World s largest silver producing country. Six producing silver mines; 100% owned. Two advanced stage silver projects

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2 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 3 Pure Silver Producer ~65% of revenue from Silver (24% Au, 9% 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 4 Annual silver consumption is ~1.0B ounces 80% sourced from mining, 20% sourced from recycling and hedging Over past 10 years, the silver industry has been in a 500M ounce physical deficit Silver is one of the world s most reflective and best conductors of electricity 55% of silver consumption is from industrial applications electronics, medicine, solar, water purification, window manufacturing, etc. Demand by sector: 55% industrial fabrication, 20% jewelry, 20% coins & bars, 5% silverware Scrap recycling is at a 20 year low! Current silver to gold mine supply ratio: 9:1 Source:

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6 6 Market Capitalization: Shares Outstanding: 3M Avg. Daily Volume: (NYSE & TSX) US$1.0B 166.0M (FD 176.4M) 4.3M shares ~ US$29M Shareholders: Cash & Cash Eqv: US$118.1M (as of Dec. 31, 2017)

7 7 As announced on January 12, 2018, the Company entered into plan of arrangement with Primero whereby First Majestic will acquire all of the issued and outstanding shares of Primero for consideration of common shares of First Majestic. This transaction enhances First Majestic s position in Mexico, one of the world s most prolific silver and gold regions, by adding a seventh operating mine to First Majestic s portfolio with expected pro forma annualized production of 27-30M Ag Eqv. oz per year. Entered into new stream with Wheaton Precious Metals based on 25% of the gold equivalent production with ongoing payments of $600 per gold ounce. Expected to close in April pending customary regulatory and court approvals. San Dimas operation

8 8 BROAD DEPTH OF PEOPLE ~ 4,050 direct employees Internally design, develop and construct 100% of our silver projects Awarded Socially Responsible Company for nine consecutive years, 2008 to 2016, from the Centro Mexicano para la Filantropia (CEMEFI)

9 9 (All shown in $USD) Q Q Q Q/Q Y/Y FY 2017 Revenue 61.2M 61.9M 66.2M 252.3M Mine Operating Earnings 1.4M 3.2M 9.9M 16.0M Net Earnings after taxes (56.1M) (1.3M) 1.8M (53.3M) Earnings per share - Adjusted 1 (0.04) (0.04) Operating Cash Flows, before movements in WC 18.7M 17.7M 23.4M 81.0M Cash Flow per share Working Capital 116.3M 126.3M 130.6M 116.3M Cash and Cash equivalents 118.1M 120.8M 129.0M 118.1M Avg. Realized Silver price per oz ($/eq. oz) (1) Adjusted earnings per share (a non-gaap measure) after removing non-cash and non-recurring items

10 10 IN PRODUCTION 1 La Encantada La Parrilla San Martin La Guitarra Del Toro 6 Santa Elena Primero Acquisition San Dimas PROJECTS Plomosas 4 8 La Luz EXPLORATION 9 La Joya

11 Silver Eqv. Ounces (M) Silver Ounces Only San Dimas Production E Target

12 12 Mine Silver Oz (M) Silver Eqv Oz (M) Cash Costs ($) AISC ($) Santa Elena (1.54) 2.22 La Encantada La Parrilla Del Toro San Martin La Guitarra Totals: *Certain amounts shown may not add exactly to the total amount due to rounding differences. *The following prices were used in the calculation of silver equivalent ounces: Silver: $17.05 per ounce; Gold: $1,261 per ounce; Lead: $1.04 per pound; Zinc $1.33 per pound.

