All statements that are not historical facts, including ...4 Annual silver consumption is ~1.0B ounces 80% sourced from mining, 20% sourced from recycling and hedging Over past 10

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”.

2

~60% of revenue from Silver (29% Au, 9% Pb, 2% Zn)

World’s largest silver producing country

Six producing silver mines; 100% ownedMulti-Asset Producer

Pure Silver Producer

Two advanced stage silver projects

Achieve annual production of 20M+ Ag oz

One Country: Mexico

Future Growth

Goal

3

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: www.silverinstitute.org

3.7M shares ~ US$26M

6

Market Capitalization: US$1.2B

Cash & Cash Eqv: US$118.1M

Shares Outstanding: 165.8M (FD 175.3M)

3M Avg. Daily Volume:(NYSE & TSX)

Shareholders:

7

• As announced on January 12, 2018, the Company entered into a definitive agreement

("Arrangement") with Primero whereby First Majestic will acquire all of the issued and

outstanding shares of Primero for consideration of 0.03325 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.

• Expected to close in late March pending customary regulatory and court approvals.

San Dimas operation

8

• ~ 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)

BROAD DEPTH OF PEOPLE

9

Q/Q Y/Y Full Year

2016(All shown in $USD) Q3 2017 Q2 2017 Q3 2016

Revenue 61.9M 60.1M 79.3M 278.1M

Mine Operating Earnings 3.2M 1.4M 20.0M 49.2M

Net Earnings after taxes (1.3M) 1.4M 8.1M 8.6M

Earnings per share - Adjusted1 0.00 (0.02) 0.07 0.12

Operating Cash Flows, before movements in WC 17.7M 18.0M 35.4M 107.3M

Cash Flow per share 0.11 0.11 0.22 0.67

Working Capital 126.3M 130.9M 143.8M 130.6M

Cash and Cash equivalents 120.8M 126.9M 122.5M 129.0M

Avg. Realized Silver price per oz ($/eq. oz) 17.11 17.17 19.72 17.16

(1) Adjusted earnings per share (a non-GAAP measure) after removing non-cash and non-recurring items

10

IN PRODUCTION

La Encantada

La Parrilla

San Martin

La Guitarra

Del Toro

Santa Elena

3

3

2

1

1

2

5

5 8

8

4

4

7

PROJECTS

Plomosas

La Luz

7

6

6

9

9

EXPLORATION

La Joya

Primero Acquisition

San Dimas

11

San Dimas Production

0

5

10

15

20

25

30

35

40

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E Target

Silver Ounces Only

Silv

er

Eq

v. O

un

ces

(M)

12

Mine Silver Oz (M) Silver Eqv Oz (M) Cash Costs ($) AISC ($)

Santa Elena 2.3 5.9 TBA TBA

La Encantada 2.2 2.2 TBA TBA

La Parrilla 1.7 2.5 TBA TBA

Del Toro 1.1 2.2 TBA TBA

San Martin 1.8 2.3 TBA TBA

La Guitarra 0.6 1.0 TBA TBA

Totals: 9.7 16.2 TBA TBA

*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

Mine Silver Oz (M) Silver Eqv Oz (M) Cash Costs ($) AISC ($)

Santa Elena 2.2 – 2.4 4.9 – 5.5 2.08 – 2.96 6.58 – 7.66

La Encantada 3.0 – 3.3 3.0 – 3.3 11.58 – 12.39 14.89 – 15.98

La Parrilla 1.5 – 1.7 2.3 – 2.6 9.78 – 10.40 15.02 – 16.01

Del Toro 1.1 – 1.3 2.2 – 2.4 7.11 – 8.04 14.31 – 15.54

San Martin 2.0 – 2.2 2.2 – 2.5 8.52 – 9.14 11.08 – 11.92

La Guitarra 0.8 – 0.9 1.1 – 1.2 11.86 – 12.81 18.30 – 19.52

Totals: 10.6 – 11.8 15.7 – 17.5 $8.30 – $9.09 $15.21 – $16.56

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

1) AISC is a non-GAAP measure and was calculated based on guidance provided by the World Gold Council (“WGC”)

