First Majestic Provides Positive Exploration Results at San Dimas

Vancouver, British Columbia–(Newsfile Corp. – January 23, 2025) – First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the “Company” or “First Majestic”) is pleased to announce positive drilling results from its comprehensive 2024 exploration program at its San Dimas Silver and Gold Mine in Durango, Mexico. The 2024 drilling program intersected significant silver and gold mineralization in multiple veins across the San Dimas property. The drilling results successfully expanded Mineral Resources and will convert Inferred Mineral Resources to Indicated Mineral Resources, and ultimately to Mineral Reserves.

“At the beginning of the year we planned a robust exploration program at our San Dimas mine which has returned impressive results,” stated Keith Neumeyer, President & CEO of First Majestic. “Our exploration teams have completed approximately 113,000 metres of drilling within the district and have intersected significant silver and gold mineralization in multiple veins. Through the process of successfully converting Inferred to Indicated Resources at the Perez and Sinaloa-Elia veins, the program derisked mineralization for mining in 2025 and 2026.”

SAN DIMAS DRILLING HIGHLIGHTS:

Select highlights from the Company’s 2024 exploration program includes the following high-grade silver and gold intercepts:

Perez Vein Highlights (true width):

PE24_397: 10.03 g/t Au and 1,996 g/t Ag over 3.65 metres (“m”);

PE24_343: 6.28 g/t Au and 1,001 g/t Ag over 2.30 m;

PE23_328: 3.66 g/t Au and 485 g/t Ag over 3.14 m;

PE24_346: 2.00 g/t Au and 309 g/t Ag over 5.06 m.

Sinaloa-Elia Vein System Highlights (true width):

SIN24_120: 23.33 g/t Au and 1,045 g/t Ag over 1.31 m;

SIN24_106: 6.61 g/t Au and 501 g/t Ag over 2.97 m;

SIN24_109: 10.91 g/t Au and 796 g/t Ag over 1.69 m;

SIN24_103: 8.31 g/t Au and 507 g/t Ag over 1.64 m.

Santa Teresa Vein Highlights (true width):

ST24_067: 10.02 g/t Au and 359 g/t Ag over 3.41 m;

ST24_051: 3.11 g/t Au and 166 g/t Ag over 5.86 m;

ST24_065: 13.53 g/t Au and 211 g/t Ag over 1.69 m.

Jessica East Vein Highlights (true width):

SJE24_480: 2.22 g/t Au and 422 g/t Ag over 0.75 m;

SJE24_479: 2.27 g/t Au and 223 g/t Ag over 0.78 m.

SAN DIMAS EXPLORATION RESULTS

Exploration drilling at San Dimas intersected significant silver and gold mineralization in multiple veins. Results from four of the veins are highlighted here: Perez, Sinaloa-Elia, Santa Teresa and Jessica East.

Exploration drilling of the Perez vein extended silver and gold mineralization up-dip in the west-central portion of the vein and converted Inferred to Indicated resources refining vein width and grades. This process derisked mineralization that will be mined during 2025 and 2026. The Perez vein potential remains open to the east and to the west (Figure 2). Select drill hole assay grades and true width intervals of the Perez vein intersections are highlighted below:

PE24_397: 10.03 g/t Au and 1,996 g/t Ag over 3.65 m;

PE24_343: 6.28 g/t Au and 1,001 g/t Ag over 2.30 m;

PE23_328: 3.66 g/t Au and 485 g/t Ag over 3.14 m;

PE24_346: 2.00 g/t Au and 309 g/t Ag over 5.06 m.

At the historic Sinaloa-Elia vein system located in the western portion of the property, drilling intersected several intervals of silver and gold mineralization. Resource conversion drilling confirmed and further delineated mineralization below the Sinaloa vein with several intersections returning better than expected values. Results also reveal that the mineralization is open to the west for potential Mineral Resource expansion. Follow-up expansionary drilling below historic mine excavations at Elia confirmed the presence of down-dip extension potential with some results initially reported in June 2024 (Figure 3). Select drill hole assay grades and true width intervals of the Sinaloa-Elia vein system intersections are highlighted below:

SIN24_120: 23.33 g/t Au and 1,045 g/t Ag over 1.31 m;

SIN24_106: 6.61 g/t Au and 501 g/t Ag over 2.97 m;

SIN24_109: 10.91 g/t Au and 796 g/t Ag over 1.69 m;

SIN24_103: 8.31 g/t Au and 507 g/t Ag over 1.64 m;

EL24_280: 2.52 g/t Au and 182 g/t Ag over 1.26m.

