Track market-moving stories before they get noisy

Key Takeaways First Majestic produced 3.4M ounces of silver in Q3'26, down 11% y/y.San Dimas silver output fell 41%, while La Encantada production rose 68% on higher ore volumes and grades.First Majestic remains on track to begin production at Jerritt Canyon in H2'27.
First Majestic Silver Corp. (AG - Free Report) announced that its silver production reached 3.4 million ounces in the third quarter of 2026, marking a year-over-year decrease of 11%. The downside was caused by a labor dispute at San Dimas during the quarter. The company’s gold production also fell 17% to 29,552 ounces.

First Majestic produced 13.23 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper.

First Majestic’s Mine Performances in Q3In the third quarter of 2026, the San Dimas mine produced 859,869 ounces of silver, marking a 41% decrease from the third quarter of 2025. The mine’s gold production fell 26% to 10,386 ounces.

The Santa Elena mine produced 368,333 ounces of silver (down 11% year over year) and 18,489 ounces of gold, which fell 12%.
La Encantada produced 967,067 ounces of silver, up 68% from the third quarter of 2025. The upside was driven by 32% growth in ore processed and a 27% increase in silver grades.

Los Gatos contributed 1.25 million ounces of silver and 625 ounces of gold. It also contributed 13.28 million pounds of zinc, 7.84 million pounds of lead and 221,111 pounds of copper to First Majestic’s total production number.

First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company is on track to begin production at the mine from the second half of 2027.

AG’s Peer Performance in Q3Endeavour Silver Corp. (EXK - Free Report) produced 2.1 million ounces of silver in the third quarter of 2026. This reflected a 19% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 39% to 10,126 ounces. The company’s silver-equivalent ounces production was 3.6 million in the quarter.

Fortuna Mining Corp. (FSM - Free Report) produced 69,665 gold-equivalent ounces (GEO) from ongoing operations in the third quarter of 2026, bringing the total first-nine-month production to 214,754 GEOs. Fortuna Mining remains on track to achieve its 2026 production target of 281,000-305,000 GEO. However, the third-quarter figure marked a 3.9% decrease from the year-ago quarter.

First Majestic Stock’s Price PerformanceThe company’s shares have gained 23.4% in the past year compared with the industry's 10.4% rise.

Image Source: Zacks Investment Research

AG’s Zacks Rank & Stock to ConsiderFirst Majestic currently carries a Zacks Rank #4 (Sell).

A better-ranked stock from the basic materials space is Carpenter Technology Corporation (CRS - Free Report) . CRS has a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2027 earnings is pegged at $13.28 per share, indicating a year-over-year increase of 23.4%. CRS shares have jumped 59.4% in a year. It delivered an average trailing four-quarter earnings surprise of 8.4%.

Vancouver, British Columbia--(Newsfile Corp. - October 8, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that total production in the third quarter of 2026 from the Company's four producing underground mines in Mexico, namely, the Santa Elena Silver/Gold Mine ("Santa Elena"), the Los Gatos Silver Mine ("Los Gatos") (the Company holds a 70% interest in the Los Gatos Joint Venture that owns the mine), the San Dimas Silver/Gold Mine ("San Dimas"), and the La Encantada Silver Mine ("La Encantada") reached 3.4 million silver ("Ag") ounces, 29,552 gold ("Au") ounces, 13.3 million pounds of zinc ("Zn"), 7.8 million pounds of lead ("Pb") and 221,111 pounds of copper ("Cu").

Q3 2026 PRODUCTION HIGHLIGHTS

Silver Production (72% of guidance midpoint): The Company produced 3.4 million silver ounces in the quarter, reaching 72% of the 2026 revised guidance midpoint. The lower production was mostly driven by a labour dispute at San Dimas, which impacted the operations by 12 days in Q3 2026.

Silver Sales: The Company sold 3.5 million silver ounces in the quarter, on an attributable basis (4.0 million silver ounces on a 100% basis for Los Gatos), compared to 3.4 million ounces in the second quarter of 2026 (3.9 million on a 100% basis).

Gold Production (75% of guidance midpoint): The Company produced 29,552 gold ounces in Q3 2026, aligned to the Company's revised 2026 guidance, despite the labour disruptions at San Dimas.

Gold Sales: The Company sold 31,934 gold ounces in the quarter, compared to 32,681 ounces in the second quarter of 2026.

Continued Active Exploration: During the third quarter, the Company completed a total of approximately 78,475 metres ("m") of drilling across its mines in Mexico and the Jerritt Canyon Gold Mine in Nevada, USA ("Jerritt Canyon"). During the quarter, up to 33 drill rigs were active consisting of six rigs at Los Gatos, eight rigs at Santa Elena, 13 rigs at San Dimas, two rigs at La Encantada and four rigs at Jerritt Canyon.

Safety Performance: The consolidated Total Reportable Incident Frequency Rate ("TRIFR") was 0.61, while the Lost Time Incident Frequency Rate ("LTIFR") was 0.10, maintaining First Majestic as a leader amongst its peer group.

Sustainability Efforts: The Company received an aggregate score of 50 across multiple environmental, social and corporate governance topics in S&P Global's annual Corporate Sustainability Assessment published at the end of September. This score places the Company in the top 17% of mining companies globally.

"First Majestic remains focused on meeting its production guidance and, with a focus on controlling costs, looks forward to delivering enhanced profitability to investors through the rest of the year," said Keith Neumeyer, CEO. "Despite labour disruptions at San Dimas impacting operations and production, our team is working diligently to resolve the situation and return to normal operations as quickly as possible. At Santa Elena and Los Gatos, our mill and mine expansion projects continue to advance on schedule, with both expected to be completed in the near term. Meanwhile, La Encantada delivered another strong quarter of production. At Jerritt Canyon, the restart is progressing well and is ahead of plan in several key areas. We are accelerating recruitment efforts and site preparation activities as we work toward bringing this asset back into production and positioning it to make a meaningful contribution to the Company's future financial performance."

Attributable Consolidated Production Details:

Q3Q3Y/Y
Q2Q/Q20262025ChangeAttributable Consolidated Production Results2026Change1,088,708997,0029%Ore processed/tonnes milled1,040,3145%3,440,4473,863,673(11)%Silver ounces produced3,799,823(9)%29,55235,681(17)%Gold ounces produced34,660(15)%13,277,26413,894,548(4)%Zinc pounds produced16,484,603(19)%7,839,1827,653,7332%Lead pounds produced9,023,177(13)%221,111241,475(8)%Copper pounds produced252,938(13)%Consolidated production values include attributable ounces from the Los Gatos Silver Mine (70%).Q3 2026 Mine-by-Mine Production Details:

MineOre ProcessedTonnes per DayTonnes per Operating 
DayAg 
Grade (g/t)Au 
Grade (g/t)Ag 
RecoveryAu 
RecoveryAg Oz ProducedAu Oz ProducedLos Gatos (100%)323,8413,5593,9942000.1886%48%1,778,826893Los Gatos (70%)226,6892,4912,7962000.1886%48%1,245,178625Santa Elena286,3823,1473,360582.1469%94%368,33318,489San Dimas229,1882,5193,2241331.5188%93%859,86910,386La Encantada346,4493,8073,9181320.0166%90%967,06752Certain amounts shown in this table may not add exactly to the total amount due to rounding differences.The metal prices used to calculate the silver equivalent ounces were as follows: silver: $52.00/oz, gold: $3,900/oz, lead: $0.90/lb., zinc: $1.35/lb, and copper: $4.80/lb.Los Gatos Silver Mine (reported on a 70% attributable basis):

During the third quarter, Los Gatos produced 1,245,178 ounces of silver, 13,277,264 pounds of zinc, 7,839,182 pounds of lead, 221,111 pounds of copper and 625 ounces of gold. While ore processed and milled increased 6% in the quarter compared to Q3 2025, production at Los Gatos was partially offset by lower silver grades, and slightly lower lead and zinc recoveries.

The mill processed a total of 226,689 tonnes of ore (3,994 tonnes per operating day "tpod" on a 100% basis), with head grades of 200 g/t silver, 3.82% zinc, 1.93% lead and 0.18 g/t gold. Management continues to focus on achieving sustainably higher mill throughput at Los Gatos by increasing mining rates toward a sustained increase in ore throughput of 4,000 tpod on a 100% basis in the second half of 2026.

Silver, zinc, lead and gold recoveries during the quarter averaged 86%, 70%, 81% and 48%, respectively.

During the quarter, up to six surface drill rigs completed 10,074 m of drilling on the property. Drilling continued at the Central Deeps and Northwest Deeps zones, as well as several greenfield targets. Drilling also commenced at Southeast Deeps to test the open extensions of the mineralized zone.

Santa Elena Silver/Gold Mine:

Santa Elena produced 368,333 ounces of silver, and 18,489 ounces of gold during the quarter representing decreases of 11% and 12% year-over-year, respectively. The decline in production was primarily attributable to lower silver and gold grades, partially offset by increased mill throughput and improved metallurgical recoveries, compared to the prior year period.

