AG First Majestic Silver Corporation

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of August 2023

Commission File Number: 001-34984

First Majestic Silver Corp.

(Translation of registrant’s name into English)

925 West Georgia Street, Suite 1800

Vancouver, B.C. V6C 3L2

Canada

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F   ☐            Form 40-F   ☑

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)  ☐

DOCUMENTS FILED AS PART OF THIS FORM 6-K

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

3

Exhibit 99.1

First Majestic Silver Corp.

Jerritt Canyon Gold Mine, Elko County, Nevada, USA

NI 43-101 Technical Report on Mineral Resource Estimates

CERTIFICATE OF QUALIFIED PERSON

Mr. Gonzalo Mercado, P.Geo

Vice President of Exploration and Technical Services

First Majestic Silver Corp.

925 West Georgia Street, Suite 1800

Vancouver, BC, Canada, V6C 3L2

I, Gonzalo Mercado, P. Geo, am employed as VP of Exploration and Technical Services with First Majestic Silver Corp. (First Majestic).

This certificate applies to the technical report “First Majestic Silver Corp., Jerritt Canyon Gold Mine, Elko County, Nevada, USA, NI 43-101 Technical Report on Mineral Resource Estimates” that has an effective date of March 31, 2023 (the Technical Report).

I hold a degree in Geology (2004) from the Universidad Nacional de Tucuman, Argentina.

I am a Professional Geologist with Professional Geoscientists Ontario (PGO), Membership #3139.

I have practiced my profession continuously for more than 19 years, and I have a considerable amount of experience in precious and base metal deposits in Mexico, the United States, Canada, Chile, and Argentina. My relevant experience in base and precious metal spans across all exploration stages and includes various corporate and senior roles within the areas of mineral exploration, project management, geological interpretation, three-dimensional geological modeling, and mineral resource estimation.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I have visited the Jerritt Canyon Gold Mine on numerous occasions during 2021 to 2023, and my most recent site inspection occurred over the span of four days commencing on February 22, 2023.

I am responsible for Sections 1.1, 1.2, 1.5-1.8, 1.13-1.14, 2, 3, 6-10, 15-24, 25.4, 25.5, and 26 of the Technical Report.

I am not independent of First Majestic as that term is described in Section 1.5 of NI 43–101.

I have been involved with the Jerritt Canyon Gold Mine overseeing the development of exploration activities since 2021.

I have read NI 43–101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

“Signed and sealed”

Gonzalo Mercado, P. Geo

Dated: August 2, 2023

a

CERTIFICATE OF QUALIFIED PERSON

Mr. David Rowe, CPG

Director of Mineral Resources

First Majestic Silver Corp.

925 West Georgia Street, Suite 1800

Vancouver, BC, Canada, V6C 3L2

I, David Rowe, CPG, am employed as Director of Mineral Resources with First Majestic Silver Corp. (First Majestic).

This certificate applies to the technical report “First Majestic Silver Corp., Jerritt Canyon Gold Mine, Elko County, Nevada, USA, NI 43-101 Technical Report on Mineral Resource Estimates” that has an effective date of March 31, 2023 (the Technical Report).

I hold a BA degree in Geology (1984) from the University of Montana and a Master of Science degree in Structural Geology (1987) from the University of Wyoming.

I am a Certified Professional Geologist with the American Institute of Professional Geologists, membership number 10953.

I have practiced my profession continuously for more than 35 years, and I have a considerable amount of experience in precious and base metal deposits in Mexico, the United States, Central America, the Caribbean, and Africa. My relevant experience in polymetallic and precious metal gold and silver projects includes various senior roles within the areas of mineral exploration, project management, geological interpretation, three-dimensional geological modeling, and mineral resource estimation. I have previously acted as a Qualified Person for a number of precious metal and polymetallic projects including the: Ixhuatan Gold Project (Mexico), Golouma Project (Africa), Niblack Sulphide Project (USA), Golden Meadows (USA), Goldstrike Project (USA), La Encantada Silver Mine (Mexico), and Jerritt Canyon (USA).

I have visited Jerritt Canyon Gold Mine on numerous occasions from 2021 to 2023, with the most recent site visit being from March 22–24, 2023, a duration of three days.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I am responsible for the preparation of Sections 1.12, 2, 3, 14, 25.8 and 25.9 of the Technical Report.

I am not independent of First Majestic as that term is described in Section 1.5 of NI 43–101.

I have been involved with the Jerritt Canyon Gold Mine overseeing the development of geological models and mineral resource estimations since 2021.

I have read NI 43–101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

“Signed and sealed”

David Rowe, CPG

Dated: August 2, 2023

b

CERTIFICATE OF QUALIFIED PERSON

María Elena Vázquez Jaimes, P. Geo.

Geological Database Manager,

First Majestic Silver Corp.

925 West Georgia Street, Suite 1800

Vancouver, BC, Canada, V6C 3L2

I, María Elena Vázquez Jaimes, P.Geo., am employed as Geological Database Manager with First Majestic Silver Corp. (First Majestic).

This certificate applies to the technical report “First Majestic Silver Corp., Jerritt Canyon Gold Mine, Elko County, Nevada, USA, NI 43-101 Technical Report on Mineral Resource Estimates” that has an effective date of March 31, 2023 (the Technical Report).

I graduated from the National Autonomous University of Mexico with a Bachelor in Geological Engineering degree in 1995 and obtained a Master of Science degree in Geology from the “Ensenada Center for Scientific Research and Higher Education”, Ensenada, BC, Mexico, in 2000.

I am a member of the Engineers and Geoscientists British Columbia (P.Geo. #35815).

I have practiced my profession continuously since 1995. I have held technical positions working with geological databases, conducting quality assurance and quality control programs, managing geological databases, performing data verification activities, and conducting and supervising logging and sampling procedures for mining companies with projects and operations in Canada, Mexico, Peru, Ecuador, Brazil, Colombia, and Argentina. I have served as the Geologic Database Manager for First Majestic since 2013, and I direct the QAQC programs, sampling and assay procedures, and database verification for all their mines in Mexico.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I visited the Jerritt Canyon Gold Mine on several occasions since 2021. My most recent site visit and inspection was from January 29 to February 2, 2023, a duration of five days.

I am responsible for Sections 1.9, 1.10, 2, 11, 12, and 25.6 of the Technical Report.

I am not independent of First Majestic as that term is described in Section 1.5 of NI 43–101.

I have been directly involved with the Jerritt Canyon Gold Mine in my role as the Geological Database Manager since 2021.

I have read NI 43–101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed in order to make the Technical Report not misleading.

“Signed and sealed”

Maria Elena Vazquez Jaimes, P.Geo.

Dated: August 2, 2023

c

CERTIFICATE OF QUALIFIED PERSON

Michael Jarred Deal

Vice President of Metallurgy & Innovation

First Majestic Silver Corp.

