First Majestic Silver Corp. (“First Majestic” or the “Firm”) is happy to announce the Firm’s fourth quarter and full 12 months 2020 manufacturing outcomes, in addition to manufacturing and price steerage for 2021. The Firm’s fourth quarter and full 12 months 2020 monetary outcomes are scheduled to be launched on February 18, 2021.

This autumn 2020 HIGHLIGHTS

• Whole manufacturing reached 5.5 million silver equal ounces, representing a 5% improve over the prior quarter.
• Silver manufacturing reached 3.5 million ounces, representing a 9% improve over the prior quarter and the Firm’s second highest quarterly silver manufacturing.
• Gold manufacturing reached 26,343 ounces, representing a 2% improve from the prior quarter.
• San Dimas produced 1.9 million ounces of silver and 19,980 ounces of gold, representing a rise of 16% and 9%, respectively, from the prior quarter and the best quarterly silver manufacturing since buying the mine in Could 2018.
• La Encantada produced 1.1 million silver ounces, representing a 12% improve from the prior quarter and the best quarterly manufacturing since Q2 2013.
• On the finish of the fourth quarter, 25 exploration drill rigs have been energetic throughout the Firm’s mines and initiatives consisting of 12 rigs at San Dimas, seven rigs at Santa Elena, 4 rigs at La Encantada and two rigs at La Parrilla.

FY 2020 HIGHLIGHTS

• Silver manufacturing of 11.6 million ounces achieved the top-end of the Firm’s revised steerage vary of manufacturing between 11.0 to 11.7 million ounces of silver. Robust silver manufacturing from La Encantada and San Dimas within the second half of 2020 helped to offset a few of the manufacturing losses ensuing from the nationwide COVID-19 shutdowns which occurred within the second quarter of 2020.
• Gold manufacturing in 2020 reached 100,081 ounces and barely under the Firm’s steerage vary of manufacturing between 106,000 to 112,000 ounces. The slight miss was primarily because of decrease manufacturing charges at Santa Elena and decrease gold grades at San Dimas within the second half of 2020.
• La Encantada produced 3.5 million silver ounces, representing a 14% improve from the prior 12 months and beating the Firm’s revised manufacturing steerage of between 3.1 to three.3 million silver ounces. As well as, La Encantada recorded its highest annual silver manufacturing since 2014.
• Achieved document consolidated common silver recoveries of 88%, the best within the Firm’s 18-year historical past because of the continued success with effective grinding applied sciences and mill modifications.
• La Encantada achieved common silver recoveries of 78% in 2020 marking its highest annual restoration fee within the Firm’s historical past.
• Accomplished 2,292 metres of underground growth on the Ermitaño undertaking close to Santa Elena prematurely of manufacturing ramp up scheduled for early 2022.
• Building of the liquid pure gasoline (“LNG”) facility at Santa Elena was roughly 90% full at 12 months finish and stays on schedule to start commissioning in February 2021 with preliminary energy supply anticipated in Q2 2021.
• Accomplished 156,244 metres of exploration drilling in 2020.
• Ended the 12 months with document money and money equivalents stability of US$238.6 million.

“ First Majestic posted one other robust 12 months in 2020 regardless of the various challenges introduced on by the COVID-19 pandemic and Mexico’s two-month nationwide shutdown,” mentioned Keith Neumeyer, President & CEO. “However, our group rapidly tailored to the brand new regular and outperformed within the second half of the 12 months. Throughout the fourth quarter, silver manufacturing at La Encantada and San Dimas once more exceeded our expectations. At La Encantada, silver manufacturing hit a six 12 months excessive because of continued enhancements in recoveries and underground manufacturing from the caving areas. San Dimas had a powerful near 2020 by producing 3.5 million silver equal ounces within the fourth quarter and the best quarterly silver manufacturing whereas beneath our possession.”

Mr. Neumeyer continues, “In 2021, we anticipate a rise of as much as 20% in consolidated silver manufacturing throughout the three working mines. As well as, our funding in underground growth on the Ermitaño undertaking close to Santa Elena will kick into excessive gear in an effort to put together the realm for manufacturing ramp up in early 2022. Together with a couple of different initiatives presently being superior, we now have a transparent path to attaining our objective of manufacturing 30 million silver equal ounces by 2023.”

