AG.TO · 2019-04-16 12:00:00

FR Frankfurt – FMV First Majestic Produces 6.3 Million Silver Equivalent Ounces in First Quarter

Resource Estimates

New York – AG April 16, 2019

Toronto – FR

Frankfurt – FMV

First Majestic Produces 6.3 Million Silver Equivalent Ounces in First Quarter

Vancouver, BC, Canada ‐ First Majestic Silver Corp. ("First Maj estic" or the "Company") announces total

production in the first quarter of 2019 reached 6.3 million sil ver equivalent ounces. Total production consisted

of 3.3 million ounces of silver, 32,037 ounces of gold, 2.7 million pounds of lead and 1.3 million pounds of zinc.

“We had a solid start to 2019 with first quarter production tot aling 6.3 million silver equivalent ounces,” said

Keith Neumeyer, President and CEO. “Pure silver production incr eased 2% to 3.3 million ounces as a result of

higher grades at the San Dimas and La Encantada mines. The comm issioning progress of the new La Encantada

roaster improved in the month of March but remained below throu ghput guidance for the full quarter.

Nevertheless, La Encantada recorded a significant 60% increase in silver production in the quarter due to higher

grades and tonnes processed. Finally, we continue to expect our investments in new innovations such as high‐

intensity grinding and microbubbles to begin to bear fruit in t he second half of 2019 with higher recoveries and

production at the Santa Elena, La Encantada and La Parrilla operations.

PRODUCTION TABLE

Q1 Q1 Y/Y Q4 Q/Q

2019 2018 Change 2018 Change

Ore processed/tonnes milled 831,261 809,775 3% 850,272 ‐2%

Total production ‐ ounces of silver eqv. 6,273,677 3,879,678 62% 6,485,761 ‐3%

Silver ounces produced 3,331,388 2,167,030 54% 3,250,816 2%

Gold ounces produced 32,037 15,887 102% 34,487 ‐7%

Pounds of lead produced 2,661,088 4,448,378 ‐40% 3,294,360 ‐19%

Pounds of zinc produced 1,265,438 1,611,699 ‐21% 1,466,812 ‐14%

QUARTERLY REVIEW

Total ore processed during the quarter at the Company's mines amounted to 831,261 tonnes, representing a 2%

decrease compared to the previous quarter. The slight decrease in tonnes processed compared to the prior

quarter was primarily due to the Company’s decision to reduce throughput at its two concentrate plants, La

Parrilla and Del Toro, offset by a 30% increase of tonnes processed at La Encantada.

Consolidated silver grades in the quarter averaged 150 g/t compared to 144 g/t in the previous quarter. This 4%

i n c r e a s e w a s p r i m a r i l y t h e r e s u l t o f h i g h e r g r a d e s a t S a n D i m a s and La Encantada. Consolidated gold grades

averaged 1.26 g/t compared to 1.31 g/t in the prior quarter rep resenting a 4% decrease due to lower

underground grades at Santa Elena.

Consolidated silver and gold recoveries averaged 83% and 96%, r espectively, and consistent with the previous

quarter. The Company continues to expect further improvements i n recoveries associated with the installation

of the microbubble flotation cells at La Parrilla and the high‐intensity grinding (“HIG”) mills at Santa Elena and La

Encantada in 2019.

MINE BY MINE PRODUCTION TABLE

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

*The following prices were used in the calculation of silver eq uivalent ounces: Silver: $15.57 per ounce; Gold: $1,304 per oun ce; Lead: $0.92 per pound;

Zinc: $1.23 per pound.

At the San Dimas Silver/Gold Mine:

 During the quarter, San Dimas produced 1,404,454 ounces of silver and 21,095 ounces of gold for a total

production of 3,172,270 silver equivalent ounces, reflecting a 1% increase compared to the prior quarter.

 The mill processed a total of 163,264 tonnes with average silver and gold grades of 287 g/t and 4.18 g/t,

respectively. Silver and gold grades improved 10% and 8%, respe ctively, compared to the prior quarter

due to higher grades in the Victoria and Jessica areas along with improvements in mine dilution controls.

