<SEC-DOCUMENT>0001279569-15-000707.txt : 20150413
<SEC-HEADER>0001279569-15-000707.hdr.sgml : 20150413
<ACCEPTANCE-DATETIME>20150413121007
ACCESSION NUMBER:		0001279569-15-000707
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150413
FILED AS OF DATE:		20150413
DATE AS OF CHANGE:		20150413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FIRST MAJESTIC SILVER CORP
		CENTRAL INDEX KEY:			0001308648
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34984
		FILM NUMBER:		15766145

	BUSINESS ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2
		BUSINESS PHONE:		604-688-3033

	MAIL ADDRESS:	
		STREET 1:		925 WEST GEORGIA STREET
		STREET 2:		SUITE 1805
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L2

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FIRST MAJESTIC RESOURCE CORP
		DATE OF NAME CHANGE:	20041115
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v407160_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT><BR>
<FONT STYLE="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT><BR>
Washington, D.C. 20549</P>

<P STYLE="font: 18pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16<BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">For the month of <B><U>April
13, 2015</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Commission File Number <B><U>001-34984</U></B></P>

<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 24pt"><B><U>FIRST
MAJESTIC SILVER CORP.</U></B></FONT><B><U><FONT STYLE="font-size: 10pt"> </FONT></U></B><BR>
<FONT STYLE="font-size: 10pt">(Translation of registrant's name into English) </FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B><U>925 West Georgia Street,
Suite 1805, Vancouver BC V6C 3L2</U></B><BR>
(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</P>

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    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%">&#9744; <font style="font-size: 10pt">Form
    20-F</font> </td>
    <TD STYLE="font: 10pt Times New Roman,serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 50%"><font style="font-size: 10pt">&#9746;
    Form 40-F</font></td></tr>
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<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0">Indicate by check mark if the
registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 116px; width: 194px"></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0; margin-bottom: 0in"><B><U>SUBMITTED HEREWITH</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-right: 0; margin-left: 0; margin-bottom: 0in">&nbsp;</P>

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<tr>
    <TD STYLE="text-align: center; width: 8%; font-family: Times New Roman,serif; vertical-align: top; border-bottom: Black 1pt solid"><font style="font-size: 10pt">Exhibits</font></td>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif; width: 90%">&nbsp;</td></tr>
<tr>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; vertical-align: top"><font style="font-size: 10pt"><A HREF="v407160_ex99-1.htm">99.1</A></font></td>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><A HREF="v407160_ex99-1.htm">News Release - English Version</a></td></tr>
<TR>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: center; font-family: Times New Roman,serif; vertical-align: top"><A HREF="v407160_ex99-2.htm">99.2</a></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman,serif"><A HREF="v407160_ex99-2.htm">Material Change Report</a></TD></TR>
</table>
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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman,serif; text-align: center; margin-right: 0; margin-left: 0"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin-right: 0; margin-left: 0">Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">FIRST MAJESTIC SILVER CORP. </font></td>
    <td style="width: 60%; font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">By: </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="border-bottom: black 1pt solid; font-family: Times New Roman,serif"><font style="font-size: 10pt"><i>/s/ Connie Lillico</i> </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Connie Lillico </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif"><font style="font-size: 10pt">Corporate Secretary </font></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr>
    <td style="font-family: Times New Roman,serif">&nbsp;</td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <td style="font-family: Times New Roman,serif">   April 13,<FONT STYLE="font-size: 10pt"> 2015</FONT></td>
    <td style="font-family: Times New Roman,serif">&nbsp;</td></tr>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v407160_ex99-1.htm
<DESCRIPTION>NEWS RELEASE - ENGLISH VERSION
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
99.1</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT>&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FIRST MAJESTIC SILVER CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-weight: normal">Suite 1805
&ndash; 925 West Georgia Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Vancouver, B.C., Canada V6C 3L2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Telephone: (604) 688-3033 Fax: (604) 639-8873</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Toll Free: 1-866-529-2807</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Web site: www.firstmajestic.com; E-mail: info@firstmajestic.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">NEWS RELEASE</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-weight: bold; text-align: justify; font-style: italic"><FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">TSX &ndash; FR</FONT></TD>
    <TD STYLE="width: 50%; font-weight: bold; text-align: right; font-style: italic"><FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic"><FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">NYSE - AG</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic"><FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">Frankfurt<FONT STYLE="letter-spacing: -0.15pt"> &ndash; FMV</FONT></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic"><FONT STYLE="font-size: 10pt; font-weight: normal; font-style: normal">Mexico - AG</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: justify; font-style: italic">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>First Majestic Produces 3.9 Million Silver
Eqv. Ounces in Q1&rsquo;15 </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Majestic Silver Corp. (&quot;First Majestic&quot;
or the &quot;Company&quot;) is pleased to announce that total production at its five operating silver mines in Mexico for the first
quarter ending March 31, 2015 reached 3,905,270 equivalent ounces of silver, representing an 8% increase compared to the same quarter
in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total silver production for the quarter consisted
of 2,776,855 ounces of silver, representing a 4% decrease<FONT STYLE="font-size: 10pt"> </FONT>compared to the same quarter in
2014. In addition, 11,286,880 pounds of lead and 6,349,692 pounds of zinc were produced, representing an increase of 31% and 136%,
