AG.TO · 2018-04-19 12:00:00

FR Frankfurt – FMV First Majestic Produces 3.9M Silver Eqv. Oz in First Quarter

Production Results

New York – AG April 19, 2018

Toronto – FR

Frankfurt – FMV

First Majestic Produces 3.9M Silver Eqv. Oz in First Quarter

First Majestic Silver Corp. ("First Majestic" or the "Company") announces total production in the first quarter of

2018 from its six operating silver mines reached 3.9 million equivalent ounces of silver. Total production

consisted of 2.2 million ounces of silver, 15,887 ounces of gold, 4.4 million pounds of lead and 1.6 million pounds

of zinc.

“Over the last two years, our renewed capital investment program has generated positive changes to the

business,” said Keith Neumeyer, President & CEO. “We are projecting a 15% increase is silver production in 2018,

however, most of this increase will be realized in the second half of the year as the new roaster at La Encantada

ramps up to commercial production. Furthermore, with the recent increase in reserve grades, head grades at

the mills are expected to improve resulting in higher production and lower costs as the year develops.”

Production Details Table:

Q1 Q1 Y/Y Q4 Q/Q

2018 2017 Change 2017 Change

Ore processed/tonnes milled 809,775 822,336 ‐2% 736,684 10%

Total production ‐ ounces of silver equivalent 3,879,678 4,270,715 ‐9% 4,065,337 ‐5%

Total silver ounces produced 2,167,030 2,708,978 ‐20% 2,337,463 ‐7%

Silver grade (g/t) 111 136 ‐18% 125 ‐11%

Silver recovery (%) 75 75 0% 79 ‐5%

Gold ounces produced 15,887 15,095 5% 17,344 ‐8%

Pounds of lead produced 4,448,378 7,453,972 ‐40% 4,271,970 4%

Pounds of zinc produced 1,611,699 871,596 85% 1,289,031 25%

Quarterly Operational Review:

Total ore processed during the quarter at the Company's six ope rating silver mines: Santa Elena, La Encantada,

La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 809,775 tonnes, representing a 10% increase

compared to the previous quarter. The most significant improvement occurred at the Del Toro operation which

recorded a 41% increase in mill throughput as higher production rates were achieved from the Dolores mine

following ventilation upgrades.

Consolidated silver grades in the quarter averaged 111 g/t compared to 125 g/t in the previous quarter. The 11%

decrease in silver grades was primarily the result of a 24% decrease in silver grades at La Encantada. Head grades

at La Encantada are expected to increase in the second half of 2018 due to higher production rates from the San

Javier area which is known to contain silver grades of between 150 to 200 g/t.

Consolidated silver recoveries averaged 75%, representing a 5% decrease compared to the previous quarter.

During the quarter, the manufacturing of the full‐scale microbubble flotation cells began and is expected to take

approximately seven months to complete. Delivery and installation of the cells at La Parrilla are planned for the

fourth quarter of 2018 followed by commissioning and ramp up to commercial production by year end. By using

microbubble technology, the Company expects to achieve higher m etallurgical recoveries in the treatment of

sulphide ore within the flotation circuit at La Parrilla.

The Company's underground development in the first quarter consisted of 14,914 metres, reflecting a 4%

increase compared to 14,279 metres completed in the previous qua r t e r . D e v e l o p m e n t r e m a i n s f o c u s e d o n

opening new production areas, exploring high potential zones and new stope preparation.

During the quarter, up to 20 diamond drill rigs were active acr oss the Company’s properties. A total of 44,827

metres in 149 drill holes were completed on the seven properties, representing a 10% decrease in drilled metres

compared to the previous quarter.

Mine by Mine Quarterly 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: $16.77 per ounce; Gold: $1,329 per oun ce; Lead: $1.14 per pound;

Zinc: $1.55 per pound.

At the Santa Elena Silver/Gold Mine:

 During the quarter, Santa Elena produced 521,784 ounces of silver and 12,887 ounces of gold for a total

production of 1,543,776 silver equivalent ounces, reflecting a 7% decrease compared to the prior

quarter.

 The mill processed a total of 223,498 tonnes, consisting of 124,827 tonnes of underground ore and

98,671 tonnes from the above ground heap leach pad.

 Silver and gold grades from underground ore averaged 124 g/t an d 2.9 g/t, respectively. Silver and gold

grades from the above ground heap leach pad averaged 32 g/t and 0.6 g/t, respectively.

 A total of 3,030 metres of underg round development was complete d in the first quarter compared to

2,698 metres of development in the previous quarter.

