Corporate

Presentation
July 2024

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 CAUTIONARY DISCLAIMER

Certain statements contained herein regarding First Majestic Silver Corp. (the “Company”) and and mining (including environmental hazards, industrial accidents, unusual or unexpected
its operations constitute “forward-looking statements” within the meaning of the United formations, pressures, cave-ins and flooding); risks relating to the credit worthiness or financial
States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities condition of suppliers, refiners and other parties with whom the Company does business;
legislation concerning the business, operations and financial performance and condition of inability to obtain adequate insurance to cover risks and hazards; and the presence of laws and
First Majestic Silver Corp. Forward-looking statements include, but are not limited to, regulations that may impose restrictions on mining, including those currently enacted in
statements with respect to the future price of silver and other metals, the global supply and Mexico; employee relations; relationships with and claims by local communities and
market for precious metals, revenue, the estimation of mineral reserves and resources, the indigenous populations; availability and increasing costs associated with mining inputs and
realization of mineral reserve estimates, the timing and amount of estimated future labour; the speculative nature of mineral exploration and development, including the risks of
production, recovery rates, costs of production, capital expenditures, costs and timing of the obtaining necessary licenses, permits and approvals from government authorities; diminishing
development of new deposits, exploration programs, the timing and payment of dividends, quantities or grades of mineral reserves as properties are mined; the Company’s title to
timing and possible outcome of pending litigation,. Assumptions may prove to be incorrect properties as well as those factors discussed in the section entitled "Description of the Business
and actual results may differ materially from those anticipated. Consequently, guidance - Risk Factors" in the Company’s Annual Information Form for the year ended December 31,
cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon 2023, available on www.sedarplus.ca, and Form 40-F on file with the United States Securities
guidance and forward-looking statements as there can be no assurance that the plans, and Exchange Commission in Washington, D.C. Although First Majestic Silver Corp. has
assumptions or expectations upon which they are placed will occur. 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
Generally, these forward-looking statements can be identified by the use of forward-looking not to be as anticipated, estimated or intended. There can be no assurance that such
terminology such as "plans", "expects" or "does not expect", "is expected", "budget", statements will prove to be accurate, as actual results and future events could differ materially
"scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or from those anticipated in such statements. Accordingly, readers should not place undue
"believes", or variations of such words and phrases or state that certain actions, events or reliance on forward-looking statements. First Majestic Silver Corp. does not undertake to
results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- update any forward-looking statements that are incorporated by reference herein, except in
looking statements are subject to known and unknown risks, uncertainties and other factors accordance with applicable securities laws.
that may cause the actual results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied by such forward looking The Company notes that changes in climate conditions could adversely affect the business
statements, including but not limited to: risks related to the integration of acquisitions; risks and operations through shifting weather patterns, environmental incidents, and extreme
related to international operations; risks related to joint venture operations; actual results of weather events. This can include changes in snow and precipitation levels, extreme
current exploration activities; actual results of current reclamation activities; conclusions of temperatures, changing sea levels and other weather events which can result in frozen
economic evaluations; changes in project parameters as plans continue to be refined; future conditions, flooding, droughts, or fires. Such conditions could directly or indirectly impact our
prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant, operations by affecting the safety of our staff and the communities in which we operate,
equipment or processes to operate as anticipated; accidents, labour disputes and other risks of disrupting safe access to sites, damaging facilities and equipment, disrupting energy and
the mining industry; delays in obtaining governmental approvals or financing or in the water supply, creating labor and material shortages and can cause supply chain interruptions.
completion of development or construction activities, changes in national and local There is no assurance that the Company will be able to successfully anticipate, respond to or
government, legislation, taxation, controls, regulations and political or economic manage risks associated with severe climate conditions. Any such disruptions could have an
developments; operating or technical difficulties in connection with mining or development adverse effect on the Company’s operations, production, and financial results.
activities; risks and hazards associated with the business of mineral exploration, development

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 Silver is critical due to Mine
Mined Silver Production Vs. Production
Silver Demand
its unique properties, Current silver to gold 1300
making substitution mine supply ratio 7:1
nearly impossible
1100

900
82% of forecasted annual

Silver
Silver is the single silver supply is sourced

Silver Moz
most electrically from mining, 18% is 700
conductive metal sourced from recycling

500

Forecasted annual
2024F demand by usages: 300
silver consumption is
61% industrial fabrication
~1,219M ounces
17% coins & bars
compared to annual Source: Metals Focus
17% jewelry 100
mine production of ~
5% silverware 2014 2016 2018 2020 2022 2024F
824M ounces
Mine Production Recycling Silver Demand

Source: Metals Focus

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• Silver is the best-known electrical conductor, best metallic Photovoltaic and Electric Vehicle Silver Demand
thermal conductor, and has the highest known reflectivity of
any raw material. 400

• These qualities make silver an irreplicable in applications

where quality is critical. For example, silver: 295
300
265
• Serves as electrodes in the most common solar cell

Silver Moz
types.
200 185
• Is in nearly every electronic system from 157 150
149
telecommunication infrastructure to electric vehicles. 134 135 133

• Is a preferred component of reflectors in telescopes and 100

concentrated solar installations.

