Announcement • Sep 10

First Majestic Silver Corp Reports High-Grade Drill Results And Expands Exploration Footprint At San Dimas

First Majestic Silver Corp. announced positive drill results from its ongoing 2026 exploration program at its San Dimas Silver/Gold Mine in Durango, Mexico. Recent resource-conversion and resource-addition drilling has returned multiple high-grade silver and gold intercepts across several areas of the San Dimas district, supporting near-mine Mineral Resource conversion and growth opportunities. Additionally, new drill results at Convenci n and El Cristo have expanded the district's exploration footprint and identified additional targets for follow-up drilling as part of the Company's 2026 exploration program, which includes approximately 117,000 metres of planned drilling. Exploration drilling at San Dimas has intersected significant silver and gold mineralization across multiple vein systems, supporting both near-mine Mineral Resource conversion and broader district exploration opportunities. A total of approximately 89,000 metres of exploration drilling has been completed year-to-date in 2026, of the planned approximately 117,000 metres program, with work focused on resource-conversion and resource-addition drilling in the West Block, Central Block and Graben block, together with follow-up drilling in the El Cristo mine area and continued target testing in the East/Arana Block. Recent results include high-grade intercepts from resource-conversion and resource-addition drilling within the Sinaloa-Elia vein complex, continued expansion of the mineralized footprint at the Coronado-Carmen Escobosa vein system in the West Block, confirmation of a new target north of the Jessica vein at Convenci n, and encouraging early results from the Luz and Patricia veins within the El Cristo mine area. Resource-addition and infill drilling at the historic Sinaloa-Elia vein complex has returned multiple high-grade silver and gold intercepts, further supporting the continuity and Mineral Resource growth potential of the system. New drill results extend the footprint of known mineralization beyond the current Mineral Resources to the east, west and locally down dip. Infill drilling has also returned thick, high-grade intercepts that support increased confidence in the mineralized system and the potential conversion of Inferred Mineral Resources to Indicated Mineral Resources, providing additional support for future mine planning. Geological analysis and targeting around the Jessica vein identified several historic anomalous vein and breccia intercepts that were reinterpreted as evidence for the presence of a hanging wall structure. Initial drill testing of this target returned five significant intercepts in seven holes, supporting the exploration hypothesis. The structure, the Convenci n vein, was intersected approximately 100 metres north of Jessica and may represent a potential near-term mining opportunity. The target vein remains open in multiple directions, supporting additional follow-up drilling in the area. Drilling in the West Block has focused on the Coronado and Carmen Escobosa veins. Results from 2025 were incorporated into the Inferred Mineral Resources for San Dimas and provided the basis for follow-up drilling in 2026. Results received to date support the interpretation of Coronado and Carmen Escobosa as a two-vein mineralized system with continued potential for Mineral Resource addition. At Carmen Escobosa, five drill holes testing the western continuity of mineralization, together with a drill hole targeting the eastern extension, returned significant intercepts. The target remains open for approximately 400 metres to the west of these new intercepts, supporting additional follow-up drilling along strike. At Coronado, three drill holes testing the continuity of mineralization to the west also returned significant intercepts, further supporting the potential to expand the mineralized footprint in the West Block. Exploration activities have expanded to include the El Cristo mine area, the southernmost historically mined areas on the property. Results to date have returned high-grade silver and gold intercepts from the Luz and Patricia veins, supporting follow-up drilling to evaluate the continuity and extent of mineralization. The 2026 drill program at San Dimas is expected to continue advancing near-mine Mineral Resource conversion while testing additional targets across the district. Results received to date support the potential for Mineral Resource growth within established vein systems and highlight new opportunities at Convenci n and El Cristo for follow-up drilling. First Majestic's drill programs follow established Quality Assurance/Quality Control (QA/QC) protocols with standards, blanks, and duplicates inserted into the sample stream. After geological logging, all drill core samples are cut in half. One half of the core is submitted to the laboratory for analysis, and the remaining half core is retained on-site for verification and reference purposes or future metallurgical testing. Core samples are submitted to First Majestic's Central Laboratory (Central Laboratory) (ISO 9001:2015). At the Central Laboratory, gold is analyzed by 30g fire assay atomic absorption finish (AU-AA13). Results above 10g/t gold are re-analyzed by 30g fire assay gravimetric finish (ASAG-14). Silver is analyzed by 3-acid digestion atomic absorption finish (AAG-13). Results above 100g/t silver are re-analyzed by 30g fire assay gravimetric finish (ASAG-14, ASAG-13).

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