First Majestic Produces 7.7M Silver Eqv. Oz within the Second Quarter Consisting of two.8M Oz Silver and 59,391 Oz Gold; Publicizes Up to date 2022 Steerage and Convention Name Particulars

Vancouver, British Columbia–(Newsfile Corp. – July 20, 2022) – First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (“First Majestic” or the “Firm”) publicizes that complete manufacturing within the second quarter of 2022 from the Firm’s 4 producing operations, the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, reached 7.7 million silver equal (“AgEq”) ounces consisting of two.8 million ounces of silver and 59,391 ounces of gold. The Firm’s monetary outcomes for the second quarter of 2022 are scheduled to be launched on Thursday, August 4, 2022.

SECOND QUARTER HIGHLIGHTS

• Complete Manufacturing Elevated by 20% Y/Y: The Firm produced 7.7 million AgEq ounces representing a 20% enhance when in comparison with the second quarter of 2021 primarily because of the acquisition of Jerritt Canyon and profitable ramp up of the Ermitaño mine at Santa Elena.

• Report Manufacturing at Santa Elena: Robust ore manufacturing from the Ermitaño mine enabled Santa Elena to set an all-time new quarterly manufacturing report of two.2 million AgEq ounces. The Firm is now planning for increased manufacturing charges from Ermitaño within the second half of 2022 which is anticipated to end in a projected 28% enhance in FY2022 manufacturing at Santa Elena to between 8.7 to 9.2 million AgEq ounces.

• Restarting West Generator and Saval II mines at Jerritt Canyon: Underground mining actions started on the West Generator mine on the finish of the quarter and the Firm expects to begin mining actions at Saval II in October. These two new sources of ore feed, together with operational enhancements on the SSX mine, are anticipated to extend the typical head grade and practically double the quantity of recent ore feed to the plant within the fourth quarter. As well as, these enhancements are anticipated to considerably cut back all-in sustaining prices within the second half of 2022.

• Liquefied Pure Fuel (“LNG”) Powerplant Growth at Santa Elena: The Firm continued the development of the LNG powerplant enlargement mission and powerline at Santa Elena to offer low-cost, clear power to the Ermitaño mine and the dual-circuit mission in Santa Elena. The expanded powerplant is anticipated to be operational within the fourth quarter following the set up of 4 further LNG mills. As well as, the connection of the Ermitaño transmission powerline to the powerplant is anticipated to be accomplished within the third quarter of 2022.

• 30 Drill Rigs Energetic: The Firm accomplished a complete of 76,444 metres of drilling throughout the Firm’s mines throughout the quarter. All through the quarter a complete of 30 drill rigs had been lively consisting of 11 rigs at San Dimas, 11 rigs at Jerritt Canyon, six rigs at Santa Elena and two rigs at La Encantada.

“Within the second quarter we noticed sturdy manufacturing of seven.7 million silver equal ounces, a 20% enhance year-over-year,” mentioned Keith Neumeyer, President and CEO. “Within the second half of 2022, we anticipate an additional 25% manufacturing enhance in our complete silver equal ounces. This enhance in manufacturing is being propelled by vital development at each the Santa Elena and Jerritt Canyon operations. At Jerritt Canyon, we efficiently restarted the West Generator mine and count on to deliver Saval II into manufacturing by October. These two mines, along with operational enhancements at SSX, are anticipated to just about double the quantity of recent ore feed to the plant along with rising the typical head grades. On account of these manufacturing enhancements, prices at Jerritt Canyon are projected to drop considerably over the subsequent two quarters.”

 

QUARTERLY REVIEW

Complete ore processed throughout the quarter on the Firm’s mines amounted to 903,791 tonnes, representing a 3% enhance in comparison with the earlier quarter. The rise in tonnes processed was primarily on account of increased throughput charges achieved at Santa Elena and La Encantada and barely offset by decrease processed tonnes at Jerritt Canyon.

Consolidated silver and gold grades within the quarter averaged 114 g/t and a pair of.29 g/t, respectively, in comparison with 109 g/t and a pair of.31 g/t, respectively, within the earlier quarter. The 4% enhance in consolidated silver grades was primarily on account of a 30% enhance in silver grades at La Encantada partially offset by a 9% lower in silver grades at San Dimas. Head grades at Santa Elena and Jerritt Canyon had been comparatively unchanged in comparison with the prior quarter.

