First Majestic Updates 2018 Mineral Reserve and Resource Estimates

VANCOUVER, March 29, 2019 - FIRST MAJESTIC SILVER CORP. (the "Company" or “First Majestic”) is pleased to announce its 2018 Mineral Reserve and Resource estimates for its existing mineral property assets in Mexico with an effective date of December 31, 2018. The Company completed a total of 211,695 metres of diamond drilling at its operating mines in 2018, representing a 35% increase in metres drilled compared to the prior year.

2018 HIGHLIGHTS (compared to the prior estimate of December 31, 2017)

• Proven and Probable Reserves increased 46% to 170.9 million silver equivalent ounces
  • Added San Dimas Reserves consisting of 100.4 million silver equivalent ounces; or up 32% compared to post acquisition estimates due to higher conversion of Resources to Reserves resulting from successful infill drilling in the Jessica, Roberta and Regina mining areas
  • San Martin Reserves declined 71% to 6.1 million silver equivalent ounces resulting from an increase in cut-off grades due to lower metal price assumptions and an increase in operating costs, as well as re-assessing the dilution and mining recovery factors to reflect current mining conditions
  • La Parrilla Reserves declined 75% to 3.6 million silver equivalent ounces resulting from mine depletion and an increase in cut-off grades due to lower metal price assumptions and an increase in operating costs
  • Excluded La Guitarra Reserves after placing the operation in care and maintenance
• Measured and Indicated Resources increased 82% to 259.8 million silver equivalent ounces
  • Added San Dimas M&I Resources of 130.2 million silver equivalent ounces; up 8% compared to previous estimates
  • Upgraded 8.8 million silver equivalent ounces at the Ermitaño Silver/Gold Project from Inferred to Indicated Resources
• Inferred Resources increased 3% to 212.7 million silver equivalent ounces
  • Added San Dimas Inferred Resources of 112.6 million silver equivalent ounces
  • Increased Ermitaño’s Inferred Resource by 20% to 49.0 million silver equivalent ounces
  • Reclassified 92.9 million silver equivalent ounces at La Joya to historical estimates

The following table shows the total tonnage mined from each of the Company’s producing properties during 2018, including total ounces of silver and silver equivalent ounces produced from each property and the tonnage mined from delineated Reserves and Resources at each property. A portion of the production from each mine came from material other than Reserves or Resources, as set out below under the heading “Material Mined from Areas Not in Reserves or Resources”.

2018 PRODUCTION TABLE

Metal price assumptions used to estimate the 2018 Reserves were reduced to reflect a conservative view and relatively inline with the three-year rolling price averages. Price assumptions for Mineral Reserves estimation decreased to $17.00/oz for silver (-$1.00/oz), $1,250/oz for gold (-$50/oz), $1.10/lb for lead (-$0.10/lb) and $1.20/lb for zinc (-$0.20/lb) when compared to the previous estimates.

RESERVES AND RESOURCES UPDATE

As of December 31, 2018, Proven and Probable Reserves totaled 170.9 million silver equivalent ounces, representing a 46% increase in metal content compared to the prior estimate of December 31, 2017. This increase reflects the incorporation of the high grade reserves of the San Dimas mine after its acquisition on May 10, 2018 and the results of the infill exploration and development programs, offset by the effect of mining depletion, the reduction of reserves primarily at San Martin and La Parrilla, the elimination of reserves from La Guitarra which was put in care and maintenance in August 2018, as well as the impact of lower metal price assumptions.

The Company’s consolidated Measured and Indicated Mineral Resources have increased 17% in terms of tonnage and 82% in terms of silver equivalent metal content as the result of incorporating the high grade resources of San Dimas as well as conversion of Inferred Resources at Ermitaño following its successful 2018 exploration program. These increases were partially offset by production depletion and reductions in metal price used for Mineral Resources estimation.

Consolidated Inferred Mineral Resources increased by 3% in terms of silver equivalent metal content after the incorporation of resources from San Dimas which was offset by the subtraction of resources from La Joya which is now considered a historical estimate.

The complete 2018 Mineral Reserve and Resource estimates for all metals, tonnage and grades are shown below in the following tables:

2019 EXPLORATION PROGRAM

For 2019, First Majestic is planning to invest a total of $26.2 million towards exploration to drill approximately 188,000 metres across its core Mexican assets. The 2019 drilling program will consist of approximately 11,600 metres of sustaining diamond drilling to support mining activities at the six operating mines; approximately 152,000 metres of expansionary diamond drilling intended to improve confidence and increase Mineral Resources with a focus on the Santa Elena Main Vein and the Central Block at San Dimas; and drill approximately 8,400 metres intended to test greenfield targets at Santa Elena and Del Toro. Furthermore, due to the exploration success in 2018 at Ermitaño, the Company is planning to complete a 16,000 metre drill program in 2019 to investigate the continuity of mineralization at shallow depths that may be amenable to open pit extraction.

The Company also announces that its 2018 Annual Information Form has been filed on SEDAR. In addition, a Form 40-F report has been filed with the United States Securities and Exchange Commission and is available on EDGAR. Both documents are also available on the Company’s website at www.firstmajestic.com.

Shareholders may also receive a copy of First Majestic’s Annual Report which includes the audited financial statements, without charge, upon request to First Majestic, Suite 1800 - 925 West Georgia Street Vancouver, B.C., Canada, V6C 3L2 or to info@firstmajestic.com.

Mr. Ramon Mendoza Reyes, Vice President Technical Services for First Majestic, is a "Qualified Person" as such term is defined under National Instrument 43-101, and has reviewed and approved the technical information disclosed in this news release.

ABOUT THE COMPANY

First Majestic is a mining company focused on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets. The Company presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, the San Martin Silver Mine, the La Parrilla Silver Mine and the Del Toro Silver Mine. Production from these mines are projected to be between 14.2 to 15.8 million silver ounces or 24.7 to 27.5 million silver equivalent ounces in 2019.

FOR FURTHER INFORMATION contact info@firstmajestic.com, visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.

First Majestic Silver Corp.
“signed”
Keith Neumeyer, President & CEO

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

This press release contains “forward‐looking information” and "forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward‐looking statements”). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the Company’s business strategy; future planning processes; commercial mining operations; cash flow; budgets; the timing and amount of estimated future production; recovery rates; mine plans and mine life; the future price of silver and other metals; costs of production; costs and timing of the development of new deposits; capital projects and exploration activities and the possible results thereof. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon guidance and forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward‐looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of measured and indicated mineral resources or proven and probable mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “target”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward‐looking statements”.

Actual results may vary from forward-looking statements. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to materially differ from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions; actual results of exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; commodity prices; variations in ore reserves, grade or recovery rates; actual performance of plant, equipment or processes relative to specifications and expectations; accidents; labour relations; relations with local communities; changes in national or local governments; changes in applicable legislation or application thereof; delays in obtaining approvals or financing or in the completion of development or construction activities; exchange rate fluctuations; requirements for additional capital; government regulation; environmental risks; reclamation expenses; outcomes of pending litigation; limitations on insurance coverage as well as those factors discussed in the section entitled "Description of the Business - Risk Factors" in the Company's most recent Annual Information Form, available on www.sedar.com, and Form 40-F on file with the United States Securities and Exchange Commission in Washington, D.C. Although First Majestic has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.

The Company believes that the expectations reflected in these forward‐looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking statements included herein should not be unduly relied upon. These statements speak only as of the date hereof. The Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.