respectively, compared to the same quarter of the previous year. Also, 2,970 ounces of gold were produced, representing a 12% decrease
compared to the first quarter of 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Keith Neumeyer, President &amp; CEO of First
Majestic, states, &ldquo;First quarter production of 3.9 million silver equivalent ounces was in-line with our annual guidance
projections even though production was slightly behind our record fourth quarter numbers. Unusually high mill maintenance was required
at three of our operations which negatively impacted the quarter. In addition, reduced underground development has restricted the
operations. With the irregular maintenance now behind us, we are expecting to see an improvement in production in the second quarter.
Also, with the recently announced $30 million financing, we will be increasing development at both the La Encantada and La Guitarra
mines in order to improve those operations in time for the second half of the year. We also witnessed the best metallurgical recoveries
during the quarter of 74% representing the highest consolidated recovery rate over the past 24 quarters - a testament to our teams
focus in this area&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Consolidated Production Results:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Q1</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Q1</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Y/Y</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Q4</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">Q/Q</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2014</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Change</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 45%; text-align: left">Ore processed/tonnes milled</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; font-weight: bold; text-align: right">631,609</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">637,663</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-1</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">683,528</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">-8</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total production - ounces of silver equivalent</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,905,270</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,631,672</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,247,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total silver ounces produced</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,776,855</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,895,497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,074,567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-10</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Silver grade (g/t)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">186</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-13</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">201</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Silver recovery (%)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pounds of lead produced</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">11,286,880</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,593,807</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,764,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Pounds of zinc produced</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,349,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,689,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,580,260</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gold ounces produced</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,970</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,375</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-12</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,326</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-11</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Quarterly Operational Review:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The total ore processed during the quarter
at the Company's five operating silver mines: La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 631,609
tonnes, relatively unchanged compared to the first quarter of the prior year and an 8% decrease from the previous quarter. The
decrease in tonnes compared to the prior quarter was primarily due to lower throughput rates at La Encantada, Del Toro and San
Martin. Higher than usual mill maintenance was required at each of these mines in the quarter. In addition, due to the persistently
low metal prices, management decided to curtail certain underground development projects which impacted throughput levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Average silver grades in the quarter for the
five mines decreased by 13% to 186 g/t compared to 214 g/t in the first quarter of 2014 and decreased 8% compared with the previous
quarter. Combined silver recoveries averaged 74% during the quarter, up from 66% in the same quarter of the prior year and higher
than the fourth quarter average of 70%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company's underground development in the
first quarter consisted of 9,828 metres, a 17% decrease compared to 11,772 metres completed in the previous quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">During the quarter, 13 diamond drill rigs were
operating at the Company&rsquo;s five operations. The Company completed 5,425 metres of diamond drilling in the quarter compared
to 5,990 metres in the prior quarter, representing a 9% increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 31, 2015, the Company released a new
NI 43-101 Technical Report on the La Guitarra Silver Mine following an aggressive two-year exploration program which included an
extensive 35,575 metres of diamond drilling over 262 holes along with the examination of over 900 historical drill holes. The Company
is now working towards updating the NI 43-101 Technical Report on the La Encantada Silver Mine which it expects to be released
in the second half of 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below represents the operating parameters
