First Majestic Silver Corp. announced the 2023 Mineral Reserve and Mineral Resource estimates for its four material mineral properties with an effective date of December 31, 2023. Three material properties are currently in production: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, and the La Encantada Silver Mine.

The fourth material property, the Jerritt Canyon Gold Mine, is currently in temporary suspension in respect of mining activities, with the Company currently focused on exploration, definition, and expansion of the mineral resources, and the optimization of mine planning and plant operations. During 2023, the Company completed a total of 143,454 metres of exploration drilling. Approximately 85% of this drilling was focused on near-mine or brownfield targets while the remainder was focused on greenfield targets exploring for new discoveries.

In 2023, the Company's Measured and Indicated and Inferred Mineral Resource estimates remained relatively unchanged in contained silver equivalent ("AgEq") ounces; exploration results also successfully offset of Reserve depletion following record annual production of 9.6 million AgEq ounces. Proven and Probable ("P&P") Mineral Reserve estimates at the Company's three producing material assets totalled 122.5 million AgEq ounces consisting of 56.1 million ounces of silver and 671,000 ounces of gold, which represents a 2% decrease in tonnes, a 9% decrease in silver ounces and a 14% decrease in gold ounces. Measured and Indicated ("M&I") Mineral Resource estimates (inclusive of Mineral Reserves) for the four material assets totalled 346.6 million AgEq ounces consisting of 95.9 million ounces of silver and 2.9 million ounces of gold, which represents a 1% increase in tonnes, a 6% decrease in silver ounces and a 3% increase in gold ounces, respectively.

The changes to Mineral Resource estimates reflect mining depletion and updated cut-off grades from new economic parameters including costs, metal recoveries and metal prices. Exploration drilling results added new Mineral Resources and identified additional mineralized areas. Jerritt Canyon added 207,000 ounces of gold to its M&I Mineral Resource estimates.

Inferred Mineral Resource estimates for the Company's four material assets totalled 283.8 million AgEq ounces consisting of 65 million ounces of silver and 2.6 million ounces of gold, which represents a 6% increase in tonnes, a 12% decrease in silver ounces and a 10% increase in gold ounces. Jerritt Canyon added 360,000 ounces of gold to its Inferred Mineral Resource driven by a combination of expansionary drilling results, modelling of additional mineralized areas and a decreased cut-off grade. M&I Mineral Resource estimates for the four material assets totalled 346.6 million AgEq ounces consisting of 95.9 million ounces of silver and 2.9 million ounces of gold.

The M&I tonnes increased by 1% compared to 2022. M&I Mineral Resources at Jerritt Canyon increased by 207,000 gold ounces primarily due to successful drilling programs at the SSX and Smith mines that expanded the mineralization, combined with an overall decrease in gold cut-off grade from assumptions related to increased gold prices and lower costs due to self-performed mining instead of third-party contractor mining. M&I Mineral Resource estimates are reported inclusive of Mineral Reserve estimates.

Inferred Mineral Resource estimates for the Company's four material properties totalled 283.8 million AgEq ounces consisting of 65 million ounces of silver and 2.6 million ounces of gold. Successful exploration drilling at Jerritt Canyon outlined new Inferred Resource estimates, additional mineralized areas were modeled, and a reduction of the gold cut-off grade all contributed to an increase in Inferred Resources totalling 360,000 ounces of gold.