Acquisition of Joaquin Silver District Completes

Q3 2024 HIGHLIGHTS

• Increased 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 Energetic 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. through 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 initially of the third quarter. The exploration program is concentrated on new, by no means explored earlier than, targets on the lately permitted U.S. Forest Lands on First Majestic’s giant Nevada land bundle (30,821 hectares, 119 sq. miles).

• Security Efficiency: In Q3 2024, the consolidated Whole Reportable Incident Frequency Price (“TRIFR”) was 0.50, according to the earlier quarter and nicely 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 supplies dependable, environment friendly and renewable vitality at decrease prices, and with a decrease carbon footprint, to the San Dimas mine.

• Conversion to Liquefied Pure Gasoline (“LNG”) at San Dimas: As a part of its ongoing price and carbon discount initiatives, First Majestic is actively reviewing the substitute of the diesel turbines used for on-site back-up energy at San Dimas with LNG items. This may 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 success 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 observe to receiving ISO 9001 certification. First Mint allows 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 info is out there at www.firstmint.com.

“Santa Elena continues to ship sturdy efficiency, quarter after quarter” mentioned Keith Neumeyer, President & CEO. “The continued spectacular operational outcomes at Santa Elena, together with the latest Navidad discovery make this a very world-class district. Our staff can be targeted on bettering operational efficiency at San Dimas; we’re inspired by the latest settlement reached with the union and are working laborious to complete the yr on a powerful observe. 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 satisfy our revised annual manufacturing steerage for the yr.“

Manufacturing Particulars Desk:

Quarterly Mine-by-Mine Manufacturing Desk:

*Jerritt Canyon was positioned on short-term suspension in March 2023. In-circuit restoration efforts carried out in Q3 2024 resulted in manufacturing of 1,684 gold ounces.
– Sure quantities proven might not add precisely to the entire 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, through the quarter. Silver restoration elevated 1% whereas gold restoration remained constant when in comparison with the prior quarter. Metallurgical recoveries remained sturdy as a result of steady operational optimization of the brand new dual-circuit plant.

• Throughout 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 through 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 through 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 entire manufacturing through the quarter.

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

• Throughout 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:

• Throughout 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. In consequence, within the month of September alone, La Encantada produced 232,968 ounces of silver, or roughly 43% of the entire 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.

• Throughout 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 document and payable dates for the dividend, on November 7, 2024.

Gonzalo Mercado, P.Geo., the Firm’s Vice President of Exploration and Technical Companies and a “Certified Individual” as outlined beneath Nationwide Instrument 43-101 Requirements of Disclosure for Mineral Tasks, has reviewed and authorized the scientific and technical info 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 USA. 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 property, together with the Jerritt Canyon Gold challenge 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 a few of 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 all the issued and excellent shares of Gatos Silver’s frequent inventory. The proposed transaction would consolidate three world-class, producing silver mining districts in Mexico to create a number one intermediate major silver producer. Data regarding the proposed transaction might be discovered on the Firm’s web site.

FIRST MAJESTIC SILVER CORP.

“signed”

Keith Neumeyer, President & CEO

Cautionary Word Concerning Ahead Wanting Statements

This information launch accommodates “ahead‐wanting info” and “forward-looking statements” beneath 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 primarily based 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 situations and anticipated future developments. Ahead-looking statements on this information launch embrace, 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 by way of manufacturing as in contrast with Q3, enabling the Firm to satisfy its revised 2024 manufacturing steerage; 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 document and payable dates in reference to such dividend fee. 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 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 all the time, utilizing phrases or phrases reminiscent of “search”, “anticipate”, “plan”, “proceed”, “estimate”, “count on”, “might”, “will”, “challenge”, “predict”, “forecast”, “potential”, “goal”, “intend”, “might”, “would possibly”, “ought to”, “imagine” and comparable expressions) are usually 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 period and results of the coronavirus and COVID-19, and some other pandemics on our operations and workforce, and the results on world economies and society; common financial situations together with inflation dangers; precise outcomes of exploration actions; conclusions of financial evaluations; adjustments in challenge 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 software thereof; delays in acquiring approvals or financing or within the completion of growth or development actions; alternate fee fluctuations; necessities for added 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 Data Kind for the yr ended December 31, 2023 filed with the Canadian securities regulatory authorities beneath 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 USA Securities and Alternate Fee on EDGAR at www.sec.gov/edgar. Though the Firm has tried to determine vital 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 affordable, however no assurance might be on condition 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.

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