Consolidated silver and gold recoveries averaged 84% and 89%, respectively, throughout the quarter. The Firm continued to advance the Santa Elena dual-circuit mission in an effort to enhance the leaching efficiency and metallurgical recoveries of the Santa Elena and Ermitaño ores on the processing plant. A brand new tailings filter-press, an extra leaching tank and a fourth CCD thickener are anticipated to be commissioned at Santa Elena within the fourth quarter. Throughout the quarter, metals recoveries from Ermitaño averaged 49% for silver and 92% for gold. Nevertheless, as soon as the dual-circuit is absolutely operational the Firm expects to realize considerably increased silver and gold recoveries from Ermitaño.

Quarterly Mine by Mine Manufacturing Desk:

 

Sure quantities proven might not add precisely to the whole quantity on account of rounding variations.
*The next costs had been used within the calculation of silver equal ounces: Silver: $22.60 per ounce; Gold: $1,871 per ounce.

On the San Dimas Silver/Gold Mine:

• San Dimas produced 3,046,665 AgEq ounces throughout the quarter consisting of 1,527,465 ounces of silver and 18,354 ounces of gold, representing decreases of 6% and 1%, respectively, when in comparison with the prior quarter.

• The mill processed a complete of 197,102 tonnes of ore with common silver and gold grades of 257 g/t and three.01 g/t, respectively. Silver and gold grades had been decrease within the second quarter in comparison with the prior quarter on account of increased dilution from the lengthy gap stopes within the Jessica and Regina veins. The Firm is implementing a restoration plan for the second half of 2022 to scale back dilution and prioritizing the lengthy gap stoping of the Jessica and Regina veins to enhance ore grade and general manufacturing.

• Silver and gold recoveries throughout the quarter averaged 94% and 96%, respectively.

• The Central Block and Sinaloa Graben areas contributed roughly 76% and 24%, respectively, of the whole manufacturing throughout the quarter. The Firm continued advancing underground improvement for stope preparation and air flow throughout the Perez vein to be prepared for preliminary manufacturing in August.

• A complete of 11 drill rigs, consisting of 1 floor rig and 10 underground rigs, had been lively throughout the quarter.

On the Jerritt Canyon Gold Mine:

• Throughout the quarter, Jerritt Canyon produced 18,632 ounces of gold, representing a ten% lower in comparison with the prior quarter. The lower was primarily on account of a serious failure within the oxygen plant to supply liquid oxygen which considerably diminished roasting capability over a two-week interval in Could.

• The mill processed a complete of 213,647 tonnes of ore with a median gold grade and restoration of three.40 g/t and 80%, respectively. The SSX and Smith mines contributed roughly 58% and 42%, respectively, of the whole manufacturing within the quarter. The processing of decrease ore grade from SSX continued throughout the quarter which resulted in decrease than budgeted ore grades processed within the plant. The Firm expects gold grades from the SSX mine will enhance within the second half of 2022 as higher-grade ore pods are developed into and extracted following latest profitable exploration actions.

• The Firm accomplished rehabilitation efforts within the West Generator underground mine and efficiently started preliminary mine manufacturing on the finish of the second quarter. This new ore feed, together with the restart of the Saval II underground mine in October and operational enhancements on the SSX mine, are anticipated to extend the typical head grade and practically double the quantity of recent ore feed to the plant. As well as, these enhancements are anticipated to considerably cut back all-in sustaining prices within the third and fourth quarter of 2022.

• A complete of 11 drill rigs, consisting of 1 floor rig and 10 underground rigs, had been lively throughout the quarter.

On the Santa Elena Silver/Gold Mine:

• Santa Elena produced a brand new quarterly report of two,241,763 AgEq consisting of 384,953 ounces of silver and 22,309 ounces of gold throughout the quarter, representing a 14% enhance in each silver and gold manufacturing when in comparison with the prior quarter. The rise in manufacturing was primarily on account of processing increased volumes of Ermitaño’s ore which incorporates increased gold grades than Santa Elena’s ore.

• Santa Elena and Ermitaño contributed roughly 44% and 56%, respectively, of the ore tonnes processed throughout the quarter. The mill processed a complete of 228,487 tonnes of ore consisting of 100,346 tonnes from Santa Elena and 128,141 tonnes from Ermitaño.

• Silver and gold grades from Santa Elena averaged 95 g/t and 1.20 g/t, respectively, whereas silver and gold grades from Ermitaño averaged 45 g/t and 4.86 g/t, respectively.

• Consolidated silver and gold recoveries averaged 78% and 93%, respectively, throughout the quarter. The Firm continues to advance the dual-circuit mission on the Santa Elena processing plant which was roughly 82% full at quarter finish. A further leaching tank and a fourth CCD thickener had been put in within the quarter and are anticipated to be commissioned within the third quarter adopted by the commissioning of the brand new tailings filter-press in September. The brand new dual-circuit is anticipated to be absolutely operational by the tip of the fourth quarter permitting for improved recoveries and elevated plant capability.

