FIRST MAJESTIC SILVER CORP

RENEWAL OF SHARE REPURCHASE PROGRAM

The Company is also pleased to announce that the Toronto Stock Exchange ("TSX") has accepted for filing First Majestic's Notice of Intention to Make a Normal Course Issuer Bid (the "Share Repurchase Program") to be transacted through the facilities of the TSX and/or through Canadian alternative trading systems.

Pursuant to the Share Repurchase Program, First Majestic may, during the 12-month period commencing October 14, 2026, and ending on or before October 13, 2027, purchase up to 10,000,000 of its common shares ("Shares"), being approximately 2% of the Company's 493,080,912 issued and outstanding Shares as of September 30, 2026. First Majestic may purchase up to a daily maximum of 413,612 Shares (being 25% of the average daily trading volume of the Shares for the last six calendar months, which was 1,654,449 Shares), subject to the TSX rules permitting block purchases.

Under the Share Repurchase Program, other than purchases made by way of exempt offer, all purchases of Shares will be made by First Majestic on the open market through the facilities of the TSX and/or other Canadian alternative trading systems. The price that the Company will pay for any Shares will be the prevailing market price of such Shares at the time of acquisition. Any purchases under the Share Repurchase Program will depend on future market conditions, and any Shares purchased by the Company will be cancelled. Purchases under the Share Repurchase Program will be made by First Majestic's broker further to instructions from First Majestic and based upon the parameters prescribed by the TSX and by applicable law.

Under First Majestic's current normal course issuer bid, which commenced on October 14, 2025 and expires on October 13, 2026, the Company has repurchased a total of 1,700,000 shares for cancellation through open market purchases at a volume weighted average price of CDN$23.38. The Company had received TSX approval to purchase up to 24,500,000 common shares under the current program.

First Majestic believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company's business and its future business prospects. The Company believes that at such times the purchase of Shares would be in the best interests of the Company. Such purchases are expected to benefit all shareholders by increasing their proportionate equity interest in the Company.