13 13 Mine Silver Oz (M) Silver Eqv Oz (M) Cash Costs ($) AISC ($) Santa Elena La Encantada La Parrilla Del Toro San Martin La Guitarra Totals: $8.30 $9.09 $15.21 $16.56 San Dimas guidance expected to be announced post closing Metal price assumptions for calculating equivalents are: silver: $16.50/oz, gold: $1,250/oz, lead: $1.10/lb, zinc: $1.40/lb. Currency exchange assumption for costs are: 19:1 MXN:USD *Consolidated AISC includes corporate general & administrative expense of $1.62 to $1.81 per ounce, share-based payments expense of $0.73 to $0.81 per ounce and accretion of decommissioning liabilities of $0.08 per ounce

14 14 Excluding non-cash items: 2018E AISC $ $ ) AISC is a non-gaap measure and was calculated based on guidance provided by the World Gold Council ( WGC )

15 $51M Sustaining $74M Expansionary CAPEX include: $49M - U/G Development $27M - Exploration $38M - PP&E $11M - Corporate Projects

16 2P Silver Ounces (M) Exploration Metres 16 Our largest drill program ever! Also produced 71M oz of Silver over this period

17 Capital Budget Producing Mines (*CAPEX US$) Exploration Development PP&E Total La Encantada 3M 4M 10M 17M Santa Elena 6M 11M 5M 22M La Parrilla 3M 8M 4M 15M La Guitarra 3M 9M 6M 19M San Martin 3M 5M 4M 13M Del Toro 4M 9M 9M 22M Total 22M 46M 37M 108M Non-Producing Mines Exploration Development PP&E Total Plomosas 4M 2M 1M 6M 2018 Total Capital Budget: $125M Other, Corporate Projects (R&D) Other 11M *Certain amounts shown may not add exactly to the total amount due to rounding differences.

18 18 Exhaust Fans Dust Collectors Feeding System Key Metrics Cyclones Blowers Plates Cooler Roasting Furnace Dryer Base Case* Tailings Life (LOM) 6.2 years Throughput 2,000 tpd LOM Avg. Grade 110 g/t LOM Avg. Recovery 64% LOM Avg. Production 1.5M oz/yr LOM Total Production 9.3M oz Costs and Capital Processing Costs Project Capex $24 tonne $9.0M To Cyanidation Economics Silver Price $15 oz IRR 42% NPV(5%) $12.0M *Based on 4.1M tonnes of current above ground tails Rotary Dryer Main Drive Kiln Barrel

19 19 Lime feed ph monitoring Cyanide consumption Mill & Grind optimization Oxygen Injection Microbubbles & Fine Grinding 90% target recovery goal Every 1% increase in silver recoveries ~ 100K Ag oz

20 20 Improves the metallurgical performance of our plants by pairing fine grinding and microbubbles Pilot test results showed silver recoveries from flotation improve 5% to 10% Installation expected to begin at Del Toro, La Parrilla, La Guitarra and Santa Elena in 2018 Microbubble test column Typical Flotation Bubbles Microbubbles

21 21 Ancient Technology Cutting Edge 100 Year Old Ball Mill Vertical Mill

22 22 AG +36% AU -24% AG +182% AU +69% AG +407% AU +105% AG? AU?

23 23 (%) Source: Bloomberg

24 24 Commissioning of roasting circuit at La Encantada - expected to add 1.5 million Ag ounces per year Continued improvements in metallurgical recoveries through implementation of microbubbles, fine grinding & other R&D Connection to power grid at Santa Elena to reduce operating costs Completion of underground haulage system at La Parrilla aimed to further reduce costs and the potential for future expansion Exploration discovery potential at Plomosas and Santa Elena s Ermitaño West property Closing of Primero acquisition with re-rating potential

25 25 Our Strategy One Metal One Country Continue to Acquire the Best Talent in Mexico Build through Development and Acquisitions Become a 20+ Million Ounce Producer

26 Natural Gas Generators 26

27 27 Research Coverage Bank of Montreal - Ryan Thompson Cormark - Richard Gray Echelon Wealth Partners - Gabriel Gonzalez National Bank Financial - Shane Nagle H.C. Wainwright - Heiko Ihle Scotiabank - Ovais Habib Toronto-Dominion - Daniel Earle Institution % S/O Van Eck (GDXJ) 7.4% Van Eck (GDX) 4.6% Morgan Stanley 2.2% The Vanguard Group 2.1% Blackrock 1.4% Global X 1.3% Gluskin Sheff & Asso. 1.2% Commerzbank AG 1.2% Dimensional Fund Adv. 1.0% Credit Suisse Group 0.9%