925 West Georgia Street, Suite 1800

Vancouver, BC, Canada, V6C 3L2

I, Michael Jarred Deal, RM SMEP, am employed as Vice President of Metallurgy and Innovation with First Majestic Silver Corp. (First Majestic).

This certificate applies to the technical report “First Majestic Silver Corp., Jerritt Canyon Gold Mine, Elko County, Nevada, USA, NI 43-101 Technical Report on Mineral Resource Estimates” that has an effective date of March 31, 2023 (the Technical Report).

I graduated from the Colorado School of Mines in 2009 with a Bachelor of Science Degree in Chemical Engineering. I am a Registered Member of the Society for Mining, Metallurgy, and Exploration (#4152005).

I have practiced my profession continuously since 2009 and have been involved in precious and base metal mine projects and operations in Nevada, South Carolina, New Mexico, and Colorado. My relevant experience in base and precious metal spans across managing all types of mineral processing facilities and projects including roasting, autoclaving, heap leaching, and concentrators. I have worked in Operations Management positions along with corporate technical support roles serving as a Process and Projects Subject Matter Expert.

I have been involved with the Jerritt Canyon Gold Mine since June 2021 serving as General Manager shortly after the acquisition by First Majestic. I held this role until June 2022 when I was promoted to Vice President of US Operations with continued full responsibility and accountability for Jerritt Canyon Gold Mine.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I worked full-time at the Jerritt Canyon Gold Mine from 2021 as General Manager of the mine and from 2022 as Vice President – Operations (US), and this familiarity with the operations serves as my scope of personal inspection.

I am responsible for Sections 1.11, 1.4, 2, 4.1-4.4, 4.9, 13, 25.1, 25.2, and 25.7 of the Technical Report.

I am not independent of First Majestic as that term is described in Section 1.5 of NI 43–101.

I have read NI 43–101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

“Signed and sealed”

Michael Jarred Deal, RM SME

Dated: August 2, 2023

d

CERTIFICATE OF QUALIFIED PERSON

David W. Wanner, P.E.

Chief Project Engineer

Jerritt Canyon Gold, LLC

HC 31 Box 78 Elko, Nevada, USA, 89801

I, David W. Wanner, P.E., am employed as Chief Project Engineer for Jerritt Canyon Gold, LLC, owned by First Majestic Silver Corp. (First Majestic).

This certificate applies to the technical report “First Majestic Silver Corp., Jerritt Canyon Gold Mine, Elko County, Nevada, USA, NI 43-101 Technical Report on Mineral Resource Estimates” that has an effective date of March 31, 2023 (the Technical Report).

I graduated from Montana Technological University (formerly Montana Tech of the University of Montana) with a Bachelor of Science Degree in Environmental Engineering in 1995 and obtained my professional engineering (PE) license in the United States of America (USA) for the states of Nevada (#20519), Montana (#41083), and Utah (#9187564-2202).

I have over 25 years of experience in the mining industry, 15 of which have been in consulting and construction. Throughout Nevada, I have designed and permitted numerous mine and process facilities to include tailings storage facilities, process ponds, heap leach pads, solution conveyance structures, concrete containments, and stormwater control structures. Along with the design of new mining and process facilities, I have completed the designs and obtained permits for reclaiming and closing numerous mine and process facilities to include tailings impoundments and heap leach pads. I was the lead design engineer for these projects but also acted as project superintendent and manager for the construction of several of these projects.

Since 2002, I have been involved with the Jerritt Canyon Gold Mine overseeing, consulting, and supporting technical and operational aspects including civil engineering related to tailings management and processing, environmental permitting and compliance, interim reclamation and closure, and reclamation planning and budgets. Since 2011, I have conducted site visits at least monthly if not weekly, and since April 2022, I have been on site at least four days per week as an employee of Jerritt Canyon.

As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101).

I am responsible for sections 1.3, 2, 4.5-4.8, 5, and 25.3 of the Technical Report.

I am not independent of First Majestic as that term is described in Section 1.5 of NI 43–101.

I have read NI 43–101, and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument.

As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading.

“Signed and sealed”

David W. Wanner, P.E.

Dated: August 2, 2023

e

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Table of Contents

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Index of Tables

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Index of Figures

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

This Technical Report (the Report) provides information on the Mineral Resource estimates for the Jerritt Canyon Gold Mine (the Project, Jerritt Canyon or Jerritt Canyon mine) located in Elko, in the state of Nevada, USA.

The mine is owned by Jerritt Canyon Gold LLC (JCG). First Majestic Silver Corp. (First Majestic) acquired JCG in April 2021. In March 2023, First Majestic temporarily suspended all mining activities at the Jerritt Canyon Mine and retracted the Mineral Reserve estimates for the Project.

The Report was prepared to support disclosure of technical information included in First Majestic’s Base Shelf Prospectus anticipated to be filed on or about August 2, 2023.

Units of measurement used in this Report can be either US Customary or metric units, unless otherwise stated. All grid references are based on a local mine grid system adapted from the Nevada East State Plane Coordinate System (‘SPCS’), NAD27 Datum, in planar units of feet. All currency units are in United States dollars unless otherwise stated.

Mineral Resource estimates are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014; the 2014 CIM Definition Standards) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 2019; 2019 CIM Best Practice Guidelines).

Jerritt Canyon is located approximately 50 miles north of the city of Elko. Access to the Jerritt Canyon Project is via the paved Nevada State Route (SR) 225 and a seven-mile-long paved mine access road that leads to the main gate where the administrative offices, processing plant, warehouse, maintenance shops, and tailings impoundment areas are located. The mines are accessed via a main haul road which is maintained on a regular basis. This road network is approximately 17 miles long. Exploration sites, active reclamation sites and historical mines are accessed through roads and trails that are maintained as required.

The climate is temperate. Exploration can be conducted year-round from surface and underground mine access. Temporary halts may result from major snowfalls.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Elko is a supply centre for the mining industry of northern Nevada, sourcing most equipment, supplies, and services. All supplies and equipment can be transported to site over the Nevada SR 225 highway, the mine access road, and the mine haul road.

Surface infrastructure supporting exploration and potential mining activities at Jerritt Canyon includes:

Electrical power for Jerritt Canyon is purchased from Nevada Energy through a 125 kV, three-phase transmission line. All water used at Jerritt Canyon is from permitted and certificated water rights held by JCG and regulated by the Nevada Division of Water Resources (NDWR).

There are a number of mineralized material stockpiles, two tailings storage facilities (TSFs), TSF-1 (currently inactive and in the process of being closed and reclaimed) and TSF-2 (currently active), and two main process water storage facilities that include the water storage reservoir (WSR) and evaporation pond. First Majestic intends to convert the WSR into a TSF (TSF 3) in the future, and has submitted requests to, and received approval from, both the NDEP-Bureau of Mining Regulation and Reclamation (BMRR) and the Nevada Division of Water Resources (NDWR) for this planned construction.

