First Majestic Announces Temporary Suspension of NAFTA Arbitration Proceedings as Settlement Framework Agreed to with Mexico

Vancouver, British Columbia--(Newsfile Corp. - October 13, 2026) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that it has agreed to suspend its NAFTA arbitration proceedings (the "APA Arbitration") against the Government of Mexico pursuant to Chapter 11 of the North American Free Trade Agreement in respect of the legacy tax issue concerning First Majestic's subsidiary, Primero Empresa Minera, S.A. de C.V. ("PEM"). Details regarding the history of this legacy tax issue are set out in First Majestic's continuous disclosure documents available on SEDAR+.

First Majestic and Mexico have been involved in discussions and negotiations to settle PEM's legacy tax issue for the past several years, with significant progress at reaching a settlement having been made this year. With First Majestic and Mexico having agreed in principle to a framework to settle the tax issue, the parties have requested that the tribunal overseeing the APA Arbitration temporarily suspend proceedings whilst they work to finalize and implement the settlement. Accordingly, the tribunal has issued an order temporarily suspending the proceedings until December 31, 2026.