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• Elevated Manufacturing: Whole manufacturing in Q2 2024 consisted of two,104,181 silver ounces and 39,339 gold ounces, representing a 7% and 9% improve, respectively, when in comparison with Q1 2024. Silver equal manufacturing for the quarter was 5.3 million ounces, representing a 2% improve in comparison with Q1. The silver equal (Silver:Gold) ratio in Q2 2024 decreased 10% to 81:1 in comparison with 88:1 in Q1 2024 as a result of silver worth outperforming the gold worth. Whereas increased silver costs positively impression income, the reported silver equal manufacturing is impacted when silver outperforms gold.

• La Encantada Elevated Manufacturing: Since efficiently figuring out a water supply in Q1 2024, water stock and processing charges at La Encantada have elevated considerably resulting in a 28% improve in silver manufacturing via the second quarter. Plant ore throughput charges are anticipated to return to focused ranges of roughly 3,000 tonnes per day (“tpd”) in Q3 2024.

• Santa Elena’s Sturdy Manufacturing Continues: Manufacturing through the second quarter at Santa Elena totaled 2.6 million AgEq ounces, representing a 13% improve in comparison with Q1 and is on monitor to exceed the Firm’s authentic annual manufacturing steering plan (see up to date steering part beneath).

• Conversion to Liquefied Pure Gasoline (“LNG”) at San Dimas: To offer a further, extra dependable and decrease carbon emission energy choice at San Dimas, administration has launched a course of at San Dimas to interchange the diesel backup energy era plant with LNG. The primary supply of energy at San Dimas stays value environment friendly hydroelectricity sourced from Las Truchas, the Firm’s 100%-owned and operated hydroelectric energy era facility.

• Security Efficiency: In Q2 2024, the consolidated Whole Reportable Incident Frequency Charge (“TRIFR”) remained robust at 0.48, nicely beneath the Firm’s goal key efficiency indicator (“KPI”) of

• 2023 Sustainability Report: The Firm launched its third Sustainability Report, accompanied by the Firm’s first analyst-focused Sustainability Information Obtain containing detailed quantitative knowledge, permitting buyers to simply evaluate First Majestic’s key sustainability metrics throughout time durations.

• Sustainability: Continued enchancment within the Firm’s ESG rankings with ISS ESG, reaching efficiency within the high 40% of the trade in each Environmental and Social classes, reflecting our carbon footprint discount and neighborhood involvement initiatives.

• As much as 22 Lively Drill Rigs: The Firm accomplished a complete of 47,447 metres (“m”) of drilling throughout its mines in Mexico through the second quarter, representing a 31% improve in comparison with the earlier quarter. All through the second quarter, as much as 22 drill rigs had been lively consisting of 13 rigs at San Dimas, eight rigs at Santa Elena and one rig at La Encantada.

“Per our plans, our operations delivered a strong quarter, and we’re well-positioned for a robust second half of 2024”, mentioned Keith Neumeyer, First Majestic’s President & CEO. “We’re extraordinarily happy with the manufacturing trajectory at Santa Elena, permitting us to revise our steering upwards on the again of elevated throughput and considerably increased gold grades. Moreover, manufacturing ramp up at La Encantada demonstrated that the water points at the moment are behind us with manufacturing in H2 anticipated to return to historic ranges.”

Manufacturing Particulars Desk:

Quarterly Mine-by-Mine Manufacturing Desk:

1. Sure quantities proven might not add precisely to the overall quantity as a consequence of rounding variations.
2. The Ag:Au ratio used within the calculation of silver equal ounces was 81:1.

Santa Elena Silver/Gold Mine:

• Santa Elena produced 2.6 million AgEq ounces, consisting of 376,947 silver ounces and 27,176 gold ounces, representing a rise of 6% and 25%, respectively, when in comparison with the earlier quarter. The robust improve in manufacturing is primarily as a consequence of a rise in ore processed charges and better gold grades.

• The mill processed a complete of 256,427 tonnes of ore, a 14% improve in comparison with the earlier quarter, containing common silver and gold head grades of 69 g/t and three.52 g/t, respectively.