There are two water treatment plants, designed to treat process and underground water.

The Project comprises of 3,242 mining claims covering a surface area of 32,110 hectares extending approximately 21 miles north-south and 17 miles east-west at its widest.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

The Jerritt Canyon operations are located on a combination of public and private lands, with the mines and mining-related surface facilities being located primarily on United States Forest Service (USFS) and mining claims within the Humboldt-Toiyabe National Forest. The processing facilities, offices, shops, and tailings dams are located on private land owned by JCG. Additional claims in the southern portion of the land package are predominantly located on private land with some located on land administered by the United States Bureau of Land Management (BLM).

Land tenure on the Jerritt Canyon Project includes patented claims, unpatented claims, and fee land. The rights associated with the fee land include mineral and surface rights and are different for the various land packages (agreements). Yearly fees to maintain the claims in good order is undertaken by Jerritt Canyon staff and is reviewed on a monthly basis with the major payments taking place in September and November Surface rights at Jerritt Canyon are held by the BLM, USFS, Jerritt Canyon and multiple private owners. The break down is 17% Jerritt Canyon Gold owned private and deeded land, 54% USFS, 12% BLM, and 16% owned by multiple external private owners, and 1% without surface or mineral rights.

Some Jerritt Canyon claims and fee lands are subject to a net smelter return (NSR) royalty which varies from 1.5% to 8% depending upon the lease agreements with various property owners. The fee land, which was originally purchased to secure access from State Route 225, is subject to a 33% NSR. There are currently three Nevada (NV) lease file agreements (files NV-10106, NV-10110, NV-10113) that cover land that has mine production. As a result, the lease holders of the producing land are entitled to receive production royalty payments that range from 2.5% to 8%.

Other land held by lease holders may be subject to annual or semi-annual land payments that include advance royalties, land use payments, rentals, loss of grazing, and the use of land for a communications tower. The advance royalties are the minimum amounts the lease holders are entitled to annually. On producing land, these advance royalties may be recovered by JCG if certain production royalty thresholds are met or surpassed during the production year. Some of the land payments may be adjusted annually based on consumer/producer price indexes or annual increases.

The Jerritt Canyon deposit was discovered by Food Machinery Corporation in 1972. In 1976, Meridian Gold LLC and Freeport Minerals Company formed a joint venture to explore and develop the gold deposits in the Jerritt Canyon area and, in 1980, mining commenced with production from the North Generator and Marlboro Canyon open pit mines. Open pit mining continued until late 1999. Underground operations started in 1997 at the SSX mine and continued with some temporary suspensions until March of 2023.

From the commencement of mining in 1981 to March 2023, approximately 9.85 million ounces of gold (M oz Au) were produced from approximately 50.7 million short tons (Mst) of ore mined at an average grade of 0.194 oz/st Au (Table 6-1). Open pit mining at Jerritt Canyon produced a total of approximately 5.2 M oz Au from approximately 29.9 Mst of ore at an average grade of 0.174 oz/st Au. The underground mines produced a total of approximately 4.65 M oz Au from approximately 20.6 Mst of ore at an average grade of 0.227 oz/st Au. Since 2010, the majority of the production has come from the SSX and Smith deposits, as detailed in Table 6-1; Table 6-2 and Table 6-3.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

From May 2021 to March 2023 JCG produced approximately 155,000 ounces of gold from approximately 1.7 Mst of mineralized material at an average grade of 0.106 oz Au/st., which included marginal grade from previously mined surface material located on the Project.

On March 20th, 2023, First Majestic announced the temporary suspension of mining activities at Jerritt Canyon due to ongoing challenges such as high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada during the winter of 2023.

The Jerritt Canyon deposit is considered to be an example of a Carlin-type gold deposit.

The Jerritt Canyon district is located in the Great Basin geological province, north and northeast of the Carlin Trend of gold deposits. Carlin-type gold mineralization at Jerritt Canyon is hosted by silty carbonate or carbonaceous siliciclastic rocks originally deposited as shelf sedimentary rocks during the Lower Paleozoic. The Paleozoic host rocks have been imbricated, faulted, and folded through several orogenic events through the Upper Paleozoic and Mesozoic. An early phase of intrusive igneous activity is represented by west-northwest mafic igneous dikes of Paleozoic age. Carlin-type gold deposits were emplaced in the Middle to Late Eocene during an initial phase of extensional tectonics at which time high potassium calc-alkaline magmatic rocks were emplaced. Mafic and intermediate igneous dikes were emplaced during this phase of igneous activity and trend north-northeast.

The occurrence and distribution of gold mineralization at Jerritt Canyon is controlled by both lithology and structure. The mineralized zones form along well defined structural and mineralization trends as stratigraphically controlled tabular pods that are locally stacked upon one another resulting from the presence of more than one favourable stratigraphic unit and/or local thrust and/or high-angled fault intersection controls. Gold occurs as very fine-grained micrometer-sized particles concentrated in rims or inclusions in pyrite.

The early, major discoveries in the Jerritt Canyon district were made within the Lower Plate windows found in the area. Exploration activities completed on the Project by the various owners since the original Meridian-Freeport JV have included prospecting, geological mapping, various types of geophysical surveys and various types of geochemistry.

Exploration efforts at Jerritt Canyon include a combination of surface and underground geologic mapping at various scales, geochemical sampling (rock chip and soil mainly) and geophysical surveys (gravity, magnetics, DIGHEM EM, etc.). All data sets and information from drilling are combined to determine areas of high prospectivity where further work is completed.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Over 83,000 drill holes for a total of ~ 16,577,550ft have been drilled in the Project area since 1973. Surface RC drilling is used for exploration purposes. Widely spaced offsets to open, known mineralization or geological features are the most common drilling targets. Underground core drilling is used by exploration to test mineralization that has often been defined by surface drilling at a spacing of 100 ft or greater. It is also used to test anomalous areas, or areas of exploration potential defined by surface holes and targets defined by Jerritt Canyon geologists based on the interpretation of stratigraphy, structures, and dikes. Occasionally, core drilling is used for resource de-risking or defining the geometry, volume, and gold grade of a mineralized zone. RC Cubex drill holes are completed for delineation, definition, and extension of resources to support mine planning and near-mine exploration. Cubex drill holes have a maximum length of approximately 300 ft. Typically, mine development drilling stations are established where a Cubex drill is set up and the target delineated. Delineation drilling is completed along drifts with drill holes fanned to intercept targets at 25 ft centres, depending on the distance and angle from the drift. This commonly results in Mineral Resource estimate definition of sufficient detail to support mine planning and development.