at each of the Company&rsquo;s five producing silver mines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Mine by Mine Quarterly Production Table:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Mine</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ore<BR> Processed</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tonnes<BR> per Day</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Silver Grade<BR> (g/t)</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Silver<BR> Recovery %</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Silver Oz<BR> Produced</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Gold Oz<BR> Produced</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pounds of<BR> Lead</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pounds of<BR> Zinc</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Equivalent<BR> Silver Ounces</TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 8%; font-weight: bold; text-align: center">La Encantada</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">167,270</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">1,859</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">176</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">58</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">544,735</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">47</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">548,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">La Parrilla</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,918</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,629,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,349,692</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,080,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: center">Del Toro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">157,934</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,755</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">182</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,657,640</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,327,628</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center">San Martin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">982</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">78</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">571,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">682,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">La Guitarra</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">45,396</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">504</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">160</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">84</TD><TD STYLE="text-align: left; padding-bottom: 1pt">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">196,920</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">961</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">-</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">267,002</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">631,609</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">7,018</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">186</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">74</TD><TD STYLE="text-align: left; padding-bottom: 1pt">%</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,776,855</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">2,970</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">11,286,880</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">6,349,692</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">3,905,270</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following prices were used in the calculation
of silver equivalent ounces: Silver: $16.72 per ounce; Gold: $1,219 per ounce; Lead: $0.82 per pound; Zinc $0.94 per pound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><U>At the Del Toro Silver Mine:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For the quarter, Del Toro achieved a new quarterly record production of 1,327,628 silver equivalent
ounces representing an increase of 5% compared to the previous quarter. The plant processed 157,934 tonnes of ore through flotation
with an average silver grade of 212 g/t. The increase in total production was primarily due to a 22% increase in lead production
and a 4% improvement in silver recoveries, however, offset by a 10% decrease in throughput compared to the fourth quarter of 2014.</TD></TR></TABLE>


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<P STYLE="font: 10pt Symbol; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Lead production reached a new quarterly record of 9,657,640 pounds. Lead grades and recoveries
averaged 4.2% and 66%, respectively, in the first quarter, an increase of 25% and 9% compared to the previous quarter due to higher
quality sulphide ore production from the Perseverancia mine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Underground development completed in the quarter totaled 1,686 metres compared with 2,095 metres
developed in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Four drill rigs consisting of three underground and one on surface were active in the first quarter
at Del Toro. Total exploration metres drilled in the first quarter amounted to 2,285 metres compared to 559 metres drilled in the
previous quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>At the La Encantada Silver Mine:</U></B></P>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">For the quarter, total silver production was 544,735 silver ounces representing a 31% decrease
over the previous quarter primarily due to a 29% decrease in the silver grade, a 10% decrease in processed ore, offset by a 9%
increase in recoveries. The reduction in grade was a result of mining lower grade stopes due to the decrease in the underground
development that occurred during the quarter. The Company is planning on accelerating the underground development into the recently
discovered Ojuelas ore body and is advancing the block caving system in order to have additional production areas ready for the
ramp up to 3,000 tpd in July.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The foundations for the new 12&rsquo; x 24&rsquo; ball mill and fine ore bin were completed early
in the quarter. In addition, the installation and integration of the new tertiary crusher area began in January. The total plant
expansion to 3,000 tpd is now 60% complete and the expected ramp up to 3,000 tpd remains on track for July.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A total of 2,989 metres of underground development were completed in the first quarter compared
to 4,344 metres of development in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Three drill rigs were active underground at La Encantada during the quarter. A total of 828 metres
of exploration drilling was completed in the first quarter compared to 3,367 metres of drilling in the previous quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>At the La Parrilla Silver Mine:</U></B></P>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">During the quarter, the flotation circuit processed 86,965 tonnes with an average silver grade
of 165 g/t and an 88% recovery while the cyanidation circuit processed 85,682 tonnes with an average silver grade of 118 g/t and
a 66% recovery.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Zinc production increased 39% compared to the previous quarter to 6,349,692 pounds due to higher
grade production stopes within the Vacas mine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">During the quarter, an additional 235 metres were completed at the underground ore haulage level
11. To date, a total of 2.3 kilometres have been completed on the 5.0 kilometre electrical rail system project.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Underground development completed in the quarter totaled 2,077 metres compared with 2,378 metres
developed in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Three underground drill rigs were active within the La Parrilla property during the quarter. A
