Acquisition of Joaquin Silver District Completes

Q3 2024 HIGHLIGHTS

• Larger Q3 Silver Equal Manufacturing: The Firm produced 5.5 million AgEq ounces in Q3 2024 representing a 4% improve when in comparison with 5.3 million AgEq ounces produced within the earlier quarter, primarily on account of elevated gold manufacturing at San Dimas and Santa Elena.

• Continued Lively Exploration Program: The Firm accomplished a complete of fifty,020 metres (“m”) of drilling throughout its mines in Mexico and its Jerritt Canyon Gold Mine in Nevada, U.S.A. throughout the third quarter, representing a continued improve in exploration in comparison with Q2. All through the quarter, 28 drill rigs had been lively consisting of 14 rigs at San Dimas, 9 rigs at Santa Elena, three rigs at Jerritt Canyon and two rigs at La Encantada.

• Excessive-Grade Gold and Silver Discovery: The Firm introduced the invention of a brand new, high-grade gold and silver vein hosted system – the Navidad system – on the Santa Elena property (see information launch dated July 30, 2024). The brand new discovery was made adjoining to the Firm’s 100%-owned, and at the moment producing, Ermitaño mine. First Majestic is focusing its exploration efforts on Navidad as seven of the 9 lively rigs at Santa Elena have been allotted to drilling this new vein system.

• Jerritt Canyon Mine Exploration Program Commenced: Jerritt Canyon’s 2024 exploration program commenced at first of the third quarter. The exploration program is targeted on new, by no means explored earlier than, targets on the lately permitted U.S. Forest Lands on First Majestic’s massive Nevada land package deal (30,821 hectares, 119 sq. miles).

• Security Efficiency: In Q3 2024, the consolidated Complete Reportable Incident Frequency Price (“TRIFR”) was 0.50, per the earlier quarter and effectively under the Firm’s goal KPI of

• San Dimas Hydroelectric plant, Las Truchas, at Full Capability: Because of a interval of continued rain this yr following prolonged drought situations, the Firm’s Las Truchas hydroelectric plant, in Durango, is again at full capability. Las Truchas gives dependable, environment friendly and renewable power at decrease prices, and with a decrease carbon footprint, to the San Dimas mine.

• Conversion to Liquefied Pure Fuel (“LNG”) at San Dimas: As a part of its ongoing value and carbon discount initiatives, First Majestic is actively reviewing the alternative of the diesel mills used for on-site back-up energy at San Dimas with LNG items. This can generate substantial cost-savings and can lead to a discount in carbon emissions of as much as 25%, when back-up energy is required.

• First Mint Inauguration: First Mint, LLC, the Firm’s 100%-owned and operated minting facility in Nevada, USA, celebrated its Grand Opening on September 26, 2024. Whereas commissioning and silver bullion gross sales commenced in March, the inauguration celebrated the mint’s progress to-date on implementing progressive manufacturing and achievement processes on the state-of-the-art facility. The mint commissioned a number of items of recent tools together with coin presses and lasers for coin manufacturing, and is on monitor to receiving ISO 9001 certification. First Mint permits First Majestic to show its mined silver into an array of completed bullion merchandise for direct sale to the general public and provides manufacturing capability for third-party demand. Extra data is accessible at www.firstmint.com.

“Santa Elena continues to ship robust efficiency, quarter after quarter” mentioned Keith Neumeyer, President & CEO. “The continued spectacular operational outcomes at Santa Elena, together with the current Navidad discovery make this a really world-class district. Our workforce can be targeted on bettering operational efficiency at San Dimas; we’re inspired by the current settlement reached with the union and are working exhausting to complete the yr on a robust word. Throughout Q3, we constructed up water stock ranges on the La Encantada plant and elevated throughput charges to in extra of three,000 tpd by the top of the quarter. We anticipate This fall to be a stronger quarter at La Encantada, enabling us to fulfill our revised annual manufacturing steering for the yr.“

Manufacturing Particulars Desk:

Quarterly Mine-by-Mine Manufacturing Desk:

*Jerritt Canyon was positioned on non permanent suspension in March 2023. In-circuit restoration efforts carried out in Q3 2024 resulted in manufacturing of 1,684 gold ounces.
– Sure quantities proven could not add precisely to the overall quantity on account of rounding variations.
– The Ag:Au ratio used within the calculation of silver equal ounces was 84:1.