• Throughout the quarter, the Firm superior the development of the LNG powerplant enlargement and powerline to offer low-cost, clear energy to the Ermitaño mine and to help the facility necessities for the dual-circuit installations. On the powerplant, the structural metal erection contained in the powerhouse was accomplished and the set up of the air flow followers and overhead crane shall be accomplished in July. The development of the transmission line to hitch Ermitaño to Santa Elena additionally superior with the set up of {the electrical} poles and roughly 70% of the cable traces. The powerline is on observe for completion in late July and stays on schedule to be linked to the Santa Elena powerplant within the third quarter. The Firm plans to put in and fee 4 further LNG mills (for a complete of 11 LNG mills) by the tip of the third quarter and to be absolutely operational by the tip of the fourth quarter.

• A complete of six drill rigs, consisting of 4 floor rigs and two underground rigs, had been lively throughout the quarter.

On the La Encantada Silver Mine:

• Throughout the quarter, La Encantada produced 863,510 ounces of silver, representing a 34% enhance in comparison with the prior quarter. The rise was primarily on account of a 30% enhance in silver grades.

• The mill processed a complete of 264,555 tonnes of ore with a median silver grade and restoration of 141 g/t and 72%, respectively. The rise in grades had been the results of further ore feed being sourced from the brand new draw factors within the Cuerpo 660 and La Prieta areas. The Firm continued improvement actions within the Ojuelas and Beca-Zone orebodies in an effort to additional enhance silver grades within the second half of 2022.

• Two drill rigs, consisting of 1 floor rig and one underground rig, had been lively on the property throughout the quarter.

OUTLOOK

The Firm is revising its second half and full 12 months 2022 steerage to replicate modifications on account of elevated manufacturing from the Ermitaño mine and improved milling efficiencies at Santa Elena, improved manufacturing tonnages and grades at Jerritt Canyon in addition to incorporating modifications to steel worth assumptions and manufacturing impacts from the primary half of 2022. Particulars of the modifications and their anticipated impacts are introduced beneath:

1. Elevated manufacturing at Santa Elena to between 8.7 to 9.2 million AgEq ounces in 2022 following increased mine manufacturing from the Ermitaño mine together with anticipated higher-grade ore from the Alejandra de Bajo and America veins on the Santa Elena mine.

2. Completion of Santa Elena’s dual-circuit mission which is anticipated to enhance metallurgical recoveries of Ermitaño ores and to permit increased plant throughput capability.

3. Enhancing dilution controls at San Dimas and prioritizing long-hole stoping of the Jessica and Regina veins which is anticipated to enhance ore grade and general manufacturing.

4. At Jerritt Canyon, the Firm has accelerated the restart of the West Generator and Saval II mines that are anticipated to contribute increased tonnages, improved grades and diminished AISC within the second half of 2022. AISC within the second half of 2022 is now projected to be inside a spread of $1,739 to $1,861 per ounce and bettering additional into 2023 on account of anticipated elevated throughputs.

5. At La Encantada, mining is anticipated to start on the Ojeulas and Beca-Zone orebodies within the second half of 2022 geared toward rising ore tonnage and silver grades.

6. Decreased silver worth assumptions within the second half of 2022 to $20.50/oz (beforehand $22.50/oz) however maintained gold worth assumptions at $1,750/oz, leading to a 85:1 silver to gold ratio.

On account of these changes, our 2022 complete manufacturing stays comparatively unchanged at 32.5 to 34.6 million AgEq ounces in comparison with the prior steerage of 32.2 to 35.8 million AgEq ounces.

The Firm can be offering steerage beneath on a mine-by-mine foundation for the second half of 2022.

GUIDANCE FOR SECOND HALF 2022

* Sure quantities proven might not add precisely to the whole quantity on account of rounding variations.
* Consolidated AISC contains common and administrative value estimates and non-cash prices of $1.30 to $1.41 per AgEq ounce.
* Money Prices and AISC are non‐GAAP measures and should not standardized monetary measures underneath the Firm’s monetary reporting framework. These measures have been calculated on a foundation in line with historic durations. See “Non-GAAP Monetary Measures” beneath.