total of 1,437 metres were drilled in the first quarter compared to 685 metres in the previous quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>At the San Martin Silver Mine:</U></B></P>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">During the quarter, San Martin produced a total of 571,937 silver ounces and 1,511 ounces of gold
for a total quarterly production of 682,071 silver equivalent ounces. The slight decrease in production compared to the previous
quarter was primarily due to a 9% decrease in throughput due to numerous shut downs caused by unseasonal heavy rains in the month
of March and the repair of the transmission system of the 9&rsquo; X 9&rsquo; ball mill.</TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Symbol; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Underground development completed in the first quarter totaled 2,010 metres compared with 1,414
metres of development in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">One underground drill rig was active within the San Martin property during the quarter. Total metres
drilled in the first quarter amounted to 266 metres compared to 943 metres of drilling in the previous quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>At the La Guitarra Silver Mine:</U></B></P>

<P STYLE="font: 10pt Symbol; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">During the quarter, total production consisted of 196,920 silver ounces and 961 gold ounces. This
represents a 14% decrease in silver production and a 32% decrease in gold production compared to the previous quarter. The decrease
in total production was primarily due to an 8% decrease in throughput and a 22% decrease in gold grades.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Mine production within the El Coloso area delivered 27,700 tonnes (308 tpd) of ore during the quarter
or approximately 60% of total throughput. The Company is working towards achieving 100% of production from the El Coloso area which
will include the Nazareno area once an 800 metre drift can be constructed. Construction of this drift is planned to begin in May
with completion in approximately six months.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A total of 1,066 metres of development were completed in the first quarter compared to 1,541 metres
of development in the previous quarter.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Two underground drill rigs were active in the first quarter within the La Guitarra property. Total
metres drilled in the quarter amounted to 609 metres compared to 436 metres drilled in the previous quarter.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">First Majestic is a mining company focused
on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets and the pursuit
through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FOR FURTHER INFORMATION contact info@firstmajestic.com,
visit our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">FIRST MAJESTIC SILVER CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&quot;signed&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Keith Neumeyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">President &amp; CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Cautionary Note Regarding Forward Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">This press release contains &quot;forward-looking
statements&quot;, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian
securities legislation, concerning the business, operations and financial performance and condition of&nbsp;First Majestic Silver
Corp.&nbsp; Forward-looking statements include, but are not limited to, statements with respect to the future price of silver and
other metals, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the timing and amount
of estimated future production, costs of production, capital expenditures, costs and timing of the development of new deposits,
success of exploration activities, permitting time lines, hedging practices, currency exchange rate fluctuations, requirements
for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, timing
and possible outcome of pending litigation, title disputes or claims and limitations on insurance coverage.&nbsp; Generally, these
forward-looking statements can be identified by the use of forward-looking terminology such as &quot;plans&quot;, &quot;expects&quot;
or &quot;does not expect&quot;, &quot;is expected&quot;, &quot;budget&quot;, &quot;scheduled&quot;, &quot;estimates&quot;, &quot;forecasts&quot;,
&quot;intends&quot;, &quot;anticipates&quot; or &quot;does not anticipate&quot;, or &quot;believes&quot;, or variations of such
words and phrases or state that certain actions, events or results &quot;may&quot;, &quot;could&quot;, &quot;would&quot;, &quot;might&quot;
or &quot;will be taken&quot;, &quot;occur&quot; or &quot;be achieved&quot;.&nbsp; Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements
of&nbsp;First Majestic Silver Corp.&nbsp;to be materially different from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to the integration of acquisitions; risks related to international operations; risks
related to joint venture operations; actual results of current exploration activities; actual results of current reclamation activities;
conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of metals; possible
variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion
of development or construction activities, as well as those factors discussed in the section entitled &quot;Description of the
Business - Risk Factors&quot; in&nbsp;First Majestic Silver Corp.'s Annual Information Form for the year ended December 31, 2014,
available on <U>www.sedar.com</U>, and Form 40-F on file with the United States Securities and Exchange Commission in Washington,
D.C.&nbsp; Although&nbsp;First Majestic Silver Corp.&nbsp;has attempted to identify important factors that could cause actual results
to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be
as anticipated, estimated or intended.&nbsp; There can be no assurance that such statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements.&nbsp; Accordingly, readers should
not place undue reliance on forward-looking statements.&nbsp;&nbsp;First Majestic Silver Corp.&nbsp;does not undertake to update
any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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<TYPE>EX-99.2
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<FILENAME>v407160_ex99-2.htm
<DESCRIPTION>MATERIAL CHANGE REPORT
<TEXT>
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<HEAD>
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<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0; text-align: left"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Form 51-102F3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Material Change Report</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 1.</B></TD><TD STYLE="text-align: justify"><B>Name and Address of Company</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">FIRST MAJESTIC SILVER CORP.
