AG.TO · 2025-12-15 12:00:00

First Majestic Reports Continued Exploration Success at Santa Elena and Announces Senior Management Update New drilling significantly expands the gold and silver mineralization of the Santo Niño and Navidad discoveries Drilling completed at Luna expected to convert substantial amount of Inferred Min

Management Changes Exploration Programs

First Majestic Reports Continued Exploration

Success at Santa Elena and Announces Senior

Management Update

New drilling significantly expands the gold and silver mineralization of the Santo Niño and Navidad

discoveries

Drilling completed at Luna expected to convert substantial amount of Inferred Mineral Resources to

Indicated Mineral Resources

Start of scoping-level studies for Navidad and Santo Niño provide guidance on potential mining

strategies

Mani Alkhafaji promoted to President & Chief Corporate Development Officer

Vancouver, British Columbia--(Newsfile Corp. - December 15, 2025) - First Majestic Silver Corp.

(NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce the start

of preliminary mine planning studies for the Navidad and Santo Niño discoveries located at the

Company's Santa Elena Silver/Gold Mine in Sonora, Mexico. Additionally, the Company announces

positive exploration drilling results for the Santo Niño and Navidad targets that significantly increase the

gold ("Au") and silver ("Ag") mineralization beyond the currently declared 2024 Inferred Resources.

Furthermore, drilling in the Luna Zone to the east of the currently producing Ermitaño deposit has

successfully infilled portions of the 2024 Inferred Mineral Resources for Santa Elena, and will support the

conversion to Indicated Mineral Resource estimates when the Company declares its Mineral Reserves

and Mineral Resources for the year-ended December 31, 2025.

Following the encouraging exploration results at Navidad and Santo Niño, the Company is conducting

internal scoping-level studies to assess potential underground mining scenarios for the two discoveries.

A material handling trade-off study analyzed how to access the Winter-Navidad target and determined

that the best access is a straight, approximately 3-kilometre underground ramp with a portal located

adjacent to the Santa Elena processing plant. The Santo Niño mineralization presents several promising

options for additional access including a potential crosscut from the ramp to Navidad or a new portal

situated near the deposit where thick intercepts of high-grade gold and silver are reported within 100

metres ("m") from surface.

Third-party metallurgical testing completed for Santo Niño mineralization indicates that expected

metallurgical recoveries for gold and silver are excellent. The testing, conducted during the fall of 2025,

was designed to replicate the current mineral processing parameters of the Santa Elena Plant. The

results confirm exceptional metallurgical performance, with gold and silver recoveries exceeding 95%,

and the mineralization at both Santo Niño and Navidad are compatible with the Santa Elena processing

plant.

The continued success of the exploration program at Santa Elena has prompted the launch of an

early-stage scoping level study aimed at defining optimal material handling methods, access to

mineralization, mining methods, mining rates, ventilation and dewatering requirements, and ultimately

integrating Navidad and Santo Niño to the district's Life of Mine

" stated Keith Neumeyer, President &

CEO of First Majestic.

"As was the case in 2024, we anticipate the 2025 drilling program will translate

into significant Inferred Mineral Resource additions for the district. The district continues to

demonstrate exceptional potential. In alignment with our organic growth strategy, and partially driven

by the increase in available mineralization, the Company has initiated the plant expansion project with

the goal of increasing throughput from approximately 3,200 tonnes per day to approximately 3,500

tonnes per day by the end of 2026. This initiative underscores our confidence in the long-term future

of the operation."

2025 SANTA ELENA EXPLORATION HIGHLIGHTS

Santo Niño

Drilling at Santo Niño since the discovery announcement in May 2025 has substantially expanded the

footprint of gold and silver mineralization. A total of 15,307 m of new drilling was completed over a 32-

hole program that has defined extensive mineralization. The gold and silver mineralization identified to

date extends greater than 1,100 m by 400 m in strike and dip with the true thickness of mineralization

ranging between 2.5 m and 5.0 m. The mineralization remains open to the east.

A maiden Inferred Mineral Resource estimate for Santo Niño is expected to be included in the

Company's Annual Information Form for the year ended December 31, 2025, which will be filed at the

end of Q1 2026.

Navidad

A total of 10,161 m of drilling has been completed over an 8-hole program in 2025. Drilling at Navidad

has returned significant intercepts outside the current Inferred Mineral Resource boundary to the east.

Gold and silver mineralization identified to date now extends greater than 1,200 m by 400 m in strike and

dip with the true thickness of mineralization averaging between 3.0 m and 4.0 m. The Winter and

Navidad mineralization remain open in multiple directions.