The mill processed 286,382 tonnes of ore (3,360 tpod) in the third quarter, 3% higher than the same period last year, and down 6% from record throughput of 305,369 tonnes in Q2 2026, as the Company continues advancing its 3,500 tpd expansion project with planned downtime related to equipment installation for the project. A record milling month was achieved in August, with 104,000 tonnes processed and daily throughput rates frequently exceeding 3,600 tpod. Silver and gold head grades averaged 58 g/t and 2.14 g/t, respectively.

Silver and gold recoveries during the quarter improved to 69% and 94%, respectively, compared to 65% and 92% in the same period last year.

During the quarter, eight drill rigs, consisting of five surface rigs and three underground rigs, completed 19,511 m of drilling on the property. Drilling focused on the conversion of Inferred Mineral Resources to Indicated Mineral Resources at Santo Niño and Winter, as well as testing new targets in brownfield exploration.

San Dimas Silver/Gold Mine:

San Dimas produced 859,869 ounces of silver and 10,386 ounces of gold, representing a decrease of 41%, and 26%, respectively, when compared to the same period last year. The lower production was primarily attributable to reduced grades due to the impact of an ongoing labour dispute that slowed throughput of fresh ore in the quarter.

The mill processed a total of 229,188 tonnes of ore, a slight decrease of 2% compared to Q3 2025, with average silver and gold grades of 133 g/t and 1.51 g/t, respectively.

Silver and gold recoveries during the quarter averaged 88% and 93%, respectively, consistent with 88% and 92%, respectively, in the same period last year.

During the quarter, up to 13 drill rigs consisting of five surface rigs and eight underground rigs completed 29,493 m of drilling focused on the Coronado, Carmen Escobosa, Elia and Convención veins, with targets spanning across the exploration pipeline (Mineral Resource expansion and Mineral Resource conversion). Drill results from San Dimas' 2026 exploration program were released during the quarter, demonstrating Inferred to Indicated resource-conversion, and resource-addition results through multiple high-grade silver and gold intercepts across the district, plus expansion of the exploration activity footprint (see news release dated September 9, 2026).

La Encantada Silver Mine:

During the quarter, La Encantada produced 967,067 ounces of silver, representing a 68% increase compared to Q3 2025, driven primarily by a 32% increase in silver grades and a 27% increase in ore processed. Production at La Encantada improved significantly due to improved ore flow and mine development rates, and process optimization resulting from key initiatives implemented in 2025.

The mill processed a total of 346,449 tonnes of ore, a 27% increase over the same period last year, with an average silver grade of 132 g/t, compared to 100 g/t in the same period last year.

Silver recovery for the quarter was 66%, consistent with Q3 2025.

During the quarter, one surface and one underground drill rig completed 3,114 m of drilling on the property. The Company is concurrently testing new exploration targets and potential near-term mineralization expansion areas.

Jerritt Canyon Gold Mine:

Preparations to re-start the Jerritt Canyon Gold Mine continue to advance positively during the quarter. The Company remains on track to begin production from Jerritt Canyon in H2 2027.

Surface and Plant Infrastructure: BBA Consultants USA LP ("BBA") progressed through the second phase of engineering and process plant inspections. A Metso Loesche Vertical Roller Mill ("VRM") was selected as a key component of Jerritt Canyon's restart strategy. The VRM will begin to arrive on site in H1 2027 and will upgrade existing infrastructure with a more efficient and lower cost processing platform.

Rehabilitation and Development: Our underground contractor, Cementation, has safely completed 5,965 m of underground rehabilitation year-to-date to establish numerous diamond drill locations and support the operational restart. Development of some stope access drives also commenced in the quarter.

People: The hiring of key roles at site is progressing to plan. Notable hires during the quarter included Human Resources and Health and Safety Managers.

Technical Studies: The development and optimization of the re-start mine plan continues to progress well. This work is now being led by a dedicated Jerritt Canyon technical team, with the support of Stantec Consulting Services Inc. ("Stantec").

Exploration Drilling: During the quarter, up to two reverse circulation surface drill rigs and two underground core drill rigs completed approximately 16,284 m of drilling. Surface drilling focused on defining the historical deepest open pit mining depth within partially backfilled pits, while increasing confidence level on in-situ mineralization along the Central and Northern mineralized trends. Underground drilling targeted areas identified as having potential for early mining.

Q3 2026 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Company plans to release its unaudited financial results for the third quarter of 2026, and announce its third-quarter dividend payment and shareholder record and payable dates for such dividend payment, before markets open on November 5, 2026.

CONFERENCE CALL ANNOUNCEMENT

The Company will host a conference call and webcast on Thursday, November 5, 2026, at 9:00 a.m. (PT) / 11:00 a.m. (ET) to provide investors and analysts with a business update, and to discuss its production and financial results for Q3 2026.

To participate in the conference call, please use the following dial-in numbers:

Canada & USA Toll-Free:+1-833-752-3407Outside of Canada & USA:+1-647-846-2866Toll-Free UK:+44-20-3514-3188Participants should dial-in at least 15 minutes prior to the start of the call to ensure placement in the conference on time.

A live webcast of the call will be accessible through the "November 5, 2026 Webcast Link" on the First Majestic home page at www.firstmajestic.com. A webcast archive will be available approximately one hour after the end of the event and will be accessible for three months through the same link as the live event.

A recording of the conference call will be available for telephone replay approximately one hour after the end of the event by calling:

USA & Canada Toll-Free:+1-855-669-9658Outside of Canada & US:+1-412-317-0088Access Code:2372437The telephone replay will be available for seven days following the end of the event.

RENEWAL OF SHARE REPURCHASE PROGRAM

The Company is also pleased to announce that the Toronto Stock Exchange ("TSX") has accepted for filing First Majestic's Notice of Intention to Make a Normal Course Issuer Bid (the "Share Repurchase Program") to be transacted through the facilities of the TSX and/or through Canadian alternative trading systems.

Pursuant to the Share Repurchase Program, First Majestic may, during the 12-month period commencing October 14, 2026, and ending on or before October 13, 2027, purchase up to 10,000,000 of its common shares ("Shares"), being approximately 2% of the Company's 493,080,912 issued and outstanding Shares as of September 30, 2026. First Majestic may purchase up to a daily maximum of 413,612 Shares (being 25% of the average daily trading volume of the Shares for the last six calendar months, which was 1,654,449 Shares), subject to the TSX rules permitting block purchases.

Under the Share Repurchase Program, other than purchases made by way of exempt offer, all purchases of Shares will be made by First Majestic on the open market through the facilities of the TSX and/or other Canadian alternative trading systems. The price that the Company will pay for any Shares will be the prevailing market price of such Shares at the time of acquisition. Any purchases under the Share Repurchase Program will depend on future market conditions, and any Shares purchased by the Company will be cancelled. Purchases under the Share Repurchase Program will be made by First Majestic's broker further to instructions from First Majestic and based upon the parameters prescribed by the TSX and by applicable law.

Under First Majestic's current normal course issuer bid, which commenced on October 14, 2025 and expires on October 13, 2026, the Company has repurchased a total of 1,700,000 shares for cancellation through open market purchases at a volume weighted average price of CDN$23.38. The Company had received TSX approval to purchase up to 24,500,000 common shares under the current program.

First Majestic believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of Shares would be in the best interests of the Company. Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the Company.

QUALIFIED PERSONS

Gonzalo Mercado, P.Geo., the Company's Vice President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine, which the Company is currently in the process of re-starting.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins and medallions are available for purchase online at http://www.firstmint.com/, at some of the lowest premiums available.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, CEO

Non-GAAP Financial Measures

This news release includes reference to certain financial measures which are not standardized measures under the Company's financial reporting framework. These measures include cash costs per silver equivalent ounce and all-in sustaining cost (or "AISC") per silver equivalent ounce. The Company believes that these measures, together with measures determined in accordance with IFRS, provide investors with an improved ability to evaluate the underlying performance of the Company. These measures are widely used in the mining industry as a benchmark for performance but do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures disclosed by other companies. The data is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and a reconciliation of certain measures to GAAP terms please see "Non-GAAP Measures" in the Company's most recent management discussion and analysis filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov and which is incorporated by reference herein.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements in this news release include, but are not limited to, statements with respect to: the Company's expectations of completing the mill and mine expansion projects at Santa Elena and at Los Gatos in the near term; the Company achieving a sustained increase in ore throughput at Los Gatos of 4,000 tpod on a 100% basis in the second half of 2026; timing for the resolution of the labour dispute at San Dimas; timing for the arrival of the VRM at Jerritt Canyon and for the re-start of operations at the mine; timing for the release of the Company's financial results for the third quarter of 2026 and the announcement of details relating to the Company's dividend payment for the third quarter of 2026; details regarding the Company's investor conference call in November 2026 to discuss its Q3 2026 production and financial results; and timing for the commencement of the renewed Share Repurchase Program, purchase of Shares under such program and the cancellation of Shares purchased under such program. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: the duration and effects of global health crises, such as pandemics, on our operations and workforce, and the effects on global economies and society; general economic conditions including inflation risks; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; social and labour unrest; relations with local communities; changes in national or local governments; changes in applicable legislation, rules or regulations and the application and enforcement thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca, and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although First Majestic has 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 not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/318032

Source: First Majestic Silver Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Gold Has Gone Sideways, But These 3 Stocks Haven’tFirst Majestic Silver NYSE: AG outlined plans to expand production, advance exploration and restart its Jerritt Canyon gold operation as the company seeks to capitalize on higher precious-metals prices and strengthen its position as a major silver producer.