• Silver and gold recoveries averaged 66% and 94%, respectively, through the quarter. Metallurgical recoveries remained robust as a result of steady operational optimization of the brand new dual-circuit plant, enabling increased throughput within the mill whereas sustaining robust metallic recoveries.

• In the course of the quarter, a complete of eight drill rigs consisting of six floor rigs and two underground rigs accomplished 15,591 metres of drilling on the property, representing a 57% improve when in comparison with the prior quarter (9,911 metres).

San Dimas Silver/Gold Mine:

• San Dimas produced 2.1 million AgEq ounces through the quarter, consisting of 1,141,906 silver ounces and 12,043 gold ounces, representing a lower of two% and 11%, respectively, when in comparison with Q1 2024. The lower in manufacturing is primarily as a consequence of a lower in contemporary ore processed largely on account of the continuing labour relations negotiations that the Firm is actively conducting with the unionized employees. Administration is optimistic about reaching an settlement within the near-term and expects manufacturing at San Dimas to extend as soon as that settlement has been reached.

• The mill processed a complete of 183,188 tonnes of ore with common silver head grades of 210 g/t and gold head grades of two.15 g/t, representing a lower of 5% and 12%, respectively, when in comparison with the earlier quarter.

• Silver and gold recoveries through the second quarter averaged 92% and 95%, respectively, in line with the prior quarter.

• The Central Block and Sinaloa Graben areas contributed roughly 78% and 22%, respectively, of the overall manufacturing through the quarter.

• In the course of the quarter, a complete of 13 drill rigs, consisting of three floor rigs and 10 underground rigs, accomplished 31,249 metres of drilling on the property, representing a 19% improve when in comparison with Q1 2024 (26,363 metres).

• The outcomes of useful resource conversion and enlargement drilling at San Dimas, printed in Q2 2024, continued to delineate and additional outline identified mineralization, and spotlight the presence of latest silver and gold mineralization (see the Firm’s News Release dated June 13, 2024).

La Encantada Silver Mine:

• In the course of the quarter, La Encantada produced 585,329 silver ounces, representing a 28% improve in comparison with Q1 2024, primarily as a result of identification of a brand new, dependable water supply resulting in a rise in ore processed for the quarter.

• The mill processed a complete of 234,955 tonnes of ore with a median silver grade of 129 g/t, a rise of 27% and 5%, respectively, in comparison with Q1 2024.

• Silver restoration for the quarter achieved 60%, barely decrease from 62% in Q1 2024.

• Stope manufacturing from the brand new Beca Zone contributed 26,910 tonnes with common silver grades of 106 g/t.

• In the course of the quarter, the 2024 exploration program commenced after securing the brand new water supply with one floor drill rig finishing 607 metres of drilling on the property.

OUTLOOK

The Firm is updating its full 12 months 2024 steering to mirror the next adjustments:

1. Improved metallic worth surroundings: the revised silver and gold worth assumptions for the second half of 2024 are $28.00 and $2,300 per ounce.

2. Sturdy manufacturing forecast at Santa Elena: administration is growing the Santa Elena manufacturing forecast to 9.2 to 9.6 million silver equal ounces, a rise of 14% (mid-point) in comparison with the unique steering.

3. New water supply at La Encantada: elevated manufacturing forecast at La Encantada, with H2 manufacturing steering forecasted to be 38% increased than H1 actuals, based mostly on the mid-point of the up to date steering.

4. Labour negotiations at San Dimas: administration is assuming labour inefficiencies to proceed all through Q3 whereas negotiations are ongoing with the unionized employees and is planning for normalized manufacturing charges at San Dimas in This fall 2024.

On account of these changes, our 2024 consolidated manufacturing steering stays comparatively unchanged at 21.4 to 22.6 (mid-point: 22.0) million AgEq ounces in comparison with the prior steering of 21.1 to 23.5 (mid-point: 22.3) million AgEq ounces, with a slight improve in silver manufacturing offset by a slight lower in gold manufacturing on a consolidated foundation.