Excluding

non-cash items:

2018E AISC

$14.40 - $15.66

$-

$5.00

$10.00

$15.00

$20.00

Q4'16 Q1'17 Q2'17 Q3'17 Q4'17 2018E

Operating Cost Sustaining Capex G&A Other

$12.21$12.90

$15.73

$15.21 to

$16.56

$14.58

TBA

15

$74M

E

xpansio

nary

$49M - U/G Development

$27M - Exploration

$38M - PP&E

$11M - Corporate Projects

$51M

S

usta

inin

g

2018 CAPEX include:

16

2P

Silv

er

Ounces (

M)

Explo

ration M

etr

es

Also produced 71M oz of Silver over this period

Our largest drill

program ever!

Rele

asin

g M

arc

h 2

018

17

2018 Total Capital Budget: $125M

2018 Capital Budget Producing Mines

Non-Producing Mines

Other

(*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

Exploration Development PP&E Total

Plomosas 4M 2M 1M 6M

Other, Corporate Projects (R&D) 11M

*Certain amounts shown may not add exactly to the total amount due to rounding differences.

18

Kiln BarrelMain DriveRotary Dryer

Key Metrics

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 $24 tonne

Project Capex $9.0M

Economics

Silver Price $15 oz

IRR 42%

NPV(5%) $12.0M

*Based on 4.1M tonnes of current

above ground tails

Exhaust

Fans

Feeding

System

Blowers

Plates

Cooler

Dust

Collectors

Roasting

Furnace

Cyclones

To

Cyanidation

Dryer

19

Lime feed pH monitoringCyanide

consumptionMill & Grind optimization

Oxygen Injection

Microbubbles &

Fine Grinding

90% target

recovery goal

Every 1% increase in silver

recoveries ~ 100K Ag oz

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

Typical Flotation

BubblesMicrobubbles

Microbubble test column

21

100 Year Old Ball Mill

Vertical Mill

Ancient Technology Cutting Edge

22

AG +36%

AU -24%

AG +182%

AU +69%

AG +407%

AU +105%

AG ?

AU ?

23

Source: Bloomberg

(%)

24

Commissioning of roasting circuit at La Encantada -

expected to add 1.5 million Ag ounces per year

La Guitarra expansion decision to 1,000 tpd

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

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

27

Institution % S/O

Van Eck (GDXJ) 7.1%

Van Eck (GDX) 4.3%

The Vanguard Group 2.1%

Connor Clark & Lunn 1.9%

Blackrock 1.4%

Dimensional Fund Adv. 1.3%

Global X 1.2%

Gluskin Sheff & Asso. 1.2%

M&G Investment 0.9%

TD Asset Mgmt 0.8%

Research Coverage

Bank of Montreal - Andrew Kaip

Cormark - Richard Gray

Echelon Wealth Partners - Matt O'Keefe

National Bank Financial - Shane Nagle

H.C. Wainwright - Heiko Ihle

Scotiabank - Ovais Habib

Toronto-Dominion - Daniel Earle

28

• 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

Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:

Reserves & Resources

Proven & Probable:

Measured & Indicated:

Inferred:

*M&I Resources are inclusive of Reserves

2,750 tpd

2.2M – 2.4M Ag oz

(4.9M – 5.5M AgEq oz)