During a company presentation, Mani, a First Majestic representative, said silver accounted for 63% of revenue so far, with gold contributing roughly one-third and lead and zinc comprising the remainder. The company operates four underground mines in Mexico, owns the Jerritt Canyon asset in Nevada and operates a bullion mint in Las Vegas.

Get First Majestic Silver alerts:

Venture Into High-Volatility Corners of the Market With These 3 ETFsThe company raised its 2026 guidance in July for the second consecutive year and is targeting 14.5 million to 15.5 million ounces of silver production. Mani said the company expects to make nearly $350 million in capital investments, with most spending directed toward exploration. The program includes approximately 300 kilometers of drilling across its portfolio.

Silver Market and Financial Position Mani characterized the silver market as being in a structural deficit for the past six years, citing a cumulative shortfall of 840 million ounces. He also said 2025 and 2026 represented a combined 150 million-ounce deficit, while First Majestic produced slightly more than 15 million ounces in its record production year.

Gold and Silver Recovery—3 Precious Metals Stocks for H2 2026The presentation highlighted growing industrial demand, including demand associated with artificial intelligence data centers, solar panels and battery technologies. Mani said a single AI data center requires about 6.5 tons of silver, although he did not provide a source for that estimate.

First Majestic reported liquidity exceeding $1 billion, with Mani stating the company had approximately $1.2 billion to $1.3 billion in the bank. He said the company’s higher cash flow gives it flexibility to invest in operating assets, consider mergers and acquisitions and pursue other capital-allocation opportunities.

The company also recently increased its dividend policy. First Majestic’s payout was raised in January 2026 to 2% of revenue from 1%, according to the presentation. Mani said the structure provides shareholders with more direct exposure to changes in metals prices and production.

Operations and Exploration Priorities First Majestic identified Los Gatos, Santa Elena and San Dimas as cornerstone assets in Mexico. The company acquired Los Gatos last year in what Mani described as its largest and most significant transaction. The mine has a current 10-year life of mine and is supported by a 103,000-hectare land package, much of which the company said remains largely unexplored.

At Santa Elena, First Majestic is expanding processing capacity to 3,500 tonnes per day from about 3,100 tonnes per day. The expansion follows discoveries at Santo Niño and Navidad, which added 90 million ounces of incremental resources, according to the presentation. The company has begun developing two ramps after receiving a construction portal permit and expects incremental growth potentially beginning late next year or in early 2028.

San Dimas will receive the largest share of the exploration budget, with 117 kilometers of drilling planned. Mani said the mine’s hydroelectric dam helps limit energy costs, while Santa Elena and La Encantada use liquefied natural gas.

La Encantada, First Majestic’s smallest mine, is nearly entirely silver-focused and produced more than 1 million ounces in the latest quarter, according to Mani. He said the operation is projected to exceed the guidance issued earlier in the year.

Jerritt Canyon Restart Targeted for 2027 First Majestic is targeting a second-half 2027 restart for Jerritt Canyon, which was suspended in March 2023. Mani said the shutdown was driven by lower gold prices, third-party contractor arrangements and operating inefficiencies.

The company has ordered a new mining fleet and plans to self-perform mining under a new mine plan. It is also modernizing and optimizing the mill while it remains idle. First Majestic recently reported a 7.8 million-ounce resource at Jerritt Canyon and said the future production plan is expected to include both underground mining and permitted open pits.

In response to an analyst question, Mani said Jerritt Canyon’s roaster has capacity for 5,000 tonnes per day. The operation is expected to run below that level but above its prior throughput, with bulk mining intended to increase tonnage from underground and open-pit sources.

Mint Business Adds Premium Revenue Opportunity First Majestic also emphasized the role of its Las Vegas mint, which the company said is the only mining-company-owned and operated mint. The facility, opened about 18 months ago, allows First Majestic to refine and sell bullion directly rather than relying entirely on third-party mints.

Mani said the company currently diverts about 10% to 15% of its production through the mint and can capture margins 15% to 20% above spot pricing on those sales. The facility also offers custom minting, white-label products and commemorative items.

Looking ahead, the company expects to issue additional exploration updates before year-end and plans to provide 2027 guidance and an updated exploration program in January.

About First Majestic Silver (NYSE:AG)First Majestic Silver Corp. is a mining company focused on the exploration, development, and production of silver, gold, lead, and zinc. The company generates revenue primarily by producing and selling metal concentrates, doré bars, and other refined precious-metal products.

Founded in 2002 and headquartered in Vancouver, British Columbia, First Majestic has historically concentrated its operations in Mexico and the United States. Its principal Mexican mining assets have included the San Dimas, Santa Elena, and La Encantada mines, while its U.S.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Should You Invest $1,000 in First Majestic Silver Right Now?Before you consider First Majestic Silver, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and First Majestic Silver wasn't on the list.

While First Majestic Silver currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Discover the next wave of investment opportunities with our report, 7 Stocks That Will Be Magnificent in 2026. Explore companies poised to replicate the growth, innovation, and value creation of the tech giants dominating today's markets.

Get This Free Report

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Resource-conversion and resource-addition drilling returned multiple high-grade silver and gold intercepts across the San Dimas district

New drilling results at Convención and El Cristo have expanded the exploration footprint and support the potential for future Mineral Resource growth

Vancouver, British Columbia--(Newsfile Corp. - September 9, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive drill results from its ongoing 2026 exploration program at its San Dimas Silver/Gold Mine in Durango, Mexico. Recent resource-conversion and resource-addition drilling has returned multiple high-grade silver and gold intercepts across several areas of the San Dimas district, supporting near-mine Mineral Resource conversion and growth opportunities. Additionally, new drill results at Convención and El Cristo have expanded the district's exploration footprint and identified additional targets for follow-up drilling as part of the Company's 2026 exploration program, which includes approximately 117,000 metres ("m") of planned drilling.

"San Dimas continues to validate its position as one of our most prospective and enduring mining districts," stated Keith Neumeyer, CEO of First Majestic. "The latest drill results have returned multiple high-grade silver and gold intercepts from both resource-conversion and resource-addition programs, reinforcing the near-mine growth potential of established vein systems while expanding the exploration footprint at Convención and El Cristo. With approximately 117,000 metres of drilling planned in 2026, we are advancing one of the Company's largest exploration programs, focused on Mineral Resource conversion, testing new targets and identifying additional growth opportunities throughout the San Dimas district."

KEY DRILLING HIGHLIGHTS

Exploration drilling at San Dimas has intersected significant silver ("Ag") and gold ("Au") mineralization across multiple vein systems, supporting both near-mine Mineral Resource conversion and broader district exploration opportunities. A total of approximately 89,000 m of exploration drilling has been completed year-to-date in 2026, of the planned approximately 117,000 m program, with work focused on resource-conversion and resource-addition drilling in the West Block, Central Block and Graben block, together with follow-up drilling in the El Cristo mine area and continued target testing in the East/Arana Block.

Recent results include high-grade intercepts from resource-conversion and resource-addition drilling within the Sinaloa-Elia vein complex, continued expansion of the mineralized footprint at the Coronado-Carmen Escobosa vein system in the West Block, confirmation of a new target north of the Jessica vein at Convención, and encouraging early results from the Luz and Patricia veins within the El Cristo mine area. Selected significant intercepts are summarized in Table 1, and the principal target areas are shown in Figure 1.