Core and chips are logged, recording lithology, mineralization, structure, and alteration. For core programs, core recovery and rock quality designation (RQD) are also recorded. Drill collars are typically surveyed using global positioning system (GPS) or total station instruments. Down-hole surveys have been collected using gyroscopic, Trushot, Reflex EZ-Trac, and magnetic survey tools. Surveys are collected at 3 or 15 m intervals down hole, depending on the survey instrument.

There are no drilling, sampling or recovery factors that could materially impact the accuracy and reliability of the drill results. In the opinion of the QP, the quantity and quality of the logged geological data, collar, and downhole survey data collected in the drill programs since 2008 are sufficient to support Mineral Resource estimation.

Cubex and surface RC samples are typically taken on 5 ft intervals. Core sample intervals are based on geology and mineralogy, are typically three feet long, and respect geological contacts. Where core is geologically and mineralogically uniform over extended lengths, samples are designated by the run length blocks in which case the samples are five feet long. The core is sawn in half for sampling using a core saw equipped with a diamond blade. Half of the core is placed in a sample bag, while the remaining half is returned to the core box. Logged data is recorded into the acQuire database system.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Primary sample preparation and analytical laboratories have included:

Since 2007 drilling programs, drill core samples have been submitted to ALS, AAL, Bureau Veritas, Paragon Geochemical and Jerritt Canyon laboratories. During 2021 and 2022, samples were prepared at the Jerritt Canyon laboratory and submitted for analysis to Paragon Geochemical or First Majestic’s Central laboratory (Central Laboratory). Since late 2022, samples have been submitted to Paragon Geochemical or the Central Laboratory for sample preparation and analysis.

For drilling programs prior to 2021, Cubex samples have been prepared and analyzed at the Jerritt Canyon laboratory. During 2022, samples were prepared and analyzed at Jerritt Canyon laboratory and ALS. In late 2022, Cubex samples were prepared at the Jerritt Canyon laboratory and analyzed at Paragon Geochemical or the Central Laboratory. Since 2023, Cubex samples are prepared and analyzed at Central Laboratory.

For drilling programs prior to 2020, RC surface samples were submitted to Jerritt Canyon, ALS, American Assay, Bureau Veritas, and Paragon Geochemical laboratories. After 2015, RC surface samples were prepared and analyzed at Bureau Veritas.

At ALS, samples were dried, weighed, then crushed 70% passing 2 mm, split to a 250 g and pulverized to 85% passing 75 µm. At AAL, samples were dried, weighted, crushed 80% passing 2 mm, split to 300 g and pulverized to 85% passing 75 µm. At ALS and AAL samples were analyzed for gold using 30 g fire assay with an atomic absorption (AA) spectroscopy (AAS) finish. Samples returning >1 g/t Au were reanalyzed for gold by 30 g fire assay with a gravimetric finish.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

At Bureau Veritas and Paragon Geochemical, samples were dried, weighed, then crushed 70% passing 2 mm, and split to a 250 g subsample that was pulverized to 85% passing 75 µm. Gold was analyzed by 30 g fire assay with an AA finish. At Bureau Veritas samples >10 g/t Au were reanalyzed for gold by 30 g fire assay with a gravimetric finish. At Paragon Geochemical, samples >8 g/t Au were reanalyzed by 30 g fire assay with a gravimetric finish.

At Central Laboratory, samples were dried at 105 °C ± 5°C and then crushed to 80% passing 2 mm, split to a 250 g subsample, and pulverized to 85% passing 75 µm. Gold is analyzed by 20 g fire assay with an AAS finish. Samples >10 g/t Au were reanalyzed for gold by 20 g fire assay with a gravimetric finish. Samples also were analyzed for a 31-element suite by aqua regia digestion and inductively coupled plasma–mass spectrometry (ICP-MS).

At the Jerritt Canyon laboratory, samples are dried at 121 C, crushed to 65% passing 2 mm, split to 200 g subsample, and pulverized to 80% passing 75 mm. Samples are analyzed by aqua regia digestion, with an AAS finish. Samples >15 g/t Au are analyzed by fire assay with a gravimetric finish or diluted at bench top with a matrix matched blank. The laboratory also conducts LECO analysis and moisture determination.

From 2008 to 2021, underground drill-core, RC Cubex and surface RC samples submitted to the primary laboratories included in-house prepared reference (SRMs) and certified reference materials (CRMs), blanks, and pulp duplicates for quality assurance and quality control (QAQC) purposes. Since 2022, field and coarse duplicates were added. All quality control results were assessed using statistical analysis and visual inspection of control plots. An analysis of QAQC data collected for Jerritt Canyon from 2008 to 2023 concluded that no significant accuracy, precision, or contamination issues were observed. Data verification from data collected before 2021 included data entry error checks, visual inspections in 3D of important data, review of historical data and assay results collected between 2018 and 2020. No significant transcription errors were observed. Bias related to RC Cubex field sampling procedure has not yet been fully assessed. However, the assessment of accuracy, contamination, and precision at Central, PGL and JC laboratories confirms that assay results are suitable to support Resource Estimation.

Data verification from data collected before 2020 by previous operators included data entry error checks, review of historical data and assay results. No significant transcription errors were observed. Since 2021, data verification consists in data entry errors checks, review of the QAQC assay results, verifying the position of collars relative to the underground workings, down-hole deviation relative to drill trace, lithology, and assay intervals relative to the three-dimension geological models.

No significant errors have been detected during this verification and the analysis of QAQC data indicates no significant accuracy, precision, or contamination issues from assay results were observed. The data validation and verification procedures carried out since 2007 complied with industry standards and it is considered suitable to support Mineral Resource estimation.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Mineralized material is classified as double refractory that contains relatively high concentrations of sulfide sulfur in addition to organic carbon. Since 1989, whole ore roasting started to be applied for processing crushed and milled material. The roasted product is then quenched, cyanide leached and refined to produce gold doré bars.

As a matured operation, there are years of processing data which can be used as the basis for recovery projections. In addition, in 2021, three representative samples were prepared and submitted to the Hazen research laboratory for analytic analysis, X-ray diffraction (XRD) analysis, and for Bond ball mill work index (BWI) determinations. The analytic results confirmed the presence of organic carbon (0.7 to 0.9 wt%) and sulfide sulfur (1 to 2.3 wt%), the XRD analysis showed that quartz, dolomite, muscovite, and calcite are the main minerals in the material, and the comminution testwork demonstrated a soft to moderate level of grindability with BWI ranging from 11 to 13 kWh/t. In 2021, Hazen conducted grind, roast and leach recovery tests and these tests suggested that the suitable grind size falls within the range of 75 to 100 µm, which is in accordance with recent processing practice.

The projected gold recovery for Mineral Resource estimates at Jerritt Canyon is 82.3% based on the head grade, relying on the established historical daily gold grade-recovery relationship. This historical gold grade-recovery relationship is updated monthly at a minimum and is also compared to laboratory results to continue to validate it against plant performance.