FY2020 Mine by Mine Manufacturing Desk:

Manufacturing Particulars Desk:

QUARTERLY REVIEW

Whole ore processed through the quarter on the Firm’s mines amounted to 625,332 tonnes, representing a 5% lower in comparison with the earlier quarter. The lower in tonnes processed was primarily because of decrease manufacturing at Santa Elena’s Important Vein partially offset by larger manufacturing charges at San Dimas.

Consolidated silver and gold grades within the quarter averaged 194 g/t and 1.37 g/t, respectively, in comparison with 170 g/t and 1.27 g/t, respectively, within the earlier quarter. The rise in consolidated grades have been primarily because of the elevated tonnage of upper grade materials at San Dimas and La Encantada.

Consolidated silver and gold recoveries have been pretty constant averaging 89% and 96%, respectively, through the quarter. La Encantada continues to attain larger recoveries on account of improved mixing procedures of stockpiles and processing ore with low manganese content material.

Quarterly Mine by Mine Manufacturing Desk:

On the San Dimas Silver/Gold Mine:

• San Dimas recorded its highest quarterly silver manufacturing beneath First Majestic’s possession through the fourth quarter. The operation produced 1,941,286 ounces of silver and 19,980 ounces of gold representing a rise of 16% and 9%, respectively, in comparison with the prior quarter for a complete manufacturing of three,477,062 silver equal ounces.
• The mill processed a complete of 208,648 tonnes with common silver and gold grades of 309 g/t and three.10 g/t, respectively.
• Silver and gold recoveries through the quarter averaged 94% and 96%, respectively.
• The Central Block and Sinaloa Graben areas contributed roughly 72% and 24%, respectively, of the whole manufacturing through the quarter. As well as, the Tayoltita and El Cristo areas contributed roughly 4% of whole manufacturing within the quarter.
• A complete of 12 drill rigs, consisting of three floor rigs and 9 underground rigs, have been energetic on the finish of the quarter.
• The Firm is anticipating to launch an up to date NI 43-101 Technical Report on San Dimas by the top of the primary quarter of 2021.

On the Santa Elena Silver/Gold Mine:

• Throughout the quarter, Santa Elena produced 418,153 ounces of silver and 6,294 ounces of gold representing a lower of 17% and 15%, respectively, in comparison with the prior quarter for a complete manufacturing of 901,630 silver equal ounces.
• The mill processed a complete of 168,276 tonnes, consisting of 105,591 tonnes of underground ore and 62,685 tonnes from the above floor heap leach pad. The lower in tonnes was primarily because of having restricted contractor and tools availability through the quarter. The Firm expects mine and plant manufacturing to return to regular working charges by the second quarter of 2021 following enhancements in underground ore haulage and elevated manufacturing on the Important, Alejandra Bajo and America veins.
• Silver and gold grades from underground ore averaged 113 g/t and 1.58 g/t, respectively, whereas silver and gold grades from the above floor heap leach pad averaged 33 g/t and 0.61 g/t, respectively.
• Silver and gold recoveries averaged 93% and 96%, respectively, through the quarter. The Firm continues to advance the SAG mill circuit conversion at Santa Elena and anticipates the mill to be commissioned within the third quarter of 2021. Decrease working prices are anticipated to be achieved as soon as the mill is absolutely commissioned because of having decrease energy necessities in comparison with a regular ball mill in addition to a discount in chemical reagents and metal balls.
• The LNG turbines have been efficiently put in at Santa Elena’s new LNG energy facility through the quarter and the undertaking was roughly 90% full at 12 months finish. Electromechanical actions such because the set up of the pure gasoline pipelines, cooling system, instrumentation and controls, plant security infrastructure and connection of the primary electrical cables continued all through the quarter. Dry-testing and commissioning actions are scheduled to begin in February. The facility technology plant is predicted to be absolutely operational within the second quarter after finishing the commissioning and ramp-up interval.
• On the Ermitaño undertaking close to Santa Elena, the Firm accomplished roughly 923 metres of underground growth through the quarter. The underground air flow circuit, which ties collectively the West and East ramps, was accomplished on the finish of November. On floor, the development of the transmission energy line and housing for the non permanent diesel turbines have been accomplished. The diesel turbines have been delivered to website in early January and are presently present process set up.
• A complete of seven drill rigs, consisting of 5 floor rigs and two underground rigs, have been energetic on the finish of the quarter.
• The Firm is anticipating to launch an up to date NI 43-101 Technical Report on Santa Elena by the top of the primary quarter of 2021.