Expansionary drilling of the Santa Teresa vein has returned significant intercepts both in eastern and western unexplored projection of the vein. Drilling followed up on results reported in June 2024 and confirmed vein continuity and silver and gold mineralization; there is, to the west, approximately 1 kilometres of strike length of open potential (Figure 4). Select drill hole assay grades and true width intervals of the Santa Teresa vein intersections are highlighted below:

ST24_067: 10.02 g/t Au and 359 g/t Ag over 3.41 m;

ST24_051: 3.11 g/t Au and 166 g/t Ag over 5.86 m;

ST24_065: 13.53 g/t Au and 211 g/t Ag over 1.69 m.

A review of exploration upside on major past producing veins has identified multiple targets and opportunities for further mineral resource expansion along strike and up and down-dip. Initial drilling on the eastern projection of the Jessica vein (one of the historic top 5 past producing veins in the district) has intersected veins and returned two encouraging results separated by ~250 m; drilling continues to test the area (Figure 5).

SJE24_480: 2.22 g/t Au and 422 g/t Ag over 0.75 m;

SJE24_479: 2.27 g/t Au and 223 g/t Ag over 0.78 m.

Table 1: Summary of Significant Silver and Gold Drill Hole Intercepts at San Dimas

DrillholeTargetTarget TypeSignificant InterceptFrom
(m)Length
(m)True length (m)Au
(gpt)Ag
(gpt)AgEq
(gpt)ORO24_119El Oro VeinResource conversion177.651.300.924.0836362ORO24_121El Oro VeinResource conversion286.351.650.958.9214872200Include
286.350.400.2334.1852637998PE24_321Perez VeinResource conversion268.802.051.711.53215337PE24_323Perez VeinResource conversion328.301.501.065.03138540PE24_326Perez VeinResource conversion176.351.150.812.79542765Include
176.950.550.394.108011129PE24_328Perez VeinResource conversion280.804.103.143.66485778Include
283.001.351.038.2010521708PE24_332Perez VeinResource conversion332.701.301.083.11170418PE24_335Perez VeinResource conversion265.901.501.241.06217302PE24_438Perez VeinResource conversion70.150.800.781.59115242PE24_439Perez VeinResource conversion80.250.800.752.99503742PE24_340Perez VeinResource conversion283.909.103.852.21282459Include
285.350.400.177.237911370Include
288.801.000.423.75653953PE24_341Perez VeinResource conversion150.051.150.913.39434705Include
150.050.700.555.026571059PE24_343Perez VeinResource conversion141.352.452.306.2810011503Include
141.350.550.527.039491512Include
142.251.551.467.1111991769PE24_346Perez VeinResource conversion239.107.155.062.00309469Include
239.101.000.715.468731309PE24_347Perez VeinResource conversion171.151.851.362.48525724Include
172.650.350.264.1711581492PE24_350Perez VeinResource conversion288.551.751.342.99441680Include
288.551.150.883.84553861PE24_351Perez VeinResource conversion159.805.154.221.07166251PE24_354Perez VeinResource addition302.402.051.452.64326537Include
302.400.950.674.02447769PE24_361Perez VeinResource conversion316.002.250.950.99146226PE24_376Perez VeinResource conversion137.851.401.271.98200358PE24_380Perez VeinResource addition285.001.800.833.08330576Include
286.250.550.258.788981600PE24_385Perez VeinResource conversion153.451.050.910.79157220PE24_386Perez VeinResource conversion271.201.550.894.10493820Include
271.600.550.327.378411431PE24_390Perez VeinResource conversion150.951.251.025.048601263Include
150.950.600.497.2713771958PE24_395Perez VeinResource conversion202.751.000.772.59148355Include
203.350.400.315.36273701PE24_397Perez VeinResource conversion156.403.953.6510.0319962799PE24_401Perez VeinResource addition314.202.701.452.22523700Include
315.600.550.353.737401038PE24_407Perez VeinResource conversion287.253.201.411.71323460Include
289.650.800.463.817241029PE24_415Perez VeinResource addition782.900.750.701.32217322Include
782.900.300.283.11525774PE24_447Perez VeinResource addition145.757.754.163.41325598Include
147.400.500.274.31456801Include
