First Majestic Receives Construction Permits for Santo Niño and Navidad; Advances Development Across the Santa Elena District

About this update from First Majestic Silver Corp.

Infill drilling at Santo Niño and Navidad returns multiple significant silver and gold intercepts, including high-grade results from resource-conversion drilling. Permits received for construction of the Santo Niño and Navidad portals. Additional $12 million investment planned in 2026 to advance underground access and position Santo Niño for near-term mining. Vancouver, British Columbia--(Newsfile Corp. - June 25, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") is pleased to announce positive infill drilling results from the Santo Niño and Navidad targets at its Santa Elena Silver/Gold Mine in Sonora, Mexico. The Company has also received the permits required to construct the Santo Niño and Navidad portals and plans to invest an additional $12 million in 2026 to advance underground access, portal construction, and development work intended to position Santo Niño for near-term mining. "The continued advancement of Santo Niño and Navidad marks an important step in unlocking the next phase of growth at Santa Elena," stated Keith Neumeyer, CEO of First Majestic. "Infill drilling continues to return significant silver and gold intercepts at both targets. With construction permits now received for the Santo Niño and Navidad portals, and an additional $12 million investment planned in 2026, we are moving Santo Niño from discovery toward near-term mining readiness while continuing to advance Navidad, one of the most significant discoveries made at Santa Elena to date. Together, Santo Niño and Navidad are expected to become important contributors to the future mine plan and have the potential to materially extend Santa Elena's mine life." 2026 EXPLORATION HIGHLIGHTS Santo Niño Vein System To date, a total of 26,904 metres ("m") of drilling has been completed across 69 holes in 2026 at Santo Niño as part of the Company's ongoing resource-conversion and development-focused drilling program. Drilling at Santo Niño has focused primarily on infilling the current Inferred Mineral Resources to support potential conversion to Indicated Mineral Resources and to advance near-term mine planning. Results received to date include significant silver and gold intercepts that are overall better than modeled and confirm the presence of higher-grade mineralization in the western portion of the vein. Navidad Vein System To date, a total of 7,704 m of drilling has been completed across 10 holes at Navidad in 2026. Drilling has focused primarily on supporting potential conversion of Inferred Mineral Resources to Indicated Mineral Resources at the Winter vein which, based on its geometric configuration, is expected to play an important role early in the future mine schedule. Results received to date include high-grade silver and gold intercepts near the edge of the current Inferred Mineral Resource.

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