Table 1: Selection of Significant Silver and Gold Drill Hole Intersections from the San Dimas 2026 Drill Program

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)Sinaloa - Elia ComplexELI26X-08Sinaloa - Elia198.50200.852.041,37721.382,980ELI26X-10Sinaloa - Elia191.50192.700.882,60443.085,835ELI25X-58Sinaloa - Elia218.10221.351.751,07024.512,908ELI26X-22Sinaloa - Elia342.60345.301.9967315.151,809ELI26X-07Sinaloa - Elia177.55183.654.453734.75729Coronado - Carmen Escobosa ComplexCOR26X-06Coronado588.75594.704.222462.94466CMNE26X-02Carmen Escobosa327.00329.751.585886.051,042CMNE26X-04Carmen Escobosa303.00307.653.421751.87315Convención Vein TargetSJE26X-08Convención310.70314.052.572512.56433SJE26X-10Convención358.70361.801.552812.81492El Cristo Mine AreaLUZ26X-02Luz511.30513.001.302,62558.256,994LUZ26X-03Patricia391.15393.351.691,89528.914,063

Figure 1: San Dimas District Vein Occurrence Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_001full.jpg

Sinaloa-Elia Vein Complex

Resource-addition and infill drilling at the historic Sinaloa-Elia vein complex has returned multiple high-grade silver and gold intercepts, further supporting the continuity and Mineral Resource growth potential of the system. New drill results extend the footprint of known mineralization beyond the current Mineral Resources to the east, west and locally down dip. Infill drilling has also returned thick, high-grade intercepts that support increased confidence in the mineralized system and the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources, providing additional support for future mine planning (Figure 2).

Table 2: Selection of Significant Silver and Gold Drill Hole Intersections at the Sinaloa-Elia Vein Complex

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)ELI26X-08Sinaloa - Elia198.50200.852.041,37721.382,980ELI26X-10Sinaloa - Elia191.50192.700.882,60443.085,835ELI25X-58Sinaloa - Elia218.10221.351.751,07024.512,908ELI26X-22Sinaloa - Elia342.60345.301.9967315.151,809ELI26X-07Sinaloa - Elia177.55183.654.453734.75729

Figure 2: Sinaloa and Elia Veins, Vertical Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_002full.jpg

Convención Vein

Geological analysis and targeting around the Jessica vein identified several historic anomalous vein and breccia intercepts that were reinterpreted as evidence for the presence of a hanging wall structure. Initial drill testing of this target returned five significant intercepts in seven holes, supporting the exploration hypothesis (Figure 3). The structure, the Convención vein, was intersected approximately 100 m north of Jessica and may represent a potential near-term mining opportunity. The target vein remains open in multiple directions, supporting additional follow-up drilling in the area (Figure 4).

Table 3: Selection of Significant Silver and Gold Drill Hole Intersections at the Convención Vein

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)SJE26X-08Convención310.70314.052.572512.56433SJE26X-10Convención358.70361.801.552812.81492

Figure 3: Santa Jessica Vein and New Convención Vein Geologic Interpretation, 1050 Level Plan, Looking Down

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_003full.jpg

Figure 4: Convención Long Section with Santa Jessica Historic Mining Footprint Shown for Reference, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_004full.jpg

Coronado - Carmen Escobosa Complex

Drilling in the West Block has focused on the Coronado and Carmen Escobosa veins. Results from 2025 were incorporated into the Inferred Mineral Resources for San Dimas and provided the basis for follow-up drilling in 2026. Results received to date support the interpretation of Coronado and Carmen Escobosa as a two-vein mineralized system with continued potential for Mineral Resource addition (Figure 5).

At Carmen Escobosa, five drill holes testing the western continuity of mineralization, together with a drill hole targeting the eastern extension, returned significant intercepts. The target remains open for approximately 400 m to the west of these new intercepts, supporting additional follow-up drilling along strike (Figure 6). At Coronado, three drill holes testing the continuity of mineralization to the west also returned significant intercepts, further supporting the potential to expand the mineralized footprint in the West Block (Figure 7).

Table 4: Selection of Significant Silver and Gold Drill Hole Intersections at the Coronado - Carmen Escobosa Complex

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)COR26X-06Coronado588.75594.704.222462.94466CMNE26X-02Carmen Escobosa327.00329.751.585886.051,042CMNE26X-04Carmen Escobosa303.00307.653.421751.87315

Figure 5: Coronado and Carmen Escobosa Geologic Model, 700 Level Plan, Looking Down

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_005full.jpg

Figure 6: Carmen Escobosa Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_006full.jpg

Figure 7: Coronado Long Section, Looking North

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_007full.jpg

El Cristo Mine

Exploration activities have expanded to include the El Cristo mine area, the southernmost historically mined areas on the property. Results to date have returned high-grade silver and gold intercepts from the Luz and Patricia veins, supporting follow-up drilling to evaluate the continuity and extent of mineralization. Select drill hole assay results and true-width vein intersections include:

Table 5: Selection of Significant Silver and Gold Drill Hole Intersections at the El Cristo Mine

DrillholeTargetSignificant InterceptsFromToTrue WidthAgAuAgEq(m)(m)(m)(g/t)(g/t)(g/t)LUZ26X-02Luz511.30513.001.302,62558.256,994LUZ26X-03Patricia391.15393.351.691,89528.914,063

Figure 8: El Cristo Mine Area, La Luz Vein Long Section, Looking Northwest

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/313544_804e6044348f8aa2_008full.jpg

The 2026 drill program at San Dimas is expected to continue advancing near-mine Mineral Resource conversion while testing additional targets across the district. Results received to date support the potential for Mineral Resource growth within established vein systems and highlight new opportunities at Convención and El Cristo for follow-up drilling.

Table 6: Selection of Significant Silver and Gold Drill Hole Intercepts at San Dimas