 Silver and gold recoveries averaged 93% and 96%, respectively, during the quarter.

Mine

Ore

Processed

Tonnes

per Day

Silver Oz

Produced

Gold Oz

Produced

Pounds of

Lead

Pounds of

Zinc

Equivalent

Silver Ounces

San Dimas 163,264 1,814 1, 404,454 21,095 ‐ ‐ 3, 172,270

Santa Elena 219,941 2,444 587,195 9, 735 ‐ ‐ 1, 403,364

La Encantada 269,611 2,996 720,959 33 ‐ ‐ 723,699

San Martin 62,148 691 331,539 1, 069 ‐ ‐ 421,091

La Parrilla 91,158 1,013 219,485 82 1, 946,096 1, 265,438 441,095

Del Toro 25,138 279 67, 757 23 714,992 ‐ 112,158

Total 831,261 9,236 3, 331,388 32, 037 2, 661,088 1, 265,438 6,273,677

At the Santa Elena Silver/Gold Mine:

 During the quarter, Santa Elena produced 587,195 ounces of silv er and 9,735 ounces of gold for a total

production of 1,403,364 silver equivalent ounces, reflecting a 12% decrease compared to the prior

quarter primarily due to lower underground gold grades.

 The mill processed a total of 219,941 tonnes, consisting of 136,984 tonnes of underground ore and

82,957 tonnes from the above ground heap leach pad.

 Silver and gold grades from underground ore averaged 121 g/t and 1.87 g/t, respectively. Silver and gold

grades from the above ground heap leach pad averaged 47 g/t and 0.78 g/t, respectively.

 Silver and gold recoveries averaged 89% and 95%, respectively, during the quarter.

 The Company is planning to convert Santa Elena from diesel powe r to liquid natural gas (“LNG”)

generated power by the end of the year. This transition is expected to substantially reduce energy costs.

 The installation of the HIG mill and related auxiliary faciliti es were approximately 70% complete at the

end of March. Concrete foundations and buildings for the electrical control room and motor control

center were completed during the quarter. The HIG mill motor and water flow metres were delivered to

site and are expected to be installed in April. The project remains on time with commissioning activities

to begin in the second quarter.

At the La Encantada Silver Mine:

 During the quarter, silver production reached 720,959 ounces representing a 60% increase from the

previous quarter. The increase in silver production was primari ly due to a 14% increase in silver grades,

8% increase in recoveries and a 30% increase in tonnes milled compared to the previous quarter.

 Silver grades and recoveries during the quarter averaged 126 g/t and 66%, respectively.

 Production from the San Javier and La Prieta sub‐level caving a reas as well as the 660 area produced

118,043 tonnes with an average silver grade of 118 g/t, or appr oximately 44% of total quarterly

production.

 Commissioning activities for the roaster continued throughout t he first quarter with the circuit

processing a total of 8,686 tonnes of tailings material (912 tonnes in January, 999 tonnes in February and

6,775 tonnes in March) in several production campaigns. Silver grades and recoveries averaged 100 g/t

and 65%, respectively. Commissioning activities will continue t hroughout the second quarter with

additional modifications to optimize the material discharge area and to control the amount of ultra fine

particles reporting to the dust collectors. Throughput is expected to continue to ramp up as system

modifications are completed.

At the San Martin Silver Mine:

 During the quarter, San Martin produced 331,539 ounces of silve r and 1,069 ounces of gold for a total

production of 421,091 silver equivalent ounces, reflecting an 18% decrease compared to the prior

quarter. The decrease in production was primarily attributed to lower silver grades and throughput being

sourced from the Rosario mine.

 Silver grades and recoveries averaged 187 g/t and 89%, respectively, during the quarter. In addition, gold

grades and recoveries averaged 0.58 g/t and 93%, respectively.

