Production Records At San Dimas and Santa Elena Mines

VANCOUVER - Keith Neumeyer, President & CEO of First Majestic Silver Corp. announced, “The Company ended the year with its strongest production quarter in it’s 20-year history. During the fourth quarter, production at our San Dimas and Santa Elena mines exceeded expectations and reached new records due to a significant improvement in productivity and in silver and gold grades. Consolidated gold production also reached a new record of 192,353 ounces in 2021 due to the acquisition of the Jerritt Canyon mine and the start of production and first pour from the Ermitano mine at Santa Elena in November. In 2022, total production is expected to increase between 20% to 33% compared to 2021 primarily due to higher production expected at San Dimas, Santa Elena and a full year of production at Jerritt Canyon. In addition, we are planning to invest significantly in exploration and underground development in 2022 in order to prepare a clear path to achieving our goal of producing over 40 million silver equivalent ounces by 2024."

In the fourth quarter production reached a new quarterly record of 8.6 million silver equivalent ounces, consisting of 3.4 million silver ounces and 67,411 gold ounces, representing a 17% increase compared to the prior quarter. Additionally, full year 2021 production reached a new Company record of 26.9 million silver equivalent ounces, consisting of 12.8 million silver ounces and 192,353 gold ounces, or a 32% increase over 2020. The Company is also pleased to announce its 2022 guidance of producing between 32.2 to 35.8 million silver equivalent ounces, consisting of 12.2 to 13.5 million ounces of silver and 258,000 to 288,000 ounces of gold.

The Company expects 2022 total production from its four operating mines to range between 32.2 to 35.8 million silver equivalent ounces consisting of 12.2 to 13.5 million ounces of silver and 258,000 to 288,000 ounces of gold. Based on the midpoint of the guidance range the Company expects silver equivalent ounces to increase 27% when compared to 2021. Silver production is expected to remain consistent with 2021 rates whereas gold production is expected to increase by 42% year-over-year. The increase in gold production is primarily due to the ramp up of production at Ermitano which is known to contain higher amounts of gold and a full year worth of production from Jerritt Canyon.