28 28 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: 2,750 tpd 2.2M 2.4M Ag oz (4.9M 5.5M AgEq oz) $ $7.66 Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: *M&I Resources are inclusive of Reserves 14.1M Ag + 216K Au oz 15.8M Ag + 241K Au oz 11.0M Ag + 481K Au oz Undergoing electrical power analysis to reduce future energy costs Recently doubled land package to 101,837 hectares with purchase of El Gachi property 100% Gold/Silver doré producer Quarter End Q Q Q Full Year 2017 Silver production (oz) 582, , ,207 2,282,182 Silver eqv. production (oz) 1,654,535 1,503,376 1,470,612 5,927,132 Silver grade (g/t) Gold grade (g/t) Cash costs / oz ($US) ($6.93) ($0.18) ($1.43) ($1.54) All-in Sustaining cost / oz ($US) ($2.01) $3.08 $1.64 $2.22

29 29 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: 3,000 tpd 3.0M 3.3M Ag oz $14.89 $ M Ag oz 32.4M Ag oz 11.4M Ag oz *M&I Resources are inclusive of Reserves Recently installed natural gas generators currently supplying 90% of power requirements Installing new roasting circuit to reprocess tailings expected to add 1.5M Ag oz per year starting in % Silver doré producer Quarter End Q Q Q Full Year 2017 Silver production (oz) 486, , ,930 2,178,032 Silver eqv. production (oz) 489, , ,504 2,183,899 Silver grade (g/t) Cash costs / oz ($US) $15.23 $12.47 $13.87 $12.74 All-in Sustaining cost / oz ($US) $19.20 $14.98 $16.53 $15.49

30 30 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: 1,500 tpd 1.5M 1.7M Ag oz (2.3M 2.6M AgEq oz) $15.02 $ M AgEq oz 16.7M AgEq oz 28.5M AgEq oz *M&I Resources are inclusive of Reserves Discovered Cerro de Santiago vein in 2017 and planning extensive exploration program in 2018 of over 28,000 metres Expected cash cost reduction and potential for further expansion Large land package consisting of 69,478 hectares covering several old mines Quarter End Q Q Q Full Year 2017 Silver production (oz) 401, , ,466 1,730,383 Silver eqv. production (oz) 643, , ,497 2,517,199 Silver grade (g/t) Cash costs / oz ($US) $11.21 $12.26 $10.22 $11.11 All-in Sustaining cost / oz ($US) $15.28 $18.85 $15.34 $16.22

31 31 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: 1,000 tpd 1.1M 1.3M Ag oz (2.2M 2.4M AgEq oz) $ $ M AgEq oz 16.4M AgEq oz 18.0M AgEq oz *M&I Resources are inclusive of Reserves Currently produces a silver-lead concentrate Significant cash flow generator and low cost operation Metallurgical recoveries continue to improve for silver and lead Quarter End Q Q Q Full Year 2017 Silver production (oz) 185, , ,894 1,124,992 Silver eqv. production (oz) 369, , ,802 2,237,730 Silver grade (g/t) Cash costs / oz ($US) $12.53 $6.41 $2.80 $5.49 All-in Sustaining cost / oz ($US) $25.48 $12.92 $8.43 $11.87

32 32 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: 1,000 tpd 2.0M 2.2M Ag oz (2.2M 2.5M AgEq oz) $11.08 $ M Ag + 26K Au oz 22.3M Ag + 33K Au oz 21.4M Ag + 7K Au oz *M&I Resources are inclusive of Reserves 100% Silver/Gold doré producer Low cost, long mine life operation Property consists of 33 mining claims within 38,512 hectares Quarter End Q Q Q Full Year 2017 Silver production (oz) 514, , ,423 1,822,297 Silver eqv. production (oz) 617, , ,349 2,322,835 Silver grade (g/t) Gold grade (g/t) Cash costs / oz ($US) $7.55 $7.11 $6.94 $6.69 All-in Sustaining cost / oz ($US) $9.73 $10.03 $10.01 $9.06