149.001.901.028.236461304PE24_448VeinResource conversion120.154.652.991.51198319Include
121.400.500.324.608021170Perez Vein
150.351.251.151.46268385PE24_451Perez VeinResource conversion173.951.801.601.79339482PE24_456Perez VeinResource conversion76.651.351.071.35274382SIN24_103VeinResource conversion58.508.203.472.28205388Include
59.100.850.365.83476943Sinaloa Vein
345.752.001.648.315071172Include
345.751.150.9412.957911827SIN24_104Sinaloa VeinResource conversion296.702.001.354.94270665Include
297.001.100.747.07351917SIN24_105Sinaloa VeinResource conversion342.751.250.968.83225932Include
342.750.800.6113.462691346SIN24_106Sinaloa VeinResource conversion303.403.352.976.615011030Include
303.401.000.896.18492986Include
305.150.600.5315.7614582719SIN24_108Sinaloa VeinResource conversion314.703.202.263.93196510IncludeResource conversion314.700.700.499.775621344SIN24_109Sinaloa VeinResource conversion278.702.201.6910.917961669Include
279.500.950.7320.1915253140SIN24_110Sinaloa VeinResource conversion334.100.950.787.933851019Include
334.100.500.4112.976201658SIN24_114Sinaloa VeinResource conversion358.151.651.507.46118715Include
358.150.750.6815.002111411SIN24_117Sinaloa VeinResource addition407.851.250.962.1086254SIN24_118Sinaloa VeinResource conversion365.601.200.851.35105213SIN24_120Sinaloa VeinResource addition436.651.601.3123.3310452911Include
437.151.100.9032.5414554058SIN24_124Sinaloa VeinResource addition417.801.151.023.72113411SIN24_125Sinaloa VeinResource conversion390.501.201.042.3982273EL24_280Elia VeinResource addition395.552.201.262.52182384EL24_282Elia VeinResource addition360.901.250.842.78100322ST24_031Santa Teresa VeinResource addition149.303.052.422.83176402Include
150.700.550.446.34274781ST24_051Santa Teresa VeinResource addition206.607.155.863.11166415Include
209.250.550.456.12299789Include
212.700.600.4912.167311704ST24_052Santa Teresa VeinResource addition237.902.402.084.1186415Santa Teresa FW
256.801.301.134.9511407ST24_054Santa Teresa FWResource addition196.101.451.268.51264945Include
197.000.550.4819.336222169ST24_059Santa Teresa VeinResource addition139.801.200.730.9310791154Include
139.800.400.241.2930353138ST24_060Santa Teresa VeinResource addition199.401.701.394.49124483ST24_062Santa TeresaResource addition233.502.701.553.70161457ST24_064Santa TeresaResource conversion173.601.051.054.46111467Santa Teresa
175.950.750.755.91130603Include
176.400.300.308.08214860ST24_065Santa TeresaResource addition254.152.751.6913.532111293Include
255.601.300.8024.312882233ST24_067Santa TeresaResource addition262.255.953.4110.023591161Include
262.851.650.9525.2210433061Include
266.901.300.7510.18168983ROS24_045Rosario VeinResource addition380.351.100.714.508141174Include
380.650.800.666.0610911576ROS24_047Intermedia VeinResource addition315.001.050.9710.585611408Include
315.000.450.4218.939442458ROS24_052Rosario VeinResource addition457.652.451.495.64317769Include
457.650.800.4913.617121801ROS24_053Intermedia VeinResource addition337.203.452.335.53382825SRE24_298Santa Regina VeinResource conversion263.850.850.742.53675878Include
263.850.550.483.229301188SRE24_299Santa Regina VeinResource addition479.450.800.741.57233358RO24_475Roberta VeinResource addition362.501.151.005.92306780Include
363.100.550.5111.435551469SJE24_479Santa Jessica VeinResource addition852.750.900.782.27223404SJE24_480Santa Jessica VeinResource addition1037.201.500.752.22422600Include
1038.000.700.352.70514730NB24_070Noche Buena VeinResource addition126.000.800.714.61603972NB24_072Noche Buena VeinResource conversion126.850.900.822.91331564Include
126.850.600.543.86437746NB24_078Noche BuenaResource addition139.250.850.703.31272537Include
139.600.500.415.10424832NB24_080Noche BuenaResource addition284.402.700.927.478411439Include
284.400.550.197.486881286Include
285.501.600.559.5811411907NB24_082Noche BuenaResource addition258.755.001.711.61145273Include
260.850.400.145.05509913

