Toronto–FR Frankfurt–FMV First Majestic Completes Acquisition of Springpole Silver Stream





NewYork–AG    July2,2020

Toronto–FR

Frankfurt–FMV

First Majestic Completes Acquisition of Springpole Silver Stream

Vancouver, BC, Canada – First Majestic Silver Corp. (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is

pleasedtoannouncethatalloutstandingconditionsrequiredtocompletethepreviouslyannouncedSpringpole

SilverStreamagreementwithFirstMiningGoldCorp.,(“FirstMining”)havebeenfulfilled.

Undertheagreement,FirstMajestichasagreedtopurchase50%ofthepayablesilverproducedfromtheSpringpole

GoldProject(“Springpole”orthe“Project”)locatedinOntario,Canada.FirstMajesticagreedtopayFirstMining

totalconsiderationof$22.5millionincashandshares,overthreepayments,forthesilverstreamwhichcoversthe

life of the Project. The first payment consisting of $2.5 million in cash and $7.5 million in First Majestic shares

(805,698FirstMajesticsharesissuedatadeemedpriceequaltothe20ͲdayVWAPontheTorontoStockExchange)

hasbeenpaidtoFirstMining.Inaddition,FirstMajesticwillmakeongoingcashpaymentsof33%ofthesilverspot

priceperounce,toamaximumof$7.50perounce,forallpayablesilverdeliveredbySpringpole.FirstMininghas

alsograntedFirstMajestic30millioncommonsharepurchasewarrants,eachofwhichwillentitletheCompanyto

purchaseonecommonshareofFirstMiningatCAD$0.40overaperiodoffiveyears.

FulldetailsofthetransactioncanbefoundinFirstMajestic’snewsreleasedatedJune11,2020.

ABOUTTHECOMPANY

First Majestic is a publicly traded mining company focused on silver production in Mexico and is aggressively

pursuingthedevelopmentofitsexistingmineralpropertyassets.TheCompanypresentlyownsandoperatesthe

SanDimasSilver/GoldMine,theSantaElenaSilver/GoldMineandtheLaEncantadaSilverMine.

FORFURTHERINFORMATIONcontact[email protected],visitourwebsiteatwww.firstmajestic.comorcall

ourtollͲfreenumber1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward Looking Statements

Thispressreleasecontains“forwardͲlookinginformation”and"forwardͲlookingstatements”underapplicableCanadianandU.S.securitieslaws(collectively,

“forwardͲlookingstatements”).ThesestatementsrelatetofutureeventsortheCompany'sfutureperformance,businessprospectsoropportunitiesthat

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are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's

experienceandperceptionofhistoricaltrends,currentconditionsandexpectedfuturedevelopments.ForwardͲlookingstatementsinclude,butarenot

limitedto,statementswithrespectto:theCompany’sbusinessstrategy;futureplanningprocesses;commercialminingoperations;cashflow;budgets;the

timingandamountofestimatedfutureproduction;recoveryrates;mineplansandminelife;thefuturepriceofsilverandothermetals;costsofproduction;

costsandtimingofthedevelopmentofnewdeposits;capitalprojectsandexplorationactivitiesandthepossibleresultsthereof;closingofthestream;

completionofmilestonesthereunder;paymentoffuturetranchesandissuanceofadditionalsharesunderthestream;purchasesofsilverunderthestream

increasesinshareholdervalueofFirstMining;anddevelopmentofandproductionfromtheSpringpolemine.Assumptionsmayprovetobeincorrectand

actualresultsmaydiffermateriallyfromthoseanticipated.Consequently,guidancecannotbeguaranteed.Assuch,investorsarecautionednottoplace

unduerelianceuponguidanceandforwardͲlookingstatementsastherecanbenoassurancethattheplans,assumptionsorexpectationsuponwhichthey

are placed will occur. All statements other than statements of historical fact may be forwardͲlooking statements. Statements concerning proven and

probablemineralreservesandmineralresourceestimatesmayalsobedeemedtoconstituteforwardͲlookingstatementstotheextentthattheyinvolve

estimatesofthemineralizationthatwillbeencounteredasandifthepropertyisdeveloped,andinthecaseofmeasuredandindicatedmineralresources

orprovenandprobablemineralreserves,suchstatementsreflecttheconclusionbasedoncertainassumptionsthatthemineraldepositcanbeeconomically

exploited.Anystatementsthatexpressorinvolvediscussionswithrespecttopredictions,expectations,beliefs,plans,projections,objectivesorfutureevents

orperformance(often,butnotalways,usingwordsorphrasessuchas“seek”,“anticipate”,“plan”,“continue”,“estimate”,“expect”,“may”,“will”,“project”,

“predict”,“forecast”,“potential”,“target”,“intend”,“could”,“might”,“should”,“believe”andsimilarexpressions)arenotstatementsofhistoricalfactand

maybe“forwardͲlookingstatements”.

ActualresultsmayvaryfromforwardͲlookingstatements.ForwardͲlookingstatementsaresubjecttoknownandunknownrisks,uncertaintiesandother

factorsthatmaycauseactualresultstomateriallydifferfromthoseexpressedorimpliedbysuchforwardͲlookingstatements,includingbutnotlimitedto:

thedurationandeffectsofthecoronavirusandCOVIDͲ19,andanyotherpandemicsonouroperationsandworkforce,andtheeffectsonglobaleconomies

andsociety,risksrelatedtotheintegrationofacquisitions;actualresultsofexplorationactivities;conclusionsofeconomicevaluations;changesinproject

parametersasplanscontinuetoberefined;commodityprices;variationsinorereserves,gradeorrecoveryrates;actualperformanceofplant,equipment

or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local

governments;changesinapplicablelegislationorapplicationthereof;delaysinobtainingapprovalsorfinancingorinthecompletionofdevelopmentor

constructionactivities;exchangeratefluctuations;requirementsforadditionalcapital;governmentregulation;environmentalrisks;reclamationexpenses;

outcomesofpendinglitigation;limitationsoninsurancecoverageaswellasthosefactorsdiscussedinthesectionentitled"DescriptionoftheBusinessͲRisk

Factors"intheCompany'smostrecentAnnualInformationForm,availableonwww.sedar.com,andForm40ͲFonfilewiththeUnitedStatesSecuritiesand

ExchangeCommissioninWashington,D.C.AlthoughFirstMajestichasattemptedtoidentifyimportantfactorsthatcouldcauseactualresultstodiffer

materiallyfromthosecontainedinforwardͲlookingstatements,theremaybeotherfactorsthatcauseresultsnottobeasanticipated,estimatedorintended.

The Company believes that the expectations reflected in these forwardͲlooking statements are reasonable, but no assurance can be given that these

expectationswillprovetobecorrectandsuchforwardͲlookingstatementsincludedhereinshouldnotbeundulyreliedupon.Thesestatementsspeakonly

asofthedatehereof.TheCompanydoesnotintend,anddoesnotassumeanyobligation,toupdatetheseforwardͲlookingstatements,exceptasrequired

byapplicablelaws.