# exhibit99 1

Source Brief: https://evesgoldminers.com/research/source-briefs/first-majestic-silver-2025-03-31-exhibit99-1-d6eaf453
Original source: https://www.sec.gov/Archives/edgar/data/1308648/000106299325006602/exhibit99-1.htm
Original published: 2025-03-31
EGM generated: 2026-09-04
Company: First Majestic Silver (AG)

## Use Note

This is the Eve's Gold Miners normalized Markdown copy of an official or regulatory public source. It is provided for readability, search discovery, and research resilience. The original source remains authoritative for legal, regulatory, and investment decisions.

## Extracted Document Text

# exhibit99 1

Source: https://www.sec.gov/Archives/edgar/data/1308648/000106299325006602/exhibit99-1.htm
Published: 2025-03-31T00:00:00+00:00
Fetched: 2026-05-05T09:31:12.562+00:00
Source artifact: d6eaf453-8fff-443a-97d5-8e6becf82618
Normalizer input: text

## Content

# exhibit99 1
EX-99.1
3
exhibit99-1.htm
EXHIBIT 99.1
First Majestic Silver Corp.: Exhibit 99.1 - Filed by newsfilecorp.com
 
 
ANNUAL INFORMATION FORM
FOR THE YEAR ENDED DECEMBER 31, 2024
 
 
March 31, 2025
 
Suite 1800 – 925 West Georgia Street, Vancouver, B.C.  V6C 3L2, Canada Phone: 604.688.3033 | Fax: 604.639.8873| Toll Free: 1.866.529.2807 | Email: info@firstmajestic.com www.firstmajestic.com
 
TABLE OF CONTENTS
PRELIMINARY NOTES
1
 
 
GLOSSARY OF CERTAIN TECHNICAL TERMS
1
 
 
CORPORATE STRUCTURE
6
 
 
DESCRIPTION OF BUSINESS
7
 
 
GENERAL DEVELOPMENT OF THE BUSINESS
8
Principal Markets for Silver and Gold
16
Scientific and Technical Information
17
Mineral Properties
18
San Dimas Silver/Gold Mine, Durango and Sinaloa States, Mexico
22
Santa Elena Silver/Gold Mine, Sonora State, Mexico
35
Cerro Los Gatos Silver Mine, Chihuahua, Mexico
48
La Encantada Silver Mine, Coahuila State, Mexico
63
Jerritt Canyon Gold Mine, Elko County, Nevada, USA
76
Non-Material Properties
92
Risk Factors
94
Product Marketing and Sales
130
Health and Safety
134
Employment Practices
135
Taxation
136
 
 
CAPITAL STRUCTURE
138
 
 
MARKET FOR SECURITIES
139
 
 
PRIOR SALES
140
Options
140
Restricted Share Units
140
Performance Share Units
141
Deferred Share Units
141
 
 
DIRECTORS AND OFFICERS
141
 
 
AUDIT COMMITTEE INFORMATION
145
 
 
INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
147
 
 
TRANSFER AGENT AND REGISTRAR
147
Suite 1800 – 925 West Georgia Street, Vancouver, B.C.  V6C 3L2, Canada Phone: 604.688.3033 | Fax: 604.639.8873| Toll Free: 1.866.529.2807 | Email: info@firstmajestic.com www.firstmajestic.com
 