Luna

Inferred to Indicated Mineral Resource conversion drilling at the Luna Zone has refined the geologic

understanding of the Ermitaño and Aitana veins in the area. Overall assay results and widths are tracking

closely to those modelled, with the Company anticipating a high conversion rate. A total of 11,190 m of

drilling has been completed over a 33-hole program in 2025.

KEY DRILLING HIGHLIGHTS

Table 1 below presents a selection of drill hole intercepts with significant assay results from drilling at the

Santo Niño, Navidad, and Luna targets.

Table 1: Selection of Significant Gold and Silver Drill Hole Intercept Highlights Santo Niño, Navidad,

and Luna Targets

Drillhole

Target

From

(m)

True Width

(m)

Metal Grades

(g/t)

AgEq (g/t)

Santo Niño

SE-25-36

Santo Niño Vein

180.8

187.2

6.2

6.30

214

674

SE-25-37

Santo Niño Vein

192.5

197.1

3.7

6.81

124

619

SE-25-45

Vein

262.6

265.9

3.1

5.42

520

SE-25-56

Santo Niño Vein

359.2

364.4

3.3

5.82

238

732

SE-25-39

Breccia

273.0

273.7

3.6

5.43

273

743

Navidad

EWUG-25-078

Winter Vein

710.5

721.8

8.0

5.80

126

554

EWUG-25-052

Winter Vein

766.0

776.9

7.7

5.53

291

EWUG-25-078

Navidad Vein

1045.1

1054.3

4.6

4.88

254

EWUG-25-052

Stockwork

1165.4

1176.5

5.6

1.3

253

Luna

EWUG-25-074

Aitana Vein 1

205.2

213.7

5.4

5.04

126

554

EW-25-397

Aitana Vein

362.2

375.0

9.1

2.63

291

EW-25-393

Vein

392.5

405.4

9.9

2.39

254

EW-25-399

Aitana Vein

312.9

323.9

9.6

3.04

253

EWUG-25-073

Aitana Vein 1

284.8

296.9

6.1

1.96

223

DISTRICT EXPLORATION

Exploration across the Santa Elena District continues to yield positive results across multiple targets

(Figure 1). During 2025, a total of 64,000 m of exploration drilling were planned and the Company has

completed approximately 66,800 m to date, reflecting a decision to increase the targeted metres in a

context of exploration success and the Company's overarching growth strategy.

Figure 1: Santa Elena District Map Highlighting Santo Niño, Navidad and Luna Target Areas. Plan

View.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_002full.jpg

Santo Niño

Drilling is ongoing at the Santo Niño target with 15,307 m completed over 32 drill holes during the

second half of 2025 for a total of 26,973 m during the year. The drilling significantly expanded the known

mineralization and delineated the existence of a main vein (Santo Niño vein) striking roughly east/west

with moderate to high angle dip to the north (Figure 2). Mineralized secondary veins and breccias in the

hanging and footwalls were also identified in some drill holes. The epithermal vein deposits consist of

grey to pink, banded and/or bladed quartz and quartz vein stockwork that locally contain visible silver

sulphides.

Figure 2: Santo Niño Vein Discovery Details. (Vertical Cross-Section of the Santo Niño Vein Looking

North Showing Vein Thickness and New Drillhole Intersections in Red. Full Projection of Santa Elena

Mine Located ~ 1 km North for Reference in the Background.

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_003full.jpg

Significant gold and silver mineralization intersected within the Santo Niño vein currently extends 1,100

m by 400 m along strike and dip and the mineralization averages 4.0 m in thickness ranging from 0.8 m

to 16.0 m (Figure 2 and Figure 3).

Independent third-party metallurgical tests demonstrate robust gold and silver recovery rates for the

Santo Niño mineralization, exceeding 95%. These results confirm deposit compatibility with Santa

Elena's existing processing infrastructure.

Figure 3: Santo Niño Vein Long Section Looking North with Significant Intercepts

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_004full.jpg

Navidad

Exploration drilling in the second half of 2025 has further expanded the Navidad-Winter vein systems and

delivered high gold and silver assay grades to the east (Figure 4 and Figure 5). Step-out holes have now

traced the combined structure for 1.2 km along strike and 400 m down-dip, confirming the lateral

continuity of high-grade mineralization.