DrillholeTargetTarget TypeSignificant InterceptsFromToTrue WidthAuAgAgEq(m)(m)(m)(g/t)(g/t)(g/t)COR25X-15Carmen EscobosaResource addition432.75434.651.652.52255444COR25X-19Carmen EscobosaResource addition457.90461.653.331.85164303COR26X-02CoronadoResource addition467.80469.751.320.74118174COR26X-03Carmen EscobosaResource addition617.75619.351.313.06281511COR26X-06Coronado 1Resource addition588.75594.704.222.94246466
Include 1Resource addition589.10590.000.646.445441027
Include 2Resource addition591.15591.700.398.246471264
Coronado 2Resource addition597.70604.254.631.32105204COR26X-08CoronadoResource addition550.70556.803.051.33121221CMNE26X-01Carmen EscobosaResource addition373.20374.901.201.24125218CMNE26X-02Carmen EscobosaResource addition327.00329.751.586.055881042
Include 1Resource addition328.00329.000.5712.4812082144CMNE26X-04Carmen EscobosaResource addition303.00307.653.421.87175315CMNE26X-05Carmen EscobosaResource addition407.05410.302.491.45137246ELI25X-58Sinaloa - EliaResource conversion218.10221.351.7524.5110702908
Include 1Resource conversion218.75219.800.5674.0031708720ELI25X-59Sinaloa - EliaResource addition307.85310.151.552.12173332
Include 1Resource addition309.00309.450.307.435251082ELI26X-01Sinaloa - EliaResource addition252.85256.102.301.2881177ELI26X-02Sinaloa - EliaResource addition337.95339.251.181.45103212ELI26X-03FW VeinResource conversion117.70118.800.781.05104182ELI26X-03Sinaloa - EliaResource conversion123.25124.751.0622.65921791
Include 1Resource conversion124.35124.750.2884.412066537ELI26X-05Sinaloa - EliaResource conversion149.80150.800.716.65348847ELI26X-07Sinaloa - EliaResource conversion177.55183.654.454.75373729
Include 1Resource conversion182.30183.650.9816.6013802625ELI26X-08Sinaloa - EliaResource conversion198.50200.852.0421.3813772980
Include 1Resource conversion198.50200.401.6526.0516803634
HW VeinResource conversion219.95222.802.267.89329920
Include 1Resource conversion219.95220.850.7115.876121802ELI26X-09FW VeinResource conversion174.05175.201.003.77300582
Sinaloa - EliaResource conversion191.40192.851.1111.6568941
Include 1Resource conversion192.45192.850.3141.231613253
HW VeinResource conversion206.45208.801.804.69315667
Include 1Resource conversion206.45207.400.736.685051006ELI26X-10FW VeinResource conversion128.65129.600.780.98108182
Sinaloa - EliaResource conversion191.50192.700.8843.0826045835
Include 1Resource conversion192.00192.700.5270.5242359524
HW VeinResource conversion196.10197.451.004.80372732ELI26X-11Sinaloa - EliaResource conversion255.00258.802.687.93344939
Include 1Resource conversion256.20257.250.7423.1010502783ELI26X-13Sinaloa - EliaResource conversion120.95122.200.961.17105193ELI26X-14Sinaloa - EliaResource conversion275.25277.201.206.44369852
Include 1Resource conversion275.85276.400.3422.7613013008
HW VeinResource conversion296.75298.601.132.07103258ELI26X-16FW VeinResource conversion119.70120.550.801.09128210
VeinResource conversion159.40162.101.553.30155402
Sinaloa - EliaResource conversion179.10181.902.483.64134407ELI26X-19FW VeinResource conversion164.60166.050.961.5263177
Sinaloa - EliaResource conversion167.05168.801.162.51141329ELI26X-21Sinaloa - EliaResource conversion137.75138.800.8012.969041876
VeinResource conversion216.75218.301.001.02104180
VeinResource conversion225.20227.651.732.19247411
Include 1Resource conversion225.20225.950.535.046291007ELI26X-22VeinResource addition308.70311.202.223.16172409
Include 1Resource addition308.70309.100.3513.106501633
VeinResource addition342.60345.301.9915.156731809
Include 1Resource addition342.60344.351.2922.589812675SIN25X-21Sinaloa - EliaResource addition633.75635.250.963.06208438SIN26X-01VeinResource addition234.05235.701.523.89171463
Sinaloa - EliaResource addition396.45397.651.134.27258578SIN26X-03Sinaloa - EliaResource addition189.10190.901.4311.047831611
Include 1Resource addition189.60190.901.0313.709601988SIN26X-07Sinaloa - EliaResource addition136.40137.300.7013.057701749
Include 1Resource addition136.80137.300.3921.1512362822SIN26X-08Sinaloa - EliaResource addition182.35184.001.065.51393806SIN26X-11Sinaloa - EliaResource addition239.90240.900.9120.0413002803SIN26X-13Sinaloa - EliaResource addition126.45127.600.7010.142921053
IncludeResource addition126.45126.950.3022.265702240SIN26X-14Sinaloa - EliaResource addition210.70213.752.168.737821437
IncludeResource addition212.90213.200.2150.7349188723SIN26X-15Sinaloa - EliaResource addition175.20176.951.1218.868922306
Include 1Resource addition175.20176.100.5829.6613283552SIN26X-15Include 2Resource addition176.60176.950.177.434981055SJE26X-06ConvenciónResource addition245.80246.850.741.24152244SJE26X-08ConvenciónResource addition310.70314.052.572.56251443SJE26X-10ConvenciónResource addition358.70361.801.552.81281492
Include 1Resource addition359.45360.200.385.865641004CNV26X-01ConvenciónResource addition321.10322.200.851.01133209CNV26X-03ConvenciónResource addition265.90268.951.961.78166299ROBBIN26S-03VeinResource addition272.85273.950.716.7438544ROT26X-01RobertaResource conversion227.20228.200.794.04414717ROT26X-04VeinResource conversion3.255.702.260.93146216
RobertaResource conversion100.00101.450.831.42140247ROT26X-06RobertitaResource conversion11.2012.651.112.12180339ROT26X-11VeinResource addition14.6017.201.202.21242408
Include 1Resource conversion16.8517.200.167.017801306ROT26X-13San EnriqueResource addition27.1029.001.221.60215335
includeResource addition92.4593.300.740.86131196
VeinResource addition163.50164.600.719.1324709SRE26X-03Santa ReginaResource addition183.30192.005.591.75173304
Include 1Resource addition190.55190.950.266.797331242SRE26X-04Santa ReginaResource addition135.25137.151.720.87152217SRE26X-12Santa ReginaResource addition201.45203.451.292.09205362
VeinResource addition211.00212.501.232.41213394
Include 1Resource addition211.95212.500.456.405661046
San JuanResource addition216.85218.200.871.06147227ROS26X-01RosarioResource addition196.55197.700.886.9813551879
Include 1Resource addition197.10197.700.4612.7925003459
RosarioResource addition200.00206.805.212.91593811
Include 1Resource addition200.00202.201.696.3311731648NBU26X-02Noche BuenaResource conversion254.50255.600.933.33303553
Include 1Resource conversion255.20255.600.346.175781041NBU26X-03Noche BuenaResource conversion276.60277.450.726.756491155NBU26X-04Noche BuenaResource conversion310.65311.650.911.00105180LUZ26X-02LuzResource conversion511.30513.001.3058.2526256994
Include 1Resource conversion512.25513.000.57131.72582715706LUZ26X-03PatriciaResource conversion391.15393.351.6928.9118954063
Include 1Resource conversion392.05393.351.0047.4431036661LUZ26X-05GertrudisResource conversion117.10118.951.777.804401025
Include 1Resource conversion117.10117.750.6220.5612092751LUZ26X-06LuzResource conversion130.70131.450.704.29187509LUZ26X-10LuzResource addition112.60113.651.033.87397687LUZ26X-12LuzResource conversion212.55215.001.021.52120234LUZ26X-13LuzResource addition223.60224.951.108.685171168
IncludeResource addition224.25224.950.5715.799072091ARN26X-01ARANA 1Resource addition627.25629.701.100.05348352
ARANA 2Resource addition638.05639.650.800.19895909
includeResource addition638.55639.650.550.2512111230  
Notes:

All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 75].From and To length indicated in metres, True Width of the intercept is calculated per drill hole and vein angles.See Appendix to this news release for details regarding drill hole locations, sample type, azimuth, dip and total depth.San Dimas: silver and gold drill hole significant intercepts were composited using the length weighted averages of uncapped sample assays, a 171g/t AgEq minimum grade (cut-off grade, "COG"), and a minimum composite length of 0.7 m (true width). A maximum of 1 m below the minimum COG was allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG but grading >70g/t AgEq was allowed to be composited for short intervals.Where present, single samples or intercepts with assay results higher than 1000 g/t AgEq are highlighted as "Include" in each intercept.First Majestic's drill programs follow established Quality Assurance/Quality Control ("QA/QC") protocols with standards, blanks, and duplicates inserted into the sample stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or future metallurgical testing.

Core samples are submitted to First Majestic's Central Laboratory ("Central Laboratory") (ISO 9001:2015). At the Central Laboratory, gold is analyzed by 30 g fire assay atomic absorption finish (AU-AA13). Results above 10 g/t gold are re-analyzed by 30 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100 g/t silver are re-analyzed by 30 g fire assay gravimetric finish (ASAG-14, ASAG-13).

For further information concerning QA/QC and data verification matters, key assumptions, parameters, and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of Mineral Reserves and Mineral Resources, see the Company's most recently filed Annual Information Form available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's most recently filed Annual Report on Form 40-F, available on the Company's website at www.firstmajestic.com and filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.

QUALIFIED PERSONS

Gonzalo Mercado, P. Geo., the Company's Vice-President of Exploration and Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical, and test data underlying such information.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada, U.S.A, which the Company is currently in the process of re-starting.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, CEO

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Forward-looking statements in this news release include but are not limited to statements with respect to: the total number of metres planned to be drilled at San Dimas in 2026; the potential for future Mineral Resource growth at San Dimas; the potential for the Convención vein to represent a near-term mining opportunity at San Dimas; and the Company's plans for the remainder of the 2026 drill program at San Dimas and the results of such program. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements".

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes; general economic conditions including inflation risks; labour relations; relations with local communities; changes in national or local governments; exchange rate fluctuations; environmental risks; requirements for additional capital; outcomes of pending litigation; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the Company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has 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 not to be as anticipated, estimated, or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Cautionary Note to United States Investors

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.

APPENDIX - DRILL HOLE DETAILS

Table A1: Drill hole collar location, sample type, azimuth, dip and total depth.

DrillholeEastNorthElevationAzimuthDipDepth 
(m)TypeCOR25X-15397620266760557933216807CoreCOR25X-19397623266758457931711876CoreCOR26X-0239699926683951215168-59573CoreCOR26X-03397700266755957834815846CoreCOR26X-0639699926683951215141-66660CoreCOR26X-0839699926683951215164-70630CoreCMNE26X-013971462667860104886-47438CoreCMNE26X-023971452667860104861-83501CoreCMNE26X-0439714526678601048204-71369CoreCMNE26X-053971422667860104969-72474CoreELI25X-584002492666593395333-26258CoreELI25X-594003192667087550143-22432CoreELI26X-014002502666593395333-27312CoreELI26X-024003192667087550129-15429CoreELI26X-034002492666593395338-22312CoreELI26X-054002492666592395306-12399CoreELI26X-074002492666593395319-20201CoreELI26X-084002492666593395318-26258CoreELI26X-094002492666592395303-22222CoreELI26X-104002492666593395325-24225CoreELI26X-114002492666593395330-29273CoreELI26X-134002502666593395338-21276CoreELI26X-144002492666593395342-29318CoreELI26X-164002492666593395347-22294CoreELI26X-194003852666629376338-4249CoreELI26X-214003852666629376338-13450CoreELI26X-224003852666629376334-24507CoreSIN25X-213993102666219500302-30231CoreSIN26X-014001432666431464311-15471CoreSIN26X-033993082666219500271-1351CoreSIN26X-073993092666219500288-11195CoreSIN26X-083993082666218499276-10270CoreSIN26X-1139930826662185002652345CoreSIN26X-1339930826662195002814162CoreSIN26X-1439930826662185002649276CoreSIN26X-1539930826662185002717258CoreSJE26X-06400853267128311723353324CoreSJE26X-0840085426712831172352-27387CoreSJE26X-1040085426712831171347-33555CoreCNV26X-0140085326712831172340-20441CoreCNV26X-0340085326712831172342-10342CoreROBBIN26S-0339940826715321196115-86288CoreROT26X-01401987266915643234456258CoreROT26X-04401780266911672731036165CoreROT26X-0640178226691167281041192CoreROT26X-11401783266911672546-16381CoreROT26X-13401784266911672555-14324CoreSRE26X-04399738267066199580-23198CoreSRE26X-1239973826706639969517342CoreROS26X-01400044266539355717615255CoreNBU26X-024010182671218118319911291CoreNBU26X-034010182671219118319916300CoreLUZ26X-02404682266478359616712564CoreLUZ26X-03404681266478459616820594CoreLUZ26X-0540468226647825961681582CoreLUZ26X-06404886266422460232230162CoreLUZ26X-104048872664223600323-2174CoreLUZ26X-124048892664224601527309CoreLUZ26X-13404888266422460235242228CoreARN26X-014051092673471143194-451302Core  
Notes:

