FIRST MAJESTIC SILVER CORP (Form: 6-K, Received: 05/06/2021 07:04:06)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 6, 2021

Commission File Number 001-34984

FIRST MAJESTIC SILVER CORP.

(Translation of registrant's name into English)

925 West Georgia Street, Suite 1800, Vancouver BC V6C 3L2

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

[ ] Form 20-F [x] Form 40-F

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): [ ]

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): [ ]

DOCUMENTS INCORPORATED BY REFERENCE

Exhibits 99.1 and 99.2 to this Report on Form 6-K are hereby incorporated by reference as Exhibits to the Registration Statement on Form F-10 of First Majestic Silver Corp. (File No. 333-255798).

DOCUMENTS FILED AS PART OF THIS FORM 6-K

Exhibits


99.1						Condensed Interim Consolidated Financial Statements for the Three Months Ended March 31, 2021 and 2020

99.2						Management's Discussion and Analysis for the Quarter Ended March 31, 2021

99.3						Certification of Interim Filings - CEO

99.4						Certification of Interim Filings - CFO

99.5						News Release dated May 6, 2021

SIGNATURES

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.


FIRST MAJESTIC SILVER CORP.

By:

/s/ Connie Lillico
Connie Lillico
Corporate Secretary

May 6, 2021

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2021 AND 2020

(UNAUDITED)


925 West Georgia Street, Suite 1800, Vancouver, B.C., Canada V6C 3L2 Phone: 604.688.3033 \| Fax: 604.639.8873\| Toll Free: 1.866.529.2807 \| Email: info@firstmajestic.com www.firstmajestic.com

Management’s Responsibilities over Financial Reporting

The condensed interim consolidated financial statements of First Majestic Silver Corp. (the “Company”) are the responsibility of the Company’s management. The condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board and reflect management’s best estimates and judgment based on information currently available.

Management has developed and maintains a system of internal controls to ensure that the Company’s assets are safeguarded, transactions are authorized and properly recorded, and financial information is reliable.

The Board of Directors is responsible for ensuring management fulfills its responsibilities. The Audit Committee reviews the results of the condensed interim consolidated financial statements prior to their submission to the Board of Directors for approval.

The condensed interim consolidated financial statements have not been audited.



Keith Neumeyer						Raymond Polman, CPA, CA
President & CEO						Chief Financial Officer
May 5, 2021						May 5, 2021

TABLE OF CONTENTS


CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

	Condensed Interim Consolidated Statements of Earnings (Loss)	1
	Condensed Interim Consolidated Statements of Comprehensive Income (Loss)	2
	Condensed Interim Consolidated Statements of Cash Flows	3
	Condensed Interim Consolidated Statements of Financial Position	4
	Condensed Interim Consolidated Statements of Changes in Equity	5

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

General
	Note 1. Nature of Operations	6
	Note 2. Basis of Presentation	6
	Note 3. Significant Accounting Policies, Estimates and Judgments	6


Statements of Earnings (Loss)
	Note 4. Segmented Information	7
	Note 5. Revenues	9
	Note 6. Cost of Sales	10
	Note 7. General and Administrative Expenses	10
	Note 8. Mine Holding Costs	11
	Note 9. Investment and Other Income (Loss)	11
	Note 10. Finance Costs	11
	Note 11. Earnings or Loss per Share	12

Statements of Financial Position


	Note 12. Inventories	12
	Note 13. Other Financial Assets	12
	Note 14. Mining Interests	13
	Note 15. Property, Plant and Equipment	16
	Note 16. Right-of-Use Assets	18

	Note 17. Trade and Other Payables	18

	Note 18. Debt Facilities	19
	Note 19. Lease Liabilities	21


	Note 20. Share Capital	22

Other items

	Note 21. Financial Instruments and Related Risk Management	25
	Note 22. Supplemental Cash Flow Information	29
	Note 23. Contingencies and Other Matters	30


	Note 24. Subsequent Events	32


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF EARNINGS (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 2021 and 2020
Condensed Interim Consolidated Financial Statements - Unaudited			(In thousands of US dollars, except share and per share amounts)

The Condensed Interim Consolidated Statements of Earnings (Loss) provide a summary of the Company’s financial performance and net earnings or loss over the reporting periods.


		Three Months Ended March 31,
	Note		2021	2020

Revenues	5		$100,522	$86,065
Mine operating costs
Cost of sales	6		57,061	49,835
Cost of sales - standby costs	6		—	946
Depletion, depreciation and amortization			15,345	14,169
			72,406	64,950

Mine operating earnings			28,116	21,115

General and administrative expenses	7		6,961	6,284
Share-based payments			3,594	2,378
Mine holding costs	8		3,868	4,779
Loss on divestiture of exploration projects			—	10,106


Foreign exchange gain			(1,797)	(2,826)
Operating earnings			15,490	394

Unrealized loss on foreign currency derivatives			—	(22,654)
Investment and other income	9		(3,150)	(540)
Finance costs	10		(3,773)	(3,856)
Earnings (loss) before income taxes			8,567	(26,656)

Income taxes
Current income tax expense			8,537	1,214
Deferred income tax (recovery) expense			(1,825)	4,566
			6,712	5,780

Net earnings (loss) for the period			$1,855	($32,436)

Earnings (loss) per common share
Basic	11		$0.01	($0.15)
Diluted	11		$0.01	($0.15)

Weighted average shares outstanding
Basic	11		222,544,712	209,396,052
Diluted	11		225,772,720	209,396,052

Approved by the Board of Directors



Keith Neumeyer, Director						Douglas Penrose, Director


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 1


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE THREE MONTHS ENDED MARCH 31, 2021 and 2020
Condensed interim Consolidated Financial Statements - Unaudited			(In thousands of US dollars)

The Condensed Interim Consolidated Statements of Comprehensive Income (Loss) provide a summary of total comprehensive earnings or loss and summarizes items recorded in other comprehensive income that may or may not be subsequently reclassified to profit or loss depending on future events.


