.4 7,390
Inferred Ermitaño (UG) Sulphides 3,365 68 3.99 ‐ ‐ 377 7,380 432.0 40,780
Inferred Total (UG) Sulphides 4,428 77 3.38 ‐ ‐ 338 10,960 481.4 48,170
LA ENCANTADA Inferred Ojuelas (UG) Oxides ‐ Flotation 35 292 ‐ 0.78 ‐ 305 330 ‐ 340
Inferred Other deposits (UG) Oxides 1,219 226 ‐ ‐ ‐ 226 8,850 ‐ 8,850
Inferred backfills and stockpiles Oxides 912 76 ‐ ‐ ‐ 76 2,240 ‐ 2,240
Inferred Total (UG) Oxides 2,166 164 ‐ 0.01 ‐ 164 11,420 ‐ 11,430
LA PARRILLA Inferred (UG) Oxides 659 267 0.09 ‐ ‐ 275 5,670 1.9 5,820
Inferred (UG) Sulphides 1,977 211 ‐ 1.89 2.36 357 13,410 ‐ 22,670
Inferred Total (UG) Oxides + Sulphides 2,636 225 0.02 1.42 1.77 336 19,080 1.9 28,490
SAN MARTÍN Inferred Total (UG) Oxides 2,510 266 0.08 ‐ ‐ 272 21,430 6.9 21,970
DEL TORO Inferred Total (UG) Transition + Sulphides 1,516 192 0.09 4.48 1.70 369 9,370 4.4 17,970
LA GUITARRA Inferred Total (UG) Sulphides 500 276 1.24 ‐ ‐ 363 4,430 19.8 5,840
LA JOYA Inferred Total (OP) Sulphides 27,927 58 0.28 ‐ ‐ 103 51,650 251.4 92,910
Total Inferred All mineral types 41,684 96 0.57 0.25 0.17 169 128,340 765.8 226,780
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
SPECIAL NOTE REGARDING FORWARD‐LOOKING INFORMATION
This news release includes certain "Forward‐Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and
applicable Canadian securities laws. When used in this news release, the words “anticipate” , “believe” , “estimate” , “expect” , “target” , “plan” , “forecast” , “may” ,
“schedule” and similar words or expressions, identify forward‐l ooking statements or information. These forward‐looking statements or information relate to,
among other things: the price of silver and other metals; the accuracy of mineral reserve and resource estimates and estimates of future production and costs
of production at our properties; estimated production r ates for silver and other payable metals produced by us, the estimated cost of development of our
development projects; the effects of laws, regulations and government policies on our operations, including, without limitation , th e la w s in M e xic o w h ic h
currently have significant restrictions related to mining; obtaining or maintaining necessary permits, licences and approvals from government authorities; and
continued access to necessary infrastructure, including, without limitation, access to power, land, water and roads to carry on activities as planned.
These statements reflect the Company’s current views with respe ct to future events and are necessarily based upon a number of assumptions and estimates
that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and
contingencies. Many factors, both known and unknown, could caus e actual results, performance or achievements to be materially different from the results,
p e r f o r m a n c e o r a c h i e v e m e n t s t h a t a r e o r m a y b e e x p r e s s e d o r i m plied by such forward‐looking statements or information and the Company has made
assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: fluctuations in the spot and forward price of
silver, gold, base metals or certain other commodities (such as natural gas, fuel oil and electricity); fluctuations in the cu rrency markets (such as the Canadian
dollar and Mexican peso versus the U.S. dollar); changes in national and local government, legislation, taxation, controls, regulations and political or economic
developments in Canada, Mexico; operating or technical difficulties in connection with mining or development activities; risks and hazards associated with the
business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations, pressures,
cave‐ins and flooding); risks relating to the credit worthiness o r f i n a n c i a l c o n d i t i o n o f s u p p l i e r s , r e f i n e r s a n d o t h e r p a r t i es with whom the Company does
business; inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and regulations that may impose restrictions on mining,
including those currently enacted in Mexico; employee relations ; relationships with and claims by local communities and indige nous populations; availability
and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining
necessary licenses, permits and approvals from government authorities; diminishing quantities or grades of mineral reserves as properties are mined; the
Company’s title to properties; and the factors identified under the caption “Risk Factors” in the Company’s Annual Information Form, under the caption “Risks
Relating to First Majestic's Business” .
Investors are cautioned agains t attributing undue certainty to forward‐looking statements or in formation. Although the Company has attempted to identify
important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended.
T h e C o m p a n y d o e s n o t i n t e n d , a n d d o e s n o t a s s u m e a n y o b l i g a t i o n, to update these forward‐looking statements or information to reflect changes in
assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.