The operation has been mine limited for many years averaging 2,000-2,500 tons processed per day compared to the permitted limit of 4,100 tpd. As a result, extensive variability testing has not been completed as all ore mined is processed. The material is sorted by sulfide and organic carbon content and blended to target fuel value in the roaster to obtain necessary roasting temperatures and conditions. Minimal variability testing completed between the Smith and SSX does not indicate a difference in performance.

The facilities include, primary crushing, mill feed material drying, secondary crushing, tertiary crushing, dry grinding, roasting, thickening, CIL, carbon stripping, carbon reactivation, electrowinning, electrowinning sludge refining, oxygen plant, cooling pond, water evaporation pond, and tailing impoundment.

The block model Mineral Resource estimates for the Jerritt Canyon deposits are based on the current database of exploration drill holes, the geological interpretation and model, as well as surface topography and underground and open pit mining excavation wireframes. Geostatistical analysis, analysis of semi-variograms, block model resource estimation, and validation of the model blocks were completed.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

The drill hole composite samples were evaluated for high-grade outliers and those outliers were capped to values considered appropriate for estimation. Capping of composite sample values was limited to a few extreme values. Outlier restriction was also used to limit the influence of high-grade samples.

The dominant gold mineralization trends were identified based on the modeled host rock geometry for each domain. To establish the gold grade continuity within the domains, model variograms for composite values were developed along the trends identified, and the nugget values were established from downhole variograms.

Block grades were estimated by ordinary kriging (OK). The method chosen considered the characteristics of the domain, data spacing, variogram quality, and which method produced the best representation of grade continuity. The grade estimation was completed in two successive passes. The first pass only estimated blocks within a restricted short distance from the composite samples. The second pass applied less restrictive criteria.

The Mineral Resource estimates were classified into Measured, Indicated, or Inferred categories based on the confidence in the geological interpretation and models, the confidence in the continuity of metal grades, the sample support for the estimation and reliability of the sample data, and on the presence of underground mining development.

The Mineral Resource estimates were evaluated for reasonable prospects for eventual economic extraction by application of input parameters based on assumed mining costs and metallurgical recoveries. Parameters including operating costs, metallurgical recovery, long-term forecast metal prices and other technical and economic factors were used as follows (tonnage is in metric units):

Underground mining:

Open pit mining:

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Note: The underground mining costs shown above were applied to evaluate the portion of the deposit that could fully cover these costs above a general cut-off grade, and a variable portion of the mining and milling costs were considered to evaluate additional material that could potentially be extracted at an incremental grade.

These economic parameters result in gold resource cut-off grades of 2.8 g/t for estimates potentially amenable to underground mining methods and 1.4 g/t for estimates potentially amenable to open pit mining methods.

For the Mineral Resource estimates potentially amenable to underground mining methods, Deswik Stope Optimizer software was used to identify the blocks that represent mineable volumes that exceed the cut-off grade while complying with the aggregate of economic parameters. This process was undertaken for all domains. The tool allows blocks to be aggregated into the minimum stope dimensions and eliminate outliers that do not comply with these conditions.

For the Mineral Resource estimates potentially amenable to open pit mining methods, Whittle software was used to identify the pit-shells that represent the mineable constraining shapes. This process was undertaken for all the open pit domains. The tool allows blocks to be aggregated within the economic pit-shell and discard blocks that do not comply with these conditions.

Wireframe models of the underground and open pit mining excavations at Jerritt Canyon were evaluated into the block models for all domains. These volumes were used to deplete the block model Mineral Resource estimates prior to reporting estimates. Regions within the mine that are in situ but judged to be un-mineable were also removed from the estimates.

The Mineral Resource estimates are reported in situ, using the 2014 CIM Definition Standards in Table 1-1 and Table 1-2, using the gold cut-off grade appropriate for the mining method assigned to each domain. Mineral Resources estimates have an effective date of March 31, 2023. The Qualified Person for the estimate is Mr. David Rowe, CPG, a First Majestic employee.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Table 1-1: Jerritt Canyon Mineral Resource Estimates, Measured and Indicated Category

(Effective date March 31, 2023)

Table 1-2: Jerritt Canyon Mineral Resource Estimates, Inferred Category

(Effective date March 31, 2023)

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Risk factors that could materially impact the Mineral Resource estimate include metal price assumptions; changes in the interpretations of mineralization geometry and continuity of mineralized zones; changes to geotechnical, mining, and metallurgical recovery assumptions; and changes to the assumptions related to the continued ability to access the site, retain mineral and surface right titles, maintain environment and other regulatory permits, and maintain the license to operate.

Under the assumptions used in this Report, the Mineral Resource estimates for Jerritt Canyon can be supported.

Based on the Mineral Resource estimates at Jerritt Canyon and the recent decision by First Majestic to temporarily suspend mining operations, the QPs recommend that mineral exploration continues in order to increase the Mineral Resource estimates base, and that several studies be completed to at least Pre-Feasibility level to support Mineral Reserve estimation. If Mineral Reserve estimates are promising, then further work may be conducted in support of a re-start of mining operations.

The QPs propose a two-phase program of work, with an overall budget recommendation of $44M to $73M.

Phase 1 consists of mineral exploration and studies on updated mine design, with an estimated budget to complete of between $21 M to $37 M.

Phase 2, which is contingent on the results of Phase 1, would include: underground delineation drilling, and a series of mining studies completed to at least prefeasibility level to potentially support Mineral Reserve estimation. The estimated budget to complete this work is $23 M to $36 M.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

This Technical Report (the Report) provides information on the Mineral Resource estimates for the Jerritt Canyon Gold Mine (the Project, Jerritt Canyon or Jerritt Canyon mine) located in Elko County, in the state of Nevada, USA.

The mine is owned by Jerritt Canyon Gold LLC (JCG). First Majestic Silver Corp. (First Majestic) acquired JCG in April 2021. In March 2023, First Majestic temporarily suspended all mining activities at the Jerritt Canyon Mine and retracted the Mineral Reserve estimates for the Project.

The Report was prepared to support disclosure of technical information included in First Majestic’s Base Shelf Prospectus anticipated to be filed on or about August 2, 2023.

Units of measurement used in this Report can be either US Customary (“imperial”) or metric units, unless otherwise stated. All grid references are based on a local mine grid system adapted from the Nevada East State Plane Coordinate System (‘SPCS’), NAD27 Datum, in planar units of feet. The local mine grid can be converted to SPCS by adding 2,000,000 to all northing coordinates. All currency units are in United States dollars unless otherwise stated.

Mineral Resource estimates are reported in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (May 2014; the 2014 CIM Definition Standards) and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 2019; 2019 CIM Best Practice Guidelines).

The following as the Qualified Persons (QPs) for this Technical Report as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects, and in compliance with Form 43-101F1:

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

The effective date of the Mineral Resource estimates included in this Report is March 31, 2023. Information on mineral tenure and permitting, exploration drilling, sample assaying data and mining depletion is also current as of March 31, 2023. The overall Report effective date is March 31, 2023.

