Boab Metals: Advancing Towards Close to-Time period Lead, Silver Manufacturing in Western Australia

This fall 2024 HIGHLIGHTS

• Complete Silver Equal Manufacturing Elevated 4%: The Firm produced 5.7 million AgEq ounces in This fall 2024 representing a 4% enhance when in comparison with 5.5 million AgEq ounces produced within the earlier quarter pushed by a 20% enhance in consolidated silver production with enhancements throughout all three working mines.

• Complete Silver Manufacturing up 20%, Quarter-over-Quarter: The Firm produced 2.4 million silver ounces in This fall 2024 representing a 20% enhance when in comparison with 2.0 million silver ounces produced within the earlier quarter. Silver manufacturing elevated by 39% at La Encantada, 14% at San Dimas and eight% at Santa Elena as a consequence of centered working enhancements at every mine.

• Highest Quarterly Manufacturing Since Q2 2023 at La Encantada: The La Encantada silver mine produced 755,963 silver ounces in This fall 2024, its highest quarterly manufacturing since Q2 2023, because the operation returns to historic manufacturing charges following the restoration of water stock ranges.

• Continued Lively Exploration Program: The Firm accomplished a complete of 49,183 metres (“m”) of drilling throughout its mines in Mexico and its Jerritt Canyon Gold Mine in Nevada, U.S.A. in the course of the fourth quarter. Through the quarter, 28 drill rigs have been energetic consisting of 12 rigs at San Dimas, 10 rigs at Santa Elena, three rigs at Jerritt Canyon and three rigs at La Encantada.

• Security Efficiency: In This fall 2024, the consolidated year-to-date Complete Reportable Incident Frequency Fee (“TRIFR”) was 0.53, effectively beneath the Firm’s 2024 goal KPI of

FY 2024 HIGHLIGHTS

• Report Manufacturing at Santa Elena: Santa Elena produced a brand new annual document of 10.3 million AgEq ounces in 2024, representing a 7% enhance in comparison with 2023 (9.6 million AgEq ounces). Continued optimization of the twin circuit and press filter led to elevated restoration charges and better plant throughput of roughly 3,200 tonnes per day by the top of 2024.

• Excessive-Grade Gold and Silver Discovery: The Firm introduced the invention of a brand new, high-grade gold and silver vein hosted system – the Navidad system – on the Santa Elena property (see information launch dated July 30, 2024). The brand new discovery was made adjoining to the Firm’s 100%-owned, and presently producing, Ermitaño mine. First Majestic is focusing its Santa Elena exploration efforts on Navidad to proceed to delineate this new vein system.

• Conversion to Liquefied Pure Fuel (“LNG”) at San Dimas: As a part of its ongoing price and carbon discount initiatives, First Majestic is changing the diesel mills used for on-site back-up energy at San Dimas with LNG items. The LNG mills are anticipated to cut back carbon emissions by as much as 25% whereas realizing price financial savings, when back-up energy is required.

• First Mint Commissioning and Launch: First Mint, LLC, the Firm’s 100%-owned and operated minting facility in Nevada, USA, celebrated its Grand Opening in September 2024. Commissioning and silver bullion gross sales commenced in March 2024, and the September inauguration celebrated the mint’s progress to-date on implementing modern manufacturing and achievement processes on the state-of-the-art facility. The mint commissioned a number of items of recent tools together with coin presses and lasers for coin manufacturing in 2024 and is on observe to receiving ISO 9001 certification. First Mint permits First Majestic to promote a considerably larger proportion of its silver manufacturing on to shoppers and presents manufacturing capability for third-party demand. Extra info is accessible at www.firstmint.com.

• Acquisition of Gatos Silver, Inc. (“Gatos”): On September 5, 2024, the Firm introduced that it had entered right into a definitive settlement to accumulate all the issued and excellent shares of Gatos widespread inventory pursuant to a merger beneath Delaware regulation. The merger is predicted to shut in early 2025, topic to the satisfaction of customary closing situations. The merger settlement has been unanimously authorized by the board of administrators of every of First Majestic and Gatos, and within the case of Gatos, on the unanimous advice of a particular committee of impartial administrators of Gatos.