 
LEGAL PROCEEDINGS AND REGULATORY ACTIONS
147
 
 
MATERIAL CONTRACTS
152
 
 
INTERESTS OF EXPERTS
154
 
 
ADDITIONAL INFORMATION
155
 
 
APPENDIX "A"
1
Suite 1800 – 925 West Georgia Street, Vancouver, B.C.  V6C 3L2, Canada Phone: 604.688.3033 | Fax: 604.639.8873| Toll Free: 1.866.529.2807 | Email: info@firstmajestic.com www.firstmajestic.com
PRELIMINARY NOTES
Date of Information
Unless otherwise indicated, all information contained in this Annual Information Form (" AIF ") of First Majestic Silver Corp. (" First Majestic " or the " Company ") is as of December 31, 2024.
Financial Information
The Company's financial results are prepared and reported in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (" IFRS Accounting Standards ") and are presented in United States dollars.
Forward-looking Information  
Certain statements contained in this AIF constitute forward-looking information or forward-looking statements under applicable securities laws (collectively, “ forward-looking statements ”). These statements relate to future events or the Company’s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management’s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to: future financings, the redemption and/or conversion of the Company’s securities, statements with respect to the Company’s business strategy, future planning processes, commercial mining operations, anticipated mineral recoveries, projected quantities of future mineral production, interpretation of drill results and other technical data, anticipated development, expansion, exploration activities and production rates and mine plans and mine life, metal price assumptions and mining cost assumptions, the security situation at the San Martin mine, construction and operations of the replacement well at La Encantada, statements with respect to water source development and water inventory levels at La Encantada, exploration efforts on the Navidad Vein (as defined herein) at the Santa Elena property, the operations of the Company’s Central Laboratory (as defined herein), the estimated cost and timing of plant improvements at the Company’s operating mines and development of the Company’s development projects, the timing of completion of exploration and drilling programs and preparation of technical reports, viability of the Company’s projects, temporary suspension of mining activities at Jerritt Canyon (as defined herein), anticipated reclamation and decommissioning activities and associated costs, future exploration activities at Jerritt Canyon and the costs thereof, the implementation and effect of cost-reduction initiatives, the management and costs of future mine closures and decommissioning, the restarting of operations or potential interim plans at the Company's temporarily suspended and/or non‐operating mines, conversion of mineral resources to proven and probable mineral reserves, potential metal recovery rates, analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable, statements with respect to the Company’s future financial position including operating efficiencies, cash flow, capital budgets, costs and expenditures, cost savings, allocation of capital, the Company’s share price, statements with respect to the recovery of value added tax receivables and the tax regime in Mexico, the operations of mines that are not wholly-owned or that are owned through joint arrangements, the conduct, timing, or outcome of outstanding litigation, regulatory proceedings, negotiations or proceedings under NAFTA (as defined herein) or other claims and the compliance by counterparties with judgments or decisions, the Company’s plans with respect to enforcement of certain judgments in favour of the Company and the likelihood of collection under those judgments, the impact of amendments on accounting policies, the effectiveness of internal controls and procedures, the timing and receipt of pending permits, the validity of the Advanced Pricing Agreement between the Mexican Taxation Authority, Servicio de Administracion Tributaria and the Company’s subsidiary, Primero Empresa Minera, S.A. de C.V., the Company’s ability to comply with future legislation or regulations, the Company’s intent to comply with future regulatory and compliance matters, future regulatory trends, future market conditions, future staffing levels and needs, the Company’s ability to attract, train and retain qualified personnel, assessment of future opportunities of the Company, the production, projected quantities of silver bullion production, sales and other commissioning and production risks from the Company’s minting facility, operations at the Company’s minting facility, the release of the Company’s fourth Sustainability Report, payments of dividends by the Company, assumptions of management, maintaining relations with local communities, maintaining relations with employees, renewing contracts related to material properties, expectations regarding the effects of potential public health crises on the Company’s operations, the global economy and the market for the Company’s products and securities, the Share Repurchase Program (as defined herein), the potential impact of tariffs imposed by governments, the global economy and the market for the Company's products and securities, those factors identified under the caption “ Risk Factors ” herein, and other statements identified as such in the documents incorporated by reference herein. All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable mineral reserves and mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as and if the property is developed, and in the case of Measured and Indicated Mineral Resources or Proven and Probable Mineral Reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “forecast”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.
1
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, global economic conditions, including public health threats, the inherent risks involved in mining, exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, changes in commodity prices and, particularly, silver and gold prices, changes in exchange rates, the possibility of project delays or cost overruns or unanticipated excessive operating costs and expenses, access to skilled mining development and mill production personnel, labour relations, costs of labour, relations with local communities and indigenous groups, results of exploration and development activities, accuracy of resource estimates, uncertainties related to the necessity of financing, uninsured risks, defects in title, availability and costs of materials and equipment, inability to meet future financing needs on acceptable terms, changes in national or local governments, changes in applicable legislation or application thereof, timeliness of government approvals, actual performance of facilities, equipment, and processes relative to specifications and expectations, climate change events including, but not limited to, drought conditions, availability of time on court calendars in Canada and elsewhere, the recognition of Canadian judgments under Mexican law, the possibility of settlement discussions, the risk of appeal of judgment, the insufficiency of the defendant's assets to satisfy the judgment amount, and unanticipated environmental impacts on operations. Additional factors that could cause actual results to differ materially include, but are not limited to, the risk factors described herein. See "Risk Factors" .
2
The Company believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this AIF should not be unduly relied upon. These statements speak only as of the date of this AIF or as of the date specified in the documents incorporated by reference into this AIF, as the case may be. The Company does not intend, and does not assume any obligation, to update these forward-looki

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