At the La Parrilla Silver Mine:

 During the quarter, the flotation circuit processed 72,249 tonn es (803 tpd) with an average silver grade

of 114 g/t and a 75% recovery while the cyanidation circuit pro cessed 18,909 tonnes (210 tpd) with an

a v e r a g e s i l v e r g r a d e o f 5 4 g / t a n d a 6 2 % r e c o v e r y f o r t o t a l p r oduction of 441,095 silver equivalent

ounces.

 Due to limited underground oxide resources, the cyanidation cir c u i t w a s r e t r o f i t t e d i n J a n u a r y t o

reprocess the tailings from the flotation circuit as a means to improve overall silver recoveries.

 The lead circuit processed an average lead grade of 1.8% with recoveries of 69% for total lead production

of 1.9 million pounds, representing a 7% increase compared to the previous quarter.

 The zinc circuit processed an average zinc grade of 1.6% with recoveries of 48% for total zinc production

of 1.3 million pounds, representing a 14% decrease compared to the previous quarter.

 The microbubble flotation columns, which are designed to increa se metallurgical recoveries, are

expected to be delivered and installed during the second quarte r followed by commissioning activities

in the third quarter.

At the Del Toro Silver Mine:

 During the quarter, Del Toro produced a total of 112,158 silver equivalent ounces reflecting a 54%

decrease compared to the prior quarter following the Company’s decision to reduce mill throughput to

approximately 270 tpd in order to give the Company time to drill and develop additional resources

throughout 2019.

 Silver grades and recoveries during the quarter averaged 114 g/t and 74%, respectively.

 Lead grades and recoveries averaged 2.1% and 61%, respectively, producing a total of 0.7 million pounds

of lead representing a 52% decrease compared to the previous quarter.

ABOUT THE COMPANY

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

pursuing the development of its existing mineral property assets. The Company presently owns and operates the

San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the La Parrilla Silver

Mine, the San Martin Silver Mine and the Del Toro Silver Mine. Production from these mines are projected to be

between 14.2 to 15.8 million silver ounces or 24.7 to 27.5 million silver equivalent ounces in 2019.

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 press release contains “forward‐looking information” and " forward‐looking statements” under applicable Canadian and U.S. securities laws

(collectively, “forward‐looking statements”). These statements r e l a t e t o f u t u r e e v e n t s o r t h e Company's future performance, business prospects or

opportunities that are based on forecasts of future results, es timates 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 include,

but are not limited to, statements with respect to: the Company’s business strategy; future planning processes; commercial mining operations; cash flow;

budgets; the timing and amount of estimated future production; recovery rates; mine plans and mine life; the future price of silver and other metals; costs

of production; costs and timing o f the development of new depos its; capital projects and explor ation activities and the possib le results

thereof. Assumptions may prove to be incorrect and actual result s m a y d i f f e r m a t e r i a l l y f r o m t hose anticipated. Consequently, guidance cannot be

guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forwar d‐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 min era l r e s er v e s a n d m in e r a l re s o ur c e e s tim a te s m a y a ls o be d ee med to constitute

forward‐looking statements to the extent that they involve esti mates 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 t he 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 e v e n t s o r p e r f o r m a n c e ( o f t e n , b u t n o t a l w a y s , u s i n g w o r d s o r phrases such as “seek”,

“anticipate”, “plan”, “continue”, “ e s t i m a t e ” , “ e x p e c t ” , “ m a y ” , “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 for ward‐looking statements. Forward‐looking statements are subject to known and unknown risks, un certainties and other

factors that may cause actual results to materially differ from those expressed or implied by suc h forward‐looking statements, including but not limited

to: risks related to the integration of acquisitions; 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; relations w i t h l o c a l c o m m u n i t i e s ; c h a n ges in national or local

governments; changes in applicable legislation or application t hereof; delays in obtaining approvals or financing or in the co mpletion 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 covera ge 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, available on www.sedar.com, and Form 40‐F on file with the United States Securities

and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ

materially from those contained i n f o r w a r d ‐ l o o k i n g s t a t e m e n t s , 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.

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