2 Certain statements contained herein regarding First Majestic - PowerPoint PPT Presentation

2 Certain statements contained herein regarding First Majestic Silver Corp. (the “Company”) and its operations constitute “forward - looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward -looking statements”. We caution you that such “forward - looking statements” involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include fluctuations in precious metal prices, unpredictable results of exploration activities, uncertainties inherent in the estimation of mineral reserves and resources, fluctuations in the costs of goods and services, problems associated with exploration and mining operations, changes in legal, social or political conditions in the jurisdictions where the Company operates, lack of appropriate funding and other risk factors, as discussed in the Company’s filings with the Canadian and United States Securities regulatory agencies. Resource and production goals and forecasts may be based on data insufficient to support them. Ramon Mendoza, P. Eng., Vice President of Technical Services and Jesus Velador, Ph.D., Regional Exploration Manager are certified Qualified Persons (“QP”) for the Company. The Company expressly disclaims any obligation to update any “forward -looking statements”.

3 Pure Silver Producer ~70% of revenue from Silver (18% Au, 10% Pb, 2% Zn) One Country: Mexico World’s largest silver producing country Multi-Asset Producer Six producing silver mines; 100% owned Future Growth Two advanced stage silver projects Goal Achieve annual production of 20M+ Ag oz

4 Market Capitalization: US$1.5B Shares Outstanding: 165.1M (FD 176.2M) 3M Avg. Daily Volume: 6.4M shares ~ US$55M in daily liquidity (NYSE & TSX) Cash & Cash Equiv 1 : US$129.0M 1) As of Dec 31, 2016

5 BROAD DEPTH OF PEOPLE • ~ 3,900 direct employees • Internally design, develop and construct 100% of our silver projects • Awarded ‘Socially Responsible Company’ for eight consecutive years, 2008 to 2015, from the Centro Mexicano para la Filantropia (CEMEFI)

6 Q/Q Y/Y Full Year 2016 (All shown in $USD) Q4 2016 Q3 2016 Q4 2015 66.2M 79.3M 66.0M 278.1M Revenue Mine Operating Earnings 9.9M 20.0M 3.9M 49.2M Net Earnings after taxes 1.8M 13.4M (103.0M) 8.6M Earnings per share - Adjusted 1 (0.01) 0.07 (0.02) 0.12 Operating Cash Flows, before movements in WC 23.4M 35.4M 17.5M 107.3M Cash Flow per share 0.14 0.22 0.11 0.67 Working Capital 130.6M 143.8M 15.6M 130.6M Cash and Cash equivalents 129.0M 122.5M 51.0M 129.0M Avg. Realized Silver price per oz ($/eq. oz) 17.10 19.72 15.21 17.16 (1) Adjusted earnings per share (a non-GAAP measure) af ter remov ing non-cash and non-recurring items

7 IN PRODUCTION La Encantada 1 6 La Parrilla 2 San Martin 3 1 4 La Guitarra 5 Del Toro 9 2 6 Santa Elena 5 8 7 3 PROJECTS 7 Plomosas 4 8 La Luz EXPLORATION 9 La Joya

8 2P Silver Ounces (M) Exploration Metres Also produced 61M oz of Silver over this period

9 *Pending permits

10 Mine Silver Oz (M) Silver Eqv Oz (M) Cash Costs ($) AISC ($) Santa Elena 2.6 – 2.9 5.4 – 6.0 0.90 – 1.46 6.22 – 7.24 La Encantada 2.6 – 2.9 2.6 – 2.9 9.83 – 10.17 12.35 – 12.90 La Parrilla 1.9 – 2.1 2.9 – 3.2 6.45 – 6.84 10.79 – 11.55 Del Toro 1.3 – 1.4 2.3 – 2.6 4.90 – 5.35 10.38 – 11.30 San Martin 1.8 – 2.0 2.0 – 2.2 8.31 – 8.66 11.77 – 12.41 La Guitarra 0.9 – 1.1 1.4 – 1.6 6.35 – 6.75 14.37 – 15.45 Totals: 11.1 – 12.4 16.6 – 18.5 $6.06 – $6.48 $11.96 – $12.88* Metal price assumptions f or calculating equiv alents are: silv er: $16.50/oz, gold: $1,200/oz, lead: $1.00/lb, zinc: $1.20/lb. Currency exchange assumption f or costs are: 20:1 MXN:USD *Consolidated AISC includes corporate general & administrativ e expense of $1.38 to $1.53 per ounce, share-based pay ments expense of $0.53 to $0.59 per ounce and accretion of decommissioning liabilities of $0.07 to $0.08 per ounce

11 Excluding non-cash items: 2017E AISC $11.36 - $12.21 1) AISC is a non- GAAP measure and w as calculated based on guidance provided by the World Gold Council (“WGC”)

12 $78M Expansionary $46M Sustaining $53M - U/G Development 2017E CAPEX include: $27M - Exploration $33M - PP&E $11M - Corporate Projects