The Qualified Persons for this Report have reviewed the latest information available from the effective date of the Report to the signature date of the Report and there are no material changes to the information reported here.

Mr. Mercado visited Jerritt Canyon on numerous occasions during 2022 and 2023, with the most recent visit being February 22 to 25, 2023, a duration of four days. During the inspections which were typically 4-7 days in duration, he visited the underground mines, reviewed grade control mapping and sampling, drilling and drill sample practices, project geology, logging as well as mine to mill reconciliation.

Mr. Rowe has visited Jerritt Canyon on numerous occasions from 2021 to 2023, with the most recent visit being March 22 to 24, 2023, a duration of three days. During these site inspections, which were typically 4–7 days in duration, he reviewed and coordinated database management, project geology, drilling, core handling and logging, interpretation, and integration of primary data for geological interpretation and modeling, and the Mineral Resource estimation process. The site inspections included:

Ms. Vazquez visited the Jerritt Canyon Gold mine on several occasions from 2021 to 2023, with the most recent site visit being January 29 to February 2, 2023, a duration of five days. During these visits, she conducted database audits and inspected drill core handling procedures to support Mineral Resource estimates. During the most recent visit, she carried out validation and verification of the resource estimation database, assessment of the quality assurance and quality control (QAQC) data, validation of core logging and sampling procedures, and inspection of samples storage.

Mr. Deal served as General Manager at Jerritt Canyon Gold Mine in 2021 and Vice President of US Operations in mid-2022. He was acting as interim General Manager of the operations since January 2023, and is currently the Vice President of Metallurgy & Innovation, First Majestic. This day-to-day familiarity with the operations serves as his personal inspection.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Mr. Wanner has been involved with the Jerritt Canyon Gold Mine since 2002 overseeing, consulting, and supporting technical and operational aspects including civil engineering related to tailings management and processing, environmental permitting and compliance, interim reclamation and closure, and reclamation planning and budgets. Since 2011, he has conducted site visits at least monthly if not weekly.

For the purposes of the Report, all information, data, and figures have been provided by First Majestic unless otherwise stated. Information sources are listed in Section 27 of this Report.

The Qualified Persons for this report have reviewed the latest information available from the effective date of the report to the signature date of the report and there are no material changes to the information reported here.

First Majestic has previously filed a technical report on the Project:

Prior to First Majestic’s Project interest, predecessor companies had filed the following technical reports:

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Units of measurement are imperial and metric. All costs are expressed in United States dollars unless otherwise noted. Common and standard abbreviations are used wherever possible. Table 2-1 shows the list of abbreviations used in this Report.

Table 2-1: List of Abbreviations and Units

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

This section is not relevant to this Report.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

The Jerritt Canyon Project is located in Elko County, northeastern Nevada (Figure 4-1). The mill site, shops, administration, and security buildings are located approximately 50 miles north of the town of Elko. The Project covers a large area that extends approximately 21 miles north-south and 17 miles east-west at its widest and is approximately 119 square miles. The Project is bounded by 116°10' west and 115° 78'W longitude and 41°23'N and 41° 46' N latitude. The Project boundaries have been surveyed and are identified in the field with wooden stakes.

The Jerritt Canyon operations are located on a combination of public and private lands, with the mines and mining-related surface facilities being located primarily on United States Forest Service (USFS) and mining claims within the Humboldt-Toiyabe National Forest. The processing facilities, offices, shops, and tailings dams are located on private land owned by JCG. Additional claims in the southern portion of the land package are predominantly located on private land with some located on land administered by the United States Bureau of Land Management (BLM) (Figure 4-2).

The Jerritt Canyon Project boundary covers an area of 32,110 ha in total, and contains the following claims within the Project area:

The distribution of load claims and owned land can be seen in Figure 4-3 to Figure 4-5. The Project boundary can be seen on all three maps. The rights associated with the fee land include mineral and surface rights and are different for the various land packages (agreements).

Yearly fees to maintain the claims in good order is undertaken by Jerritt Canyon staff and is reviewed on a monthly basis with the major payments taking place in September and November.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Surface rights at are held by the BLM, USFS, Jerritt Canyon and multiple private owners. The break down is 17% JCG-owned private and deeded land, 54% USFS, 12% BLM, and 16% owned by multiple private owners, and 1% without surface or mineral rights. The breakdown of lands can be seen in Figure 4-2 with the Project outline.

Some Jerritt Canyon claims and fee lands are subject to a net smelter return (NSR) royalty which varies from 1.5% to 8% depending upon the lease agreements with various property owners. The fee land, which was originally purchased to secure access from State Route 225, is subject to a 33% NSR. There are currently three Nevada (NV) lease file agreements (files NV-10106, NV-10110, NV-10113) that cover land that has mine production. As a result, the lease holders of the producing land are entitled to receive production royalty payments that range from 2.5% to 8%.

Other land held by lease holders may be subject to annual or semi-annual land payments that include advance royalties, land use payments, rentals, loss of grazing, and the use of land for a communications tower. The advance royalties are the minimum amounts the lease holders are entitled to annually. On producing land, these advance royalties may be recovered by JCG if certain production royalty thresholds are met or surpassed during the production year. Some of the land payments may be adjusted annually based on consumer/producer price indexes or annual increases.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 4-1: Location of the Jerritt Canyon Gold Mine

Note: Adapted from SLR Consulting (Canada) Ltd., 2021.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 4-2: Project Map for Jerritt Canyon

Note: Adapted from SLR Consulting (Canada) Ltd., 2021.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 4-3: Location of Patented Claims and Fee Land, Jerritt Canyon

Note: Adapted from SLR Consulting (Canada) Ltd., 2021.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 4-4: Location of Unpatented Claims, Jerritt Canyon

Note: Adapted from SLR Consulting (Canada) Ltd., 2021.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 4-5: Location of Fee Lands, Jerritt Canyon

Note: Adapted from SLR Consulting (Canada) Ltd., 2021.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Prior to and during operation, numerous environmental studies and evaluations have been conducted to support permit applications and operations. An Environmental Impact Statement (EIS) was completed, and the Record of Decision (ROD) was issued in 1980. Since then, there have been other environmental assessments with subsequent approvals.

On May 9, 2022, JCG received a Decision Notice and Finding of No Significant Impact (FONSI) for the South Jerritt Exploration Project from the USFS. The FONSI allows for seven years of exploration activities. JCG received a favorable Biological Opinion from the US Fish and Wildlife Service (USFWS) for impacts to Lahontan cutthroat trout from the South Jerritt Exploration Project. USFS received concurrence (No Adverse Effect) from the Nevada State Historic Preservation Office regarding the South Jerritt Exploration Project work plan for the 2022 exploration season. For exploration purposes, a permitting plan is in place and surface access to drill targets can be achieved following the different requirements per the multiple surface owners.