All drill hole collar coordinates are determined using total station equipment after hole completion with UTM WGS84, Zone 13 (metres) as the reference system.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313544

Source: First Majestic Silver Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Key Takeaways First Majestic raised its 2026 silver and gold production guidance after a stronger first half.AG's Q2 silver production rose 3% y/y, led by gains at La Encantada and Santa Elena.First Majestic hiked its 2026 guidance for San Dimas, Los Gatos, La Encantada and Santa Elena. First Majestic Silver Corp. (AG - Free Report) announced that its silver production reached 3.8 million ounces in the second quarter of 2026, marking a year-over-year increase of 3%. The upside was driven by solid performances at the La Encantada and Santa Elena mines. The company’s gold production also increased 2% year over year to 34,660 ounces.

First Majestic also produced 16.5 million pounds of zinc, 9 million pounds of lead and 252,938 pounds of copper.

First Majestic’s Mine Performances in Q2In the second quarter of 2026, the San Dimas mine produced 1.06 million ounces of silver, marking a 15% decrease from the second quarter of 2025. The mine’s gold production fell 1% year-over-year to 12,385 ounces. The downside was led by a delay in mine haulage.

The Santa Elena mine produced 422,571 ounces of silver (up 38% year over year) and 21,468  ounces of gold, which increased 4% year over year.

La Encantada produced 1.03 million ounces of silver, up 65% from the second quarter of 2025. The upside was driven by 14% growth in ore processed and a 27% increase in silver grades.

Los Gatos contributed 1.28 million ounces of silver and 772 ounces of gold. It also contributed 16.4 million pounds of zinc, 9 million pounds of lead and 235,886 pounds of copper to First Majestic’s total production number.

First Majestic has started its 2025 drilling program at the Jerritt Canyon mine in the third quarter of 2025. The company completed 12,495 meters of surface drilling using two reverse circulation rigs, alongside about 320 meters of underground drilling with a single diamond rig during the second quarter.

AG’s Updates 2026 GuidanceFirst Majestic expects gold production of 72,000-76,000 at the Santa Elena mine, marking an increase of 10% at the mid-point from the previous guidance. The upside will be driven by higher gold grades and slightly increased gold recoveries. The mine’s silver output is projected between 1.4 million and 1.5 million ounces, revised to be near the upper limit of the company's initial forecast.

The company’s Los Gatos mine is expected to produce 5.1-5.5 million ounces of silver in 2026, marking a 5% increase at the mid-point from the previous guidance. In contrast, the La Encantada mine’s silver guidance is expected to increase 19% at the midpoint from the previous guidance to 3.4-3.6 million.

San Dimas’s production is expected to increase 13% at the mid-point from the prior guidance to 4.6-4.9 million ounces of silver for 2026. The upside will be driven by higher throughput rates.

Driven by the strong first-half performance, the company hiked its production outlook for 2026. It expects the total silver production to be 14.6-15.5 million ounces, marking a 10% increase from the previous guidance of 13-14.4 million ounces. Total gold production for 2026 is expected to be 128,000-135,000 ounces, up 7% at the mid-point from the previous forecast.

First Majestic’s Peer Performance in Q4Endeavour Silver Corp. (EXK - Free Report) produced 1.94 million ounces of silver in the second quarter of 2026. This reflected a 31% increase from the year-ago quarter, driven by the addition of the Kolpa operation in May 2025. Endeavour Silver’s total gold production in the quarter grew 35% year over year to 10,474 ounces. The company’s silver-equivalent ounces production increased 36% year over year in the quarter.

AG Stock’s Price PerformanceThe company’s shares have skyrocketed 87.8% in the past year compared with the industry's 72.5% surge.

Image Source: Zacks Investment Research

First Majestic’s Zacks Rank & Stocks to ConsiderAlbemarle has an average trailing four-quarter earnings surprise of 74.5%. The Zacks Consensus Estimate for the company’s 2026 earnings is pegged at $12.45 per share, indicating year-over-year growth from a loss of 79 cents. ALB shares have skyrocketed 124% so far this year. 

Avino Silver has an average trailing four-quarter earnings surprise of 125%. The Zacks Consensus Estimate for Avino Silver’s 2026 earnings is pegged at 39 cents per share, indicating 34.5% year-over-year growth. Its shares have surged 62.7% in a year.

Infill drilling at Santo Niño and Navidad returns multiple significant silver and gold intercepts, including high-grade results from resource-conversion drilling.

Permits received for construction of the Santo Niño and Navidad portals.

Additional $12 million investment planned in 2026 to advance underground access and position Santo Niño for near-term mining.

Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive infill drilling results from the Santo Niño and Navidad targets at its Santa Elena Silver/Gold Mine in Sonora, Mexico. The Company has also received the permits required to construct the Santo Niño and Navidad portals and plans to invest an additional $12 million in 2026 to advance underground access, portal construction, and development work intended to position Santo Niño for near-term mining.

"The continued advancement of Santo Niño and Navidad marks an important step in unlocking the next phase of growth at Santa Elena," stated Keith Neumeyer, CEO of First Majestic. "Infill drilling continues to return significant silver and gold intercepts at both targets. With construction permits now received for the Santo Niño and Navidad portals, and an additional $12 million investment planned in 2026, we are moving Santo Niño from discovery toward near-term mining readiness while continuing to advance Navidad, one of the most significant discoveries made at Santa Elena to date. Together, Santo Niño and Navidad are expected to become important contributors to the future mine plan and have the potential to materially extend Santa Elena's mine life."

2026 EXPLORATION HIGHLIGHTS

Santo Niño Vein System

To date, a total of 26,904 metres ("m") of drilling has been completed across 69 holes in 2026 at Santo Niño as part of the Company's ongoing resource-conversion and development-focused drilling program. Drilling at Santo Niño has focused primarily on infilling the current Inferred Mineral Resources to support potential conversion to Indicated Mineral Resources and to advance near-term mine planning. Results received to date include significant silver and gold intercepts that are overall better than modeled and confirm the presence of higher-grade mineralization in the western portion of the vein.

Navidad Vein System

To date, a total of 7,704 m of drilling has been completed across 10 holes at Navidad in 2026. Drilling has focused primarily on supporting potential conversion of Inferred Mineral Resources to Indicated Mineral Resources at the Winter vein which, based on its geometric configuration, is expected to play an important role early in the future mine schedule. Results received to date include high-grade silver and gold intercepts near the edge of the current Inferred Mineral Resource.

Figure 1: Santa Elena District Map Highlighting Santo Niño and Navidad Target Areas. Plan View.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_002full.jpg

KEY DRILLING HIGHLIGHTS

Table 1 presents a selection of significant silver and gold drill hole intercepts from the 2026 Santa Elena drilling program at Santo Niño and Navidad. The selected intercepts include results from resource-conversion drilling at the Santo Niño vein and the Winter vein at Navidad.

Table 1: Selection of Significant Drill Hole Intercepts from the Santa Elena 2026 Drill Program

 Drillhole  Target    Significant Intercept  From
(m)  To
(m)  True Width
(m)   Ag
 (g/t)   Au
 (g/t) AgEq
(g/t) Santo Niño Target SE-26-84Santo Niño Vein 229.35234.153.682528.46 886SE-26-76Santo Niño Vein 203.70216.905.58905.23 482SE-26-65Santo Niño Vein 197.35204.055.801114.04 414SE-26-86Santo Niño Vein 339.15341.201.5733315.21 1474SE-26-82Santo Niño Vein 365.35377.9010.87771.52 191Navidad Target  EWUG-26-089Winter Vein562.65565.302.4935923.592128 EWUG-26-091Winter Vein601.65617.5014.89283.5291 EWUG-26-088Winter Vein600.15605.003.4335811.99 1257Drilling remains ongoing at the Santo Niño and Navidad targets. At Santo Niño, drilling is being completed as part of a planned program of approximately 45,000 m in 2026. At Navidad, drilling is being completed as part of a planned program of approximately 17,000 m in 2026. The drilling is intended to increase data density, improve understanding of the mineralized volume, grade continuity, and vein geometry, and support potential conversion of Inferred Mineral Resources to Indicated Mineral Resources. This work is expected to strengthen geological confidence and support the basis for underground access design, mine planning, production scheduling, and economic evaluation.