Figure 4: Winter Vein Long Section Looking Northwest with Significant Intercepts

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_005full.jpg

Figure 5: Navidad Vein Long Section Looking Northwest with Significant Intercepts

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_006full.jpg

Luna

A total of 11,190 m of infill drilling across 33 holes has been completed in 2025 for the Luna Zone of the

Ermitaño vein system. Drilling took place from a new underground access ramp and from surface. As a

result, the geologic understanding of the Luna portion of the Ermitaño ore body has been greatly

enhanced defining a truncation of the Ermitaño vein by the northwest-trending Aitana vein (eastern

extension, Figure 6). The drilling is providing geometry, volume and assay results that will be used to

convert Inferred Mineral Resources to Indicated Mineral Resources and ultimately to optimize mine

development. Precious metal grades and significant intercept thicknesses are tracking closely to those

modeled.

Figure 6: Luna Zone Long Section Looking North with Significant Intercepts

To view an enhanced version of this graphic, please visit:

https://images.newsfilecorp.com/files/1475/278100_a7a593add4d4fbd8_007full.jpg

A summary of significant high-grade assay results from exploration drilling completed at Santa Elena

during the second half of 2025 are provided in Table 2, Table 3 and Table 4 below.

Table 2: Summary of Significant Gold and Silver Drill Hole Intercepts at Santo Niño

Drillhole

Target

Target Type

Significant Intercept

From

(m)

True Length

(m)

(g/t)

AgEq

(g/t)

SE-25-26

Santo Niño Vein

Resource addition

466.70

468.15

1.36

2.44

303

SE-25-28

Santo Niño Vein

Resource addition

492.30

494.25

1.60

2.95

337

SE-25-29

Breccia

Resource addition

430.20

432.95

1.77

0.67

110

SE-25-29

Santo Niño Vein

Resource addition

461.00

463.10

1.48

1.75

202

351

SE-25-30

Santo Niño Vein

Resource addition

507.15

508.80

1.50

2.40

233

SE-25-32

Breccia

Resource addition

637.85

640.00

1.38

0.91

150

SE-25-32

Santo Niño Vein

Resource addition

649.75

653.45

2.83

0.71

148

SE-25-33

Breccia

Resource addition

515.65

519.60

2.27

0.94

122

202

SE-25-34

Vein

Resource addition

457.05

459.90

1.83

0.85

153

SE-25-36

Santo Niño Vein

Resource addition

180.80

187.20

6.18

6.30

613

SE-25-36

Include 1

Resource addition

182.90

184.25

1.30

15.81

183

1527

SE-25-37

Santo Niño Vein

Resource addition

192.50

197.05

3.73

6.81

157

736

SE-25-37

Include 1

Resource addition

195.05

196.30

1.02

9.69

390

1213

SE-25-38

Santo Niño Vein

Resource addition

226.80

232.55

4.71

2.13

278

SE-25-39

Breccia

Resource addition

273.00

283.45

3.57

5.43

520

SE-25-39

Include 1

Resource addition

273.00

273.65

0.22

36.10

291

3360

SE-25-39

Santo Niño Vein

Resource addition

295.60

305.85

6.59

1.19

124

SE-25-40

Breccia

Resource addition

196.55

198.50

1.49

1.11

138

SE-25-41

Santo Niño Vein

Resource addition

267.50

268.95

1.26

1.12

111

SE-25-43

Santo Niño Vein

Resource addition

288.00

290.00

1.88

2.00

208

SE-25-45

Breccia

Resource addition

242.90

247.00

1.40

2.93

336

SE-25-45

Include 1

Resource addition

242.90

243.55

0.22

16.10

360

1729

SE-25-45

Breccia

Resource addition

252.95

255.50

1.08

0.94

162

SE-25-45

Vein

Resource addition

262.60

265.90

3.10

5.42

214

674

SE-25-45

Vein

Resource addition

284.50

286.15

1.35

0.86

138

SE-25-45

Santo Niño Vein

Resource addition

292.40

296.75

2.18

0.60

123

SE-25-45

Vein

Resource addition

308.25

310.20

1.25

0.83

133

SE-25-45

Vein

Resource addition

312.35

314.10

1.12

133

228

SE-25-50

Santo Niño Vein

Resource addition

168.20

173.30

3.61

1.14

155

SE-25-52

Santo Niño Vein

Resource addition

309.65

312.50

1.83

1.00

102

187

SE-25-56

Santo Niño Vein

Resource addition

359.20

364.40

3.34

5.82

124

619

SE-25-56

Include 1

Resource addition

361.10

361.65

0.35

21.30

277

2088

Table 3: Summary of Significant Gold and Silver Drill Hole Intercepts at Navidad

Drillhole

Target

Target Type

Significant Intercept

From

(m)

True Length

(m)

(g/t)

AgEq

(g/t)

