Published On: Tue, May 4th, 2021

First Majestic Completes Acquisition of Jerritt Canyon Mine in Nevada, USA and Private Placement with Eric Sprott

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Vancouver, BC, Canada – First Majestic Silver Corp. (“First Majestic” or the “Company”) (TSX:FR) (NYSE:AG) and Sprott Mining Inc. (“Sprott Mining”) are pleased to announce the completion of the acquisition of Jerritt Canyon
Canada Ltd. (“Jerritt Canyon”) from Sprott Mining (the “Acquisition”) and concurrent $30 million private placement investment in First Majestic by Eric Sprott, previously announced in the joint news release of First
Majestic and Sprott Mining dated March 12, 2021.

Under the Acquisition, which took effect as of 9:00 AM PT on April 30, 2021, First Majestic has acquired all of the issued and outstanding common shares of Jerritt Canyon in exchange for 26,719,727 common shares of First
Majestic and 5,000,000 common share purchase warrants at an exercise price of $20.00 per share for a term of three years.

The $30 million private placement was completed by Eric Sprott at a price of $17.59 per share for a total of 1,705,514 common shares. As a result of Mr. Sprott’s participation in the transactions, Mr. Sprott beneficially owns and controls an aggregate of 28,425,241 common shares and 5,000,000 warrants, representing approximately 11.3% of the Company’s issued and outstanding common shares on an undiluted basis and 13.0% on a partially diluted basis.

Keith Neumeyer, President and CEO of First Majestic said, “With this closing, First Majestic adds another cornerstone asset to the portfolio and enhances our operating platform in a world-class mining jurisdiction.

We look forward to commencing our work with the operating team at Jerritt Canyon to create value for our shareholders and welcome Eric Sprott as a continued significant shareholder in First Majestic going forward. In
the near future, we will be communicating our plan for Jerritt Canyon which will include ways to further improve productivity and reduce operating costs.”

Mr. Sprott acquired the common shares in connection with the transactions for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of First Majestic including on the
open market or through private acquisitions or sell securities of First Majestic including on the open market or through private dispositions in the future subject to certain resale restrictions, market conditions, reformulation of plans and/or other relevant factors.

First Majestic
is a publicly-traded mining company focused on silver and gold production in Mexico and the United States 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 and the Jerritt Canyon Gold Mine.




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