$6.58 - $7.66

11.1M Ag + 174K Au oz

12.9M Ag + 209K Au oz

2.0M Ag + 39K Au oz

Quarter End Full Year

2017Q4 2017 Q3 2017 Q4 2016

Silver production (oz) 582,789 560,054 660,207 2,282,182

Silver eqv. production (oz) 1,654,535 1,503,376 1,470,612 5,927,132

Silver grade (g/t) 88 83 89 86

Gold grade (g/t) 2.0 1.7 1.5 1.7

Cash costs / oz ($US) TBA $1.39 ($1.43) TBA

All-in Sustaining cost / oz ($US) TBA $4.65 $1.64 TBA

29

• 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 2018

• 100% Silver doré producer


2017Q4 2017 Q3 2017 Q4 2016


Silver eqv. production (oz) 489,073 610,307 569,504 2,183,899

Silver grade (g/t) 112 136 132 127

Cash costs / oz ($US) TBA $12.47 $13.87 TBA


Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:


Proven & Probable:


Inferred:


3,000 tpd

3.0M – 3.3M Ag oz

$14.89 – $15.98

31.0M Ag oz

31.9M Ag oz

5.8M Ag oz

30

• 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


2017Q4 2017 Q3 2017 Q4 2016



Silver grade (g/t) 118 132 130 130



Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:


Proven & Probable:


Inferred:


1,500 tpd

1.5M – 1.7M Ag oz

(2.3M – 2.6M AgEq oz)

$15.02 – $16.01

11.4M AgEq oz

15.2M AgEq oz

32.4M AgEq oz

31

• Currently produces a silver-lead

concentrate

• Significant cash flow generator and

low cost operation

• Metallurgical recoveries continue to

improve for silver and lead


2017Q4 2017 Q3 2017 Q4 2016



Silver grade (g/t) 138 149 157 158



Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:


Proven & Probable:


Inferred:


1,000 tpd

1.1M – 1.3M Ag oz

(2.2M – 2.4M AgEq oz)

$14.31 - $15.54

13.5M AgEq oz

16.0M AgEq oz

16.9M AgEq oz

32

• 100% Silver/Gold doré producer

• Low cost, long mine life operation

• Property consists of 33 mining claims

within 38,512 hectares

Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:


Proven & Probable:


Inferred:


1,000 tpd

2.0M – 2.2M Ag oz

(2.2M – 2.5M AgEq oz)

$11.08 – $11.92

15.0M Ag oz

20.1M Ag oz

22.6M Ag oz


2017Q4 2017 Q3 2017 Q4 2016



Silver grade (g/t) 257 243 254 239

Gold grade (g/t) 0.6 0.8 0.4 0.8



33

Large 39,714-hectare property

Plant Operations

Mill Throughput:

2018E Production:

2018E AISC:


Proven & Probable:


Inferred:


400 tpd

0.8M – 0.9M Ag oz

(1.1M – 1.2M AgEq oz)

$18.30 - $19.52

9.1M Ag + 49K Au oz

9.8M Ag + 53K Au oz

6.3M Ag + 31K Au oz


2017Q4 2017 Q3 2017 Q4 2016

Silver production (oz) 166,698 117,504 239,788 611,705


Silver grade (g/t) 173 187 246 189

Gold grade (g/t) 1.7 1.4 2.3 1.8



(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 43-101.

(2) Metal prices considered for Mineral Reserves estimates were $18.00 /oz Ag, $1,250 /oz Au, $1.00 /lb Pb, and $1.15 /lb Zn.

(3) The Mineral Reserves information provided above for La Encantada, Del Toro, San Martín, La Guitarra and Santa Elena is based on internal estimates prepared as

of December 31, 2016. The information provided was reviewed and validated by the Company’s internal Qualified Person, Mr. Ramon Mendoza Reyes, P.Eng., who

has the appropriate relevant qualifications, and experience in mining and reserves estimation practices.

(4) The Mineral Reserves information provided above for La Parrilla is based on estimates prepared as of December 31, 2016 by SRK Consulting, Inc.

(5) 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 2016 Annual Information Form.

(6) 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 2016 Annual Information Form.