13

14 Plant Operations Mill Throughput: 2,750 tpd 2.6M – 2.9M Ag oz 2017E Production: (5.4M – 6.0M AgEq oz) 2017E AISC: $6.22 - $7.24 Reserves & Resources Proven & Probable: 11.1M Ag + 174K Au oz Measured & Indicated: 12.9M Ag + 209K Au oz Inferred: 2.0M Ag + 39K Au oz *M&I Resources are inclusive of Reserves Quarter End Full Year 2016 Q4 2016 Q3 2016 Q4 2015 • Undergoing planning stage for the use of natural gas generators Silver production (oz) 660,207 671,423 673,969 2,598,537 • Silver eqv. production (oz) 1,470,612 1,430,506 1,506,405 6,185,945 Increasing underground production capacity w/ new San Salvador ramp Silver grade (g/t) 89 95 96 92 Gold grade (g/t) 1.5 1.5 1.5 1.6 • 100% Gold/Silver doré producer Cash costs / oz ($US) ($1.43) ($0.81) ($2.84) ($2.09) All-in Sustaining cost / oz ($US) $1.64 $1.82 $1.44 $1.75

15 Plant Operations Mill Throughput: 3,000 tpd 2.6M – 2.9M Ag oz 2017E Production: $12.35 – $12.90 2017E AISC: Reserves & Resources Proven & Probable: 31.0M Ag oz Measured & Indicated: 31.9M Ag oz Inferred: 5.8M Ag oz *M&I Resources are inclusive of Reserves • Recently installed natural gas Quarter End Full Year generators – currently supplying 90% 2016 Q4 2016 Q3 2016 Q4 2015 of power requirements Silver production (oz) 567,930 685,478 714,057 2,706,516 • Roasting circuit construction Silver eqv. production (oz) 569,504 687,841 716,023 2,713,372 expected to begin in early 2017 to reprocessing old tailings – expected Silver grade (g/t) 132 145 157 164 to add 1.5M Ag oz per year Cash costs / oz ($US) $13.87 $11.20 $11.00 $11.21 • 100% Silver doré producer All-in Sustaining cost / oz ($US) $16.53 $12.81 $14.28 $12.76

16 Plant Operations Mill Throughput: 1,500 tpd 2017E Production: 1.9M – 2.1M Ag oz (2.9M – 3.2M AgEq oz ) 2017E AISC: $10.79 – $11.55 Reserves & Resources Proven & Probable: 11.5M Ag oz Measured & Indicated: 13.0M Ag oz Inferred: 32.3M Ag oz *M&I Resources are inclusive of Reserves • Connecting the mines with an Quarter End Full Year underground 5 kilometre modern ore 2016 Q4 2016 Q3 2016 Q4 2015 haulage system Silver production (oz) 497,466 547,913 605,605 2,220,874 • Expected cash cost reduction and Silver eqv. production (oz) 699,497 739,026 1,051,679 3,388,434 potential for further expansion Silver grade (g/t) 130 146 156 140 • Large land package consisting of Cash costs / oz ($US) $10.22 $7.70 $7.18 $7.58 69,440 hectares covering several old All-in Sustaining cost / oz ($US) $15.34 $10.65 $9.98 $10.47 mines

17 Plant Operations Mill Throughput: 1,000 tpd 2017E Production: 1.3M – 1.4M Ag oz (2.3M – 2.6M AgEq oz ) 2017E AISC: $10.38 - $11.30 Reserves & Resources Proven & Probable: 9.7M Ag oz Measured & Indicated: 15.6M Ag oz Inferred: 24.4M Ag oz *M&I Resources are inclusive of Reserves Quarter End • Currently produces a silver-lead Full Year 2016 Q4 2016 Q3 2016 Q4 2015 concentrate Silver production (oz) 343,894 446,137 331,225 1,500,951 • Significant cash flow generator and Silver eqv. production (oz) 680,802 707,524 586,672 2,649,326 low cost operation Silver grade (g/t) 157 195 132 171 • Metallurgical recoveries continue to Cash costs / oz ($US) $2.80 $3.41 $9.25 $5.73 improve for silver and lead All-in Sustaining cost / oz ($US) $8.43 $6.01 $11.30 $8.62

18 Plant Operations Mill Throughput: 1,000 tpd 1.8M – 2.0M Ag oz 2017E Production: (2.0M – 2.2M AgEq oz ) 2017E AISC: $11.77 - $12.41 Reserves & Resources Proven & Probable: 17.2M Ag oz Measured & Indicated: 21.9M Ag oz Inferred: 32.6M Ag oz *M&I Resources are inclusive of Reserves Quarter End Full Year 2016 • 100% Silver/Gold doré producer Q4 2016 Q3 2016 Q4 2015 Silver production (oz) 510,423 500,441 485,227 1,902,963 • Low cost, long mine life operation Silver eqv. production (oz) 573,349 562,096 576,675 2,209,035 • Property consists of 33 mining claims Silver grade (g/t) 254 246 231 241 within 37,518 hectares Cash costs / oz ($US) $6.94 $7.05 $7.20 $7.07 All-in Sustaining cost / oz ($US) $10.01 $9.92 $9.83 $9.40