The Firm can be offering up to date steering on a mine-by-mine foundation for the second half of 2024.

GUIDANCE FOR SECOND HALF 2024

GUIDANCE FOR FULL YEAR 2024

1. Sure quantities proven might not add precisely to the overall quantity as a consequence of rounding variations.
2. Money Prices and AISC are non-GAAP measures and will not be standardized monetary measures underneath the Firm’s monetary reporting framework. The Firm calculates money prices and consolidated AISC within the method set out within the desk beneath. These measures have been calculated on a foundation in line with historic durations (see “Non-GAAP Monetary Measures” beneath).

For the total 12 months of 2024, the Firm now estimates silver manufacturing will vary between 8.9 to 9.5 million ounces in comparison with the prior steering of 8.6 to 9.6 million ounces, a 1% improve on the mid-point common. Moreover, gold manufacturing is estimated to vary between 150,000 to 158,000 ounces in comparison with the prior steering of 150,000 to 167,000, a 3% lower based mostly on the mid-point common.

Annual money prices at the moment are anticipated to be inside the vary of $14.25 to $14.68 per ounce, barely increased than the earlier steering of $13.69 to $14.46 per ounce, primarily as a consequence of a stronger than budgeted Mexican Peso in H1 mixed with decrease manufacturing from San Dimas.

The Firm is projecting its consolidated 2024 AISC to be inside a spread of $20.36 to $21.12 on a per consolidated payable AgEq ounce foundation, barely increased than the unique steering vary of $19.25 to $20.57 as a consequence of increased money prices. Excluding non-cash gadgets, the Firm anticipates its 2024 AISC to be inside a spread of $19.57 to $20.27 per payable AgEq ounce. An itemized AISC value desk is supplied beneath:

1. AISC is a non-GAAP measure and is calculated based mostly on the Firm’s consolidated working efficiency. Different mining firms might calculate AISC in a different way on account of variations in underlying accounting rules, the definition of “sustaining prices” and the excellence between sustaining and expansionary capital prices.
2. For additional particulars of those measures, together with equal historic info, please see “Non-GAAP Measures” on pages 36-43 of the Firm’s Administration’s Dialogue and Evaluation for the primary quarter of 2024, out there on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov.

UPDATED CAPITAL BUDGET

In 2024, the Firm now plans to speculate a complete of $136.4 million on capital expenditures consisting of $49.5 million for sustaining actions and $87.1 million for expansionary initiatives. This represents a 9% improve in comparison with the unique 2024 capital expenditures steering and is aligned with the Firm’s future development technique of accelerating exploration and improvement actions at Santa Elena, San Dimas and Jerritt Canyon.

1. Sure quantities proven might not add precisely to the overall quantity as a consequence of rounding variations.

Underneath the up to date 2024 funds, the Firm is planning to finish a complete of roughly 34,304 metres of lateral underground improvement, representing an 11% improve on the unique steering. As well as, the Firm is now planning to finish a complete of roughly 211,600 metres of exploration drilling in 2024, representing a 12% improve in comparison with the unique steering. Within the first half of 2024, the Firm accomplished 14,836 metres of underground improvement drilling and 83,721 metres of exploration drilling.

CONFERENCE CALL DETAILS

The Firm will host a convention name and webcast on Thursday, July 18, 2024, at 8:00 a.m. (PT) / 11:00 a.m. (ET) to supply buyers and analysts with a enterprise replace and to debate its second quarter manufacturing outcomes and up to date 2024 steering.

To take part within the convention name, please use the next dial-in numbers:

Canada & USA Toll-Free: +1-844-763-8274
Outdoors of Canada & USA: +1-647-484-8814
Toll-Free Germany: +49-69-17415718
Toll-Free UK: +44-20-3795-9972

Individuals ought to dial in no less than 10 minutes previous to the beginning of the decision to make sure placement into the convention on time.