• As we move to a high-tech, low-carbon economy, we will

need more technologies that utilize silver. 0
2016 2018 2020 2022 2024F
• The International Renewable Energy Agency (IRENA) reports
that global energy commitments alone would require an 18- PV Silver Demand EV Silver Demand
fold increase in solar deployment between 2018 and 2050.

~35% of total global mined production

Source: Metals Focus

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 ABOUT THE COMPANY

Multi
Leverage
Asset Goal
to Silver
Producer

~50% of revenue from Three doré-producing Become the World’s largest

Silver (50% Gold) underground mines in Mexico primary silver producer

North First Mint

American Bullion
Assets Producer

>245,000 Ha of mining Own and produce .999+

claims in two premier bullion at our minting
mining jurisdictions – facility, First Mint, LLC
Mexico and Nevada

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 Sustainalytics
•

Sustainalytics

Measure of risk
ESG Risk Rating improved by 39% year over year.

• As of Q2 2024 our score of 30.1 is in the top 37% High

industry performance.
Medium
S&P Global
Low
• 2023 Corporate Sustainability Assessment ESG
score improved to 31, above the Metals & Mining Negligible
industry average for the first time.

ISS ESG

Measure of performance
• As of Q2 2024, both our environment and social 31
scores are in the top 40% of mining industry 25

S&P Global
performance.
20
• We achieved placement in the best 10% for the
17
environment sub-topics of “natural resources”
and “waste and toxicity”, as well as the social
sub-topics of “Labor, Health and Safety” and
“Product Safety, Quality, and Brand” Industry Average

2020 2021 2022 2023 2024E

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 Q2 PRODUCTION: 5.3M Ag Eq
IN PRODUCTION

1 San Dimas

11% 2 5 2 Santa Elena

Nevada - USA
3 Elko 3 La Encantada
40%
1 4 First Mint Facility
6
Durango
PROJECTS
7 4
Las Vegas
5 Jerritt Canyon
49%

Mexico City 6 San Martin

Mexico 7 Del Toro

San Dimas Santa Elena La Encantada

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 Silver Oz (M) Gold Oz (k) Silver Eqv Oz (M) Cash Cost AISC

Silver Operations: ($ per AgEq oz) ($ per AgEq oz)

Santa Elena, Mexico 1.3 – 1.4 94 – 99 9.2 – 9.6 12.45 – 12.73 15.25 – 15.64

San Dimas, Mexico 5.2 – 5.5 56 – 59 9.8 – 10.4 14.17– 14.69 18.69 – 19.45

La Encantada, Mexico 2.4 – 2.5 – 2.4 – 2.5 21.52 – 22.26 26.17 – 27.18

Operations Total: 8.9 – 9.5 150 – 158 21.4 – 22.6 14.25 – 14.68 19.73 – 20.45

Corporate: ($ per AgEq oz) ($ per AgEq oz)

Corporate Charges – – – – 0.63 – 0.67

Total Production ($ per AgEq oz) ($ per AgEq oz)

Consolidated 8.9 – 9.5 150 – 158 21.4 – 22.6 14.25 – 14.68 20.36 – 21.11
• Certain amounts shown may not add exactly to the total amount due to rounding differences.
• Metal price & FX assumptions for calculating equivalents are silver: $28.00/oz, gold: $2,300.00/oz, 18.25:1 MXN:USD.

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 First Majestic’s Capital Expenditures
2024E Capex Breakdown Budget
$250
$230
$220
U/G Development $74M
Capital Expenditures (USD $M)

$200 Exploration $37M

PP&E $22M

$141 Corporate Projects $3M

$150 $136
$124 $125
TOTAL $136M

Expansionary
$107

$86M
$100

+
$50

Sustaining
$50M
$0
2018 2019 2020 2021 2022 2023 2024E

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 FIRST, WE MINE. THEN WE MINT.

• Located in Nevada, United States.

• Commenced producing bullion in Q1 2024.
• Production led by industry veterans with over 20 years of
experience working at two of the largest mints in North
America.

• High efficiency production allows the mint to produce over

10% of the Company’s production from our Mexican
operations.

• Eliminating the middleman by vertically integrating the

minting process and controlling the supply chain while
capitalizing on the strong investment demand for physical
silver and above average premiums.

• State-of-the-art machines require less electricity and do

not release gas emissions compared to traditional minting
processes.

