First Majestic Silver Files Updated Technical Reports, 2020 Mineral Reserve and Mineral Resource Estimates & Appoints New Director

Vancouver, British Columbia–(Newsfile Corp. – March 31, 2021) – FIRST MAJESTIC SILVER CORP. (NYSE: AG) (TSX: FR) (the “Company” or “First Majestic”) is pleased to announce it has filed updated technical reports in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects for its three operating mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine (collectively, “material assets”). The Santa Elena and La Encantada technical reports have an effective date of December 31, 2020 for exploration data and mine depletion estimates. The San Dimas technical report has an effective date of December 31, 2020 for technical information and mine depletion but uses an exploration data cut-off of June 30, 2020 due to required modeling lead times. Each of the reports were prepared internally by First Majestic and are available on the Company’s website or SEDAR (www.sedar.com) under First Majestic’s issuer profile. The Company has also updated the Mineral Resource estimates for its non-material assets with an effective date of December 31, 2020.

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