Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the unaudited condensed interim consolidated financial results of the Company for the first quarter ended March 31, 2024. The full version of the financial statements and the management's discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov/edgar. All amounts are in U.S. dollars unless stated otherwise.

FIRST QUARTER HIGHLIGHTS

Production of 5.2 million silver equivalent ("AgEq") ounces, consisting of 2.0 million silver ounces and 35,936 gold ounces, in line with the Company's 2024 production guidance plan as management anticipates improvements in the second half ("H2") of the year due to planned higher ore grades and throughput rates.

Quarterly revenues of $106.0 million, compared to $157.0 million in Q1 2023. The decrease in revenue is mainly driven by the temporary suspension of mining activities at the Jerritt Canyon Gold Mine in March 2023.

The Company held 729,771 silver ounces in finished goods inventory as at March 31,
2024, inclusive of coins and bullion. The fair value of this inventory at March 31, 2024 was $17.9 million.

Improved mine operating earnings of ($0.3) million compared to ($6.4) million in Q1 2023.

Operating cash flows before movements in working capital and taxes amounted to $12.6 million.

Consolidated cash costs of $15.00 per AgEq ounce and All-in sustaining costs ("AISC") of $21.53 per AgEq ounce represented a decrease of 1% and an increase of 3%, respectively, compared to Q1 2023.

At the end of the quarter, the Company had a cash and restricted cash balance of $229.3 million consisting of $102.1 million cash and cash equivalents and $127.2 million of restricted cash.

Declared a cash dividend payment of $0.0037 per common share for the first quarter of 2024 for shareholders of record as of the close of business on May 17, 2024, to be paid out on or about, June 7, 2024.

OPERATIONAL AND FINANCIAL HIGHLIGHTS. see & read more on
https://www.firstmajestic.com/investors/news-releases/first-majestic-announces-financial-results-for-q1-2024-and-quarterly-dividend-payment