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 2024E Operational Guidance

Mill Throughput: 2,650 tpd

9.2M – 9.6M AgEq oz

Production:
(1.3M – 1.4M Ag oz + 94K - 99K Au oz )

AISC: $15.25 – $15.64

Produces: 100% Doré

QUARTER END
Full Year
2023
Q2 2024 Q1 2024 Q2 2023

Silver production (oz) 376,947 355,205 142,037 1,176,591

• Continued strong metallurgical recoveries due to the operational
optimization of the new dual circuit plant.
Silver eqv. production (oz) 2,580,497 2,280,739 1,788,596 9,571,792
• Exploration drilling focused in the search of a new mineralized
vein. Silver grade (g/t) 69 72 39 64

• Upgraded the LNG facility to 24MW (from 12MW) to power the Gold grade (g/t) 3.52 3.16 3.12 3.77
Ermitaño mine and dual-circuit processing plant.
Cash costs / oz ($US) TBA $12.13 $14.45 $11.87
• Certified ISO 9001 Assay Lab on site, increasing reliability as well
as reducing costs and allowing for faster assay turnaround times. All-in Sustaining cost / oz ($US) TBA $14.70 $18.00 $14.83

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 Exploration Upside

• Large land package of • Currently drilling multiple

mining claims covering prospective veins within a Las Chispas
102,244 hectares. 10Km radius of the
processing plant and
• New discovery made at drilling at Los Hernandez. P&P: 38.2M AgEq oz @ 468 g/t AgEq
Ermitaño in late 2016.
M&I: 52.0M AgEq oz @ 564g/t AgEq
Inferred: 41.2M AgEq oz @ 449 g/t AgEq

Santa Elena
Processing Plant

Vein outcropping at Ermitaño

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 DRILLING ~22,000 METRES IN 2024 TO TEST LOWER LIMITS OF RESOURCE AT SPLAY AND LUNA

Splay Ermitaño Central Ermitaño Ermitaño-Luna

Drill Hole
Au g/t/Ag g/t (length m)
g/t AgEq
EW-23-336
2.46/45(1.88m)
243 g/t AgEq

EW-23-327
8.09/348(3.34m)
996 g/t AgEq

LEGEND OPEN
2022 Resources 2023 Holes EW-23-330
Measured Resource Significant 2.67/54(1.86m)
Intercept* 268 g/t AgEq
Indicated Resource EW-23-325
Inferred Resource No Significant 2.8/88(4.46m)
Fault Intercept 312 g/t AgEq
2016-2022 Holes Results
Pending

+585000

+585200

+585400
2021-2023
+584000
+583800

+584600
+584200

+584400

+584800
Delienation Holes

0 200 meters 400 600

*Significant defined as intercept length>1.5m and grade>140 g/t AgEq
*For a summary of significant intercepts see slide 32

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 2024E Operational Guidance

Mill Throughput: 2,300 tpd

9.8M – 10.4M AgEq oz

Production:
(5.2M – 5.5M Ag oz + 56K – 59K Au oz)

AISC: $18.69 – $19.45

Produces: 100% Doré

QUARTER END
Full Year
2023
Q2 2024 Q1 2024 Q2 2023

• Over 50% of the power requirements provided by Silver production (oz) 1,141,906 1,163,792 1,690,831 6,355,308
environmentally clean, low-cost hydroelectric power.
Silver eqv. production (oz) 2,114,072 2,364,875 3,372,418 12,789,920
• Focused on improvements in dilution control from long hole
stoping and cut and fill in order to increase head grades. Silver grade (g/t) 210 220 245 240

• 2024 exploration budget is the largest since asset Gold grade (g/t) 2.15 2.45 2.92 2.85
acquisition. The focus is on the "West Block“, where several
of the districts most prominent producers are trending in Cash costs / oz ($US) TBA $15.81 $12.07 $12.51
this direction.
All-in Sustaining cost / oz ($US) TBA $20.49 $15.89 $16.48

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 • First reported mining in the • Considered to be one of the 2024 Exploration Highlights:
• PE24_309: 10.87 g/t Au and 1,034 g/t
San Dimas district in 1757 – most significant precious Ag over 7.88m
over 250 years ago. metal mining districts in • SIN24_092: 39.28 g/t Au and 1,905 g/t
Mexico. Ag over 1.76m.
• Historic district production
estimated at 11.1M Au oz & • Land package of mining
756M Ag oz. claims covering 71,867
hectares.
• Over 500 km of
underground development.

Processing Mill

Current Mining
& Development
Areas

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 2024E Operational Guidance

Mill Throughput: 2,300 tpd

Production: 2.4M – 2.5M Ag oz

AISC: $26.17 – $27.18

Produces: 100% Doré

QUARTER END
Full Year
2023
Q2 2024 Q1 2024 Q2 2023

Silver production (oz) 585,329 456,179 800,543 2,718,856

• Natural gas generators currently supplying 90% of power
requirements. Silver eqv. production (oz) 589,060 459,110 806,789 2,745,622

• Optimizing costs and improving efficiencies.

Silver grade (g/t) 129 123 127 121
• Ramping up throughput at the mill to budgeted rates in H2
Cash costs / oz ($US) TBA $25.22 $16.90 $20.05
2024.

All-in Sustaining cost / oz ($US) TBA $31.64 $19.83 $24.28

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• Located in Elko County, Nevada, U.S.A.

• Underground mining operations temporarily suspended in

March 2023.

• Focused on new regional discoveries across the large 30,821-

hectare (119 square mile) land package; ~$10M 2024
exploration budget.