(the &ldquo;Company&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">1805 &ndash; 925 West Georgia
Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Vancouver, BC V6C 3L2 CANADA</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Telephone:&#9;(604) 688-3033</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Facsimile:&#9;(604) 639-8873</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 2.</B></TD><TD STYLE="text-align: justify"><B>Date of Material Change</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">April 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 3.</B></TD><TD STYLE="text-align: justify"><B>News Release</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The press release was disseminated
through the services of CNW Group.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 4.</B></TD><TD STYLE="text-align: justify"><B>Summary of Material Change</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">The Company announced that total
production at its five operating silver mines in Mexico for the first quarter ending March 31, 2015 reached 3,905,270 equivalent
ounces of silver, representing an 8% increase compared to the same quarter in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 5.</B></TD><TD STYLE="text-align: justify"><B>Full Description of Material Change</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>5.1&#9;Full Description of
Material Change</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">See Schedule &ldquo;A&rdquo;
attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify"><B>5.2 &#9;Disclosure for Restructuring
Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 6.</B></TD><TD STYLE="text-align: justify"><B>Reliance on subsection 7.1(2) or (3) of National Instrument
51-102</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Not applicable</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 7.</B></TD><TD STYLE="text-align: justify"><B>Omitted Information</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 8.</B></TD><TD STYLE="text-align: justify"><B>Executive Officer</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Keith Neumeyer, President &amp;
CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">Telephone: (604) 688-3033 Facsimile:
(604) 639-8873</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item 9.</B></TD><TD STYLE="text-align: justify"><B>Date of Report</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">April 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SCHEDULE &ldquo;A&rdquo;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FIRST MAJESTIC SILVER CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-weight: normal">Suite
1805 &ndash; 925 West Georgia Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Vancouver, B.C., Canada V6C 3L2</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (604) 688-3033 Fax: (604) 639-8873</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Toll Free: 1-866-529-2807</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Web site: www.firstmajestic.com; E-mail:
info@firstmajestic.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt">NEWS
RELEASE</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">TSX &ndash; FR</FONT></TD>
    <TD STYLE="width: 50%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 13, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NYSE - AG</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Frankfurt &ndash; FMV</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mexico - AG</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B><U>First
Majestic Produces 3.9 Million Silver Eqv. Ounces in Q1&rsquo;15</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Majestic Silver Corp. (&quot;First
Majestic&quot; or the &quot;Company&quot;) is pleased to announce that total production at its five operating silver mines in Mexico
for the first quarter ending March 31, 2015 reached 3,905,270 equivalent ounces of silver, representing an 8% increase compared
to the same quarter in 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Total silver production for the quarter
consisted of 2,776,855 ounces of silver, representing a 4% decrease compared to the same quarter in 2014. In addition, 11,286,880
pounds of lead and 6,349,692 pounds of zinc were produced, representing an increase of 31% and 136%, respectively, compared to
the same quarter of the previous year. Also, 2,970 ounces of gold were produced, representing a 12% decrease compared to the first
quarter of 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Keith Neumeyer, President &amp; CEO of
First Majestic, states, &ldquo;First quarter production of 3.9 million silver equivalent ounces was in-line with our annual guidance
projections even though production was slightly behind our record fourth quarter numbers. Unusually high mill maintenance was required
at three of our operations which negatively impacted the quarter. In addition, reduced underground development has restricted the
operations. With the irregular maintenance now behind us, we are expecting to see an improvement in production in the second quarter.