	Note	Three Months Ended March 31,
			2021	2020

Net earnings (loss) for the period			$1,855	($32,436)

Other comprehensive (loss) income



Items that will not be subsequently reclassified to net earnings (loss):
Unrealized (loss) gain on fair value of investments in marketable securities, net of tax	13(b)		(4,726)	293
Realized loss on investments in marketable securities, net of tax	13(b)		(651)	—

Remeasurement of retirement benefit plan			—	(455)

Other comprehensive loss			(5,377)	(162)

Total comprehensive loss			($3,522)	($32,598)


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 2


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2021 and 2020
Condensed Interim Consolidated Financial Statements - Unaudited			(In thousands of US dollars)

The Condensed Interim Consolidated Statements of Cash Flows provide a summary of movements in cash and cash equivalents during the reporting periods by classifying them as operating, investing or financing activities.


		Three Months Ended March 31,
	Note		2021	2020
Operating Activities
Net earnings (loss) for the period			$1,855	($32,436)
Adjustments for:
Depletion, depreciation and amortization			15,805	14,625
Share-based payments			3,594	2,378
Income tax expense			6,712	5,780
Finance costs	10		3,773	3,856

Write-down on assets held-for-sale	9		2,081	—
Loss on divestiture of exploration projects	14		—	10,176
Fair value adjustment on foreign currency derivatives			—	22,654

Unrealized loss from marketable securities and silver futures derivatives			1,289	1,079
Unrealized foreign exchange gain			(3,980)	(4,799)
Operating cash flows before movements in working capital and taxes			31,129	23,313
Net change in non-cash working capital items	2 2		(13,766)	(10,763)
Income taxes paid			(9,932)	(502)
Cash generated by operating activities			7,431	12,048

Investing Activities
Expenditures on mining interests			(33,416)	(19,772)
Acquisition of property, plant and equipment			(10,806)	(12,016)
Deposits paid for acquisition of non-current assets			(2,292)	(1,518)

Proceeds from sale of marketable securities			250	—



Cash used in investing activities			(46,264)	(33,306)

Financing Activities
Proceeds from prospectus offerings, net of share issue costs	2 0 (a)		—	13,792

Proceeds from exercise of stock options			4,363	1,841
Repayment of lease liabilities	19		(1,328)	(1,779)
Finance costs paid			(1,759)	(1,956)

Repayment of debt facilities	18(b)		—	(10,000)



Shares repurchased and cancelled	2 0 (f )		—	(1,694)
Cash provided by financing activities			1,276	204

Effect of exchange rate on cash and cash equivalents held in foreign currencies			663	(2,768)
Decrease in cash and cash equivalents			(37,557)	(21,054)
Cash and cash equivalents, beginning of the period			238,578	169,009
Cash and cash equivalents, end of period			$201,684	$145,187

Cash			$169,818	$138,065
Short-term investments			31,866	7,122
Cash and cash equivalents, end of period			$201,684	$145,187

Supplemental cash flow information	2 2


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 3


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS AT MARCH 31, 2021 AND DECEMBER 31, 2020
Condensed Interim Consolidated Financial Statements - Unaudited			(In thousands of US dollars)

The Condensed Interim Consolidated Statements of Financial Position provides a summary of assets, liabilities and equity, as well as their current versus non-current nature, as at the reporting date.


	Note	March 31, 2021	December 31, 2020
Assets

Current assets
Cash and cash equivalents		$201,684	$238,578
Trade and other receivables		3,780	4,271
Value added taxes receivable	2 1 (c)	48,256	41,641

Inventories	12	36,079	32,512
Other financial assets	13	31,681	36,319
Prepaid expenses and other		4,826	2,725
Assets held-for-sale	9	3,432	—
Total current assets		329,738	356,046

Non-current assets
Mining interests	14	537,547	509,730
Property, plant and equipment	15	257,717	258,220
Right-of-use assets	16	13,297	14,330
Deposits on non-current assets		11,349	14,246

Non-current value added taxes receivable	2 1 (c)	17,036	15,301
Deferred tax assets		68,014	69,644
Total assets		$1,234,698	$1,237,517

Liabilities and Equity

Current liabilities
Trade and other payables	1 7	$69,344	$76,002
Advance for assets held-for-sale	9	4,449	—
Unearned revenue	5	2,025	2,717
Current portion of debt facilities	1 8	10,400	10,975
Current portion of lease liabilities	19	4,944	5,358


Income taxes payable		5,741	6,574
Total current liabilities		96,903	101,626

Non-current liabilities
Debt facilities	1 8	143,314	141,733
Lease liabilities	19	14,272	15,217
Decommissioning liabilities		50,347	51,471
Other liabilities		5,503	5,406
Non-current income taxes payable		21,707	23,099
Deferred tax liabilities		43,505	48,729
Total liabilities		$375,551	$387,281

Equity
Share capital		1,097,140	1,087,139
Equity reserves		99,052	101,997
Accumulated deficit		(337,045)	(338,900)
Total equity		$859,147	$850,236
Total liabilities and equity		$1,234,698	$1,237,517

Commitments (Note 14; Note 2 1(c)); Subsequent event (Note 2 4)


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 4


CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31 2021 AND 2020
Condensed Interim Consolidated Financial Statements - Unaudited			(In thousands of US dollars, except share and per share amounts)

The Consolidated Statements of Changes in Equity summarizes movements in equity, including common shares, share capital, equity reserves and retained earnings or accumulated deficit.