To supplement process feed to the process facility in 2022, two historic mines were re-established, West Generator and Saval II. Both mines were in a care and maintenance phase. A formal Notice of Intent to the USFS and State of Nevada describing the mining activities and schedule was submitted.

In May 2022, underground mining at the West Generator Mine resumed. All mining activities occurred above the water table so there were no impacts to surface and groundwater. Mining activities were carried out on existing disturbance.

In July 2022, JCG resumed underground mining at the Saval II Mine. Mining occurred within the existing footprint and no waste rock was generated. No groundwater was encountered during operations, and there was no impact to, or degradation of surface waters or groundwater occurred from the resumed mining activities.

The historic operation of Jerritt Canyon resulted in a number of material environmental concerns, including air emission exceedances, ground water contamination from the TSF-1 tailings storage facility, lack of water treatment capacity, and surface water contamination from the rock disposal areas (RDAs). Since the acquisition of Jerritt Canyon Gold Mine on April 30, 2021, JCG has worked diligently to address legacy environmental issues with the regulators. These are summarized in Table 4-1.

In 2021 and 2022, the Nevada Division of Environmental Protection (NDEP) issued a number of Notices of Alleged Violation (NOAVs) relating to emission monitoring, testing, record-keeping requirements, and emission and throughput limits, alleged exceedances of mercury emission limitations, exceedances of operating parameters, and installation of equipment. JCG has appealed the NOAVs. As of the Report effective date, the estimated amount of any potential fine or penalty for the NOAVs could not be reliably determined. In addition to the action plan to address the NOAVs, JCG has developed an action plan to address all other known environmental issues. This includes working in collaboration with the NDEP.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Table 4-1: Environmental Issues

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Environmental liabilities for the Jerritt Canyon operation are typical of those that would be expected to be associated with an operating underground precious metals mine, including future closure and reclamation of mine portals and ventilation infrastructure, access roads, processing facilities, power lines, tailings storage facilities and all surface infrastructure that supports the operations.

Approved closure and reclamation plans are in place for Jerritt Canyon. Concurrent reclamation is completed when feasible.

JCG submits reclamation cost estimate updates every three years to the NDEP and USFS. For reclamation bond cost estimates, Nevada uses the Standardized Reclamation Cost Estimator model. Two separate estimates are completed for Jerritt Canyon. One is for the work to be done on private lands and the other is for work to be done on public lands (i.e., USFS and BLM). Bonding is in place.

First Majestic has all required permits to conduct the proposed work on the Project. Operating permits are in place and current, or in the process of being renewed. Expired permits are administratively extended while renewal is in progress.

The Jerritt Canyon Mine is located in Elko County, Nevada which is a mining friendly jurisdiction. JCG employees are residents of Elko, Nevada and the local area, and numerous other mining operations are located nearby.

JCG supports the Adopt-a-Highway Program and conducts roadside cleanup on a voluntary basis as well as supports the local ranchers with fencing.

To the extent known to the QPs, there are no other significant factors and risks that may affect access, title, or the legal right or ability to perform work on the Jerritt Canyon mine that are not discussed in this Report.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Jerritt Canyon is located in Elko County, Nevada approximately 50 miles north of the town of Elko.

Access to the Jerritt Canyon Project area is via Nevada State Route (SR) 225 and an approximately seven mile-long, paved mine access road that leads to the main gate where the administrative offices, processing plant, warehouse, maintenance shops, and tailings impoundment areas are located (refer to Figure 4-1 and Figure 4-2).

The mines are accessed via a main haul road which is maintained on a regular basis. This road network is approximately 17 miles long.

Exploration sites, active reclamation sites and historical mines are accessed through roads and trails maintained as required.

Jerritt Canyon is located in the Independence Mountain Range in the Basin and Range Province of northern Nevada. The mill and associated buildings and facilities are located in the eastern foothills of the range at an elevation of approximately 6,400 ft. All past and present mining operations are located at various elevations within the mountain range. The main haul road reaches a maximum elevation of approximately 8,000 ft.

The vegetation is typical of the Basin and Range Province with sagebrush dominant at lower elevations. Small stands of aspen and isolated fir trees grow in canyons and drainages.

The climate is temperate with winter temperatures between 0ºF and 40ºF and summer temperatures between 35ºF and 90ºF. Average annual precipitation at Jerritt Canyon is 14 inches and average annual evaporation is 43 inches. A significant amount of precipitation falls as snow and increases with elevation towards the mine portal areas. Snowfall is generally common from December to May. Exploration and mining activities can be conducted year-round from surface and underground mine access. Temporary halts may result from major snowfalls. Access to the mine portals can be halted a few times a year while snow is being cleared from the roads. The mill, warehouse, shop, and administrative facilities are at a lower elevation and therefore less exposed to extremes in weather.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

With a population of approximately 20,700, Elko is the closest city to Jerritt Canyon. Elko is situated approximately 230 miles west of Salt Lake City, Utah and 290 miles east of Reno, Nevada. Elko straddles the Interstate 80 highway and is serviced by daily commercial flights from/to Salt Lake City, Utah.

Most of the Jerritt Canyon workforce resides in Elko and the adjacent town of Spring Creek. Other communities in northern Nevada and Utah provided labour force to support exploration and mining activities at Jerritt Canyon and other operations in northern Nevada.

Elko is a supply centre for the mining industry of northern Nevada, sourcing most equipment, supplies, and services. All supplies and equipment can be transported to site over the Nevada SR 225 highway, the mine access road, and the mine haul road.

Surface infrastructure supporting exploration and potential mining activities at Jerritt Canyon is shown in Figure 5-1 and includes:

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Figure 5-1: Surface Infrastructure

Note: Figure prepared by First Majestic, April 2023. Satellite image from September 2022.

During operations personnel are transported by passenger buses and light vehicles from Elko. The mill site and mining operations are primarily accessed from Elko via highway SR 225.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Electrical power for Jerritt Canyon is purchased from Nevada Energy through a 125 kV, three-phase transmission line.

Power is supplied to the Project via a station located in the mill processing area and is distributed to the mines and other necessary facilities through a grid of surface lines.

Water available at Jerritt Canyon is sufficient to support any future mining and milling operations. Approximately 700 gallons per minute (gpm) of water is required to operate the mill with two primary water sources: (1) recycled water sourced from the seepage collection system consisting of 90 small diameter water wells surrounding the TSF-1, four seepage collection trenches, and three embankment blanket drains that collectively produce approximately 3000 gpm, and (2) a fresh water source from two deep water wells that are capable of producing 500 gpm each.

All water used at Jerritt Canyon is from permitted and certificated water rights held by JCG and regulated by the NDWR.

There are a number of mineralized material stockpiles present at the mine site. The remote stockpiles are located distal to the mill facilities and are spread throughout the Project, mostly in the areas of the Smith and SSX mines. During operations, there are also several mineralized material stockpiles located in the run-of-mine stockpile area adjacent to the mill.