• Current known Measured & Indicated resources of 1.827M oz

contained (10,918K tonnes @ 5.2 g/t Au) & inferred resources of
1.905M oz contained (12,427K tonnes @ 4.77 g/t Au).

• Processing facility contains one of only three Roasters in the

State of Nevada.

• Analyzing the optimization of bulk mining and cost-effective

mining methods.

• Continuing modernization of the open-air processing plant to

better withstand severe weather conditions.

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 Geologic Map All Drilling >3 g/t Au Drill Collars
• Detailed surface mapping and
rock chip sampling (2023).

• Geophysics:

• Seismic 2023.

• Induced Polarization 2024.

• Drilling (2024).

Only ~15% of Jerritt

Canyon’s claims have
been explored to date
Upper Plate
Lower Plate
Au >3gpt

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• Continued Resource expansion potential at the Ermitaño Mine –
Luna & Soledad.

• Ongoing exploration activities, mine plan optimization and

processing plant improvements planned at Jerritt Canyon.

• Continued improvements in metallurgical recoveries through

implementation of fine grinding and other R&D.

• Over 210,000 metres of exploration planned in 2024 - West,

Central & Sinaloa blocks, Los Hernandez, Ermitaño & Jerritt
Canyon.

• San Dimas exploration highlights (June 13, 2024):

• PE24_297: 7.36 g/t Au and 1,129 g/t Ag over 6.72m;

• PE24_309: 10.87 g/t Au and 1,034 g/t Ag over 7.88m;

• SIN24_092: 39.28 g/t Au and 1,905 g/t Ag over 1.76m;

Santa Elena’s 24MW LNG Power Plant
• Engaging directly with federal governments to discuss the
merits of silver as a critical metal.

• Higher Silver Prices!!

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 Available Liquidity
• $229.3M cash on hand, including $127.2M of
Restricted Cash.

• Total Working Capital of $159.6M inclusive of $51.9M

of Marketable Securities, including:

• An 8% interest in Metalla Royalty & Streaming;

• A 46% interest in Sierra Madre Gold & Silver;
Revolving • A 41% interest in Silver Storm Mining.

Credit Available Working • Revolving Credit Facility of $175.0M ($124.6M

Facility Liquidity Capital undrawn).

$107.7M •
(Undrawn) $284.2M Senior Convertible Debenture @ 0.375% in the
amount of $201.6M.
$124.6M

Marketable
Securities
$51.9M
The above liquidity is exclusive of
•
$127.2 million in restricted cash.
All amounts shown are in US dollars
• As of 03/31/24

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 Capital Structure Research Coverage
Market Capitalization: $1.93B USD / $2.64 CDN Bank of Montreal Scotiabank

Shares Outstanding: 298M (FD 308M) Cormark Securities Toronto Dominion

3M Avg. Daily Volume (NYSE & TSX): 10.2M Shares ~$60M daily liquidity H.C. Wainwright National Bank Financial

Share Price: $6.46 USD / $8.85 CDN TheGoldAdvisor.com

52 Week Low/High: $4.17 / $8.44 USD | $5.67 / $11.58 CDN

• As of 07/15/24 *All amounts are in U.S. dollars unless stated otherwise.

2%

Top Shareholders % S/O

Van Eck (GDXJ & GDX) 9.6%
The Vanguard Group 3.6%
Mirae Asset Global Investments 2.7% 40%
58%
Tidal Investments LLC 2.0%
BlackRock Asset Management 1.9%
Dimensional Fund Advisors 1.6%
Keith Neumeyer (President & CEO) 1.4%
BofA Global Research (US) 1.1%
Voloridge Investment Management 1.0%
Susquehanna International Group 0.9%
Institutional Retail Insiders Management
• As of 07/15/24

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 Under the Company’s dividend policy, the quarterly
dividend per common share is targeted to equal
approximately 1% of the Company’s revenues.

The Q1 2024 cash dividend of $0.0037 per share was

paid to holders of record of First Majestic as of the close
of business on May 17, 2024, and was distributed on or
about June 7, 2024.

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 1. Silver is real money 6. Silver inventories are falling

2. Physical silver is a hard asset 7. Industrial use is growing

3. Silver is relatively inexpensive 8. New supply is falling

4. Silver isn’t just cheaper to buy, but it

can be more practical when you need 9. World demand is growing
to sell, too

5. Silver outperforms gold in bull markets 10. The gold/silver ratio favors silver

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 Del Toro Silver Mine San Martin Silver Mine
• Located in Zacatecas, Mexico. • Located in Jalisco, Mexico.
• Property consists of 70 mining claims • 100% Silver/Gold doré producer.
covering 2,159 hectares. • Property consists of 33 mining claims
• 1,000 tpd flotation circuit capable of within 38,512 hectares.
producing lead-silver and zinc • 1,300 tpd cyanidation mill.
concentrates.