Notes:

All holes are Diamond Drill; AgEq grade = silver grade (g/t) + [gold grade (g/t)*80].From and Length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.Where present, single samples or intercepts with assay results higher than 700 g/t AgEq are highlighted as “Include” in each intercept.

At San Dimas, silver and gold drill hole intercepts were composited using the length weighted averages of uncapped sample assays, a 215 g/t AgEq minimum grade, and a minimum composite length of 0.7 m (true width). A maximum one metre below the minimum grade was allowed as internal dilution and a single sample below the minimum but above 100 g/t AgEq was allowed in the hanging or footwall to achieve minimum true width in select cases. True width of intercepts is calculated based on current understanding of drill hole and vein angle geometry. All individual samples or intercepts higher than 700 g/t AgEq are reported as “include”.

First Majestic’s drilling programs follow established QA/QC insertion protocols with standards, blanks and duplicates introduced to the sample stream and submission of check duplicates to an independent third-party laboratory. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis and the remaining half is retained on-site for verification and reference purposes.

Core samples were submitted to First Majestic’s owned and operated Central Laboratory (ISO 9001:2015).

At the Central Lab, gold is analyzed by fire assay with atomic absorption finish (Au-AA13), and by fire assay gravimetric finish (ASAG-13-Au, ASAG-15-Au). Results above 10 g/t gold are analyzed by 30 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-Acid digest atomic absorption finish (AAG-13) or by 30 g fire assay gravimetric finish (ASAG-13-Ag). Results above 200 g/t silver are analyzed by 30 g fire assay gravimetric finish (ASAG-14).

For further information concerning QA/QC and data verification matters, key assumptions, parameters, and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company’s business and the potential development of Mineral Reserves and Mineral Resources, see the Company’s most recent Annual Information Form available at www.sedarplus.ca.

QUALIFIED PERSON

Gonzalo Mercado, P. Geo., the Company’s Vice President of Exploration and Technical Services and a “Qualified Person” as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”), has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical and test data underlying such information.

ABOUT FIRST MAJESTIC

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 operates four producing underground mines in Mexico: the Cerro Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the Santa Elena Silver/Gold Mine, the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold project located in northeastern Nevada, U.S.A.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward‐looking information” and “forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward‐looking statements”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, 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”.

Forward-Looking statements are subject to known and unknown risks, uncertainties 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: material adverse changes, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the Company has attempted to identify 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 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.

Cautionary Note to United States Investors

The Company is a “foreign private issuer” as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer’s material mineral projects.