On the La Encantada Silver Mine:

• Throughout the quarter, La Encantada processed 248,408 tonnes of ore and produced 1,093,521 ounces of silver, or roughly 12% above the earlier quarter and the best quarterly manufacturing since Q2 2013.

• Silver grades and recoveries through the quarter averaged 172 g/t and 80%, respectively.
• Robust manufacturing from the San Javier and La Prieta caving areas contributed roughly 81% of the whole silver manufacturing through the quarter. Caving manufacturing benefited from larger than anticipated grades and tonnage through the quarter.
• The mill modernization undertaking designed to enhance processing efficiencies had some set up delays all through 2020 because of the impacts attributable to the COVID-19 pandemic. Consequently, the undertaking is predicted to proceed into 2021 with the set up of recent scrubbers for the foundry, major gear alternative and new impellers for 2 thickener tanks, filter press upgrades and enhancements to {the electrical} management room.
• A complete of 4 drill rigs, consisting of 1 floor rig and three underground rigs, have been energetic on the finish of the quarter.
• The Firm is anticipating to launch an up to date NI 43-101 Technical Report on La Encantada by the top of the primary quarter of 2021.

2021 GUIDANCE

The Firm expects 2021 manufacturing from its three working mines to vary between 12.5 to 13.9 million ounces of silver and 100,000 to 112,000 ounces of gold for whole manufacturing (with gold credit transformed to silver ounces) of between 20.6 to 22.9 million silver equal ounces. Primarily based on the midpoint of the steerage vary the Firm expects a 14% improve in silver manufacturing and a 7% improve in whole manufacturing when in comparison with 2020. The will increase are primarily because of larger throughputs and silver grades at San Dimas and having a full 12 months of manufacturing following Mexico’s two month nationwide shutdown in 2020, offset by a decrease silver to gold ratio which impacts the calculation of conversion to silver equal ounces.

A mine-by-mine breakdown of the 2021 manufacturing steerage is included within the desk under. Efficient 2021, the Firm is adjusting its value steerage and future reporting to mirror money prices and all-in sustaining value per ounce (“AISC”) on a per silver equal payable ounces in comparison with earlier disclosure of solely silver payable ounces. For 2021, the Firm is utilizing an 80:1 silver to gold ratio in comparison with a 100:1 silver to gold ratio in its revised 2020 steerage. Metallic worth and international foreign money assumptions for calculating equivalents are silver: $22.50/oz, gold: $1,800/oz, MXN:USD 20:1.

* Sure quantities proven might not add precisely to the whole quantity because of rounding variations.
* Money Prices and AISC are non-GAAP measures. Consolidated AISC contains Company Basic & Administrative value estimates and non-cash prices of $1.74 to $1.94 per payable silver equal ounce.    The Firm calculates consolidated AISC within the method set out within the desk under.

The Firm is projecting its 2021 AISC to be inside a spread of $14.81 to $15.99 on a per consolidated payable silver equal ounce foundation. Excluding non-cash gadgets, the Firm anticipates its 2021 AISC to be inside a spread of $14.17 to $15.29 per payable silver equal ounce. An itemized AISC value desk is supplied under:

1. AISC is a non-GAAP measure and is calculated primarily based on the Firm’s consolidated working efficiency. Different mining firms might calculate AISC in another way on account of variations in underlying accounting rules, the definition of “sustaining prices” and the excellence between sustaining and expansionary capital prices.
2. Whole money value per payable silver equal ounce contains estimated royalties and 0.5% mining environmental payment of $0.11 per payable silver equal ounce.

Ermitaño Improvement and Building Stay Key Focus in 2021

Since its preliminary discovery in 2016, the high-grade Ermitaño undertaking has been a serious precedence exploration undertaking for the Firm. Situated solely 4 kilometres east of the prevailing Santa Elena milling facility, the undertaking has the potential so as to add vital mine life to the Santa Elena operation.