“First Majestic delivered sturdy and protected manufacturing in 2024” mentioned Keith Neumeyer, President & CEO. “Our workforce demonstrated improved manufacturing and operational self-discipline quarter-over-quarter, ending the yr with 21.7 million silver equal ounces and assembly our revised annual manufacturing steering. Santa Elena continues to be the intense spot in our portfolio having produced over 10 million silver equal ounces within the yr, a big milestone on this district’s historical past. Our efforts to mitigate the water points at La Encantada have paid off in This fall, enabling us to revert to historic manufacturing ranges at this operation with a 39% enhance in silver manufacturing in comparison with the third quarter. Operations at San Dimas are demonstrating regular enhancements and we proceed to be inspired about the way forward for this district.“

Consolidated Manufacturing Particulars:

This fall 2024 Mine-by-Mine Manufacturing Particulars:

– Sure quantities proven might not add precisely to the overall quantity as a consequence of rounding variations.
– The Ag:Au ratio used within the calculation of silver equal ounces was 85:1.

Santa Elena Silver/Gold Mine:

• Santa Elena produced 2,719,702 AgEq ounces, 1% above the prior quarter, consisting of 406,009 ounces of silver and 27,216 ounces of gold. Silver manufacturing elevated by 8% in comparison with the prior quarter, whereas gold manufacturing was largely unchanged.

• The mill processed a complete of 271,783 tonnes of ore, barely greater than the prior quarter with common silver and gold head grades comparatively constant at 67 g/t and three.26 g/t, respectively.

• Silver and gold recoveries in the course of the quarter averaged 69% and 96%, respectively, in comparison with 67% and 94% within the earlier quarter.

• Through the quarter, 10 drill rigs consisting of eight floor rigs and two underground rigs, accomplished 18,014 m of drilling on the property.

San Dimas Silver/Gold Mine:

• San Dimas produced 2,235,407 AgEq ounces in the course of the quarter consisting of 1,191,893 ounces of silver and 12,264 ounces of gold. Silver manufacturing elevated by 14%, whereas gold manufacturing decreased by 3%, when in comparison with the prior quarter. The rise in silver manufacturing was pushed by a rise in ore tonnes processed and better silver grades. The lower in gold manufacturing was pushed by a decrease gold grade, and decrease gold restoration.

• The mill processed a complete of 219,388 tonnes of ore, a rise of 12% in comparison with the prior quarter, with common silver and gold grades of 195 g/t and 1.88 g/t, respectively, in contrast with 188 g/t and a couple of.12 g/t in Q3.

• Silver and gold recoveries in the course of the quarter averaged 87% and 93%, respectively, in comparison with 89% and 95% within the earlier quarter.

• The West Block, Central Block and Sinaloa Graben areas contributed roughly 25%, 49% and 26%, respectively, of whole manufacturing in the course of the quarter.

• Through the quarter, a complete of 12 drill rigs consisting of three floor rigs and 9 underground rigs accomplished 26,954 m of drilling on the property.

La Encantada Silver Mine:

• Through the quarter, La Encantada produced 755,963 ounces of silver, representing a big 39% enhance in comparison with the prior quarter as tonnes of ore processed, silver grades and silver restoration improved with the return to regular operations following the restoration of water stock ranges.

• The mill processed a complete of 253,953 tonnes of ore, a rise of 14% in comparison with the earlier quarter, with a median silver grade of 126 g/t, in comparison with 110 g/t in Q3.

• Silver restoration for the quarter was 73%, in comparison with 69% within the earlier quarter.

• Through the quarter, a complete of three drill rigs consisting of two floor drill rigs and one underground rig accomplished 3,044 m of drilling on the property.

This fall 2024 EARNINGS AND DIVIDEND ANNOUNCEMENT

The Firm is planning to launch its 2024 audited monetary outcomes, and to announce the fourth quarter dividend cost, and shareholder document and payable dates on February 20, 2025.

ABOUT THE COMPANY

First Majestic is a publicly traded mining firm centered on silver and gold manufacturing in Mexico and the US. The Firm presently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine in addition to a portfolio of improvement and exploration belongings, together with the Jerritt Canyon Gold challenge positioned in northeastern Nevada, U.S.A.

First Majestic is proud to supply a portion of its silver manufacturing on the market to the general public. Bars, ingots, cash and medallions can be found for buy on-line at www.firstmint.com, at a few of the lowest premiums out there.