Also, with the recently announced $30 million financing, we will be increasing development at both the La Encantada and La Guitarra
mines in order to improve those operations in time for the second half of the year. We also witnessed the best metallurgical recoveries
during the quarter of 74% representing the highest consolidated recovery rate over the past 24 quarters - a testament to our teams
focus in this area&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Consolidated Production Results:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Q1</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Y/Y</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Q4</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Q/Q</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 1.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2015</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Change</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>2014</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Change</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Ore processed/tonnes milled</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>631,609</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">637,663</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-1%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">683,528</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Total production - ounces of silver equivalent</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>3,905,270</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,631,672</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,247,527</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Total silver ounces produced</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,776,855</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,895,497</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-4%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3,074,567</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-10%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Silver grade (g/t)</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>186</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">214</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-13%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">201</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-8%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Silver recovery (%)</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>74</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">66</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">6%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Pounds of lead produced</FONT></TD>
    <TD STYLE="padding-left: 1.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>11,286,880</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">8,593,807</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">31%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11,764,160</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-4%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Pounds of zinc produced</FONT></TD>
    <TD STYLE="padding-left: 0.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>6,349,692</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2,689,274</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">136%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">4,580,260</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">39%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2pt"><FONT STYLE="font-size: 10pt">Gold ounces produced</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 1.35pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2,970</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3,375</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-12%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">3,326</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-11%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Quarterly Operational Review:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The total ore processed during the quarter
at the Company's five operating silver mines: La Encantada, La Parrilla, Del Toro, San Martin and La Guitarra, amounted to 631,609
tonnes, relatively unchanged compared to the first quarter of the prior year and an 8% decrease from the previous quarter. The
decrease in tonnes compared to the prior quarter was primarily due to lower throughput rates at La Encantada, Del Toro and San
Martin. Higher than usual mill maintenance was required at each of these mines in the quarter. In addition, due to the persistently
low metal prices, management decided to curtail certain underground development projects which impacted throughput levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Average silver grades in the quarter for
the five mines decreased by 13% to 186 g/t compared to 214 g/t in the first quarter of 2014 and decreased 8% compared with the
previous quarter. Combined silver recoveries averaged 74% during the quarter, up from 66% in the same quarter of the prior year
and higher than the fourth quarter average of 70%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's underground development in
the first quarter consisted of 9,828 metres, a 17% decrease compared to 11,772 metres completed in the previous quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the quarter, 13 diamond drill rigs
were operating at the Company&rsquo;s five operations. The Company completed 5,425 metres of diamond drilling in the quarter compared
to 5,990 metres in the prior quarter, representing a 9% increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 31, 2015, the Company released
a new NI 43-101 Technical Report on the La Guitarra Silver Mine following an aggressive two-year exploration program which included
an extensive 35,575 metres of diamond drilling over 262 holes along with the examination of over 900 historical drill holes. The
Company is now working towards updating the NI 43-101 Technical Report on the La Encantada Silver Mine which it expects to be released
in the second half of 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The table below represents the operating
parameters at each of the Company&rsquo;s five producing silver mines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Mine by Mine Quarterly Production
Table:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-left: Black 1pt solid"><B>&nbsp;</B></TD>
    <TD STYLE="width: 9%; padding-right: 10.3pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Ore</B></FONT></TD>
    <TD STYLE="width: 7%; padding-right: 1.3pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Tonnes</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Silver Grade</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Silver</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 4.3pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Silver Oz</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 4.3pt; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Gold Oz</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pounds of</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: right; border-top: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Pounds of</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 2.3pt; text-align: right; border-top: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Equivalent</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Mine</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 2.3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Processed</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>per Day</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 12.3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>(g/t)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 3pt"><FONT STYLE="font-size: 10pt"><B>Recovery %</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Produced</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.3pt; text-align: right"><FONT STYLE="font-size: 10pt"><B>Produced</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Lead</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Zinc</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Silver Ounces</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>La Encantada</B></FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">167,270</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,859</FONT></TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-size: 10pt">176</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">58%</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">544,735</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">548,124</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>La Parrilla</B></FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">172,647</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,918</FONT></TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-size: 10pt">142</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">79%</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">622,237</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">269</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1,629,240</FONT></TD>
    <TD STYLE="padding-right: 3.3pt; text-align: right"><FONT STYLE="font-size: 10pt">6,349,692</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">1,080,445</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: center; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Del Toro</B></FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">157,934</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,755</FONT></TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-size: 10pt">212</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">78%</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">841,026</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">182</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9,657,640</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">1,327,628</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>San Martin</B></FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">88,362</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">982</FONT></TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-size: 10pt">258</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">78%</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">571,937</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">1,511</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">682,071</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="border-bottom: Black 1.5pt solid; border-left: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>La Guitarra</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.3pt; text-align: right"><FONT STYLE="font-size: 10pt">45,396</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">504</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 6.3pt; text-align: right"><FONT STYLE="font-size: 10pt">160</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">84%</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">196,920</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 4.3pt; text-align: right"><FONT STYLE="font-size: 10pt">961</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.3pt; text-align: right; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">267,002</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; border-left: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">631,609</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">7,018</FONT></TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">186</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">74%</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,776,855</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2,970</FONT></TD>
    <TD STYLE="padding-right: 4.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">11,286,880</FONT></TD>
    <TD STYLE="padding-right: 3.3pt; text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">6,349,692</FONT></TD>
    <TD STYLE="padding-right: 5.3pt; text-align: right; border-bottom: Black 1pt solid; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">3,905,270</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following prices were used in the
calculation of silver equivalent ounces: Silver: $16.72 per ounce; Gold: $1,219 per ounce; Lead: $0.82 per pound; Zinc $0.94 per
pound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>At the Del Toro Silver Mine:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the quarter, Del Toro achieved a new
quarterly record production of 1,327,628 silver equivalent ounces representing an increase of 5% compared to the previous quarter.
