PREPARED FOR: First Majestic Silver Corp. PREPARED BY: Ramon Mendoza Reyes, P.Eng. Vice President Technical Services First Majestic Silver Corp. Jesus M. Velador Beltran, MMSA DEL TORO SILVER MINE Director of Exploration First Majestic Silver Corp. Chalchihuites, Zacatecas, Mexico. NI 43-101 Technical Report on Mineral Resource and Mineral Andrew Hamilton, P.Geo. Independent consultant Reserve Update EFFECTIVE DATE December 31, 2016 CERTIFICATE OF QUALIFIED PERSON Ramon Mendoza Reyes, P.Eng. Vice President of Technical Services, First Majestic Silver Corp. 925 West Georgia Street, Suite 1805 Vancouver, BC, Canada, V6C 3L2 I, Ramon Mendoza Reyes, P.Eng., am employed as Vice President Technical Services with First Majestic Silver Corp (FMS). This certificate applies to the technical report Technical Report for the Del Toro Silver Mine, Chalchihuites, and Zacatecas, Mexico that has an effective date of December 31, 2016. I graduated from the National Autonomous University of Mexico with a Bachelor of Science Degree in Mining Engineering in 1989, and also obtained a Master of Science Degree in Mining and Earth Systems Engineering from the Colorado School of Mines in Golden, Colorado, in 2003. I am a member of the Association of Professional Engineers and Geoscientists of British Columbia (#158547). I have practiced my profession continuously since 1990, and have been involved in precious and base metal sulphide mine projects and operations in Mexico, Canada, the United States, Chile, Peru, and Argentina. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I have visited the Del Toro Silver Mine on several occasions from 2014-2017. My most recent personal inspection of the property took place on November 30th, 2016. I am responsible for the preparation of Sections 1.1, 1.2, 1.3, 1.4, 1.9, 1.12, 1.13, 1.14, 1.15, 1.16, 1.17, 1.18, 1.20, 1.21, 1.22, 1.23, 1.24, 1.25, 2.1, 2.2, 2.3, 2.4, 2.5, 3, 4, 5, 6, 13, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25.1, 25.4, 25.5, 25.6, 25.7, 25.8, 25.9, 25.10, 25.11, 25.12, 26.1, 26.3 and 27 of the Technical Report. I am not independent of FMS as that term is described in Section 1.5 of NI 43–101. I have been involved with the Del Toro Silver Mine as supervisor and coordinator of all disciplines preparing information for integration into the Technical Report, including geology, mining and metallurgy, since February 2015. I have read NI 43–101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the Technical Report, to the best of my knowledge, information and belief, the sections of the technical report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading. “Signed and sealed” Ramon Mendoza Reyes, P.Eng. Dated: October 31, 2017 CERTIFICATE OF QUALIFIED PERSON Andrew P. Hamilton, B.Sc., P.Geo. Geologist Consultant 1339 East 18th Street North Vancouver, BC, Canada, V7J 1M2 I, Andrew P. Hamilton, P.Geo., am self-employed as a geologist consultant. This certificate applies to the technical report entitled Technical Report for the Del Toro Silver Mine, Chalchihuites, and Zacatecas, Mexico that has an effective date of December 31st, 2016. I am a Registered Professional Geoscientist (P.Geo. #24873) registered with the Association of Professional Engineers and Geoscientists of British Columbia. I graduated from the University of British Columbia with a Bachelor of Science Degree in Geology in 1991. I have practiced my profession continuously since graduation. Since 1991, I have held technical positions with exploration and development companies in Canada and Central America in which I was responsible for program design, data collection and management, Quality Assurance and Quality Control (QA/QC) and resource modelling. As a consultant, I have conducted data and QA/QC audits for projects in late-stage development and operating mine environments. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I visited the Del Toro project site from June 5th to June 12th, 2016, and July 31st to August 6th, 2016. I am responsible for Sections 1.6, 1.7, 1.8, 2.2, 2.3, 10, 11, 12, 25.3 and 27 of the Technical Report. I am independent of First Majestic Silver Corp. as independence is described by Section 1.5 of NI 43–101. I have no previous involvement with the Del Toro Silver Mine. I have read NI 43–101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading. “Signed and sealed” Andrew P. Hamilton, P.Geo Dated: October 31, 2017 CERTIFICATE OF QUALIFIED PERSON Jesus M. Velador Beltran, MMSA QP Geology Director of Exploration, First Majestic Silver Corp. Fanny Anitua 2700, Col. Los Angeles Durango, Dgo. Mexico, 34076 I, Jesus M. Velador Beltran, MMSA QP, am employed as Director of Exploration with First Majestic Silver Corp. (FMS) This certificate applies to the technical report entitled Technical Report for the Del Toro Silver Mine, Chalchihuites, Zacatecas, Mexico that has an effective date of December 31, 2016 (the Technical Report”). I graduated from the Autonomous University of Chihuahua with a Bachelor of Geological Engineering Degree in 1998, obtained a Master of Science Degree in Geology from the University of Texas at El Paso, El Paso Texas, in 2003, and obtained a Philosophical Doctorate degree in Geology from the New Mexico Institute of Mining and Technology, Socorro New Mexico, in 2010. I am a member of the Mining and Metallurgical Society of America with Qualified Professional Geology status (# 01470QP). I have practiced my profession continuously since 1999, and have been involved in exploration, geological modelling, mineral resource estimation of narrow veins and carbonate replacement deposits, and evaluation of precious and base metal sulphide prospects, projects and operations in Mexico. As a result of my experience and qualifications, I am a Qualified Person as defined in National Instrument 43–101 Standards of Disclosure for Mineral Projects (NI 43–101). I have visited the Del Toro Silver Mine on several occasions during 2015, 2016 and 2017. My most recent personal inspection of the property took place on March 10th, 2017. I am responsible for preparation of Sections 1.3, 1.5, 1.6, 1.7, 1.8, 1.10, 1.11, 1.12, 1.18, 1.19, 1.28,2,3,7,8,9,10,11,12,14,15.6, 16.1,19.20, 20.2, 20.4, 23, 25.1, 25.2, 25.3, 25.5, 26.2, 26.3.1, 26.3.3 26.3.5 and 27of the Technical Report. I am not independent of FMS as that term is described in Section 1.5 of NI 43–101. I have been involved in the Del Toro Silver Mine as supervisor and coordinator of the exploration, geology and resource estimation disciplines preparing information for integration into the Technical Report since April 2014. I have read NI 43–101 and the sections of the Technical Report for which I am responsible have been prepared in compliance with that Instrument. As of the effective date of the technical report, to the best of my knowledge, information and belief, the sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make those sections of the Technical Report not misleading. “Signed” Jesus M. Velador Beltran, MMSA QP Geology Dated: October 31, 2017 CONTENTS 1 SUMMARY ........................................................................................................................................ 1 1.1 Introduction ........................................................................................................................ 1 1.2 Project Setting ..................................................................................................................... 1 1.3 Mineral Tenure, Surface Rights and Royalties .................................................................... 1 1.4 History and Exploration ....................................................................................................... 1 1.5 Geology and Mineralization ................................................................................................ 2 1.6 Drilling ................................................................................................................................. 2 1.7 Sampling and Analysis ......................................................................................................... 3 1.8 Data Verification.................................................................................................................. 4 1.9 Metallurgical Testwork ........................................................................................................ 5 1.10 Mineral Resource Estimates ................................................................................................ 6 1.11 Mineral Resource Statements ............................................................................................