Santa Elena Silver/Gold Mine:

• Santa Elena produced 2,685,375 AgEq ounces, 4% above the prior quarter, consisting of 376,203 ounces of silver and 27,435 ounces of gold.

• The mill processed a complete of 259,919 tonnes of ore, barely increased than the prior quarter with common silver and gold head grades comparatively constant at 68 g/t and three.50 g/t, respectively.

• Consolidated silver and gold recoveries averaged 67% and 94%, respectively, throughout the quarter. Silver restoration elevated 1% whereas gold restoration remained constant when in comparison with the prior quarter. Metallurgical recoveries remained robust because of the steady operational optimization of the brand new dual-circuit plant.

• Through the quarter, 9 drill rigs consisting of seven floor rigs and two underground rigs accomplished 14,796 metres of drilling on the property, following on the 15,591 m and 9,991 m drilled in Q2 and Q1 this yr, respectively.

San Dimas Silver/Gold Mine:

• San Dimas produced 2,110,905 AgEq ounces throughout the quarter consisting of 1,046,340 ounces of silver and 12,582 ounces of gold. Silver manufacturing decreased by 8%, whereas gold manufacturing elevated by 4%, when in comparison with the prior quarter. The lower in silver manufacturing was pushed by decrease silver grades and silver recoveries offset by a rise in ore tonnes processed. The rise in gold manufacturing was pushed by a rise in processed ore, offset by a barely decrease gold grade.

• The mill processed a complete of 195,279 tonnes of ore, a rise of seven% in comparison with the prior quarter, with common silver and gold grades of 188 g/t and a couple of.12 g/t, respectively, in contrast with 210 g/t and a couple of.15 g/t in Q2.

• Silver and gold recoveries throughout the quarter averaged 89% and 95%, respectively, in comparison with 92% and 95% within the earlier quarter.

• The West Block, Central Block and Sinaloa Graben areas contributed roughly 29%, 40% and 31%, respectively, of the overall manufacturing throughout the quarter.

• Negotiations with the unionized employees continued all through the quarter, and an settlement was reached in August. Labour and working efficiencies have improved consequently, and administration anticipates improved manufacturing ranges in This fall at San Dimas.

• Through the quarter, a complete of 14 drill rigs consisting of 4 floor rigs and 10 underground rigs accomplished 29,172 m of drilling on the property, following on the 31,249 m and 26,363 m drilled in Q2 and Q1 this yr, respectively.

La Encantada Silver Mine:

• Through the quarter, La Encantada produced 545,031 ounces of silver, representing a 7% lower in comparison with the prior quarter primarily on account of a lower in silver grade offset by a rise in silver restoration.

• Water stock ranges on the plant achieved capability by the top of the quarter, enabling plant ore throughput charges to return to focused ranges. Because of this, within the month of September alone, La Encantada produced 232,968 ounces of silver, or roughly 43% of the overall Q3 silver manufacturing on the mine. Administration anticipates This fall manufacturing at La Encantada to revert to historic ranges.

• The mill processed a complete of 223,200 tonnes of ore with a median silver grade of 110 g/t. Stope manufacturing from the brand new Beca Zone contributed 88,444 tonnes with common silver grades of 111 g/t.

• Silver restoration for the quarter was 69%, representing a 15% improve when in comparison with 60% restoration within the prior quarter.

• Through the quarter, two floor drill rigs accomplished 1,862 m of drilling on the property, representing a 207% improve when in comparison with the prior quarter.