The plant processed 157,934 tonnes of ore through flotation with an average silver grade of 212 g/t. The increase in total production
was primarily due to a 22% increase in lead production and a 4% improvement in silver recoveries, however, offset by a 10% decrease
in throughput compared to the fourth quarter of 2014. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Lead production reached a new quarterly
record of 9,657,640 pounds. Lead grades and recoveries averaged 4.2% and 66%, respectively, in the first quarter, an increase of
25% and 9% compared to the previous quarter due to higher quality sulphide ore production from the Perseverancia mine. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underground development completed in the
quarter totaled 1,686 metres compared with 2,095 metres developed in the previous quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Four drill rigs consisting of three underground
and one on surface were active in the first quarter at Del Toro. Total exploration metres drilled in the first quarter amounted
to 2,285 metres compared to 559 metres drilled in the previous quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>At the La Encantada Silver Mine:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">For the quarter, total silver production
was 544,735 silver ounces representing a 31% decrease over the previous quarter primarily due to a 29% decrease in the silver grade,
a 10% decrease in processed ore, offset by a 9% increase in recoveries. The reduction in grade was a result of mining lower grade
stopes due to the decrease in the underground development that occurred during the quarter. The Company is planning on accelerating
the underground development into the recently discovered Ojuelas ore body and is advancing the block caving system in order to
have additional production areas ready for the ramp up to 3,000 tpd in July.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The foundations for the new 12&rsquo;
x 24&rsquo; ball mill and fine ore bin were completed early in the quarter. In addition, the installation and integration of the
new tertiary crusher area began in January. The total plant expansion to 3,000 tpd is now 60% complete and the expected ramp up
to 3,000 tpd remains on track for July. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A total of 2,989 metres of underground
development were completed in the first quarter compared to 4,344 metres of development in the previous quarter. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Three drill rigs were active underground
at La Encantada during the quarter. A total of 828 metres of exploration drilling was completed in the first quarter compared to
3,367 metres of drilling in the previous quarter. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>At the La Parrilla Silver Mine:</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During the quarter, the flotation circuit
processed 86,965 tonnes with an average silver grade of 165 g/t and an 88% recovery while the cyanidation circuit processed 85,682
tonnes with an average silver grade of 118 g/t and a 66% recovery.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Zinc production increased 39% compared
to the previous quarter to 6,349,692 pounds due to higher grade production stopes within the Vacas mine. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During the quarter, an additional 235
metres were completed at the underground ore haulage level 11. To date, a total of 2.3 kilometres have been completed on the 5.0
kilometre electrical rail system project.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underground development completed in the
quarter totaled 2,077 metres compared with 2,378 metres developed in the previous quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Three underground drill rigs were active
within the La Parrilla property during the quarter. A total of 1,437 metres were drilled in the first quarter compared to 685 metres
in the previous quarter. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>At the San Martin Silver Mine:</U></B></P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During the quarter, San Martin produced
a total of 571,937 silver ounces and 1,511 ounces of gold for a total quarterly production of 682,071 silver equivalent ounces.
