First Majestic Renews Share Repurchase Program
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
TSX - FR March 20, 2023
NYSE - AG
Frankfurt – FMV
First Majestic Renews Share Repurchase Program
Vancouver, BC, Canada - First Majestic Silver Corp. (“First Majestic ” or the “Company”) announces that it has
received regulatory consent to extend its share repur chase program (the “Share Repurchase”) pursuant to a
normal course issuer bid in the open market through th e facilities of the Toronto Stock Exchange (“TSX”) or
alternative Canadian trading systems over the next 12 months. Pursuant to the Share Repurchase, the
Company has the ability to repurchase up to 5,000,000 common shares of the Company which represents
approximately 1.83% of the 274,479,942 issued and outstanding shares of the Company as of March 10, 2023.
In order to implement the Share Repurchase, First Majestic has received TSX approval of its notice of intention
to make a normal course issuer bid. The notice prov ides that First Majestic may, during the 12 month period
commencing on March 22, 2023 and en ding on or before March 21, 2024, purchase up to 5,000,000 common
shares through the facilities of the TSX and alternative Canadian trading systems.
In accordance with TSX rules, da ily purchases made by the Company on the TSX will not exceed 199,679
common shares, or 25% of First Majestic’s average daily trading volume of 798,717 common shares on the TSX
for the six calendar months preceding the date of the a cceptance of the original notice, subject to certain
prescribed exemptions.
Under its prior normal course issuer bid, the Compan y repurchased a total of 100,000 shares for cancellation
through the facilities of the TSX at a volume weighted average price of CDN$8.52 as of March 10, 2023. Under
this prior normal course issuer bi d, which commenced on March 22, 2022 and expires on March 21, 2023, the
Company received approval to purchase up to 10,000,000 common shares.
First Majestic will make no purchases of common shares under the normal course issuer bid other than open-
market purchases. The price that the Company will pa y for any common shares will be the prevailing market
p ric e of su c h sh are s at t he t im e of acq u isit ion . All common shares, if any, purchased pursuant to the Share
Repurchase will be cancelled.
The Company believes that, from time to time, the market price of its common shares may not fully reflect the
underlying value of the Company’s business and its future business prospects. The Company believes that at
such times the purchase of common shares would be in th e best interests of the Co mpany. Such purchases are
expected to benefit all remaining shareholders by in creasing their proportionate equity interest in the
Company.
ABOUT THE COMPANY
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 operat es the San Dimas Silver/Gold Mine, the Santa Elena
Silver/Gold Mine, the La Encantada Silver Mine, and the Jerritt Canyon Gold Mine.
First Majestic is proud to offer a port ion of its silver production for sale to the public. Bars, ingots, coins and
medallions are available for purchase online at its Bullion Store at some of the lowest premiums available.
FOR FURTHER INFORMATION contact info @firstmajestic.com, 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 press release contains “forward-lookin g information” and "forward-looking statemen ts” under applicable Canadian and U.S. s ecurities laws
(collectively, “forward-looking statements”). These statements relate to future events or the Company's future performance, bus iness prospects or
opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of manag ement made in light of
management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include,
but are not limited to, statements with respect to: purchases under the Company's normal course issuer bid and the timing and a mount of estimated
future production. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Conse quently, guidance cannot
be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forw ard-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 hist orical fact may be
forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, belie fs, plans, projections,
objectives or future events or performance (often, but not alwa ys, 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. Forwar d-looking statements are subject to known and unknown risks, unc ertainties 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:
market price of the Company's common shares; the Company's cash flow and revenues; the duration and effects of the coronavirus and COVID-19, and
any other pandemics or public health crises on our operations an d workforce, and the effects on global economies and society, a ctual results of
exploration activities; conclusions of economic evaluations; changes in project para meters as plans continue to be refined; com modity prices; variations in
ore reserves, grade or recovery rates; actual performance of plan t, equipment or proce sses relative to specifications and expec tations; accidents;
fluctuations in costs; labour relations; availability and perf ormance of contractors; relations with local communities; changes i n n a t i o n a l o r l o c a l
governments; changes in applicable legislat ion or application thereof; delays in obtain ing approvals or financing or in the com pletion of development or
construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses;
outcomes of pending litigation including appeals of judgments; resolutions of claims and arbitration proceedings; negotiations and regulatory proceedings;
limitations on insurance coverage as well as those factors discus sed in the section entitled "Description of the Business - Ris k Factors" in the Company's
most recent Annual Information Fo rm, available on www.sedar.com, and Form 40-F on file with the United States Securities and Ex change Commission in
Washington, D.C. Although First Majestic has attempted to identi fy 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 statemen ts are reasonable, but no assurance can b e 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 no t assume any obligation, to update these forward-looking statements, except as required
by applicable laws.