 A total of 7,097 metres of exploration drilling was completed in the first quarter compared to 7,463

metres of drilling in the previous quarter.

At the La Encantada Silver Mine:

 For the quarter, silver production reached 449,522 ounces repre senting an 8% decrease over the

previous quarter. The decrease in silver production was due to a 24% decrease in silver grades and a 12%

decrease in recoveries, offset by a 39% increase in tonnes milled compared to the prior quarter.

Mine

Ore

Processed

Tonnes

per Day

Silver Grade

(g/t)

Silver

Recovery (%)

Silver Oz

Produced

Gold Oz

Produced

Pounds of

Lead

Pounds of

Zinc

Equivalent

Silver Ounces

Santa Elena 223,498 2,483 84 87% 521,784 12,887 ‐ ‐ 1,543,776

La Encantada 276,191 3,069 85 60% 449,522 37 ‐ ‐ 452,420

La Parrilla 125,114 1,390 113 74% 337,332 247 1,606,332 1,611,699 615,541

Del Toro 79,769 886 133 69% 236,478 90 2,842,046 ‐ 437,743

San Martin 75,374 837 234 85% 483,740 1,148 ‐ ‐ 574,838

La Guitarra 29,829 331 187 77% 138,173 1,477 ‐ ‐ 255,359

Total 809,775 8,998 111 75% 2,167,030 15,887 4,448,378 1,611,699 3,879,678

 Silver grades and recoveries during the quarter averaged 85 g/t and 60%, respectively. In late March,

initial sub‐level caving production commenced at the San Javier breccia. Ramp up to full production of

approximately 600 tpd is expected to be achieved by mid‐year and is anticipated to improve head grades

as the San Javier area is known to contain silver grades ranging between 150 to 200 g/t.

 The roasting project advanced in the first quarter with the mounting of the roasting furnace, rotary dryer,

cyclones, grate cooler and fans. At the end of March, approxima tely 79% of the project was completed.

Over the next few weeks, the Company is expected to complete the assembly of the heated gas pipeline,

coal pulverizer and electrical system. Commissioning and start up remains on schedule for the end of the

second quarter and ramping up to commercial production by the end of the third quarter.

 A total of 1,445 metres of underground development were complet ed in the first quarter compared to

742 metres of development in the previous quarter.

 A total of 4,574 metres of exploration drilling was completed i n the fourth quarter compared to 2,874

metres of drilling in the previous quarter.

At the La Parrilla Silver Mine:

 During the quarter, the flotation circuit processed 75,854 tonn es (843 tpd) with an average silver grade

of 105 g/t and a 77% recovery while the cyanidation circuit pro cessed 49,260 tonnes (547 tpd) with an

average silver grade of 125 g/t and a 71% recovery for total production of 615,541 silver equivalent

ounces.

 The lead circuit processed an average lead grade of 1.3% with recoveries of 73% for total lead production

of 1.6 million pounds, unchanged compared to the previous quarter.

 The zinc circuit processed an average zinc grade of 1.7% with recoveries of 57% for total zinc production

of 1.6 million pounds, representing a 25% increase compared to the previous quarter.

 Underground development complet ed in the quarter totaled 3,254 metres compared to 3,067 metres

developed in the previous quarter.

 A total of 8,358 metres of exploration drilling was completed i n the fourth quarter compared to 8,467

metres of drilling in the previous quarter.

At the Del Toro Silver Mine:

 During the quarter, Del Toro produced a total of 437,743 silver equivalent ounces reflecting an 18%

increase compared to the prior quarter primarily due to a 41% i ncrease in throughput, offset by a 6%

decrease in silver recoveries and a 16% decrease in lead grades.

 Silver grades and recoveries during the quarter averaged 133 g/t and 69%, respectively.

 Lead grades and recoveries averaged 2.9% and 57%, respectively, producing a total of 2.8 million pounds

of lead representing a 7% increase compared to the previous quarter.

 Underground development complet ed in the quarter totaled 2,836 metres compared to 2,741 metres

developed in the previous quarter.

 Total exploration metres drilled in the quarter amounted to 5,824 metres compared to 5,215 metres of

drilling in the previous quarter.

At the San Martin Silver Mine:

 During the quarter, San Martin produced 483,740 ounces of silve r and 1,148 ounces of gold for a total

production of 574,838 silver equivalent ounces, reflecting a 7% decrease compared to the prior quarter.

The decrease in production was primarily attributed to lower silver and gold grades.

 Silver grades and recoveries averaged 234 g/t and 85%, respectively, during the quarter. In addition, gold

grades and recoveries averaged 0.5 g/t and 91%, respectively.

