Vancouver, BC, Canada – First Majestic Silver Corp. (AG: NYSE; FR: TSX) (the “Company” or “First Majestic”) is pleased to announce that it has entered into a definitive agreement dated May 24, 2022 to sell its 100% owned past producing La Guitarra Silver Mine located in the Temascaltepec mining district, Mexico State to Sierra Madre Gold & Silver Ltd. (“Sierra Madre”) (SM: TSX.V) for total consideration of US$35 million (the “Transaction”). It is a condition to closing of the Transaction that Sierra Madre raise a minimum of CDN$10 million in a private placement concurrent with or prior to closing of the Transaction.