EWUG-25-

052

Vein

Resource addition

572.80

575.75

1.48

1.69

168

EWUG-25-

052

Winter Vein

Resource addition

765.95

776.85

7.71

5.53

273

743

Include

Resource addition

766.95

767.60

0.46

22.23

478

2368

EWUG-25-

052

Vnlts

Resource addition

816.85

820.10

1.86

0.38

326

359

EWUG-25-

052

Vnlts

Resource addition

930.35

932.55

1.26

1.78

174

EWUG-25-

052

Navidad Vein

Resource addition

956.30

958.60

1.32

2.55

165

383

EWUG-25-

052

Vnlts

Resource addition

1125.65

1128.25

1.30

2.20

155

342

EWUG-25-

052

Navidad Vein

Resource addition

1136.20

1140.30

2.05

2.04

210

384

EWUG-25-

052

Vnlts

Resource addition

1143.60

1146.10

1.43

0.93

147

EWUG-25-

052

Stockwork

Resource addition

1165.35

1176.50

5.58

1.33

206

EWUG-25-

078

Vein

Resource addition

558.40

560.75

1.18

1.94

183

EWUG-25-

078

Winter Vein

Resource addition

710.45

721.75

7.99

5.80

238

732

Include 1

Resource addition

710.45

710.80

0.25

16.01

748

2109

Include 2

Resource addition

712.35

713.10

0.53

19.43

283

1934

Include 3

Resource addition

714.35

714.80

0.32

16.82

1039

2469

EWUG-25-

078

Vnlts

Resource addition

726.00

728.55

1.46

1.80

186

EWUG-25-

078

Vnlts

Resource addition

745.25

748.00

1.58

1.98

221

EWUG-25-

078

Stockwork

Resource addition

1038.60

1043.90

1.81

1.37

198

EWUG-25-

078

Navidad Vein

Resource addition

1045.05

1054.30

4.63

4.88

321

736

EW-25-394

Winter Vein

Resource addition

885.35

889.40

2.32

3.80

348

EW-25-394

Vein

Resource addition

967.60

970.20

1.49

3.51

329

EW-25-394

Vnlts

Resource addition

1006.20

1010.10

1.65

2.45

230

EW-25-394

Navidad Vein

Resource conversion

1091.15

1093.35

1.41

0.86

145

Drillhole

Target

Target Type

Significant Intercept

From

(m)

True Length

(m)

(g/t)

AgEq

(g/t)

Table 4: Summary of Significant Gold and Silver Drill Hole Intercepts at Luna

Drillhole

Target

Target Type

Significant Intercept

From

(m)

True Length

(m)

(g/t)

AgEq

(g/t)

EW-25-393

Ermitaño Vein

Resource conversion

392.45

405.40

9.92

2.39

254

EW-25-393

Aitana Vein 1

Resource conversion

412.15

420.00

6.01

1.17

139

EW-25-393

Aitana Vein 2

Resource conversion

424.90

426.65

1.34

1.62

190

EW-25-393

Vein

Resource conversion

445.20

450.35

2.95

0.25

434

455

EW-25-393

Include

Resource conversion

447.40

448.20

0.46

0.29

1302

1327

EW-25-396

Aitana Vein

Resource conversion

377.00

382.60

4.29

1.16

152

EW-25-396

Ermitaño Vein 1

Resource conversion

390.45

392.40

1.49

1.37

172

EW-25-396

Ermitaño Vein 2

Resource conversion

395.25

396.65

1.07

1.24

133

EW-25-397

Aitana Vein

Resource conversion

362.20

375.00

9.05

2.63

291

EW-25-398

Aitana Vein

Resource conversion

325.50

335.60

7.14

2.58

252

EW-25-398

Vnlts

Resource conversion

342.10

344.80

1.91

1.24

128

EW-25-399

Aitana Vein

Resource conversion

312.85

323.90

9.57

3.04

253

EW-25-400

Aitana Vein 1

Resource conversion

369.00

372.85

2.95

1.34

137

EW-25-400

Aitana Vein 2

Resource conversion

375.25

381.20

4.56

2.27

261

EW-25-402

Aitana Vein

Resource conversion

362.30

368.55

4.02

1.47

136

EW-25-403-A

Aitana Vein

Resource conversion

373.60

382.80

3.89

2.56

250

EW-25-403-A

Include

Resource conversion

379.80

380.25

0.19

15.64

110

1439

EW-25-403-A

Vein

Resource conversion

386.00

393.15

3.02

2.36

273

EW-25-405

Vein

Resource conversion

322.05

326.65

3.25

2.28

224

EW-25-405

Aitana Vein

Resource conversion

345.80

349.50

2.12

2.79

293

EW-25-405

Vnlts

Resource conversion

352.65

355.55

1.66

1.57

150

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