A dwell webcast of the decision shall be accessible via the “July 18, 2024 Webcast Hyperlink” on the First Majestic residence web page at www.firstmajestic.com. A webcast archive shall be out there roughly one hour after the tip of the occasion and shall be accessible for 3 months via the identical hyperlink because the dwell occasion.

A recording of the convention name shall be out there for phone replay roughly one hour after the tip of the occasion by calling:

USA Toll-Free: +1-877-344-7529
Canada Toll-Free: +1-855-669-9658
Outdoors of Canada & USA: +1-412-317-0088
Entry Code: 5667555#

The phone audio replay shall be out there for seven days following the tip of the occasion.

Q2 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Firm is planning to launch its second quarter 2024 unaudited monetary outcomes, and announce the second quarter dividend fee, shareholder report, and payable dates on August 1, 2024.

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 Santa Elena Silver/Gold Mine and the La Encantada Silver Mine in addition to a portfolio of improvement and exploration property, together with the Jerritt Canyon Gold venture situated in northeastern Nevada, U.S.A.

First Majestic is proud to personal and function its personal minting facility, First Mint, LLC, and 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 a few of the lowest premiums out there.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Non-GAAP Monetary Measures

This information launch contains reference to sure monetary measures which aren’t standardized measures underneath the Firm’s monetary reporting framework. These measures embrace money prices per silver equal ounce and all-in sustaining value (or “AISC”) per silver equal ounce. The Firm believes that these measures, along with measures decided in accordance with IFRS, present buyers with an improved capacity to judge the underlying efficiency of the Firm. These measures are extensively used within the mining trade as a benchmark for efficiency however shouldn’t have any standardized that means prescribed underneath IFRS, and due to this fact they will not be corresponding to comparable measures disclosed by different firms. The information is meant to supply further info and shouldn’t be thought-about in isolation or as an alternative to measures of efficiency ready in accordance with IFRS. For an entire 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.sedarplus.ca and EDGAR at www.sec.gov and which is included by reference herein.

Cautionary Word Concerning Ahead Wanting Statements

This information launch incorporates “ahead‐wanting info” 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 can be 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 traits, present circumstances and anticipated future developments. Ahead-looking statements on this information launch embrace, however will not be restricted to, statements with respect to: the assumptions utilized by the Firm for its up to date 2024 manufacturing steering; timing for the discharge of the Firm’s Q2 2024 unaudited monetary outcomes; timing for the announcement of the Firm’s second quarter dividend fee and the shareholder report and payable dates in reference to such dividend fee; future planning processes; industrial mining operations; budgets; the timing and quantity of estimated future manufacturing, AISC and money prices; prices and timing of improvement on the Firm’s initiatives; and; capital initiatives and exploration actions for 2024 and their doable outcomes. Assumptions might show to be incorrect and precise outcomes might differ materially from these anticipated. Consequently, steering can’t be assured. As such, buyers are cautioned to not place undue reliance upon steering and forward-looking statements as there might be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases akin to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “might”, “will”, “venture”, “predict”, “forecast”, “potential”, “goal”, “intend”, “might”, “may”, “ought to”, “imagine” and comparable expressions) will not be statements of historic truth and could also be “ahead‐wanting statements”.

Precise outcomes might fluctuate 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 period and results of the coronavirus and COVID-19, and some other pandemics on our operations and workforce, and the consequences on international economies and society; normal financial circumstances together with inflation dangers; precise outcomes of exploration actions; conclusions of financial evaluations; adjustments in venture 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 improvement or development 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 – Danger Elements” within the Firm’s most up-to-date Annual Info Type for the 12 months ended December 31, 2023 filed with the Canadian securities regulatory authorities underneath the Firm’s SEDAR+ profile at www.sedarplus.ca, and within the Firm’s Annual Report on Type 40-F for the 12 months ended December 31, 2023 filed with the US Securities and Trade Fee on EDGAR at www.sec.gov/edgar. Though First Majestic has tried to establish essential components that might 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 affordable, however no assurance might be provided that these expectations will show to be appropriate 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.

To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/216951