Since 2016, the Firm has accomplished roughly 72,270 metres of diamond drilling on the property to outline the present Indicated Useful resource of 4.7 million ounces of silver and 311,000 ounces of gold, or 30.4 million silver equal ounces grading a mean 449 AgEq g/t (70 g/t silver and 4.59 g/t gold). As well as, Inferred Assets totaling 7.0 million ounces of silver and 370,000 ounces of gold, or 37.5 million silver equal ounces grading a mean 312 AgEq g/t (58 g/t silver and three.08 g/t gold) have been outlined. The Firm is planning to launch a Preliminary Financial Evaluation (“PEA”) for Ermitaño with an efficient deadline of June 30, 2020 and an up to date Useful resource assertion, with an efficient deadline of December 31, 2020, by the top of the primary quarter of 2021. Moreover, the Firm is presently conducting hydrogeological and geotechnical drilling which might be used as key examine work for an upcoming Pre-Feasibility Examine (“PFS”) on the undertaking. The PFS is predicted to be launched within the second half of 2021 and can outline preliminary Reserves, manufacturing charges, prices and estimated lifetime of mine for the Ermitaño undertaking.

In 2021, the Firm has budgeted a complete of $42.1 million to be invested at Ermitaño and expects to start preliminary take a look at block mining by mid-2021 to evaluate the geotechnical situations, topic to delineation drilling outcomes, and extract roughly 30,000 to 60,000 tonnes of fabric for use for industrial metallurgical testing. Funding in growth will put together Ermitaño for preliminary restricted mine manufacturing within the second half of 2021 adopted by extra stope preparation and ramp up actions in early 2022. Procurement for the underground mining fleet is predicted to happen within the first half of 2021. As well as, mixing and batching take a look at work is predicted to be accomplished by mid-year to find out the best processing process to use on the Santa Elena processing plant.

Investing for Future Progress

In 2021, the Firm plans to speculate a complete of $168.4 million on capital expenditures consisting of $55.7 million for sustaining investments and $112.7 million for expansionary initiatives (together with $42.1 million on the Ermitaño undertaking). This represents a 28% improve in comparison with the revised 2020 capital price range and is aligned with the Firm’s future progress technique of investments in effective grinding know-how, processing plant modernizations and to arrange the Ermitaño undertaking for manufacturing in early 2022.

The 2021 annual price range contains whole capital investments of $75.9 million to be spent on underground growth; $49.8 million in the direction of property, plant and tools; $27.6 million in exploration; and $15.1 million in the direction of company processing innovation initiatives. Administration might revise the steerage and price range through the 12 months to mirror precise and anticipated modifications in metallic costs or to the enterprise.

The Firm plans to extend underground growth in 2021 to roughly 47,000 metres in comparison with 38,504 metres accomplished in 2020. The 2021 growth program consists of roughly 27,800 metres at San Dimas; 8,800 metres at Santa Elena; 4,600 metres at La Encantada; and 5,800 metres on the Ermitaño undertaking close to Santa Elena. This year-over-year improve is primarily because of the return to regular working ranges following the two-month nationwide shutdown within the second quarter of 2020 in addition to larger growth charges at Santa Elena following haulage contractor challenges attributable to the COVID-19 pandemic. As well as, larger growth charges are deliberate on the Ermitaño undertaking in an effort to put together the mine for preliminary manufacturing in early 2022.

The Firm additionally plans to extend exploration drilling in 2021 to roughly 184,150 metres in comparison with 156,244 metres accomplished in 2020. The 2021 drilling program will consist of roughly 104,000 metres  at San Dimas with infill and step out holes specializing in close to mine and brownfield targets within the West, Central, and Tayoltita blocks; 37,600 metres at Santa Elena with close to mine, brownfield and greenfield holes persevering with to check the Important, America and Alejandra veins and new targets north and south of the mine space; 14,550 metres at La Encantada with infill and step out holes testing the potential of a number of close to mine and brownfield targets; 13,900 metres on the Ermitaño undertaking supposed to extend useful resource confidence and add new mineral sources; and seven,600 metres at Del Toro and 6,500 metres at La Parrilla supposed to check new brownfield and greenfield targets recognized via generative exploration in 2020.

Mr. Ramon Mendoza Reyes, Vice President Technical Companies for First Majestic, is a “Certified Particular person” as such time period is outlined beneath Nationwide Instrument 43-101 and has reviewed and permitted the technical data disclosed on this information launch.

Convention Name

The Firm might be holding a convention name and webcast in the present day, January 20, 2021 at 8:00 am PT (11:00 am ET) to debate the quarterly manufacturing outcomes in addition to its 2021 manufacturing, value and capital steerage. To take part within the convention name, please dial the next:

Contributors ought to dial in 10 minutes previous to the convention.