Production Since 2013 Production Since 2006

Silver 10.2 Moz

Silver 18.5 Moz
Gold 2 Koz

Lead 109 Mlbs

Gold 39 Koz
Zinc 2 Mlbs

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 • The Company has brought two arbitration proceedings against Mexico under Chapter 11 of the North American Free Trade Agreement (“NAFTA”) for
violating its international law obligations.

• The first proceeding commenced in August 2021 and relates to a September 2020 decision by the Federal Court in Mexico to retroactively nullify an Advance
Pricing Agreement (“APA”) that the Company had entered into with the Mexican tax authority, Servicio de Administración Tributaria ("SAT"), in October 2012,
Background with respect to metal sales from the San Dimas mine.

• The second NAFTA proceeding commenced in July 2023 and relates to the denial of access to certain VAT refunds.

• In addition to the arbitration challenges at the international-law level, the Company is also challenging the decision of the Federal Court domestically
through the Mexican court system.

• The Company remains confident with respect to the validity of the APA and in its position with regards to its two NAFTA claims and continues to engage with
Our Position the Government of Mexico in consultation discussions so as to amicably resolve both claims.

• In February 2024, Mexico filed a request to consolidate the two arbitration proceedings (Consolidation Request”). A 3-person tribunal has been established to
decide whether the two proceedings should be consolidated into one, and we expect the tribunal to issue a decision on the Consolidation Request in Q4 2024.
Legal Updates
• For further details regarding the above, please see the section entitled “Primero Tax Rulings” in our Q1 2024 Interim MD&A.

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• In July 2020, entered into a silver stream agreement to purchase 50% of the
silver produced from the Springpole Project, located in Ontario, Canada.

• Ongoing cash payments of 33% of the silver spot price per ounce, up to a
maximum of $7.50 per ounce.

• Total consideration of $22.5 million in cash and shares over three milestone
payments.

• Approximately 18.1 million payable ounces of silver expected to be produced

over the life of mine (50% payable to FMS).

• Provides significant Springpole Project

upside potential to
higher silver prices.

• Substantial
exploration upside
on large land
holdings of over
70,000 hectares.

