First Majestic Silver Corp. announced positive drill results from its ongoing exploration program at the Jerritt Canyon Gold Mine located in Elko County, Nevada. Since acquiring the mine on April 30, 2021, the Company has completed over 70,000 metres in exploration drill holes consisting of step-out and greenfield targets designed to increase the confidence of the mineral resource and add new ounces.

In 2022, the Company plans to drill approximately 135,000 metres at Jerritt Canyon with a focus primarily on the Smith/SSX mines, and the Winters Creek, Waterpipe, Wheeler, and Murray areas. The Company is also pleased to announce that the United States Forest Service ("USFS") has approved an exploration permit to conduct activities across 42,976 acres (17,976 hectares) of USFS land at Jerritt Canyon. This permit allows for up to 500 acres of newly constructed exploration roads and up to 1,100 new drill pads.

The Company is now prioritizing exploration drill targets and is expected to commence drilling on July 1, 2022. At the Smith/SSX mines: - SMI-LX-1112: 8.39 g/t Au over 29.7m, located approximately 90 meters southeast of the new connection drift developed between the SSX and Smith mines and only 55 metres southwest of active underground workings. Early-stage geologic modeling suggests the gold mineralization discovered is flat-lying, similar to other deposits in the mine and the drill hole intersected the mineralization at a low angle.

Follow up drilling designed to determine geometry and extent of the mineralization is underway. At Winters Creek: - WC-588: 11.81 g/t Au over 13.7m, the intercept is approximately 400m east of the Winters Creek historic open pit and remains open to the west and north. The geometry of the mineralization is not yet known.

At the historic Murray mine: - GR-425: 4.74 g/t Au over 12.2m, confirming the presence of gold mineralization approximately 100m south of historic mine workings. Geologic modeling of this flat-lying gold mineralization suggests that this intercept reflects the apparent thickness of the zone. At Waterpipe II to Wheeler, in the southern end of the land package, drilling has identified a new zone of gold mineralization with multiple low grade intercepts to date.

The gold mineralization in this area dips at a shallow angle and drill holes summarized below are vertical: Waterpipe II: - WT-156: 1.91 g/t Au over 18.2m, starting from a depth of 82.3m; 1.37g/t Au over 22.9m starting from 109.7m and 1.57g/t Au over 12.2m starting from 138.6m - WT-192: 2.06 g/t over 13.7m, starting from a depth of 25.9m - WT-200: 1.82 g/t Au over 35m, starting from a depth of 57.9m and 0.95 g/t Au over 15.2m, starting from a depth of 97.5m down hole - WT-209: 1.45 g/t Au over 21.3m, starting from a depth of 60.9m and 1.96 g/t Au over 19.8m, starting from a depth of 242.3m down hole Wheeler: - WH-49: 1.27 g/t over 15.2m starting from 35.1m down hole - WH-068: 1.37 g/t Au over 38.1m starting at 109.7m down hole - WH-073: 1.14 g/t over 15.2m starting from 216.4m down hole Sample assay results from several completed holes are still pending and will be incorporated into block model estimates on a continuous basis. Figure 1: Location Map Jerritt Canyonhttps://www.irw-press.at/prcom/images/messages/2022/66051/FF_053122_ENPRcom.001.png The ongoing drilling campaign at Jerritt Canyon consists of short-term focused underground core drilling testing extensions of known ore controls in close proximity to active mining; mid-term focused drilling planned to validate/test the presence of mineralized volumes near historic workings; and long-term focused drilling aiming to make new gold discoveries in the district.