	Share Capital		Equity Reserves				Accumulated deficit
	Shares	Amount	Share-based payments(a)	Other comprehensive income(loss)(b)	Equity component of convertible debenture(c)	Total equity reserves		Total equity
Balance at December 31, 2019	208,112,072	$933,182	$74,060	($2,532)	$19,164	$90,692	($361,553)	$662,321
Net loss for the period	—	—	—	—	—	—	(32,436)	(32,436)
Other comprehensive loss	—	—	—	(162)	—	(162)	—	(162)
Total comprehensive loss	—	—	—	(162)	—	(162)	(32,436)	(32,598)
Share-based payments	—	—	2,378	—	—	2,378	—	2,378

Shares issued for:

Prospectus offerings (Note 20(a))	1,304,338	13,792	—	—	—	—	—	13,792
Exercise of stock options (Note 20(b))	295,816	2,549	(708)	—	—	(708)	—	1,841

Settlement of restricted share units (Note 20(c))	112,000	879	(879)	—	—	(879)	—	—

Shares repurchased and cancelled (Note 20(f))	(275,000)	(1,260)	—	—	—	—	(434)	(1,694)

Balance at March 31, 2020	209,549,226	$949,142	$74,851	($2,694)	$19,164	$91,321	($394,423)	$646,040

Balance at December 31, 2020	221,965,011	$1,087,139	$75,420	$7,413	$19,164	$101,997	($338,900)	$850,236
Net earnings for the period	—	—	—	—	—	—	1,855	1,855
Other comprehensive loss	—	—	—	(5,377)	—	(5,377)	—	(5,377)
Total comprehensive loss	—	—	—	(5,377)	—	(5,377)	1,855	(3,522)
Share-based payments	—	—	4,345	—	—	4,345	—	4,345


Shares issued for:

Exercise of stock options (Note 20(b))	543,864	6,146	(1,783)	—	—	(1,783)	—	4,363
Acquisition of Springpole Silver Stream (Note 14(c))	287,300	3,750	—	—	—	—	—	3,750

Settlement of restricted share units (Note 20(c))	8,301	105	(130)	—	—	(130)	—	(25)



Balance at March 31, 2021	222,804,476	$1,097,140	$77,852	$2,036	$19,164	$99,052	($337,045)	$859,147

(a)Share-based payments reserve records the cumulative amount recognized under IFRS 2 share-based payments in respect of stock options granted, restricted share units and shares purchase warrants issued but not exercised or settled to acquire shares of the Company.

(b)Other comprehensive income reserve principally records the unrealized fair value gains or losses related to fair value through other comprehensive income ("FVTOCI") financial instruments and re-measurements arising from actuarial gains or losses and return on plan assets in relation to San Dimas' retirement benefit plan.

(c)Equity component of convertible debenture reserve represents the estimated fair value of its conversion option of $26.3 million, net of deferred tax effect of $7.1 million. This amount is not subsequently remeasured and will remain in equity until the conversion option is exercised, in which case, the balance recognized in equity will be transferred to share capital. Where the conversion option remains unexercised at the maturity date of the convertible note, the balance will remain in equity reserves.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 5


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

1. NATURE OF OPERATIONS

First Majestic Silver Corp. (the “Company” or “First Majestic”) is in the business of silver production, development, exploration, and acquisition of mineral properties with a focus on silver and gold production in North America. The Company owns three producing mines: the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine and the La Encantada Silver Mine, four mines in suspension: the San Martin Silver Mine, the Del Toro Silver Mine, the La Parrilla Silver Mine and the La Guitarra Silver/Gold Mine, and several exploration stage projects. The Company acquired the Jerritt Canyon Gold Mine in Nevada, USA on April 30, 2021.

First Majestic is incorporated in Canada with limited liability under the legislation of the Province of British Columbia and is publicly listed on the New York Stock Exchange under the symbol “AG”, on the Toronto Stock Exchange under the symbol “FR” and on the Frankfurt Stock Exchange under the symbol “FMV”. The Company’s head office and principal address is located at 925 West Georgia Street, Suite 1800, Vancouver, British Columbia, Canada, V6C 3L2.

2. BASIS OF PRESENTATION

These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. These condensed interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as at and for the year ended December 31, 2020, as some disclosures from the annual consolidated financial statements have been condensed or omitted.

These condensed interim consolidated financial statements have been prepared on a historical cost basis except for certain items that are measured at fair value including derivative financial instruments (Note 21(a)) and marketable securities (Note 13). All dollar amounts presented are in thousands of United States dollars unless otherwise specified.

These condensed interim consolidated financial statements incorporate the financial statements of the Company and its controlled subsidiaries. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances, transactions, income and expenses are eliminated on consolidation.

These condensed interim consolidated financial statements were prepared using accounting policies consistent with those in the audited consolidated financial statements as at and for the year ended December 31, 2020 except as outlined in Note 3.

3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS

The Company’s management makes judgments in its process of applying the Company’s accounting policies in the preparation of its unaudited condensed interim consolidated financial statements. In addition, the preparation of the financial data requires that the Company’s management to make assumptions and estimates of the impacts of uncertain future events on the carrying amounts of the Company’s assets and liabilities at the end of the reporting period, and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting impacts on the carrying amounts of the Company’s assets and liabilities are accounted for prospectively.