Q3 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Firm is planning to launch its third quarter 2024 unaudited monetary outcomes, announce its third quarter dividend fee, and the shareholder report and payable dates for the dividend, on November 7, 2024.

Gonzalo Mercado, P.Geo., the Firm’s Vice President of Exploration and Technical Providers and a “Certified Particular person” as outlined below Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks, has reviewed and permitted the scientific and technical data contained on this information launch.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining firm targeted on silver and gold manufacturing in Mexico and the US. The Firm presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine in addition to a portfolio of growth and exploration belongings, together with the Jerritt Canyon Gold undertaking positioned in northeastern Nevada, U.S.A.

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 www.firstmint.com, at among the lowest premiums accessible.

On September 5, 2024, First Majestic and Gatos Silver, Inc. introduced that they entered right into a definitive merger settlement pursuant to which First Majestic will purchase the entire issued and excellent shares of Gatos Silver’s widespread inventory. The proposed transaction would consolidate three world-class, producing silver mining districts in Mexico to create a number one intermediate major silver producer. Info referring to the proposed transaction will be discovered on the Firm’s web site.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Cautionary Observe Relating to Ahead Trying Statements

This information launch incorporates “ahead‐trying data” and “forward-looking statements” below relevant Canadian and U.S. securities legal guidelines (collectively, “ahead‐trying statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which might be based mostly on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in mild of administration’s expertise and notion of historic traits, present situations and anticipated future developments. Ahead-looking statements on this information launch embody, however are usually not restricted to, statements with respect to: timing for the discharge of the Firm’s Q3 2024 unaudited monetary outcomes; the substantial cost-savings and discount in carbon emissions anticipated from changing to LNG at San Dimas with respect to back-up energy; La Encantada experiencing a stronger This fall when it comes to manufacturing as in contrast with Q3, enabling the Firm to fulfill its revised 2024 manufacturing steering; anticipated enhancements in manufacturing ranges at San Dimas for This fall 2024; and timing for the announcement of the Firm’s third quarter dividend fee and the shareholder report and payable dates in reference to such dividend fee. Assumptions could show to be incorrect and precise outcomes could differ materially from these anticipated. Consequently, steering can’t be assured. As such, traders are cautioned to not place undue reliance upon steering and forward-looking statements as there will be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, targets or future occasions or efficiency (typically, however not all the time, utilizing phrases or phrases similar to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “could”, “will”, “undertaking”, “predict”, “forecast”, “potential”, “goal”, “intend”, “might”, “would possibly”, “ought to”, “consider” and related expressions) are usually not statements of historic reality and could also be “ahead‐trying statements”.

Precise outcomes could fluctuate from forward-looking statements. Ahead-looking statements are topic to recognized 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 period and results of the coronavirus and COVID-19, and another pandemics on our operations and workforce, and the results on international economies and society; normal financial situations together with inflation dangers; precise outcomes of exploration actions; conclusions of financial evaluations; adjustments in undertaking parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, tools or processes relative to specs and expectations; accidents; labour relations; relations with native communities; adjustments in nationwide or native governments; adjustments in relevant laws or utility thereof; delays in acquiring approvals or financing or within the completion of growth or building actions; alternate price 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 – Danger Components” within the Firm’s most up-to-date Annual Info Kind for the yr ended December 31, 2023 filed with the Canadian securities regulatory authorities below the Firm’s SEDAR+ profile at www.sedarplus.ca, and within the Firm’s Annual Report on Kind 40-F for the yr ended December 31, 2023 filed with the US Securities and Trade Fee on EDGAR at www.sec.gov/edgar. Though the Firm has tried to establish essential 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 meant.

The Firm believes that the expectations mirrored in these ahead‐trying statements are cheap, however no assurance will be provided that these expectations will show to be appropriate and such ahead‐trying 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.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/226883