APPENDIX – DRILL HOLE DETAILS

Table A1: Drill Hole Location, Sample Type, Azimuth, Dip and Total Depth

DrillholeEastNorthElevationAzimuthDipDepth (m)TypeORO24_119404186.832665505.57510.27311.630.9216CoreORO24_121404186.742665505.13510.02288.226.4315CorePE24_321398694.942671241.80830.57300.128.2297CorePE24_323399018.622671353.55843.81307.731.9351CorePE24_326399314.322671669.98858.422.5-21.4210CorePE24_328398695.082671241.42830.03293.727.2300CorePE24_332399018.672671353.57844.03302.231.1360CorePE24_335398695.092671241.80830.97310.935.1297CorePE24_340398695.302671241.54830.25289.224.4300CorePE24_341399311.202671668.72858.31287.7-19.3186CorePE24_343399311.942671669.24858.49311.4-15.9183CorePE24_346398695.492671242.10831.10318.737.0276CorePE24_347399310.902671668.67858.76286.5-3.0192CorePE24_350398694.792671240.95830.13281.119.7297CorePE24_351399311.902671669.25858.83304.0-2.5195CorePE24_354398693.942671240.38830.16278.118.9309CorePE24_361398693.862671240.07829.88269.812.4324CorePE24_376399312.882671669.69858.02325.9-33.0198CorePE24_380398695.572671242.02831.19316.238.1303CorePE24_385399312.572671669.59858.03334.0-43.9186CorePE24_386398694.602671241.53830.66296.925.1285CorePE24_390399311.772671669.19858.76310.7-7.5171CorePE24_395399313.362671669.84859.01343.12.0231CorePE24_397399310.902671668.67858.76294.4-8.4178CorePE24_401398695.612671242.10831.31319.342.6329CorePE24_407399314.862671669.38858.988.00.1327CorePE24_438398730.792671362.25935.27353.91.4108CorePE24_439398731.262671362.21935.255.30.490CorePE24_447398731.282671361.78937.17339.641.5190CorePE24_448398732.892671361.92936.2127.020.5189CorePE24_451398731.782671361.91936.752.535.3207CorePE24_456398732.092671362.23934.8221.4-22.2120CoreSIN24_103399888.712666329.74561.72311.5-20.8369CoreSIN24_104399888.292666329.06561.58305.6-12.2318CoreSIN24_105399888.372666329.16561.39298.8-15.8375CoreSIN24_106399888.282666329.14561.56297.5-8.5342CoreSIN24_108399888.312666329.19561.47297.5-12.6360CoreSIN24_109399888.402666329.09561.76291.6-2.3329CoreSIN24_110399888.352666329.01561.60291.3-9.0357CoreSIN24_114399888.232666327.97561.40294.2-15.5381CoreSIN24_117399740.062666103.84562.85308.3-9.5498CoreSIN24_118399888.682666329.41561.24304.5-23.9403CoreSIN24_120399739.932666103.68562.89294.8-6.7525CoreSIN24_124399739.552666103.91562.76300.6-10.2501CoreSIN24_125399888.132666327.64561.54278.3-11.0405CoreEL24_280400316.272667086.85548.98187.0-38.1450CoreEL24_282400316.252667087.50549.26186.8-47.5384CoreST24_031397881.412667260.65577.81303.07.9249CoreST24_051397881.132667260.07577.71287.0-2.6315CoreST24_052397881.642667259.90577.54286.2-19.8294CoreST24_054397881.192667260.54577.75293.4-0.4328CoreST24_059397881.002667260.50576.99140.0-40.3204CoreST24_060398331.722667366.41559.43305.240.4240CoreST24_062398331.322667365.72559.47297.843.8255CoreST24_064398331.962667366.93559.33316.038.8195CoreST24_065398331.472667366.09559.40292.540.8273CoreST24_067398331.222667365.81559.08285.633.8294CoreROS24_045400151.462665597.09555.16197.5-1.0633CoreROS24_047399811.702665304.41950.59182.3-16.3855CoreROS24_052400150.992665597.17555.44207.24.4531CoreROS24_053399811.222665303.91950.83184.7-7.6723CoreSRE24_298399695.222670822.92842.52162.327.2606CoreSRE24_299399693.842670824.09842.03197.625.6531CoreRO24_475401130.192668953.36744.44277.923.8423CoreSJE24_479401988.502672366.331044.36200.8-27.61068CoreSJE24_480401988.142672365.001044.10200.3-17.31152CoreNB24_070400702.872671037.781144.68159.922.4159CoreNB24_072400701.902671037.721143.50177.02.0144CoreNB24_078400704.972671037.871144.31135.319.8240CoreNB24_080400719.962671050.991143.92103.915.9330CoreNB24_082400720.552671050.841143.85104.611.4303Core

Notes:

San Dimas: All Collar coordinates are determined using total station equipment after hole completion with WGS84, Zone 13 (metres) as the reference system.

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