In preparing the Company’s unaudited condensed interim consolidated financial statements for the three months ended March 31, 2021, the Company applied the accounting policies, critical judgments and estimates disclosed in note 3 of its audited consolidated financial statements for the year ended December 31, 2020 and the following accounting policies, critical judgments and estimates in applying accounting policies:


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 6


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND JUDGMENTS (continued)

New and amended IFRS standards that are effective for the current year:

Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16)

The amendments in Interest Rate Benchmark Reform — Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) introduce a practical expedient for modifications required by the reform, clarify that hedge accounting is not discontinued solely because of the IBOR reform, and introduce disclosures that allow users to understand the nature and extent of risks arising from the IBOR reform to which the entity is exposed to and how the entity manages those risks as well as the entity’s progress in transitioning from IBORs to alternative benchmark rates, and how the entity is managing this transition.

The amendments were applied effective January 1, 2021 and did not have a material impact on the Company’s financial statements.

Future Changes in Accounting Policies Not Yet Effective as at March 31, 2021:

Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)

The amendments prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognises the proceeds from selling such items, and the cost of producing those items, in profit or loss.

The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2022, with early application permitted. The amendments are applied retrospectively, but only to items of property, plant and equipment that are brought to the location and condition necessary for them to be capable of operating in the manner intended by management on or after the beginning of the earliest period presented in the financial statements in which the Company first applies the amendments. The Company will recognise the cumulative effect of initially applying the amendments as an adjustment to the opening balance of retained earnings at the beginning of that earliest period presented. This amendment will impact the Company’s accounting for proceeds from mineral sales prior to reaching commercial production levels intended by management.

Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)

The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current.

The amendments are applied on or after the first annual reporting period beginning on or after January 1, 2023, with early application permitted. This amendment is not expected to have a material impact on the Company’s financial statements.

4. SEGMENTED INFORMATION

All of the Company’s operations are within the mining industry and its major products are precious metals doré which are refined or smelted into pure silver and gold and sold to global metal brokers. Transfer prices between reporting segments are set on an arms-length basis in a manner similar to transactions with third parties. Coins and bullion cost of sales are based on transfer prices.

A reporting segment is defined as a component of the Company that:

•engages in business activities from which it may earn revenues and incur expenses;

•whose operating results are reviewed regularly by the entity’s chief operating decision maker; and

•for which discrete financial information is available.

For the three months ended March 31, 2021, the Company's reporting segments includes its three operating mines in Mexico and its "non-producing properties" which include the La Parrilla, Del Toro, San Martin and La Guitarra mines, which have been placed on suspension, as significant reporting segments. “Others” consists primarily of the Company’s corporate assets including cash and cash equivalents, other development and exploration properties (Note 14), debt facilities (Note 18), coins and bullion sales, and corporate expenses which are not allocated to operating segments. The Company’s chief operating decision maker (“CODM”) evaluates segment performance based on mine operating earnings. Therefore, other income and expense items are not allocated to the segments.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 7


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

4. SEGMENTED INFORMATION (continued)

Significant information relating to the Company’s reportable operating segments is summarized in the tables below:


Three Months Ended March 31, 2021 and 2020		Revenue	Cost of sales	Depletion, depreciation, and amortization	Mine operating earnings (loss)	Capital expenditures
Mexico
San Dimas	2021	$61,789	$31,323	$9,804	$20,662	$14,482
	2020	48,065	26,067	8,781	13,217	12,802
Santa Elena	2021	22,183	17,885	3,112	1,186	14,334
	2020	22,635	13,928	2,791	5,916	7,402
La Encantada	2021	19,702	10,043	1,833	7,826	2,729
	2020	15,294	9,318	2,140	3,836	2,791








Non-producing Properties	2021	—	17	123	(140)	932
	2020	183	1,361	191	(1,369)	2,095



Others(1)	2021	4,793	1,720	473	2,600	12,583
	2020	239	321	266	(348)	4,966
Intercompany elimination(2)	2021	(7,945)	(3,927)	—	(4,018)	—
	2020	(351)	(214)	—	(137)	—
Consolidated	2021	$100,522	$57,061	$15,345	$28,116	$45,060
	2020	$86,065	$50,781	$14,169	$21,115	$30,056

(1) The "Others" segment includes revenues of $4.8 million from coins and bullion sales of 146,827 silver ounces at an average price of $32.65 per ounce.

(2) Effective January 1, 2021, the Company is presenting its segment revenue, cost of sales and mine operating earnings (loss) on a gross basis, with a new line item to reflect intercompany eliminations. The segmented information for the comparative periods have been adjusted to reflect this change for consistency.

During the three months ended March 31, 2021, the Company had three (March 31, 2020 - three) customers that accounted for 100% (2020 - 100%) of its sales revenue, with one major metal broker accounting for 88% of total revenue (2020 - 90%).


At March 31, 2021 and December 31, 2020		Mining Interests		Property, plant and equipment	Total mining assets	Total assets	Total liabilities
		Producing	Exploration
Mexico
San Dimas	2021	$208,452	$20,485	$109,903	$338,840	$447,150	$106,561
	2020	204,592	17,179	112,105	333,876	439,145	105,462
Santa Elena	2021	67,458	30,717	51,430	149,605	180,719	36,182
	2020	52,892	33,951	49,245	136,088	166,525	33,467
La Encantada	2021	27,076	2,393	17,466	46,935	97,908	26,642
	2020	25,865	2,955	16,555	45,375	99,185	29,354








Non-producing Properties	2021	108,837	37,893	28,258	174,989	217,685	34,683
	2020	108,837	37,004	29,888	175,730	219,109	40,274



Others	2021	—	34,235	50,660	84,895	291,235	171,483
	2020	—	26,455	50,427	76,882	313,553	178,724
Consolidated	2021	$411,823	$125,724	$257,717	$795,263	$1,234,698	$375,551
	2020	$392,185	$117,545	$258,220	$767,950	$1,237,517	$387,281


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 8


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

5. REVENUES

The majority of the Company’s revenues are from the sale of precious metals contained in doré form. The Company’s primary products are precious metals of silver and gold. Revenues from sale of metal, including by-products, are recorded net of smelting and refining costs.