On September 5, 2024, First Majestic and Gatos Silver, Inc. introduced that they entered right into a definitive merger settlement pursuant to which First Majestic will purchase all the issued and excellent widespread shares of Gatos widespread inventory. Extra info regarding the proposed transaction may be discovered on the Firm’s web site.

Cautionary Be aware Concerning Ahead-Wanting Statements

This information launch accommodates “ahead‐wanting info” and “forward-looking statements” beneath relevant Canadian and U.S. securities legal guidelines (collectively, “ahead‐wanting statements”). These statements relate to future occasions or the Firm’s future efficiency, enterprise prospects or alternatives which might be based mostly on forecasts of future outcomes, estimates of quantities not but determinable and assumptions of administration made in mild of administration’s expertise and notion of historic developments, present situations and anticipated future developments. Ahead-looking statements on this information launch embody, however aren’t restricted to, statements with respect to: timing for the discharge of the Firm’s 2024 audited monetary outcomes; timing for the announcement of the Firm’s fourth quarter dividend cost and the shareholder document and payable dates in reference to such dividend cost; and timing for the closing of the acquisition of Gatos Silver. Assumptions might show to be incorrect and precise outcomes might differ materially from these anticipated. Consequently, steering can’t be assured. As such, traders are cautioned to not place undue reliance upon steering and forward-looking statements as there may be no assurance that the plans, assumptions or expectations upon which they’re positioned will happen. All statements apart from statements of historic truth could also be ahead‐wanting statements. Statements regarding confirmed and possible mineral reserves and mineral useful resource estimates may be deemed to represent ahead‐wanting statements to the extent that they contain estimates of the mineralization that will likely be encountered as and if the property is developed, and within the case of measured and indicated mineral assets or confirmed and possible mineral reserves, such statements replicate the conclusion based mostly on sure assumptions that the mineral deposit may be economically exploited. Any statements that specific or contain discussions with respect to predictions, expectations, beliefs, plans, projections, aims or future occasions or efficiency (usually, however not at all times, utilizing phrases or phrases comparable to “search”, “anticipate”, “plan”, “proceed”, “estimate”, “anticipate”, “might”, “will”, “challenge”, “predict”, “forecast”, “potential”, “goal”, “intend”, “might”, “would possibly”, “ought to”, “imagine” and comparable expressions) aren’t statements of historic truth and could also be “ahead‐wanting statements”.

Precise outcomes might differ from forward-looking statements. Ahead-looking statements are topic to identified and unknown dangers, uncertainties and different components that will trigger precise outcomes to materially differ from these expressed or implied by such forward-looking statements, together with however not restricted to: the period and results of the coronavirus and COVID-19, and another pandemics on our operations and workforce, and the consequences on international economies and society; basic financial situations together with inflation dangers; precise outcomes of exploration actions; conclusions of financial evaluations; modifications in challenge parameters as plans proceed to be refined; commodity costs; variations in ore reserves, grade or restoration charges; precise efficiency of plant, tools or processes relative to specs and expectations; accidents; labour relations; relations with native communities; modifications in nationwide or native governments; modifications in relevant laws or software thereof; delays in acquiring approvals or financing or within the completion of improvement or building actions; change charge fluctuations; necessities for extra capital; authorities regulation; environmental dangers; reclamation bills; outcomes of pending litigation; limitations on insurance coverage protection in addition to these components mentioned within the part entitled “Description of the Enterprise – Danger Elements” within the Firm’s most up-to-date Annual Info Kind for the yr ended December 31, 2023 filed with the Canadian securities regulatory authorities beneath the Firm’s SEDAR+ profile at www.sedarplus.ca, and within the Firm’s Annual Report on Kind 40-F for the yr ended December 31, 2023 filed with the US Securities and Change Fee on EDGAR at www.sec.gov/edgar. Though First Majestic has tried to determine essential components that might trigger precise outcomes to vary materially from these contained in forward-looking statements, there could also be different components that trigger outcomes to not be as anticipated, estimated or supposed.

The Firm believes that the expectations mirrored in these ahead‐wanting statements are affordable, however no assurance may be provided that these expectations will show to be appropriate and such ahead‐wanting statements included herein shouldn’t be unduly relied upon. These statements converse solely as of the date hereof. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements, besides as required by relevant legal guidelines.

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