Vancouver, British Columbia – (Newsfile Corp. – July 20, 2022) – First Majestic Silver Corp. (NYSE: AG) (TSX: FR) (FSE: FMV) (the “Company” or “First Majestic”) announces a stock distribution agreement (the “Sales Agreement”) with BMO Capital Markets and TD Securities (the “Agents”) , pursuant to which the Company may, in its sole discretion and from time to time until June 18, 2023 sell, through the Agents, such number of common shares of the Company (“Common Shares”) as may result in aggregate gross proceeds to the Company of up to would result in $100.0 million (the “Offer”). The Sale Agreement supersedes the previous Stock Distribution Agreement between the Company and the Agents dated May 28, 2021, under which all sales were completed. Sales of common stock will be made through “market distributions” as defined in the Canadian Securities Administrators’ National Instrument 44-102-Shelf Distributions, including sales made directly on the New York Stock Exchange (the “NYSE”). or any other recognized marketplace on which the common stock is listed or listed or where the common stock is traded in the United States. The sale of Common Stock, if any, under the Agreement of Sale will be effected through ordinary brokerage transactions on the NYSE at market prices or as otherwise agreed between the Company and the Agents. In Canada, no offerings or sales of common stock will be made on the Toronto Stock Exchange (the “TSX”) or any other trading market in Canada.

The offering is being made by way of a prospectus supplement to the base prospectus contained in the Company’s existing US registration statement on Form F-10 (the “Registration Statement”) and Canada short-form base prospectus (the “Base Prospectus”). dated May 18, 2021. The prospectus supplement relating to the offering has been filed with the securities regulatory authorities in all provinces of Canada…