New Production Record Achieved From Four Producing Mines

VANCOUVER - First Majestic Silver Corp. reported on total production in the third quarter of 2022 from it’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.

Total Production Increased by 14% Q/Q: The Company produced a record 8.8 million AgEq ounces representing a 14% increase when compared to the previous quarter primarily due to higher gold production at San Dimas and Santa Elena. Santa Elena is up 22% with strong metal production from the Ermitaño mine enabled Santa Elena to set another all-time new quarterly production record of 2.7 million AgEq ounces in the third quarter, representing a 22% increase compared to the prior quarter.

Jerritt Canyon is increasing mine production with underground development activities that continued during the quarter at the West Generator and Saval II mines in order to prepare for higher ore deliveries starting in November. These two new sources of ore feed, along with improved ore grades from the Smith Zone 10 area, are anticipated to increase gold grades and increase the amount of fresh ore feed to the plant by approximately 50% in the fourth quarter.

Ermitaño is operating fully on Liquefied Natural Gas (LNG). The Company successfully completed the transmission powerline connection from Ermitaño to Santa Elena's LNG powerplant in September enabling the mine to operate on 100% LNG power for the first time. In addition, the Company has begun pre-commissioning activities for expanding the LNG powerplant to 24 MW which will provide additional power for the dual-circuit processing plant at Santa Elena. The expanded powerplant is expected to be fully operational in the fourth quarter following the installation of four 2.5 MW LNG generators.

There are 23 dill rigs active in which the Company completed a total of 80,370 metres of drilling across the Company's mines during the quarter. Throughout the quarter a total of 23 drill rigs were active consisting of seven rigs at San Dimas, nine rigs at Jerritt Canyon, five rigs at Santa Elena and two rigs at La Encantada. In August, the Company released exploration results from Jerritt Canyon's recently discovered Smith Zone 10, a high-grade mineralized area near active underground infrastructure, which is scheduled to begin mining in the fourth quarter.

"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."