Revenues for the period are summarized as follows:


	Three Months Ended March 31,
		2021		2020





Gross revenue from payable metals:
Silver			$72,852	72	%	$52,014	60	%
Gold			28,338	28	%	34,702	40	%
Lead			—	—	%	74	—	%

Gross revenue			101,190	100	%	86,790	100	%
Less: smelting and refining costs			(668)			(725)
Revenues			$100,522			$86,065

As at March 31, 2021, the Company had $2.0 million of unearned revenue (December 31, 2020 - $2.7 million) that has not satisfied performance obligations.

(a)Gold Stream Agreement with Sandstorm Gold Ltd.

The Santa Elena mine has a purchase agreement with Sandstorm Gold Ltd. (“Sandstorm”), which requires the Company to sell 20% of its gold production over the life of mine from its leach pad and a designated area of its underground operations. The selling price to Sandstorm is the lesser of the prevailing market price or $450 per ounce, subject to a 1% annual inflation. During the three months ended March 31, 2021, the Company delivered 1,201 ounces (2020 - 2,161 ounces) of gold to Sandstorm at an average price of $464 per ounce (2020 - $459 per ounce).

(b) Gold Stream Agreement with Wheaton Precious Metals Corporation

In 2018, the San Dimas mine entered into a purchase agreement with Wheaton Precious Metals International ("WPMI"), a wholly owned subsidiary of Wheaton Precious Metals Corp., which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment) and the prevailing market price, for each gold equivalent ounce delivered. Should the average gold to silver ratio over a six month period exceed 90:1 or fall below 50:1, the fixed exchange ratio would be increased to 90:1 or decreased to 50:1, respectively. The fixed gold to silver exchange ratio as at March 31, 2021 was 70:1.

During the three months ended March 31, 2021, the Company delivered 10,273 ounces (2020 - 11,357 ounces) of gold to WPMI at $612 (2020 - $606) per ounce.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 9


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

6. COST OF SALES

Cost of sales excludes depletion, depreciation and amortization and are costs that are directly related to production and generation of revenues at the operating segments. Significant components of cost of sales are comprised of the following:


	Three Months Ended March 31,
		2021	2020
Consumables and materials		$10,776	$9,920
Labour costs		32,847	27,323
Energy		8,632	7,778
Other costs		3,040	4,361
Production costs		$55,295	$49,382
Transportation and other selling costs		662	522
Workers participation costs		3,667	1,998
Environmental duties and royalties		573	396
Inventory changes		(3,136)	(2,463)



Cost of Sales		$57,061	$49,835

Cost of Sales - Standby Costs(1)		$—	$946

(1) Standby costs in the prior period relates to mine holding costs for the San Martin mine, which was temporarily suspended effective from July 2019 due to a growing insecurity in the area and safety concerns for its workforce. The Company is working with authorities to secure the area and is uncertain of a restart date. From April 1, 2020, such costs were classified as mine holding costs (Note 8) due to continued uncertainty with respect to the timing of restart at San Martin.

7. GENERAL AND ADMINISTRATIVE EXPENSES

General and administrative expenses are incurred to support the administration of the business that are not directly related to production. Significant components of general and administrative expenses are comprised of the following:


	Three Months Ended March 31,
		2021	2020
Corporate administration		$1,484	$1,277
Salaries and benefits		3,096	3,165
Audit, legal and professional fees		1,656	1,047
Filing and listing fees		88	155
Directors fees and expenses		177	184
Depreciation		460	456
		$6,961	$6,284


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 10


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

8. MINE HOLDING COSTS

The Company’s mine holding costs are primarily comprised of labour costs associated with care and maintenance staffs, electricity, security, environmental and community support costs for the following mines which are currently under temporary suspension:


	Three Months Ended March 31,
		2021	2020
Del Toro		$969	$2,182
La Parrilla		1,033	1,719
San Martin		1,019	—
La Guitarra		848	878

		$3,868	$4,779

9. INVESTMENT AND OTHER (LOSS) INCOME

The Company’s investment and other (loss) income are comprised of the following:


	Three Months Ended March 31,
		2021	2020
Loss from investment in marketable securities (Note 13(a))		($1,289)	($1,368)
Loss on write-down of assets held-for-sale(1)		(2,081)	—
Gain from investment in silver futures derivatives		—	290
Interest income and other		220	538

		($3,150)	($540)

(1) In March 2021, the Company entered into an agreement with Condor Gold PLC ("Condor") to sell its AG Mill equipment for gross proceeds of $6.5 million, including $3.5 million in cash and $3.0 million in common shares of Condor. The transaction is expected to close in the second quarter of 2021 upon shipment of all related equipment to Condor's la India Project in Nicaragua. During the three months ended March 31, 2021, the Company recognized a loss of $2.1 million, being the difference between the proceeds of disposal and the carrying amount of the project's net assets, as loss on write-down of assets held-for-sale. As at March 31, 2021, the Company has reclassified $3.4 million of its non-current assets as assets held-for-sale, and $4.4 million of proceeds from Condor as advance on assets held-for-sale.