The slight decrease in production compared to the previous quarter was primarily due to a 9% decrease in throughput due to numerous
shut downs caused by unseasonal heavy rains in the month of March and the repair of the transmission system of the 9&rsquo; X 9&rsquo;
ball mill. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underground development completed in the
first quarter totaled 2,010 metres compared with 1,414 metres of development in the previous quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">One underground drill rig was active within
the San Martin property during the quarter. Total metres drilled in the first quarter amounted to 266 metres compared to 943 metres
of drilling in the previous quarter.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>At the La Guitarra Silver Mine:</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">During the quarter, total production consisted
of 196,920 silver ounces and 961 gold ounces. This represents a 14% decrease in silver production and a 32% decrease in gold production
compared to the previous quarter. The decrease in total production was primarily due to an 8% decrease in throughput and a 22%
decrease in gold grades. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Mine production within the El Coloso area
delivered 27,700 tonnes (308 tpd) of ore during the quarter or approximately 60% of total throughput. The Company is working towards
achieving 100% of production from the El Coloso area which will include the Nazareno area once an 800 metre drift can be constructed.
Construction of this drift is planned to begin in May with completion in approximately six months. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A total of 1,066 metres of development
were completed in the first quarter compared to 1,541 metres of development in the previous quarter. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Two underground drill rigs were active
in the first quarter within the La Guitarra property. Total metres drilled in the quarter amounted to 609 metres compared to 436
metres drilled in the previous quarter.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">First Majestic is a mining company focused
on silver production in Mexico and is aggressively pursuing the development of its existing mineral property assets and the pursuit
through acquisition of additional mineral assets which contribute to the Company achieving its corporate growth objectives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOR FURTHER INFORMATION contact info@firstmajestic.com, visit
our website at www.firstmajestic.com or call our toll free number 1.866.529.2807.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIRST MAJESTIC SILVER CORP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&quot;signed&quot;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Keith Neumeyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President &amp; CEO</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><B>Cautionary Note Regarding Forward
Looking Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">This press
release contains &quot;forward-looking statements&quot;, within the meaning of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities legislation, concerning the business, operations and financial performance
and condition of&nbsp;First Majestic Silver Corp.&nbsp; Forward-looking statements include, but are not limited to, statements
with respect to the future price of silver and other metals, the estimation of mineral reserves and resources, the realization
of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures,
costs and timing of the development of new deposits, success of exploration activities, permitting time lines, hedging practices,
currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, timing and possible outcome of pending litigation, title disputes or claims and limitations
on insurance coverage.&nbsp; Generally, these forward-looking statements can be identified by the use of forward-looking terminology
such as &quot;plans&quot;, &quot;expects&quot; or &quot;does not expect&quot;, &quot;is expected&quot;, &quot;budget&quot;, &quot;scheduled&quot;,
&quot;estimates&quot;, &quot;forecasts&quot;, &quot;intends&quot;, &quot;anticipates&quot; or &quot;does not anticipate&quot;,
or &quot;believes&quot;, or variations of such words and phrases or state that certain actions, events or results &quot;may&quot;,
&quot;could&quot;, &quot;would&quot;, &quot;might&quot; or &quot;will be taken&quot;, &quot;occur&quot; or &quot;be achieved&quot;.&nbsp;
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of&nbsp;First Majestic Silver Corp.&nbsp;to be materially different from those
expressed or implied by such forward-looking statements, including but not limited to: risks related to the integration of acquisitions;
risks related to international operations; risks related to joint venture operations; actual results of current exploration activities;
actual results of current reclamation activities; conclusions of economic evaluations; changes in project parameters as plans
continue to be refined; future prices of metals; possible variations in ore reserves, grade or recovery rates; failure of plant,
equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion of development or construction activities, as well as those
factors discussed in the section entitled &quot;Description of the Business - Risk Factors&quot; in&nbsp;First Majestic Silver
Corp.'s Annual Information Form for the year ended December 31, 2014, available on www.sedar.com, and Form 40-F on file with the
United States Securities and Exchange Commission in Washington, D.C.&nbsp; Although&nbsp;First Majestic Silver Corp.&nbsp;has
attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended.&nbsp; There can be
no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from
those anticipated in such statements.&nbsp; Accordingly, readers should not place undue reliance on forward-looking statements.&nbsp;&nbsp;First
Majestic Silver Corp.&nbsp;does not undertake to update any forward-looking statements that are incorporated by reference herein,
except in accordance with applicable securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