Significant silver and gold mineralization intersected within the Santo Niño vein currently extends approximately 1,100 m along strike and 425 m down dip and the mineralization averages approximately 4.0 m in thickness ranging from 1.0 m to 16.0 m (Figure 2). Mineralized secondary veins and breccias in the hanging wall and/or footwall of the principal vein have also been identified in several drill holes and remain under investigation.

Figure 2: Santo Niño Vein Long Section Looking North with Significant Intercepts

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_003full.jpg

Significant silver and gold mineralization intersected within the Winter vein currently extends approximately 1,000 m along strike and 350 m down dip, with true thickness ranging from 2.8 m to 4.4 m (Figure 3). The 2026 drilling continues to support evaluation of the Winter vein as a potentially important early mining area within the Navidad mineralized system.

Figure 3: Winter Vein Long Section Looking Northwest with Significant Intercepts

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_004full.jpg

ADVANCING UNDERGROUND ACCESS TO SANTO NIÑO AND NAVIDAD

The Company is advancing Santo Niño and Navidad from resource definition toward underground development, supported by recently received portal construction permits and an additional $12 million investment planned for 2026. This next phase of work is expected to establish dedicated underground access to both areas, support decline and ramp development, and position higher-grade mineralization from Santo Niño and Navidad to contribute to the future Santa Elena district production profile.

A recently completed scoping-level study identified dedicated underground access as the preferred approach to advance the Santo Niño and Navidad mineral resources. At Santo Niño, the preferred access concept includes a dedicated portal, the Santo Niño portal, and an approximately 450 m haul road connecting the portal area to the existing Ermitaño haul road.

The study also indicates that development of an additional portal, the Navidad portal, located approximately 300 m from the Santa Elena processing facilities, together with ramp development from the lower levels of Ermitaño to provide secondary egress and ventilation, is expected to provide an efficient route to Navidad mineralization and support future haulage of mineralized material from the Navidad area (Figure 4).

Preliminary mining and processing schedules for the Santa Elena district resources indicate that higher-grade mineralization from Santo Niño and Navidad has a positive impact on production profiles, displacing lower-grade mineralization from other deposits.

The additional 2026 funding is planned to support construction of the Santo Niño and Navidad portals, advance hydrogeological studies, construct the haul road linking the Santo Niño portal to the Ermitaño haul road, complete approximately 800 m of decline development at Santo Niño, and complete an additional 1,300 m of development in the Ermitaño-to-Navidad ramp and from the Navidad portal.

Figure 4: Proposed Santo Niño and Navidad Portals and Access Development. Plan View (Top) and Orthogonal View Looking North-Northwest (Bottom)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1475/302888_5632c92074479b28_005full.jpg

Permitting

The Company has received the permits required for construction of the Santo Niño and Navidad portals, representing a key regulatory milestone in advancing toward underground development activities for the two mineral resources. With these permits now in hand, the Company plans to commence portal construction and related infrastructure work in the second half of 2026.

Summary of Significant Assay Results

A summary of significant assay results from exploration drilling completed at Santo Niño and Navidad during the first half of 2026 are provided in Table 2 and Table 3 below.

Table 2: Summary of Significant Silver and Gold Drill Hole Intercepts at Santo Niño

 Drillhole Target  Target TypeSignificant Intercept  From
(m)To
(m) True Width
(m) Au 
 (g/t) Ag 
 (g/t) AgEq 
 (g/t) SE-25-58Santo Niño VeinResource addition 935.85942.203.180.5863107SE-25-61Santo Niño VeinResource conversion811.00814.803.112.3479255SE-26-62Santo Niño VeinResource conversion201.85205.953.146.31131604
IncludeResource conversion203.35203.850.3827.854772566SE-26-63VeinResource addition 467.20468.751.103.5163326
Santo Niño VeinResource conversion478.55480.101.193.74172452SE-26-65Santo Niño VeinResource conversion197.35204.055.804.04111414
IncludeResource conversion202.30202.750.3911.8993985SE-26-66Santo Niño VeinResource conversion198.65200.751.726.30145617
IncludeResource conversion199.45200.250.6610.832911104SE-26-67Santo Niño Vein 1Resource conversion467.00469.101.611.7660192
Santo Niño Vein 2Resource conversion470.50472.951.882.2317184SE-26-68Santo Niño VeinResource conversion165.60171.054.173.6389361
IncludeResource conversion167.25167.800.4210.84111924SE-26-69Santo Niño Vein 1Resource conversion127.05131.853.682.9632254
IncludeResource conversion129.45130.000.4213.46511061
Santo Niño Vein 2Resource conversion132.80134.201.071.0130106
BrecciaResource addition 192.65197.453.394.3972401
IncludeResource addition 193.20193.550.2519.74781558SE-26-70Santo Niño Vein 1Resource conversion489.15490.551.072.9957282
Santo Niño Vein 2Resource conversion496.30500.853.732.93117337SE-26-71Santo Niño VeinResource conversion156.15157.401.021.54123239SE-26-73Santo Niño VeinResource conversion354.70360.655.395.70120547
IncludeResource conversion356.75357.750.9114.093071363SE-26-74Santo Niño VeinResource conversion178.80184.002.981.4624133SE-26-76VeinResource addition 150.30152.551.592.737212
Santo Niño VeinResource conversion203.70216.905.585.2390482
IncludeResource conversion211.45212.700.5322.993912116SE-26-78Santo Niño VeinResource conversion374.00380.605.063.9259353SE-26-80Santo Niño Vein 1Resource conversion223.90226.902.300.7544100
Santo Niño Vein 2Resource conversion232.05238.004.873.21102342
Santo Niño Vein 3Resource conversion239.75241.301.270.91112180
Santo Niño Vein 4Resource conversion244.05249.204.670.8686150SE-26-82Santo Niño VeinResource conversion365.35377.9010.871.5277191SE-26-84Santo Niño Vein 1Resource conversion220.55227.755.522.1348208
Santo Niño Vein 2Resource conversion229.35234.153.688.46252886
Include 1Resource conversion230.15230.600.3416.603441589
Include 2Resource conversion231.10231.550.3418.614071803
Include 3Resource conversion231.90232.800.6917.235981891SE-26-86Santo Niño Vein 1Resource conversion335.10337.001.466.0791546
IncludeResource conversion336.25336.650.3114.282191290
Santo Niño Vein 2Resource conversion339.15341.201.5715.213331474
IncludeResource conversion340.80341.200.3175.6315907262SE-26-88Santo Niño VeinResource conversion287.50291.452.542.1843206SE-26-90Santo Niño VeinResource conversion160.55162.501.251.7979213SE-26-91Santo Niño VeinResource conversion316.55318.351.1611.521831047
IncludeResource conversion317.00317.450.2937.784533287SE-26-92Santo Niño VeinResource conversion193.55195.801.290.9399168SE-26-93Santo Niño VeinResource conversion356.40366.458.233.3681333
IncludeResource conversion357.95358.650.5722.912872005SE-26-94Santo Niño VeinResource conversion193.50199.703.994.4070400
IncludeResource conversion197.50198.200.4516.891911458SE-26-95Santo Niño VeinResource conversion295.20297.501.881.6078198SE-26-97Santo Niño VeinResource conversion386.15390.703.221.3863167SE-26-99Santo Niño VeinResource conversion320.30325.353.573.90136429
IncludeResource conversion321.80322.350.3915.191481288
IncludeResource conversion324.15324.450.217.1211251660SE-26-100VeinResource addition 775.85777.401.001.0258135SE-26-102-ASanto Niño VeinResource conversion287.25296.906.201.39100205
IncludeResource conversion290.60291.100.3210.924361255SE-26-103Santo Niño VeinResource conversion272.30275.652.740.8274136SE-26-104Santo Niño Vein 1Resource conversion398.15402.052.042.25137306
Santo Niño Vein 2Resource conversion418.85420.101.020.6573121SE-26-105Santo Niño Vein 1Resource conversion299.60301.551.381.8933175
Santo Niño Vein 2Resource conversion310.80313.301.061.448116SE-26-106Santo Niño VeinResource conversion335.45336.951.151.9131174SE-26-108Santo Niño VeinResource conversion415.20416.801.131.25109203SE-26-113Santo Niño Vein 1Resource conversion392.40394.051.064.03112414
Santo Niño Vein 2Resource conversion397.50400.852.152.2742212SE-26-114Santo Niño VeinResource conversion127.40130.151.940.90125192Table 3: Summary of Significant Silver and Gold Drill Hole Intercepts at Navidad