 Underground development completed in the quarter totaled 2,966 metres compared with 3,211 metres

of development in the previous quarter.

 Total exploration metres drilled in the quarter amounted to 4,9 28 metres compared to 6,828 metres of

drilling in the previous quarter.

At the La Guitarra Silver Mine:

 During the quarter, La Guitarra produced 138,173 ounces of silv er and 1,477 ounces of gold for a total

production of 255,359 silver equivalent ounces reflecting a 12% decrease compared to the prior quarter.

 Silver grades and recoveries averaged 187 g/t and 77%, respectively, during the quarter. In addition, gold

grades and recoveries averaged 1.9 g/t and 80%, respectively.

 A total of 1,384 metres of development were completed in the fi rst quarter compared to 1,818 metres

of development in the previous quarter.

 Total exploration metres drilled in the quarter amounted to 5,8 06 metres compared to 11,030 metres

drilled in the previous quarter.

Update on the Acquisition of Primero Mining Corp.

As announced on March 13, 2018, more than 99% of the votes cast at Primero’s special shareholder meeting

voted in favour of the proposed plan of arrangement in which Fi rst Majestic will acquire all of the outstanding

shares of Primero.

On March 22, 2018, First Majestic submitted anti‐trust documentation to the Comisión Federal de Competencia

Económica (“COFECE”), which is the final government agency approval required before closing can occur.

C O F E C E i s s c h e d u l e d t o m e e t a n d d i s c u s s m a t t e r s i n l a t e A p r i l and an outcome response is expected to be

received shortly thereafter. Pending no additional documentation requests, the Company anticipates closing of

the Primero transaction to occur in the first or second week of May.

Following the closing of the tra nsaction, First Majestic will provide an updated 2018 guidance report which will

include production, cost and capital expenditure estimates for the San Dimas mine as well as updated estimates

for the six current producing operations.

Q1 Earnings Announcement

The Company is planning to release its first quarter 2018 unaudited financial results on Wednesday, May 9, 2018.

About the Company

First Majestic is a mining compan 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 in Mexico and is aggressively pursuing the

development of its existing mineral property assets. The Compan y presently owns and operates six producing

silver mines; the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the La Parrilla Silver Mine, the San

Martin Silver Mine, the Del Toro Silver Mine and the La Guitarr a Silver 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.

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 statements", within the meaning of the United States Private Securities Litigatio n Reform Act of

1995 and applicable Canadian securit ies legislation, concerning the business, operations and financial performance and conditi on of First

Majestic Silver Corp. Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and other

metals, the estimation of mineral reserves and resources, the r ealization of mineral reserve e stimates, the timing and amount of estimated

future production, costs of pr oduction, capital expenditures, c osts and timing of the development of new deposits, success of exploration

activities, permitting time li nes, hedging practices, currency exchange rate fluctuations, requi rements for additional capital , government

regulation of mining operations , environmental risks, unanticip ated reclamation expenses, timing and possible outcome of pendi ng litigation,

title disputes or cl aims and limitations on insurance coverage. Generally, these forward-look ing statements can be identified by the use of

forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", " budget", "scheduled", "estimates" , "forecasts",

"intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certai n actions, events or

results "may", "could", "would", "might" or "will be taken", "o ccur" or "be achieved". Forward- looking statements are subject to known and

unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of First Majestic

Silver Corp. to be materially di fferent from those expressed or implied by such forward-looking statements, including but not limited to: risks

related to the integration of acquisitions; risks related to in ternational operations; risks related to joint venture operatio ns; actual results of

current exploration activities; actual results of current recla mation activities; conclusions of economic evaluations; changes in project

parameters as plans continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant,

equipment or processes to operate as anticipated; accidents, la bour disputes and other risks of the mining industry; delays in obtaining

governmental approvals or financing or in the completion of dev elopment or construction activiti es, as well as those factors d iscussed in the

section entitled "Description of the Business - Risk Factors" i n First Majestic Silver Corp.'s Annual Information Form for the year ended

December 31, 2017, available on www.sedar.com, and Form 40-F on file with the United States Securities and E xchange Commission in

Washington, D.C. Although First Majestic Silver Corp. has atte mpted to identify important facto rs that could cause actual res ults 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. There can be no assurance that such statements wi ll prove to be accurate, as actual results and future events co uld differ

materially from those anticipated in such statements. Accordin gly, readers should not place undue reliance on forward-looking

statements. First Majestic Silver Corp. does not undertake to update any forward-looking statements that are incorporated by reference herein,

except in accordance with applicable securities laws.

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