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First Majestic Produces a New Record of 8.8 Million AgEq Ounces in the Third Quarter Consisting of 2.7 Million Silver Ounces and 67,072 Gold Ounces

18.10.2022  |  Newsfile

Vancouver, October 18, 2022 - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) ("First Majestic" or the "Company") announces that total production in the third quarter of 2022 from the Company's four 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 a new Company record of 8.8 million silver equivalent ("AgEq") ounces consisting of 2.7 million ounces of silver and 67,072 ounces of gold. In the first nine months of 2022, the Company has produced 8.1 million ounces of silver and 185,355 ounces of gold for total production of 23.7 million AgEq ounces, or approximately 71% of the Company's 2022 guidance midpoint of producing 32.6 to 34.6 million ounces. The Company's financial results for the third quarter of 2022 are scheduled to be released on Wednesday, November 9, 2022.

THIRD QUARTER HIGHLIGHTS

"In the third quarter, we produced a new quarterly Company record of 8.8 million silver equivalent ounces, representing a 14% increase quarter-over-quarter," said Keith Neumeyer, President and CEO. "This record production was driven mostly by higher grades at our Santa Elena and San Dimas operations. At Santa Elena, the Ermitaño mine produced 83% of the quarterly ounces as strong gold grades and optimized ore deliveries were achieved. At San Dimas, higher production was driven by increased silver and gold grades which were achieved with the start of production at the Perez Vein in July and continued improvements in dilution control. The Company continues to expect production in the fourth quarter to be another step up in growth with the imminent ramp-up at Jerritt Canyon of the West Generator, Saval II and Smith Zone 10 areas."

PRODUCTION TABLE
Q3 Q3 Y/Y Q2 Q/Q
2022 2021 Change 2022 Change
Ore processed/tonnes milled 836,514 943,126 -11% 903,791 -7%
Silver ounces produced 2,736,100 3,302,086 -17% 2,775,928 -1%
Gold ounces produced 67,072 54,525 23% 59,391 13%
Silver equivalent ounces produced 8,766,192 7,319,441 20% 7,705,935 14%

QUARTERLY REVIEW

Total ore processed during the quarter at the Company's mines amounted to 836,514 tonnes, representing a 7% decrease compared to the previous quarter. The decrease in tonnes processed was primarily due to a 15% decrease in processed tonnes at Jerritt Canyon as the dual roasters were offline for a planned two-week maintenance period in September. The roasters resumed operations in late September and as of quarter end were back at normal operating rates.

Consolidated silver and gold grades in the quarter averaged 117 g/t and 2.74 g/t, respectively, compared to 114 g/t and 2.29 g/t, respectively, in the previous quarter. The 20% increase in consolidated gold grades was primarily due to higher gold grades at San Dimas and Santa Elena's Ermitaño mine. Gold grades at Jerritt Canyon were relatively unchanged compared to the prior quarter.

Consolidated silver and gold recoveries averaged 87% and 91%, respectively, compared to 84% and 89%, respectively, in the previous quarter. The Company continued to advance the Santa Elena dual-circuit project in order to increase the leaching performance and metallurgical recoveries of the Santa Elena and Ermitaño ores at the processing plant. An additional leaching tank and a fourth CCD thickener was commissioned at Santa Elena in the third quarter which is expected to improve metallurgical recoveries going forward.

Quarterly Mine by Mine Production Table:

Mine Ore Processed Tonnes per Day Ag Grade (g/t) Au Grade (g/t) Ag Recovery Au Recovery Ag Oz Produced Au Oz Produced AgEq Oz Produced
San Dimas 185,126 2,012 289 4.10 96% 97% 1,649,002 23,675 3,776,124
Jerritt Canyon 181,056 1,968 - 3.41 - 82% - 16,299 1,467,435
Santa Elena 214,387 2,330 62 4.26 72% 92% 308,070 26,988 2,733,761
La Encantada 255,945 2,782 121 0.01 78% 90% 779,028 109 788,872
Total 836,514 9,093 117 2.74 87% 91% 2,736,100 67,072 8,766,192

*Certain amounts shown may not add exactly to the total amount due to rounding differences.
*The following prices were used in the calculation of silver equivalent ounces: Silver: $19.22 per ounce; Gold: $1,729 per ounce.

At the San Dimas Silver/Gold Mine:

At the Jerritt Canyon Gold Mine:

At the Santa Elena Silver/Gold Mine:

At the La Encantada Silver Mine:

Q3 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company is planning to release its third quarter 2022 unaudited financial results, and to announce the third quarter dividend payment, along with the shareholder record and payable dates on Wednesday, November 9, 2022.

ABOUT THE COMPANY

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 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 offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at its Bullion Store at some of the lowest possible premiums.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll-free number 1.866.529.2807.

First Majestic Silver Corp.
"signed"
Keith Neumeyer, President & CEO

Cautionary Note Regarding Forward Looking Statements

This press 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, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: release of the Company's financial statements; the Company's business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; throughput capacity; ore feed and grades; recovery rates; mine plans and mine life; costs and timing of development at the Company's projects; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. 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".

Actual results may vary from 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: the duration and effects of the coronavirus and COVID-19, and any other pandemics on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic 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.

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