First Majestic Reports Increased Gold and Silver Production

VANCOUVER - First Majestic Silver Corp. reported that total production in the third quarter of 2020 reached 5.2 million silver equivalent ounces consisting of 3.2 million ounces of silver and 25,771 ounces of gold. Quarterly silver and gold production increased 72% and 63%, respectively, compared to the prior quarter following Mexico’s Ministry of Health’s Federal Decree requiring all non-essential businesses, including mining, to temporarily suspend activities throughout most of April and May in response to the global pandemic. In the first nine months of 2020, the Company produced 8.1 million ounces of silver and 73,738 ounces of gold for a total production of 14.9 million silver equivalent ounces.

“During the quarter, higher production rates along with improved metal prices and the recent investment by Eric Sprott resulted in significant growth of our treasury to $232 million at quarter end,” said Keith Neumeyer, President and CEO. “At the operations, we recorded strong quarterly silver production at both La Encantada and San Dimas due to higher milling rates and we expect this trend will continue going forward into 2021. Santa Elena is expected to see higher grades and milling rates in the fourth quarter of 2020 as additional workers have recently arrived to site to assist with increasing underground ore production. While the COVID-19 situation has thrown many new complexities at the business, I’m proud of our team’s overall production results and our continued commitment towards ensuring the health and safety of all our employees on site and within our local communities.”