Drillhole Target Target Type Significant Intercept From
(m) To
(m) True Width
 (m) Au
(g/t) Ag
(g/t) AgEq (g/t) EWUG-26-087Winter VeinResource conversion617.50619.001.301.4826137EWUG-26-088Winter VeinResource conversion600.15605.003.4311.993581257
Include 1Resource conversion600.15601.050.6434.287733345
Include 2Resource conversion601.35602.050.4926.055842538
San Nicolas VeinResource addition 732.45736.702.733.1473308EWUG-26-089Winter VeinResource conversion562.65565.302.4923.593592128EWUG-26-091Winter VeinResource conversion601.65617.5014.893.5028291
Include 1Resource conversion603.00603.350.3311.7088966
Include 2Resource conversion605.35605.750.3810.2077843
Include 3Resource conversion607.50608.000.4710.3249823Notes:

All holes are Diamond Drill Core; AgEq grade = Ag grade (g/t) + [Au (g/t) * 75].From and To length indicated in metres, true width of the intercept is calculated per drill hole and vein angles.See Appendix for details regarding drill hole locations, sample type, azimuth, dip and total depth.Significant silver and gold drill hole intercepts were composited using the length weighted averages of uncapped sample assays, a 90 g/t AgEq minimum grade (Cut-off-Grade, "COG") for Santo Niño, and 110 g/t AgEq minimum grade for Navidad; minimum composite length of 1.0 m (true width). A maximum of 1.0 m below the minimum grade cut-off was allowed as internal dilution. Where necessary to achieve minimum length, a single sample below the COG but grading >70g/t AgEq was allowed to be composited for short intervals.Where present, single samples or intercepts with assay results higher than 1000 g/t Ag and/or 10 g/t Au are highlighted as "Include" in each intercept.DATA VERIFICATION

First Majestic's drilling programs follow established Quality Assurance, Quality Control ("QA/QC") insertion protocols with standards, blanks, and duplicates introduced into the sample-stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or for future metallurgical testing.

Core samples were submitted to the SGS laboratory (ISO/IEC 17025:2017) and to the First Majestic Central laboratory (Central laboratory) (ISO 9001:2015). At SGS, gold is analyzed by 50 g fire assay atomic absorption finish (GE-FAA50V5). Results above 10 g/t gold are analyzed by 50 g fire assay gravimetric finish (GO-FAG50V). Silver is analyzed by 3-acid digest atomic absorption finish (GE-AAS33E50). Results above 100 g/t silver are analyzed by 50 g fire assay gravimetric finish (GO-FAG57V). At Central laboratory, gold is analyzed by 30g fire assay atomic absorption finish (AU-AA13). Results above 10 g/t are analyzed by 30 g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100 g/t are analyzed by 30 g fire assay gravimetric finish (ASAG-14, ASAG-13).

For further information concerning QA/QC and data verification matters, key assumptions, parameters, and methods used by the Company to estimate Mineral Reserves and Mineral Resources, and for a detailed description of known legal, political, environmental, and other risks that could materially affect the Company's business and the potential development of Mineral Reserves and Mineral Resources, see the Company's most recently filed Annual Information Form available under the Company's SEDAR+ profile at www.sedarplus.ca and the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar.

QUALIFIED PERSONS

Gonzalo Mercado, P. Geo., the Company's Vice-President, Exploration & Technical Services and a "Qualified Person" as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), has reviewed and approved the scientific and technical information contained in this news release. Mr. Mercado has verified the exploration data contained in this news release, including the sampling, analytical and test data underlying such information.

ABOUT FIRST MAJESTIC

First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The Company presently owns and operates four producing underground mines in Mexico: the Santa Elena Silver/Gold Mine, the Los Gatos Silver Mine (the Company holds a 70% interest in the Los Gatos Joint Venture that owns and operates the mine), the San Dimas Silver/Gold Mine, and the La Encantada Silver Mine, as well as a portfolio of development and exploration assets, including the Jerritt Canyon Gold Mine located in northeastern Nevada, U.S.A, which the Company is currently in the process of re-starting.

First Majestic is proud to own and operate its own minting facility, First Mint, LLC, and to offer a portion of its silver production for sale to the public. Bars, ingots, coins, and medallions are available for purchase online at www.firstmint.com, at some of the lowest premiums available.

FIRST MAJESTIC SILVER CORP.

"signed"

Keith Neumeyer, CEO

Cautionary Note Regarding Forward Looking Statements

This news release contains "forward‐looking information" and "forward-looking statements" under applicable Canadian and U.S. securities laws (collectively, "forward‐looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends. Forward-looking statements in this news release include but are not limited to statements with respect to: the Company's plans to invest an additional $12 million in 2026 to advance underground access, portal construction, and development work to position Santo Niño for near-term mining; the Company's expectations regarding the impact of the Santo Niño and Navidad vein systems on the future mine plans at Santa Elena; and the Company's planned drilling programs for Santo Niño and Navidad for 2026 and the results of such programs. These statements are not based on a pre-feasibility level study of Mineral Reserves that demonstrate the economic and technical viability of Santo Niño and Navidad. There is increased uncertainty related to the economics of mining Santo Niño and Navidad and increased technical risks of failure associated with a decision to initiate production from these areas prior to completing a pre-feasibility level study. The statements made relating to initiating mining at Santo Niño and Navidad are not based on a current technical report. Assumptions may prove to be incorrect and actual results and future events may differ materially from those anticipated. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions, or expectations upon which they are placed will occur. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward‐looking statements". Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of Measured and Indicated Mineral Resources or Proven and Probable Mineral Reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: material adverse changes; general economic conditions including inflation risks; labour relations; relations with local communities; changes in national or local governments; exchange rate fluctuations; environmental risks; requirements for additional capital; outcomes of pending litigation; unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations as well as those factors discussed in the section entitled "Risk Factors" in the Company's most recent Annual Information Form for the year ended December 31, 2025 filed with the Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca and in the Company's Annual Report on Form 40-F for the year ended December 31, 2025 filed with the United States Securities and Exchange Commission on EDGAR at www.sec.gov/edgar. Although the Company has 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 not to be as anticipated, estimated, or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

Cautionary Note to United States Investors

The Company is a "foreign private issuer" as defined in Rule 3b-4 under the United States Securities Exchange Act of 1934, as amended, and is eligible to rely upon the Canada-U.S. Multi-Jurisdictional Disclosure System, and is therefore permitted to prepare the technical information contained herein in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the securities laws currently in effect in the United States. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Technical disclosure contained in this news release has not been prepared in accordance with the requirements of United States securities laws and uses terms that comply with reporting standards in Canada with certain estimates prepared in accordance with NI 43-101.

NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning the issuer's material mineral projects.

APPENDIX - DRILL HOLE DETAILS

Table A1: Drill Hole Collar Location, Sample Type, Azimuth, Dip and Total Depth from Santa Elena

DrillholeEastNorthElevationAzimuthDipDepth (m)TypeSE-25-585821853320633832190-58982CoreSE-25-615818323320637793170-47878.1CoreSE-26-625811773320194770210-52.4250CoreSE-26-635815113320381837192-43.62516CoreSE-26-655811783320194770195-52.71255CoreSE-26-665811793320194770180-51.65224CoreSE-26-675815113320382837201-43.61513CoreSE-26-685810973320166771201-64.96216CoreSE-26-695810973320165771196-49.03273CoreSE-26-705815113320382837187-47.44530CoreSE-26-715810963320166771217-56.95350CoreSE-26-735813053320294814181-46.84387CoreSE-26-745810973320166771238-57.64261CoreSE-26-765810973320167771247-63.94312CoreSE-26-785813053320295813177-51.37417CoreSE-26-805811803320195770207-60.82309CoreSE-26-825813053320295814186-51.67423CoreSE-26-845811793320195770226-56.38294CoreSE-26-865813043320295814202-44.86381CoreSE-26-885814393320175820199-58.8321CoreSE-26-905812643320128778198-54.21193.8CoreSE-26-915814393320175820204-63.47348CoreSE-26-925812653320128778199-63.9233CoreSE-26-935813063320295814197-48.24392CoreSE-26-945812673320128778173-63.73255CoreSE-26-955814383320175820214-54.6333CoreSE-26-975813063320296814208-55.07420CoreSE-26-995814383320175820219-57.65372CoreSE-26-1005820443320613814183-57.341000CoreSE-26-102-A5809723320358748190-43.06339CoreSE-26-1035814403320175820180-55.73387CoreSE-26-1045813063320296814209-59.86462CoreSE-26-1055814403320175820171-60.35393CoreSE-26-1065814403320175820165-65.9399CoreSE-26-1085813073320296814196-59.51459CoreSE-26-1135813073320295814188-56.79444CoreSE-26-1145812933320075777180-57.6207CoreEWUG-26-087583615331950257917665681CoreEWUG-26-088583615331950257919164789CoreEWUG-26-089583615331950257919058879CoreEWUG-26-091583614331950257920352660CoreNotes:

All drill hole collar coordinates are determined using total station equipment after hole completion with UTM WGS84, Zone 12 (metres) as the reference system.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/302888

Source: First Majestic Silver Corp.

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us