Within the first half of 2022, the Firm produced a complete of 14.9 million AgEq ounces consisting of 5.4 million ounces of silver and 118,283 ounces of gold. Within the second half of 2022, the Firm expects to supply 17.6 to 19.6 million AgEq ounces, or a 25% enhance in contrast the primary half of 2022. Silver manufacturing is anticipated to vary between 5.8 to six.5 million ounces, or a 14% enhance in contrast the primary half of the 12 months. Moreover, gold manufacturing is now anticipated to vary between 138,000 to 154,000 ounces, or a 23% enhance in comparison with the primary half of 2022. The will increase in manufacturing are primarily on account of anticipated increased ore manufacturing from the Ermitaño mine at Santa Elena and improved mine manufacturing and gold grades at Jerritt Canyon within the second half of 2022, in addition to a better contribution of AgEq credit on account of a rise within the gold to silver ratio.

Money prices within the second half of 2022 are anticipated to pattern decrease to throughout the vary of $12.09 to $12.85 per AgEq ounce, primarily on account of increased gold manufacturing at each Santa Elena and Jerritt Canyon. As well as, AISC are anticipated to be inside a spread of $16.09 to $17.27 per AgEq ounce within the second half of 2022.

A mine-by-mine breakdown of the revised full 12 months 2022 manufacturing steerage is included within the desk beneath and assumes the costs for calculating AgEq ounces are the identical as beforehand acknowledged above.

GUIDANCE FOR FULL YEAR 2022

* Sure quantities proven might not add precisely to the whole quantity on account of rounding variations.
* Consolidated AISC contains common and administrative value estimates and non-cash prices of $1.44 to $1.52 per AgEq ounce.
* Money Prices and AISC are non‐GAAP measures and should not standardized monetary measures underneath the Firm’s monetary reporting framework. These measures have been calculated on a foundation in line with historic durations. See “Non-GAAP Monetary Measures” beneath.

For the complete 12 months of 2022, the Firm now estimates silver manufacturing will vary between 11.2 to 11.9 million ounces in comparison with the prior steerage of 12.2 to 13.5 million ounces. Moreover, gold manufacturing is estimated to vary between 256,000 to 273,000 ounces in comparison with the prior steerage of 258,000 to 288,000 ounces.

Annual money prices are actually anticipated to be throughout the vary of $13.21 to $13.69 per ounce or barely increased than the earlier steerage of $12.20 to $12.94 per ounce, primarily on account of inflationary pressures and better prices at Jerritt Canyon within the first half of 2022. As well as, annual AISC are anticipated to be inside a spread of $17.68 to $18.42 per AgEq ounce in comparison with the earlier steerage of $16.79 to $18.06 per AgEq ounce.

REVISED CAPITAL BUDGET

In an effort to keep up its sturdy stability sheet and handle inflationary pressures, the Firm has up to date its annual 2022 capital price range to incorporate the reallocation of improvement and exploration expenditures throughout its operations and investments in modern initiatives. In consequence, the Firm has diminished its deliberate 2022 capital investments by 4% to $199.5 million consisting of $83.9 million of sustaining investments and $115.6 million of expansionary investments.

The revised 2022 annual price range contains complete capital investments of $90.0 million on underground improvement, $44.5 million in direction of property, plant and gear, $36.5 million on exploration and $28.5 million in direction of effectivity and company initiatives.

*Sure quantities proven might not add precisely to the whole quantity on account of rounding variations.

Beneath the revised 2022 price range, the Firm is planning to finish a complete of roughly 45,900 metres of underground improvement, representing a 15% lower in comparison with the unique steerage. As well as, the Firm is now planning to finish a complete of roughly 240,450 metres of exploration drilling in 2022, representing a 25% lower in comparison with the unique steerage. Within the first half of 2022, the Firm accomplished 23,553 metres of underground improvement and 151,668 metres of exploration drilling.

CONFERENCE CALL

The Firm shall be holding a convention name and webcast tomorrow, July 21, 2022 at 8 am PDT (11 am EDT) to debate the quarterly outcomes.

To take part within the convention name, please dial the next:

Members ought to dial in 10 minutes previous to the convention.

Click on on WEBCAST on the First Majestic homepage as a simultaneous audio webcast of the convention name shall be posted at www.firstmajestic.com.

The convention name shall be recorded, and you’ll take heed to an archive of the convention by calling:

The replay shall be obtainable roughly one hour after the convention and shall be obtainable for seven days following the convention. The replay may also be obtainable on the Firm’s web site for one month.

Q2 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Firm is planning to launch its second quarter 2022 unaudited monetary outcomes, and to announce the second quarter dividend cost, together with the shareholder report and payable dates on Thursday, August 4, 2022.

ABOUT THE COMPANY

First Majestic is a publicly traded mining firm centered on silver and gold manufacturing in Mexico and the US. The Firm presently owns and operates the San Dimas Silver/Gold Mine, the Jerritt Canyon Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine.