34

Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz)Ag-Eq (k Oz)

Proven (UG) Oxides 289 239 - - - 239 2,222 2,222

Probable (UG) Oxides 1,516 213 - - - 213 10,372 10,372

Probable (UG) Oxides - Flotation 809 147 - 2.35 - 196 3,817 5,093

Probable (Tailings) Oxides 4,138 110 - - - 110 14,633 14,633

Total Proven and Probable (UG)Oxides + Tailings 6,751 143 - 0.28 - 149 31,043 32,319

Probable (UG) Oxides 645 137 0.06 - - 141 2,840 2,940

Total Proven and Probable (UG)Oxides 645 137 0.06 - - 141 2,840 2,940

Probable (UG) Sulphides 832 211 0.05 1.65 1.42 316 5,640 8,450

Total Proven and Probable (UG)Sulphides 832 211 0.05 1.65 1.42 316 5,640 8,450

Total Proven and Probable (UG)Oxides + Sulphides 1,477 179 0.05 0.93 0.80 239 8,480 11,390

Proven (UG) Oxides 161 255 0.38 - - 285 1,317 1,473

Probable (UG) Oxides 2,119 201 0.29 - - 224 13,712 15,248

Total Proven and Probable (UG)Oxides 2,280 205 0.30 - - 228 15,029 16,721

Proven (UG) Transition + Sulphides 20 155 0.12 1.25 0.34 203 100 131

Probable (UG) Transition + Sulphides 1,445 163 0.10 3.36 2.68 288 7,573 13,380

Total Proven and Probable (UG)Transition + Sulphides 1,465 163 0.10 3.33 2.65 287 7,677 13,518

Proven (UG) Sulphides 88 179 1.47 - - 273 509 775

Probable (UG) Sulphides 1,041 256 1.34 - - 341 8,577 11,423

Total Proven and Probable (UG)Sulphides 1,129 250 1.35 - - 336 9,086 12,198

Probable (UG) Sulphides 2,597 110 1.63 - - 215 9,208 17,927

SANTA ELENA Probable (Pad) Oxides 1,882 31 0.62 - - 71 1,857 4,275

Total Probable (UG + Pad) Oxides + Sulphides 4,479 77 1.21 - - 154 11,065 22,202

Total Proven and Probable All mineral types 17,582 146 0.45 0.46 0.29 192 82,381 108,348

LA ENCANTADA

LA PARRILLA

SAN MARTÍN

DEL TORO

LA GUITARRA

Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves)

35

*See footnotes on next page

Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Ag-Eq (g/t) Ag (k Oz)Ag-Eq (k Oz)

Measured (UG) Oxides 305 269 - - - - 269 2,637 2,637

Indicated (UG) Oxides 894 297 - - - - 297 8,518 8,518

Indicated (UG) Oxides - Flotation 734 246 - 4.07 - - 325 5,795 7,662

Indicated (Tailings) Oxides 4,222 110 - - - - 110 14,931 14,931

Total Measured and Indicated (UG)Oxides + Tailings 6,154 161 - 0.49 - - 171 31,881 33,748

Indicated (UG) Oxides 787 167 0.08 - - - 174 4,230 4,400

Total Measured and Indicated (UG)Oxides 787 167 0.08 - - - 174 4,230 4,400

Indicated (UG) Sulphides 1,036 223 0.07 1.64 1.37 - 323 7,420 10,760

Total Measured and Indicated (UG)Sulphides 1,036 223 0.07 1.64 1.37 - 323 7,420 10,760

Total Measured and Indicated (UG)Oxides + Sulphides 1,823 199 0.07 0.93 0.78 - 259 11,650 15,160

Measured (UG) Oxides 260 246 0.40 - - - 275 2,054 2,297

Indicated (UG) Oxides 2,136 263 0.37 - - - 290 18,028 19,869

Total Measured and Indicated (UG)Oxides 2,396 261 0.38 - - - 288 20,081 22,166

Measured (UG) Transition + Sulphides 47 228 0.43 4.04 0.92 - 383 346 581

Indicated (UG) Transition + Sulphides 1,234 219 0.14 4.55 3.51 - 388 8,694 15,393