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PROVEN AND PROBABLE MINERAL RESERVE ESTIMATES, WITH AN EFFECTIVE DATE OF DECEMBER 31, 2023
1. Mineral Reserves have been classified in accordance with the Canadian
Mine Mineral Tonnage Grades Metal Content Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards
on Mineral Resources and Mineral Reserves, whose definitions are
Category Type k tonnes Ag (g/t) Au (g/t) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz) incorporated by reference into NI 43-101.
2. The Mineral Reserve statement provided in the table above has an
effective date of December 31, 2023, except for the Santa Elena Leach Pad
SAN DIMAS estimate, which has an effective date of March 11, 2024.
Proven (UG) Sulphides 1,972 265 3.47 556 16,780 220 35,270 3. The Mineral Reserve estimates were prepared under the supervision of,
or were reviewed by, Brian Boutilier, P.Eng., Internal QP for First Majestic,
Probable (UG) Sulphides 1,663 254 2.69 480 13,580 144 25,640 who is a Qualified Person under NI 43-101.
4. The Mineral Reserves were estimated from the M&I portions of the
Total Proven and Probable (UG) Sulphides 3,635 260 3.11 521 30,360 364 60,910 Mineral Resource estimates. Inferred Mineral Resources were not
considered to be converted into Mineral Reserve estimates.
5. AgEq is estimated considering metal price assumptions, metallurgical
SANTA ELENA recovery for the corresponding mineral type/mineral process and the metal
Proven (UG - Ermitano) Sulphides 590 78 3.87 548 1,473 73 10,386 payable of the selling contract.
a) The AgEq grade formula used was:
Proven (UG - Santa Elena) Sulphides 164 140 1.54 267 735 8 1,408 AgEq Grade = Ag Grade + Au Grade * (Au Recovery * Au Payable * Au
Price) / (Ag Recovery * Ag Payable * Ag Price).
Probable (UG - Ermitano) Sulphides 2,086 65 2.87 414 4,367 193 27,774 b) Metal prices considered for Mineral Reserve estimates were $22.5/oz
Ag and $1,850/oz Au for all sites.
Probable (UG - Santa Elena) Sulphides 679 167 1.30 275 3,636 28 5,996 c) Other key assumptions and parameters include: metallurgical
Probable (Pad) Oxides 325 25 0.39 65 266 4 677 recoveries; metal payable terms; direct mining costs, processing costs,
indirect and G&A costs and sustaining costs. These parameters are
Total Proven and Probable (UG+Pad) Oxides + Sulphides 3,843 85 2.48 374 10,478 307 46,241 different for each mine and mining method assumed and are
presented in each mine section of the AIF.
6. A two-step constraining approach has been implemented to estimate
LA ENCANTADA Mineral Reserves for each mining method in use: A General Cut-Off Grade
(“GC”) was used to delimit new mining areas that will require development
Probable (UG) Oxides 3,675 130 - 130 15,321 - 15,321 of access, infrastructure and all sustaining costs. A second Incremental Cut-
Total Probable (UG) Oxides 3,675 130 - 130 15,321 - 15,321 Off Grade (“IC”) was considered to include adjacent mineralized material
which recoverable value pays for all associated costs, including but not
limited to the variable cost of mining and processing, indirect costs,
treatment, administration costs and plant sustaining costs but excludes the
Consolidated FMS access development assumed to be covered by the block above the GC
grade.
Proven (UG) All mineral types 2,726 217 3.44 537 18,988 302 47,064 7. The cut-off grades, metallurgical recoveries, payable terms and
modifying factors used to convert Mineral Reserves from Mineral Resources
Probable (UG) All mineral types 8,428 137 1.36 278 37,171 369 75,409 are different for all mines and are presented in each mine section in the AIF.
Total Proven and Probable All mineral types 11,153 157 1.87 342 56,159 671 122,472 8. Modifying factors for conversion of resources to reserves include
consideration for planned dilution which is based on spatial and
geotechnical aspects of the designed stopes and economic zones,
additional dilution consideration due to unplanned events, materials
handling and other operating aspects, and mining recovery factors.
Mineable shapes were used as geometric constraints.
9. Tonnage is expressed in thousands of tonnes; metal content is expressed
in thousands of ounces. Metal prices and costs are expressed in USD.
10.Numbers have been rounded as required by reporting guidelines. Totals
may not sum due to rounding.
11. The technical reports from which the above-mentioned information is
derived are cited under the heading "Technical Reports for Material
Properties" in the AIF.
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MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2023
Mine / Project Mineral Tonnage Grades Metal Content 1. Mineral Resource estimates have been classified in accordance with the CIM
Definition Standards on Mineral Resources and Mineral Reserves, whose
Category / Area Type k tonnes Ag (g/t) Au (g/t) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz) definitions are incorporated by reference into NI 43-101.
2. The Mineral Resource estimates provided above have an effective date of
MATERIAL PROPERTIES December 31, 2023, except for the Santa Elena Leach Pad estimate, which has
an effective date of March 11, 2024.
3. The Mineral Resource estimates were prepared by the Company’s Internal
SAN DIMAS QPs, who have the appropriate relevant qualifications, and experience in
Measured (UG) Sulphides 2,124 449 5.92 942 30,640 404 64,340 geology and resource estimation. The Mineral Resource estimates were
prepared under the supervision of, or were reviewed by, David Rowe, CPG,
Indicated (UG) Sulphides 1,821 353 3.80 671 20,680 223 39,260 Internal QP for First Majestic, who is a Qualified Person under NI 43-101.
Total Measured and Indicated (UG) Sulphides 3,945 405 4.94 817 51,320 627 103,600 4. Sample data was collected through a cut-off date of December 31, 2023 for
the material properties except for the Santa Elena Leach Pad estimate, which
has an effective date of March 11, 2024. All properties account for relevant
SANTA ELENA technical information and mining depletion through December 31, 2023.
Measured Ermitano (UG) Sulphides 612 81 4.38 613 1,600 86 12,060 5. Metal prices considered for Mineral Resource estimates were $24.5/oz Ag
and $2,000/oz Au.
Measured Santa Elena (UG) Sulphides 387 152 1.72 295 1,890 21 3,670 6. Silver-equivalent grade is estimated considering: metal price assumptions,
Indicated Ermitano (UG) Sulphides 2,306 71 3.45 489 5,260 256 36,280 metallurgical recovery for the corresponding mineral type/mineral process and
the metal payable of the corresponding contract of each mine. Estimation
Indicated Santa Elena (UG) Sulphides 1,384 163 1.52 290 7,250 68 12,890 details are listed in each mine section of the AIF.
Indicated (Leach Pad) Oxides Spent Ore 337 25 0.39 64 270 4 690 7. The cut-off grades and cut-off values used to report Mineral Resources are
different for all mines. The cut-off grades, values and economic parameters are
Total Measured and Indicated (UG+Pad) All Mineral Types 5,026 101 2.69 406 16,280 435 65,590 listed in the applicable section describing each mine section in the AIF.
8. M&I Mineral Resource estimates are inclusive of the Mineral Reserve
JERRITT CANYON estimates.
9. Tonnage is expressed in thousands of tonnes; metal content is expressed in
Measured (UG) Sulphides 5,717 - 5.25 429 - 966 78,850 thousands of ounces. Totals may not add up due to rounding.
Indicated (UG) Sulphides 4,490 - 5.42 442 - 782 63,860 10.The technical reports from which the above-mentioned information for the
material properties is derived are cited under the heading "Technical Reports
Indicated (OP) Sulphides 711 - 3.43 280 - 78 6,400 for Material Properties" in the AIF.
Total Measured and Indicated (UG and OP) All Mineral Types 10,918 - 5.20 425 - 1,827 149,110

LA ENCANTADA
Indicated (UG) Oxides 3,299 178 - 178 18,900 - 18,900
Indicated Tailings Deposit No. 4 Oxides 2,458 119 - 119 9,410 - 9,410
Total Indicated (UG+Tailings) All Mineral Types 5,756 153 - 153 28,310 - 28,310