First Majestic is proud to supply a portion of its silver manufacturing on the market to the general public. Bars, ingots, cash and medallions can be found for buy on-line at its Bullion Retailer at a number of the lowest attainable premiums.

FOR FURTHER INFORMATION contact data@firstmajestic.com, go to our web site at www.firstmajestic.com or name our toll-free no 1.866.529.2807.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Non-GAAP Monetary Measures

This press launch contains reference to sure monetary measures which aren’t standardized measures underneath the Firm’s monetary reporting framework. These measures embody all-in sustaining prices (or “AISC”) and money prices. The Firm believes that these measures, along with measures decided in accordance with IFRS, present traders with an improved means to judge the underlying efficiency of the Firm. These measures are broadly used within the mining trade as a benchmark for efficiency however would not have any standardized which means prescribed underneath IFRS, and due to this fact they might not be similar to related measures disclosed by different corporations. The information is meant to offer further data and shouldn’t be thought of in isolation or as an alternative choice to measures of efficiency ready in accordance with IFRS. For a whole description of how the Firm calculates such measures and a reconciliation of sure measures to GAAP phrases please see “Non-GAAP Measures” within the Firm’s most up-to-date administration dialogue and evaluation filed on SEDAR at www.sedar.com and EDGAR at www.sec.gov and which is included by reference herein.

Cautionary Observe Concerning Ahead-Trying Statements

This press launch incorporates “ahead‐wanting data” and “forward-looking statements” underneath relevant Canadian and U.S. securities legal guidelines (collectively, “ahead‐wanting statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which are based mostly on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in gentle of administration’s expertise and notion of historic developments, present circumstances and anticipated future developments. Ahead-looking statements embody, however should not restricted to, statements with respect to: the Firm’s enterprise technique; future planning processes; business mining operations; money move; budgets; the timing and quantity of estimated future manufacturing; throughput capability; ore feed and grades; restoration charges; mine plans and mine life; integration of operations; future gross sales; the longer term worth of silver and different metals; sustaining and money prices; prices and timing of improvement on the Firm’s initiatives; capital initiatives and exploration actions and the attainable outcomes thereof; and cost of dividends. Assumptions might show to be incorrect and precise outcomes might differ materially from these anticipated. Consequently, steerage can’t be assured. As such, traders are cautioned to not place undue reliance upon steerage and forward-looking statements as there could be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. All statements apart from statements of historic reality could also be ahead‐wanting statements. Statements regarding confirmed and possible mineral reserves and mineral useful resource estimates can also be deemed to represent ahead‐wanting statements to the extent that they contain estimates of the mineralization that shall be encountered as and if the property is developed, and within the case of measured and indicated mineral sources or confirmed and possible mineral reserves, such statements replicate the conclusion based mostly on sure assumptions that the mineral deposit could be economically exploited. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals or future occasions or efficiency (usually, however not at all times, utilizing phrases or phrases reminiscent of “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “might”, “will”, “mission”, “predict”, “forecast”, “potential”, “goal”, “intend”, “might”, “would possibly”, “ought to”, “consider” and related expressions) should not statements of historic reality and could also be “ahead‐wanting statements”.

Precise outcomes might range from forward-looking statements. Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different components which will trigger precise outcomes to materially differ from these expressed or implied by such forward-looking statements, together with however not restricted to: the length and results of the coronavirus and COVID-19, and another pandemics on our operations and workforce, and the results on world economies and society; common financial circumstances together with inflation dangers associated to the mixing of acquisitions; precise outcomes of exploration actions; conclusions of financial evaluations; modifications in mission parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, gear or processes relative to specs and expectations; accidents; labour relations; relations with native communities; modifications in nationwide or native governments; modifications in relevant laws or software thereof; delays in acquiring approvals or financing or within the completion of improvement or building actions; alternate fee fluctuations; necessities for extra capital; authorities regulation; environmental dangers; reclamation bills; outcomes of pending litigation; limitations on insurance coverage protection in addition to these components mentioned within the part entitled “Description of the Enterprise – Threat Components” within the Firm’s most up-to-date Annual Data Type, obtainable on www.sedar.com, and Type 40-F on file with the US Securities and Change Fee in Washington, D.C. Though First Majestic has tried to establish necessary components that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed.

The Firm believes that the expectations mirrored in these ahead‐wanting statements are cheap, however no assurance could be provided that these expectations will show to be right and such ahead‐wanting statements included herein shouldn’t be unduly relied upon. These statements communicate solely as of the date hereof. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.

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