Total Measured and Indicated (UG)Transition + Sulphides 1,281 219 0.15 4.53 3.41 - 388 9,040 15,974

Measured (UG) Sulphides 83 204 1.61 - - - 305 547 818

Indicated (UG) Sulphides 992 291 1.51 - - - 385 9,273 12,289

Total Measured and Indicated (UG)Sulphides 1,075 284 1.52 - - - 379 9,821 13,107

Indicated (UG) Sulphides 2,629 131 2.03 - - - 259 11,083 21,859

SANTA ELENA Indicated (Pad) Oxides 1,882 31 0.62 - - - 70 1,857 4,230

Total Indicated (UG + Pad) Oxides + Sulphides 4,511 89 1.44 - - - 180 12,940 26,089

Total Measured and Indicated All mineral types 17,240 172 0.54 0.61 0.34 - 228 95,413 126,244

LA ENCANTADA

LA PARRILLA

SAN MARTÍN

DEL TORO

LA GUITARRA

36

(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 43-101.(2) In all cases, metal prices considered for Mineral Resource estimates were $19.00 /oz Ag, $1,300 /oz Au, $1.00 /lb Pb, and $1.20 /lb Zn.(3) The Mineral Resources information provided above for Del Toro and San Martín is based on internal estimates prepared as of December 31, 2016. The information provided was reviewed and validated by the Company’s internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology, who has the appropriate relevant qualifications, and experience in geology and resource estimation.(4) Mineral Resource estimates for La Guitarra are based on information contained in the 2015 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to 31 December, 2016.(5) Mineral Resource estimates for La Encantada are based on information contained in the 2016 Technical Report compiled by First Majestic with contribution of Amec Foster Wheeler Americas Ltd. which were updated by First Majestic with information to 31 December, 2016.(6) Mineral Resource estimates for Santa Elena are internal estimates based on the 2014 Update to Santa Elena Pre-Feasibility Study Technical Report compiled by SilverCrest and re-addressed to First Majestic in October, 2015. These estimates were reviewed and validated by the Company’s internal Qualified Person, Mr. Jesus M. Velador Beltran, MMSA, QP Geology and updated by First Majestic with information to 31 December, 2016.(7) Mineral Resource estimates for La Parrilla are based on information contained in the 2016 Technical Report compiled by SRK Consulting Inc..(8) 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 2016 Annual Information Form.(9) The cut-off grades for Mineral Resources are different for all mines. The cut-off grades are listed in each mine section of the 2016 Annual Information Form.(10) Measured and Indicated Mineral Resources are reported inclusive of Mineral Reserves.

Mine / Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Cu (%) Ag-Eq (g/t) Ag (k Oz)Ag-Eq (k Oz)

Inferred Ojuelas (UG) Oxides - Flotation 35 292 - 0.78 - - 305 325 340

LA ENCANTADA Inferred other deposits (UG) Oxides 728 232 - - - - 232 5,430 5,430

Inferred Total (UG) Oxides 762 235 - 0.04 - - 235 5,756 5,770

Inferred (UG) Oxides 922 212 0.07 - - - 218 6,290 6,450

Inferred (UG) Sulphides 2,664 186 0.04 1.86 1.71 - 302 15,960 25,910

Inferred Total (UG) Oxides + Sulphides 3,586 193 0.05 1.38 1.27 - 281 22,250 32,360

SAN MARTÍN Inferred Total (UG) Oxides 3,113 226 0.36 - - - 251 22,588 25,155

DEL TORO Inferred Total (UG) Transition + Sulphides 1,362 213 0.13 5.05 1.95 - 385 9,349 16,877

LA GUITARRA Inferred Total (UG) Sulphides 679 290 1.44 - - - 380 6,322 8,285

SANTA ELENA Inferred Total (UG) Sulphides 591 103 2.04 - - - 232 1,966 4,408

LA JOYA Inferred Total (OP) Sulphides 27,927 58 0.28 - - 0.47 103 51,646 92,907

Total Inferred All mineral types 38,021 98 0.30 0.31 0.19 0.35 152 119,876 185,763