TOTAL MATERIAL PROPERTIES

Total Measured (UG) All Mineral Types 8,840 120 5.20 559 34,130 1,478 158,920
Total Indicated(UG and OP) All Mineral Types 16,806 114 2.61 347 61,770 1,411 187,690
Total Measured and Indicated (UG and OP) All Mineral Types 25,646 116 3.50 420 95,900 2,888 346,610

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INFERRED MINERAL RESOURCE ESTIMATES FOR THE MATERIAL PROPERTIES, WITH AN EFFECTIVE OF DECEMBER 31, 2023
Mine / Project Mineral Tonnage Grades Metal Content 1. Mineral Resource estimates have been classified in accordance
Category / Area Type k tonnes Ag (g/t) Au (g/t) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz) with the CIM Definition Standards on Mineral Resources and Mineral
Reserves, whose definitions are incorporated by reference into NI
43-101.
MATERIAL PROPERTIES 2. The Mineral Resource estimates provided above have an effective
date of December 31, 2023, except for the Santa Elena Leach pad
SAN DIMAS estimate, which has an effective date of March 11, 2024. The Mineral
Resource estimates were prepared by the Company’s Internal QPs,
Inferred Total (UG) Sulphides 3,959 306 3.67 612 38,990 467 77,940 who have the appropriate relevant qualifications, and experience in
Inferred Total (UG) Sulphides 3,959 306 3.67 612 38,990 467 77,940 geology and resource estimation.
3. The Mineral Resource estimates were prepared under the
supervision of, or were reviewed by, David Rowe, CPG, Internal QP
SANTA ELENA for First Majestic, who is a Qualified Person under NI 43-101.
4. Sample data was collected through a cut-off date of December 31,
Inferred Ermitaño (UG) Sulphides 2,049 65 2.34 349 4,280 154 22,970 2023 for the material properties, except for the Santa Elena Leach
Inferred Santa Elena (UG) Sulphides 1,340 143 1.55 272 6,160 67 11,700 pad estimate, which has an effective date of March 11, 2024. All
properties account for relevant technical information and mining
Inferred (Leach Pad) Oxides Spent Ore 50 35 0.66 101 60 1 160 depletion through December 31, 2023.
Inferred Total (UG + Pad) All Mineral Types 3,439 95 2.01 315 10,500 222 34,840 5. Metal prices considered for Mineral Resource estimates were
$24.5/oz Ag and $2,000/oz Au.
6. Silver-equivalent grade is estimated considering metal price
JERRITT CANYON assumptions, metallurgical recovery for the corresponding mineral
Inferred Total (UG) Sulphides 11,565 - 4.89 399 - 1,819 148,490 type/mineral process and the metal payable of the corresponding
contract of each mine. Estimation details are listed in each mine
Inferred Total (OP) Sulphides 862 - 3.10 253 - 86 7,010 section of the AIF.
Inferred Total (UG & OP) Sulphides 12,427 - 4.77 389 - 1,905 155,500 7. The cut-off grades and cut-off values used to report Mineral
Resource estimates are different for all mines. The cut-off grades,
values and economic parameters are listed in the applicable section
LA ENCANTADA describing each mine section in the AIF.
8. Tonnage is expressed in thousands of tonnes; metal content is
Inferred Total (UG) Oxides 2,115 204 - 204 13,890 - 13,890
expressed in thousands of ounces. Totals may not add up due to
Inferred Tailings Deposit No. 4 Oxides 427 118 - 118 1,620 - 1,620 rounding.
9. The technical reports from which the above-mentioned
Inferred Total (UG + Tailings) All Mineral Types 2,542 190 - 190 15,510 - 15,510 information for the material properties is derived are cited under the
heading "Technical Reports for Material Properties" in the AIF.
Total Inferred Material Properties All Mineral Types 22,367 90 3.61 395 65,000 2,594 283,790

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MEASURED AND INDICATED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2020
Mine / Project Mineral Tonnage Grades Metal Content
Category / Area Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Pb (M lb) Zn (M lb) Ag-Eq (k Oz)

NON-MATERIAL PROPERTIES

SAN MARTIN
Measured (UG) Oxides 70 221 0.40 - - 255 500 1 - - 580
Indicated (UG) Oxides 958 277 0.53 - - 321 8,520 16 - - 9,890
Total Measured and Indicated (UG) Oxides 1,028 273 0.52 - - 317 9,020 17 - - 10,470

DEL TORO
Indicated (UG) Sulphides 440 193 0.53 3.52 5.75 414 2,720 7 34.2 55.7 5,850
Indicated (UG) Oxides + Transition 153 226 0.15 4.97 - 351 1,110 1 16.7 - 1,720
Total Measured and Indicated (UG) All Mineral Types 592 201 0.43 3.90 4.27 398 3,830 8 50.9 55.7 7,570