10. FINANCE COSTS

Finance costs are primarily related to interest and accretion expense on the Company’s debt facilities, lease liabilities and accretion of decommissioning liabilities. The Company’s finance costs in the period are summarized as follows:


	Three Months Ended March 31,
		2021	2020
Debt facilities(1) (Note 1 8)		$2,670	$2,640
Lease liabilities (Note 19)		371	403
Accretion of decommissioning liabilities		640	623
Silver sales and other		92	190


		$3,773	$3,856

(1) Finance costs for debt facilities include $1.8 million of non-cash accretion expense for the period ended March 31, 2021 (2020 - $1.7 million).


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 11


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

11. EARNINGS OR LOSS PER SHARE

Basic earnings or loss per share is the net earnings or loss available to common shareholders divided by the weighted average number of common shares outstanding during the period. Diluted net earnings or loss per share adjusts basic net earnings per share for the effects of potential dilutive common shares.

The calculations of basic and diluted earnings or loss per share for the period ended March 31, 2021 and 2020 are as follows:


	Three Months Ended March 31,
		2021	2020
Net earnings (loss) for the period		$1,855	($32,436)



Weighted average number of shares on issue - basic		222,544,712	209,396,052
Impact of effect on dilutive securities:
Stock options		2,477,161	—
Restricted, performance and deferred share units		750,847	—

Weighted average number of shares on issue - diluted(1)		225,772,720	209,396,052


Earnings (loss) per share - basic and diluted		$0.01	($0.15)

(1)For the three months ended March 31, 2021, diluted weighted average number of shares excluded 588,773 (2020 - 8,763,331) options, nil restricted and performance share units (2020 - 345,243) and 16,327,598 (2020 - 16,327,598) common shares issuable under the convertible debentures (Note 1 8 (a)) that were anti-dilutive.

12. INVENTORIES

Inventories consist primarily of materials and supplies and products of the Company’s operations, in varying stages of the production process, and are presented at the lower of weighted average cost or net realizable value.


	March 31, 2021	December 31, 2020
Finished goods - doré	$2,642	$2,812
Work-in-process	2,615	2,780
Stockpile	2,136	1,336
Silver coins and bullion	5,025	956
Materials and supplies	23,661	24,628
	$36,079	$32,512

The amount of inventories recognized as an expense during the period is equivalent to the total of cost of sales plus depletion, depreciation and amortization for the period.

13. OTHER FINANCIAL ASSETS

As at March 31, 2021, other financial assets consists of the Company’s investment in marketable securities and foreign exchange derivatives comprised of the following:


	March 31, 2021	December 31, 2020





FVTPL marketable securities (a)	$12,702	$13,876





FVTOCI marketable securities (b)	16,187	22,443




Total other financial assets	$31,681	$36,319

(a)Fair Value through Profit or Loss ("FVTPL") Marketable Securities

Loss in marketable securities designated as FVTPL for the three months ended March 31, 2021 was $1.3 million (2020 - loss of $1.4 million) and was recorded through profit or loss.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 12


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

13. OTHER FINANCIAL ASSETS (continued)

(b)Fair Value through Other Comprehensive Income ("FVTOCI") Marketable Securities

Changes in fair value of marketable securities designated as FVTOCI for the three months ended March 31, 2021 was $5.4 million (2020 - $0.3 million), net of tax, and was recorded through other comprehensive income and will not be transferred into earnings or loss upon disposition or impairment.

14. MINING INTERESTS

Mining interests primarily consist of acquisition, development and exploration costs directly related to the Company’s operations and projects. Upon commencement of commercial production, mining interests for producing properties are depleted on a units-of-production basis over the estimated economic life of the mine. In applying the units of production method, depletion is determined using quantity of material extracted from the mine in the period as a portion of total quantity of material, based on reserves and resources, considered to be highly probable to be economically extracted over the life of mine plan.

The Company’s mining interests are comprised of the following:


	March 31, 2021	December 31, 2020
Depletable properties	$411,823	$392,185
Non-depletable properties (exploration and evaluation costs)	125,724	117,545
	$537,547	$509,730

Depletable properties are allocated as follows:


Depletable properties	San Dimas	Santa Elena	La Encantada	Non-producing Properties(1)	Total
Cost
At December 31, 2019	$220,658	$61,654	$111,590	$494,132	$888,034
Additions	21,263	6,218	4,201	—	31,682

Change in decommissioning liabilities	4,527	1,191	2,049	3,059	10,826
Transfer from exploration properties	3,645	4,229	472	—	8,346
At December 31, 2020	$250,093	$73,292	$118,312	$497,191	$938,888
Additions	10,001	4,530	895	—	15,426


Transfer from exploration properties	—	11,402	1,293	—	12,695
At March 31, 2021	$260,094	$89,223	$120,500	$497,191	$967,009

Accumulated depletion, amortization and impairment
At December 31, 2019	($27,225)	($16,608)	($88,499)	($388,354)	($520,686)
Depletion and amortization	(18,277)	(3,792)	(3,948)	—	(26,017)

At December 31, 2020	($45,502)	($20,400)	($92,447)	($388,354)	($546,703)
Depletion and amortization	(6,141)	(1,365)	(977)	—	(8,483)

At March 31, 2021	($51,643)	($21,765)	($93,424)	($388,354)	($555,186)

Carrying values
At December 31, 2020	$204,592	$52,892	$25,865	$108,837	$392,185
At March 31, 2021	$208,452	$67,458	$27,076	$108,837	$411,823

(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 13


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

14. MINING INTERESTS (continued)

Non-depletable properties costs are allocated as follows:


Non-depletable properties	San Dimas(a)	Santa Elena(b)	La Encantada	Non-producing Properties(1)	Exploration Projects(2)	Springpole Stream(c)	Total