Click on on “January 20, 2021 Webcast Hyperlink” on the First Majestic homepage as a simultaneous audio webcast of the convention name might be posted at www.firstmajestic.com .

The convention name might be recorded and you’ll hearken to an archive of the convention by calling:

The replay might be out there roughly one hour after the convention and can out there for seven days following the convention. The replay may also be out there on the Firm’s web site for one month.

ABOUT THE COMPANY

First Majestic is a publicly traded mining firm centered on silver manufacturing in Mexico and is aggressively pursuing the event of its present mineral property property. The Firm presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine. Manufacturing from these mines are projected to be between 12.5 to 13.9 million silver ounces or 20.6 to 22.9 million silver equal ounces in 2021.

FOR FURTHER INFORMATION contact data@firstmajestic.com, go to our web site at www.firstmajestic.com or name our toll free #1.866.529.2807.

FIRST MAJESTIC SILVER CORP.
“signed”
Keith Neumeyer, President & CEO

Cautionary Notice Relating to Ahead Wanting Statements

This press launch accommodates “ahead‐wanting data” and “forward-looking statements” beneath relevant Canadian and U.S. securities legal guidelines (collectively, “ahead‐wanting statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which are primarily based on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in gentle of administration’s expertise and notion of historic tendencies, present situations and anticipated future developments. Ahead-looking statements embrace, however aren’t restricted to, statements with respect to: the Firm’s enterprise technique; future planning processes; industrial mining operations; money stream; budgets; capital expenditures; the timing and quantity of estimated future manufacturing; restoration charges; mine plans and mine life; the long run worth of silver and different metals; prices; prices and timing of the event of recent deposits; capital initiatives and exploration actions and the attainable outcomes thereof; completion of technical reviews and the timing of launch. Assumptions might show to be incorrect and precise outcomes might differ materially from these anticipated. Consequently, steerage can’t be assured. As such, traders are cautioned to not place undue reliance upon steerage and forward-looking statements as there could be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. All statements aside from statements of historic truth could also be ahead‐wanting statements. Statements regarding confirmed and possible mineral reserves and mineral useful resource estimates may be deemed to represent ahead‐wanting statements to the extent that they contain estimates of the mineralization that might be encountered as and if the property is developed, and within the case of measured and indicated mineral sources or confirmed and possible mineral reserves, such statements mirror the conclusion primarily based on sure assumptions that the mineral deposit could be economically exploited. Any statements that categorical or contain discussions with respect to predictions, expectations, beliefs, plans, projections, goals or future occasions or efficiency (typically, however not at all times, utilizing phrases or phrases similar to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate”, “might”, “will”, “undertaking”, “predict”, “forecast”, “potential”, “goal”, “intend”, “may”, “would possibly”, “ought to”, “imagine” and comparable expressions) aren’t statements of historic truth and could also be “ahead‐wanting statements”.

Precise outcomes might range from forward-looking statements. Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different elements that will trigger precise outcomes to materially differ from these expressed or implied by such forward-looking statements, together with however not restricted to: the length and results of the coronavirus and COVID-19, and another pandemics or public well being crises on our operations and workforce, and the results on world economies and society, precise outcomes of exploration actions; conclusions of financial evaluations; modifications in undertaking parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, tools or processes relative to specs and expectations; accidents; fluctuations in prices; labour relations; availability and efficiency of contractors; relations with native communities; modifications in nationwide or native governments; modifications in relevant laws or software thereof; delays in acquiring approvals or financing or within the completion of growth or building actions; alternate fee fluctuations; necessities for added capital; authorities regulation; environmental dangers; reclamation bills; outcomes of pending litigation together with appeals of judgments; resolutions of claims and arbitration proceedings; negotiations and regulatory proceedings; limitations on insurance coverage protection in addition to these elements mentioned within the part entitled “Description of the Enterprise – Danger Elements” within the Firm’s most up-to-date Annual Info Kind, out there on www.sedar.com, and Kind 40-F on file with america Securities and Trade Fee in Washington, D.C.  Though First Majestic has tried to establish essential elements that would trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different elements that trigger outcomes to not be as anticipated, estimated or supposed.

The Firm believes that the expectations mirrored in these ahead‐wanting statements are affordable, however no assurance could be provided that these expectations will show to be appropriate and such ahead‐wanting statements included herein shouldn’t be unduly relied upon. These statements communicate solely as of the date hereof. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.