SUBTOTAL NON-MATERIAL PROPERTIES

Total Measured All Mineral Types 70 221 0.40 - - 255 500 1 - - 580
Total Indicated All Mineral Types 1,550 248 0.49 1.49 1.63 350 12,350 24 50.9 55.7 17,460
Total Measured and Indicated All Mineral Types 1,620 247 0.49 1.42 1.56 346 12,850 25 50.9 55.7 18,040
1. Mineral Resource estimates have been classified in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by
reference into National Instrument NI 43-101.
2. The Mineral Resource estimates for the other non-material properties were updated December 31, 2020. The estimates were prepared by FMS Internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource
estimation. The information provided was compiled by David Rowe, CPG, Internal QP for First Majestic, and reviewed by Gonzalo Mercado, P.Geo. Internal QP for First Majestic.
3. Sample data was collected through a cut-off date of December 31, 2020, for the three non-material properties.
4. Metal prices considered for Mineral Resources estimates of the other three non-material properties on December 31, 2020, were $22.50/oz Ag, $1,850/oz Au, $0.90/lb Pb and $1.05/lb Zn.
5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine.
6. The cut-off grades and cut-off values used to report Mineral Resources are different for all mines. The cut-off grades, values and economic parameters are listed in the applicable section describing each mine section of the AIF.
7. Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces. Totals may not add up due to rounding.

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INFERRED MINERAL RESOURCE ESTIMATES FOR THE NON-MATERIAL PROPERTIES WITH AN EFFECTIVE DATE OF DECEMBER 31, 2020
Mine / Project Mineral Tonnage Grades Metal Content
Category / Area Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Pb (M lb) Zn (M lb) Ag-Eq (k Oz)

NON-MATERIAL PROPERTIES

SAN MARTIN Oxides 2,533 226 0.36 - - 256 18,400 29 - - 20,870

Inferred Total (UG) Oxides 2,533 226 0.36 - - 256 18,400 29 - - 20,870

DEL TORO
Inferred (UG) Sulphides 496 185 0.25 3.08 2.73 322 2,950 4 33.7 29.8 5,130
Inferred (UG) Oxides + Transition 690 182 0.08 3.74 - 273 4,030 2 56.8 - 6,050
Inferred Total (UG) All Mineral Types 1,186 183 0.15 3.46 1.14 293 6,980 6 90.5 29.8 11,180

Total Inferred Non-Material Properties All Mineral Types 3,719 212 0.29 1.10 0.36 268 25,380 35 90.5 29.8 32,050
1. Mineral Resource estimates have been classified in accordance with the 2014 Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by
reference into National Instrument NI 43-101.
2. The Mineral Resource estimates for the other non-material properties were updated December 31, 2020. The estimates were prepared by FMS Internal QPs, who have the appropriate relevant qualifications, and experience in geology and resource
estimation. The information provided was compiled by David Rowe, CPG, Internal QP for First Majestic, and reviewed by Gonzalo Mercado, P.Geo., Internal QP for First Majestic.
3. Sample data was collected through a cut-off date of December 31, 2020, for the three non-material properties.
4. Metal prices considered for Mineral Resources estimates of the other three non-material properties on December 31, 2020, were $22.50/oz Ag, $1,850/oz Au, $0.90/lb Pb and $1.05/lb Zn.
5. Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine.
6. The cut-off grades and cut-off values used to report Mineral Resources are different for all mines. The cut-off grades, values and economic parameters are listed in the applicable section describing each mine section of the AIF.
7. Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces. Totals may not add up due to rounding.

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APPENDIX A – ERMITAÑO SELECT SIGNIFICANT INTERCEPT TABLE
• Gold intercepts at Ermitaño are
Intercept calculated using weighted averages,
Drillhole Drill type uncapped sample assays, a 140 g/t
True length
From (m) To (m) Length (m) Au (g/t) Ag (g/t) AgEq (g/t) AgEq cut-off grade and a minimum
(m) length of 1.5m. True width of incepts is
EW-23-325 DDH 381.10 394.15 13.05 4.46 2.80 88 312 unknown at this time. A maximum one
meter below the cut-off grade is
EW-23-327 DDH 353.15 358.35 5.20 3.34 8.09 349 996 allowed as dilution.
EW-23-330 DDH 284.85 288.10 3.25 1.86 2.67 55 268
• First Majestic’s drill programs follow
EW-23-336 DDH 240.30 242.60 2.30 1.88 2.46 46 243 established QA/QC insertion protocols
with standards, blanks and duplicate
checks introduced in the sample
stream.

• All drill hole assay information has been

completed by site geologist, reviewed
and approved by FMS management.
Sample preparation and analysis
conducted by SGS (ISO/IEC17025:2017)
or First Majestic Central Laboratory (ISO
9001:2015).

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First Majestic Silver Corp.
1800 - 925 West Georgia Street
Vancouver, British Columbia, Canada
V6C3L2

Email: info@firstmajestic.com
Tel: 604.688.3033
Fax: 604.639.8873
North American Toll-Free: 1.866.529.2807

Bullion Sales
Email: customersupport@firstmajestic.com
Email: customersupport@firstmint.com