33 33 Plant Operations Mill Throughput: 2018E Production: 2018E AISC: Reserves & Resources Proven & Probable: Measured & Indicated: Inferred: 400 tpd 0.8M 0.9M Ag oz (1.1M 1.2M AgEq oz) $ $ M Ag + 37K Au oz 7.6M Ag + 40K Au oz 4.4M Ag + 20K Au oz *M&I Resources are inclusive of Reserves Quarter End Q Q Q Full Year 2017 Silver production (oz) 166, , , ,705 Silver eqv. production (oz) 290, , ,713 1,019,111 Silver grade (g/t) Gold grade (g/t) Cash costs / oz ($US) $11.20 $19.02 $7.73 $11.53 Large 39,714-hectare property All-in Sustaining cost / oz ($US) $17.77 $31.55 $15.98 $18.98

34 (1) Mineral Reserves have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ( CIM ) Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI (2) Metal prices considered for Mineral Reserves estimates were $18.00 /oz Ag, $1,300 /oz Au, $1.10 /lb Pb, and $1.40 /lb Zn. (3) The Mineral Reserves information provided above is based on internal estimates prepared as of December 31, The information provided was reviewed and validated by Ramon Mendoza Reyes, P. Eng., QP Mining for First Majestic, who has the appropriate relevant qualifications, and experience in mining and reserves estimation practices. (4) Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section of the 2017 Annual Information Form. (5) The cut-off grades and modifying factors used to convert Mineral Reserves from Mineral Resources are different for all mines. The cut-off grades and factors are listed in each mine section of the 2017 Annual Information Form. 34

35 35 Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves) (1) Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI (2) In all cases, metal prices considered for Mineral Resource estimates were $20.00/oz Ag, $1,450/oz Au, $1.20/lb Pb, and $1.50/lb Zn. (3) The Mineral Resources information provided above is based on internal estimates prepared as of December 31, The information provided was reviewed and validated by Jesus M. Velador Beltran, MMSA, QP Geology for First Majestic, who has the appropriate relevant qualifications, and experience in geology and resource estimation. (4) Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section below. (5) The cut-off grades used to estimate Mineral Resources are different for all mines. The cut-off grades and silver-equivalent factors are listed in each mine section of the 2017 Annual Information Form. (6) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.

36 36 Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Au (k Oz) Ag-Eq (k Oz) SANTA ELENA Inferred Santa Elena Mine (UG) Sulphides 1, , ,390 Inferred Ermitaño (UG) Sulphides 3, , ,780 Inferred Total (UG) Sulphides 4, , ,170 LA ENCANTADA Inferred Ojuelas (UG) Oxides - Flotation Inferred Other deposits (UG) Oxides 1, ,850-8,850 Inferred backfills and stockpiles Oxides ,240-2,240 Inferred Total (UG) Oxides 2, ,420-11,430 LA PARRILLA Inferred (UG) Oxides , ,820 Inferred (UG) Sulphides 1, ,410-22,670 Inferred Total (UG) Oxides + Sulphides 2, , ,490 SAN MARTÍN Inferred Total (UG) Oxides 2, , ,970 DEL TORO Inferred Total (UG) Transition + Sulphides 1, , ,970 LA GUITARRA Inferred Total (UG) Sulphides , ,840 LA JOYA Inferred Total (OP) Sulphides 27, , ,910 Total Inferred All mineral types 41, , ,780 (1) Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by reference into NI (2) In all cases, metal prices considered for Mineral Resource estimates were $20.00/oz Ag, $1,450/oz Au, $1.20/lb Pb, and $1.50/lb Zn. (3) The Mineral Resources information provided above is based on internal estimates prepared as of December 31, The information provided was reviewed and validated by Jesus M. Velador Beltran, MMSA, QP Geology for First Majestic, who has the appropriate relevant qualifications, and experience in geology and resource estimation. (4) Silver-equivalent grade is estimated considering: metal price assumptions, metallurgical recovery for the corresponding mineral type/mineral process and the metal payable of the corresponding contract of each mine. Estimation details are listed in each mine section below. (5) The cut-off grades used to estimate Mineral Resources are different for all mines. The cut-off grades and silver-equivalent factors are listed in each mine section of the 2017 Annual Information Form. (6) Inferred Mineral Resource estimates for La Joya Project are based on the 2013 Preliminary Economic Assessment Technical Report compiled for SilverCrest.