Jerritt Canyon currently has two TSFs, TSF-1 and TSF-2, and two main process water storage facilities that include the WSR and evaporation pond. Currently, Jerritt Canyon operates the Process WTP intended to produce water that meets NDEP Profile I discharge standards from the process water contained in the WSR and evaporation pond.

Additionally, First Majestic intends to convert the WSR into a TSF (TSF 3) in the future, and has submitted to, and received approval from both the NDEP- BMRR and the NDWR for this planned construction.

TSF-1 is currently inactive and in the process of being closed and reclaimed. TSF-1 provides a pipe corridor on which tailings and reclaim pipelines between the Jerritt Canyon mill and TSF-2 are located. Other infrastructure associated with TSF-1 includes over 90 pumpback/interception wells, pipelines, and electrical transmission lines that make up the TSF-1 seepage collection system.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

During operations, TSF-2 disposes of tailings solids delivered to the impoundment in a slurry consisting of a ratio of 40 tons solids to 60 tons water. TSF-2 Phase 1 and Phase 2 were designed with a two-layer high-density polyethylene (HDPE) liner (i.e., double-lined system) which incorporates a leak collection and recovery system (LCRS) to limit the risk of groundwater contamination (as in the case of its predecessor TSF-1). This design meets or exceeds the most current environmental and engineering standards. As part of the TSF-2 monitoring program, JCG measures pumped flows from the LCRS, hydraulic head development above the TSF-2 secondary HDPE liner, and surrounding groundwater depths, and the presence (or absence) of process solution in the vadose zone underlying TSF-2. TSF-2 Phase 3 construction was completed in April 2021 as an eight-foot raise using the centerline/downstream method. Phase 3 HDPE containment was installed as a single-lined system tied into the Phase 2 primary liner, as approved by the NDEP-BMRR.

The final TSF-2 Phase 4 raise constructed in November 2021 added 12 ft to the Phase 3 embankment elevation and allows storage of an additional 1.7 Mst of tailings. The Phase 4 embankment was designed and constructed using downstream construction methods. The Phase 4 HDPE containment was also installed as a single-lined system tied into the Phase 3 liner.

The WSR is designed to store approximately 402 million gallons (Mgal) of process solution and is approved for conversion to TSF 3. Process solution in the WSR is being removed by pumping to and treating the Process WTP. As of May 2023, the volume of stored process solution within the WSR is less than half its maximum operating capacity.

The evaporation pond is designed to store approximately 450 Mgal of process solution and is currently being maintained at its maximum operating capacity. The evaporation pond is also being used for disposal of brine concentrate from the Process WTP and Smith WTP.

The process WTP consists of chemical pre-treatment, pH adjustment, coagulation, oxidation, clarifier, ultrafiltration (UF) system, sea water reverse osmosis (SWRO), and ion exchange (IX) vessels. The process WTP is designed to treat antimony, arsenic, cadmium, chloride, manganese, mercury, nitrogen, selenium, sulfate, thallium, and TDS. Process solution from the WSR, TSF-2, and evaporation pond requires treatment to remove the water from inventory and allow for future TSF expansions.

The Smith WTP is designed to reduce arsenic and antimony concentrations in the Smith Mine underground water.

In the opinion of the QP, there is sufficient surface area within First Majestic’s tenure and surface rights holdings for the mines, RDAs, mill, tailings storage facilities, associated infrastructure and other operational requirements.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

In 1972, Food Machinery Corporation (FMC) discovered a disseminated gold deposit at Jerritt Canyon. The subsequent ownership history of the Jerritt Canyon Project is summarized as follows:

Gold mineralization discovered in the Jerritt Canyon area in 1972 was found to share similar metallurgical challenges to the mineralization discovered by Newmont Corporation (Newmont) elsewhere in the Carlin Trend. Subsequent advances in processing technologies for gold deposits of the Carlin Trend, resulted in this style of mineralization becoming economically viable. In 1976, Meridian and Freeport formed a joint venture to explore and develop the gold deposits in the Jerritt Canyon area and in 1980 mining commenced with production from the North Generator and Marlboro Canyon open pit mines. The first gold production from Jerritt Canyon occurred in July 1981.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

From early 1981 until late 1999, open pit mining was conducted in the areas of Marlboro Canyon, Alchem, Lower North Generator Hill, Upper North Generator Hill, West Generator, Burns Basin, Mill Creek, Pattani Springs, California Mountains, DASH, Winters Creek, Steer Canyon, and Saval Canyon. Open pit production from these areas ranged from approximately 40,000 ounces of gold in Pattani Springs to 1.4 million ounces of gold (Moz Au) in Marlboro Canyon and totalled 5.2 Moz Au.

In 1993, underground operations commenced at the West Generator underground mine, and continued until 2008 with production from the Steer, Murray, MCE, Smith, SSX, and Saval deposits. In 2008 the operating company, Queenstake, made the decision to cease mining operations due to increasing costs associated with infrastructure expenditures, in addition to an inability to secure required environmental permits in a timely manner.

In 2009, the NDEP approved plans for the recommencement of Jerritt Canyon production. Queenstake also completed major modifications to the key components of the roaster, leach circuit, thickener, and other sections of the processing plant.

In 2009, a new mine plan was prepared, and in 2010 underground mining from the Smith deposit restarted using contract miner Small Mine Development (SMD). Underground mining at SSX recommenced using Queenstake staff.

From the commencement of mining in 1981 to March 2023, approximately 9.85 Moz Au were produced from approximately 50.7 million tons (Mst) of ore mined at an average grade of 0.194 oz/st Au. Open pit mining at Jerritt Canyon produced a total of approximately 5.2 Moz Au from approximately 29.9 Mst of ore at an average grade of 0.174 oz/st Au. The underground mines produced a total of approximately 4.65 Moz Au from approximately 20.6 Mst of ore at an average grade of 0.227 oz/st Au. Since 2010, the majority of production has come from the SSX and Smith deposits, as detailed in Table 6-1, Table 6-2, Table 6-3 and Table 6-4.

From May 2021 to March 2023 JCG produced approximately 155,000 ounces of gold from approximately 1.7 Mst of mineralized material at an average grade of 0.106 oz Au/st, which included marginal grade from previously mined surface material located on the Project.

On March 20, 2023, First Majestic announced the temporary suspension of mining activities at Jerritt Canyon due to ongoing challenges such as high costs, inflationary cost pressures, lower than expected head grades and multiple extreme weather events affecting northern Nevada during the winter of 2023.

Figure 6-1 shows the locations of the historical mining areas.

Jerritt Canyon Gold Mine Elko County, Nevada USA NI 43-101 Technical Report on Mineral Resource Estimates

Table 6-1: Jerritt Canyon Production History