At December 31, 2019	$8,699	$18,592	$1,104	$32,938	$34,710	$—	$96,043
Exploration and evaluation expenditures	12,125	19,588	2,323	4,066	1,142	4,356	43,601
Change in decommissioning liabilities (Note 20)	—	—	—	—	59	—	59

Sale of exploration project	—	—	—	—	(13,812)	—	(13,812)
Transfer to producing properties	(3,645)	(4,229)	(472)	—	—	—	(8,346)
At December 31, 2020	$17,179	$33,951	$2,955	$37,004	$22,099	$4,356	$117,545
Exploration and evaluation expenditures	3,306	8,168	731	889	280	7,500	20,874



Transfer to producing properties	—	(11,402)	(1,293)	—	—	—	(12,695)
At March 31, 2021	$20,485	$30,717	$2,393	$37,893	$22,379	$11,856	$125,724

(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.

(2) Exploration projects include the La Luz, La Joya, Los Amoles, Jalisco Group of Properties and Jimenez del Tuel projects, as well as the Plomosas project which was sold during 2020.

(a)San Dimas Silver/Gold Mine, Durango State

In 2018, the San Dimas Mine is subject to a gold and silver streaming agreement with WPMI which entitles WPMI to receive 25% of the gold equivalent production (based on a fixed exchange ratio of 70 silver ounces to 1 gold ounce) at San Dimas in exchange for ongoing payments equal to the lesser of $600 (subject to a 1% annual inflation adjustment commencing in May 2019) and the prevailing market price, for each gold ounce delivered. Should the average gold to silver ratio over a six month period exceed 90:1 or fall below 50:1, the fixed exchange ratio would be increased to 90:1 or decreased to 50:1, respectively. The fixed gold to silver exchange ratio as at March 31, 2021 was 70:1.

(b)Santa Elena Silver/Gold Mine, Sonora State

The Santa Elena Mine is subject to a gold streaming agreement with Sandstorm, which requires the mine to sell 20% of its life of mine gold production from its leach pad and a designated area of its underground operations to Sandstorm. The selling price to Sandstorm is currently the lesser of $464 per ounce, subject to a 1% annual inflation increase every April, and the prevailing market price.

On July 2, 2020, the Company completed an agreement with First Mining Gold Corp. (“First Mining”) to purchase 50% of the life of mine payable silver produced from the Springpole Gold Project ("Springpole Silver Stream"), a development stage mining project located in Ontario, Canada. Pursuant to the agreement, First Majestic agreed to pay First Mining consideration of $22.5 million in cash and shares, in three milestone payments, for the right to purchase silver at a price of 33% of the silver spot price per ounce, to a maximum of $7.50 per ounce (subject to annual inflation escalation of 2%, commencing at the start of the third anniversary of production). Commencing with its production of silver, First Mining must deliver 50% of the payable silver which it receives from the offtaker within five business days of the end of each quarter.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 14


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

14. MINING INTERESTS (continued)

Transaction consideration paid and payable by First Majestic is summarized as follows:

•The first payment of $10.0 million, consisting of $2.5 million in cash and $7.5 million in First Majestic shares (805,698 common shares) was paid to First Mining on July 2, 2020;

•The second payment consisting of $3.75 million in cash and $3.75 million in First Majestic shares (287,300 common shares) was paid on January 21, 2021 upon the completion and public announcement by First Mining of the results of a Pre-Feasibility Study for Springpole; and

•The third payment consisting of $2.5 million in cash and $2.5 million in First Majestic shares (based on 20 days volume weighted average price) will be paid upon receipt by First Mining of a Federal or Provincial Environmental Assessment approval for Springpole.

In connection with the agreement, First Mining also granted First Majestic 30 million common share purchase warrants, each of which will entitle the Company to purchase one common share of First Mining at CAD$0.40 over a period of five years. The fair value of the warrants was measured at $5.7 million using the Black-Scholes model.

First Mining shall have the right to repurchase 50% of the silver stream for $22.5 million at any time prior to the commencement of production at Springpole leaving the Company with a reduced silver stream of 25% of life of mine payable silver production.

As at March 31, 2021, the Company has paid $17.5 million in consideration to First Mining as part of the agreement, of which $5.7 million was allocated to other financial assets and $11.8 million was allocated to the Springpole Silver Stream recognized within exploration and evaluation assets.

First Mining is a related party with two independent board members who are also directors and/or officers of First Majestic.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 15


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

15. PROPERTY, PLANT AND EQUIPMENT

The majority of the Company's property, plant and equipment is used in the Company's operating mine segments. Property, plant and equipment is depreciated using either the straight-line or units-of-production method over the shorter of the estimated useful life of the asset or the expected life of mine. Where an item of property, plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Assets under construction are recorded at cost and re-allocated to land and buildings, machinery and equipment or other when they become available for use.