LA PARRILLA

(1) Mineral Resources have been classified in accordance with the CIM Definition Standards on Mineral Resources and Mineral Reserves, whose definitions are incorporated by

37

(1) Plomosas historical estimates figures are taken from Grupo México’s estimates prepared in 2001.(2) Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces.(3) The Company’s Qualified Persons have not done sufficient work to classify the historical estimates as current Mineral Resources or Mineral Reserves and have beencoordinating the work for the verification of the information supporting the historical estimates at Plomosas. The historical estimates at Plomosas do not conform to NI 43-101for reporting purposes; as such, the Company is not treating these historical estimates as current Mineral Reserves or Mineral Resources. Since the historical estimates do nothave demonstrated current economic viability, these estimates should not be relied upon until the verification process and due diligence in progress by the Company's QualifiedPerson is completed.(4) In order to verify or upgrade the historical estimates, the Company has started a diamond drilling program at the Rosario and San Juan mines. The drilling program isdesigned to confirm the historical estimates reported by Grupo México and will allow the Company to plan a second exploration program focused on locating extensions of theknown mineralization. Other work required to verify the historical estimates as current includes, but it is not limited to: re-survey of underground workings, re-survey ofavailable exploration drill-hole monuments, review of drilling, sampling and assays databases, and the re-assessment of the estimates following CIM Estimation of MineralResources and Mineral Reserves Best Practice Guidelines and CIM Definition Standards on Mineral Resources and Mineral Reserves.

La Luz Historical Estimates

Plomosas Historical Estimates

(1) The La Luz resource estimates are taken from the Real de Catorce Property Technical Report dated July 25, 2008 and the Real de Catorce Property Technical

Report dated July 30, 2007. The Company’s Qualified Persons consider that those reports do not reflect current economic conditions and are working on applying

similar economic inputs to the La Luz Silver Project to those applied to the other properties.

(2) Tonnage is expressed in thousands of tonnes, metal content is expressed in thousands of ounces.

(3) The Company’s Qualified Persons have not done sufficient work to classify the historical estimates as current Mineral Resources or Mineral Reserves and have

been coordinating the work for the verification of the information supporting the historical estimates at La Luz. The historical estimates at La Luz do not conform to

NI 43-101 for reporting purposes; as such, the Company is not treating these historical estimates as current Mineral Reserves or Mineral Resources. Since the

historical estimates do not have demonstrated current economic viability, these estimates should not be relied upon until the verification process and due diligence

in progress by the Company's Qualified Person is completed.

(4) In order to verify or upgrade the historical estimates, the Company will need to implement a diamond drilling program at the La Luz mines. The drilling program

is designed to confirm the historical estimates reported in previous Technical reports and will allow the Company to plan a second exploration program focused on

locating extensions of the known mineralization. Other work required to verify the historical estimates as current includes, but it is not limited to: re-survey of

underground workings, re-survey of available exploration drill-hole monuments, review of drilling, sampling and assays databases, and the re-assessment of the

estimates following CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines and CIM Definition Standards on Mineral Resources and

Mineral Reserves.

Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag (k Oz) Ag-Eq (k Oz)

PLOMOSASNot in accordance with

CIM Standards Sulphides (UG) 896 192 0.8 2.1 3.4 5,500 11,000

Project Category Mineral Type k tonnes Ag (g/t) Au (g/t) Pb (%) Zn (%) Ag-Eq (g/t) Ag (k Oz) Ag-Eq (k Oz)

LA LUZNot in accordance with

current CIM standards Oxides and Sulphides 5,005 204 - - - 204 32,836 32,836

Documents

All statements that are not historical facts, including ...4 Annual silver consumption is ~1.0B ounces 80% sourced from mining, 20% sourced from recycling and hedging Over past 10