Property, plant and equipment are comprised of the following:


	Land and Buildings(1)	Machinery and Equipment	Assets under Construction(2)	Other	Total
Cost
At December 31, 2019	$198,412	$456,655	$27,645	$24,438	$707,150
Additions	—	2,096	47,266	391	49,753

Transfers and disposals	917	9,873	(19,242)	3,822	(4,630)
At December 31, 2020	$199,329	$468,624	$55,669	$28,651	$752,273
Additions	—	344	8,363	53	8,760

Transfers and disposals	1,005	1,355	(4,988)	2,237	(391)
At March 31, 2021	$200,334	$470,323	$59,044	$30,941	$760,642

Accumulated depreciation, amortization and impairment
At December 31, 2019	($129,040)	($326,300)	$—	($15,171)	($470,511)
Depreciation and amortization	(4,188)	(19,833)	—	(2,555)	(26,576)

Transfers and disposals	72	2,754	—	208	3,034
At December 31, 2020	($133,156)	($343,379)	$—	($17,518)	($494,053)
Depreciation and amortization	(1,227)	(4,959)	—	(748)	(6,934)
Transfers and disposals	—	119	—	24	143
Write-down on assets-held-for-sale	—	—	—	(2,081)	(2,081)
At March 31, 2021	($134,383)	($348,219)	$—	($20,323)	($502,925)

Carrying values
At December 31, 2020	$66,173	$125,245	$55,669	$11,133	$258,220
At March 31, 2021	$65,951	$122,104	$59,044	$10,618	$257,717

(1) Included in land and buildings is $11.2 million (2020 - $11.2 million) of land which is not subject to depreciation.

(2) Assets under construction includes certain innovation projects, such as high-intensity grinding ("HIG") mills and related modernization, plant improvements, other mine infrastructures and equipment overhauls.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 16


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

15. PROPERTY, PLANT AND EQUIPMENT (continued)

Property, plant and equipment, including land and buildings, machinery and equipment, assets under construction and other assets above are allocated by mine as follow:


	San Dimas	Santa Elena	La Encantada	Non-producing Properties(1)	Other	Total
Cost
At December 31, 2019	$136,303	$90,762	$137,302	$297,240	$45,543	$707,150
Additions	10,384	7,933	4,209	272	26,955	49,753

Transfers and disposals	41	(1,364)	1,999	(3,751)	(1,555)	(4,630)
At December 31, 2020	$146,728	$97,331	$143,510	$293,761	$70,943	$752,273
Additions(2)	1,175	1,636	1,102	43	4,804	8,760

Transfers and disposals	1,646	4,732	836	(5,733)	(1,872)	(391)
At March 31, 2021	$149,549	$103,699	$145,448	$288,071	$73,875	$760,642

Accumulated depreciation, amortization and impairment
At December 31, 2019	($19,747)	($42,975)	($122,566)	($266,190)	($19,033)	($470,511)
Depreciation and amortization	(15,032)	(6,451)	(2,646)	(592)	(1,855)	(26,576)
Transfers and disposals	156	1,340	(1,743)	2,909	372	3,034

At December 31, 2020	($34,623)	($48,086)	($126,955)	($263,873)	($20,516)	($494,053)
Depreciation and amortization	(3,949)	(1,608)	(647)	(66)	(664)	(6,934)
Transfers and disposals	(1,074)	(2,575)	(380)	4,126	46	143
Write-down on assets held-for-sale	—	—	—	—	(2,081)	(2,081)
At March 31, 2021	($39,646)	($52,269)	($127,982)	($259,813)	($23,215)	($502,925)

Carrying values
At December 31, 2020	$112,105	$49,245	$16,555	$29,888	$50,427	$258,220
At March 31, 2021	$109,903	$51,430	$17,466	$28,258	$50,660	$257,717

(1) Non-producing properties include the San Martin, Del Toro, La Parrilla and La Guitarra mines.

(2) Additions classified in "Other" primarily consist of innovation projects and construction-in-progress.


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 17


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

16. RIGHT-OF-USE ASSETS

The Company entered into operating leases to use certain land, building, mining equipment and corporate equipment for its operations. The Company is required to recognize right-of-use assets representing its right to use these underlying leased asset over the lease term.

Right-of-use asset is initially measured at cost, equivalent to its obligation for payments over the term of the leases, and subsequently measured at cost less accumulated depreciation and impairment losses. Depreciation is recorded on a straight-line basis over the shorter period of lease term and useful life of the underlying asset.

Right-of-use assets are comprised of the following:


	Land and Buildings	Machinery and Equipment	Other	Total
At December 31, 2019	$4,207	$7,812	$15	$12,034

Additions	1,939	554	—	2,494
Remeasurements	2,789	(10)	—	2,779
Depreciation and amortization	(848)	(2,106)	(7)	(2,961)
Impairment	—	(16)	—	(16)
At December 31, 2020	$8,087	$6,234	$8	$14,330

Remeasurements	45	(115)	—	(70)
Depreciation and amortization	(247)	(399)	(2)	(648)

Disposals	(186)	(130)	—	(315)
At March 31, 2021	$7,700	$5,590	$7	$13,297

17. TRADE AND OTHER PAYABLES

The Company’s trade and other payables are primarily comprised of amounts outstanding for purchases relating to mining operations, exploration and evaluation activities and corporate expenses. The normal credit period for these purchases is usually between 30 to 90 days.

Trade and other payables are comprised of the following items:


	March 31, 2021	December 31, 2020
Trade payables	$18,523	$31,262
Trade related accruals	23,503	18,635
Payroll and related benefits	25,221	21,427
Environmental duty	584	2,156
Other accrued liabilities	1,513	2,522
	$69,344	$76,002


The accompanying notes are an integral part of the condensed interim consolidated financial statements
First Majestic Silver Corp. 2021 First Quarter Report			Page 18


NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Condensed Interim Consolidated Financial Statements - Unaudited			(Tabular amounts are expressed in thousands of US dollars)

18. DEBT FACILITIES

The movement in debt facilities during the three months ended March 31, 2021 and year ended December 31, 2020, respectively, are comprised of the following:


	Convertible Debentures (a)	Revolving Credit Facility (b)	Total
Balance at December 31, 2019	$136,607	$19,211	$155,818




Finance costs
Interest expense	2,984	763	3,747
Accretion	6,168	678	6,846
Proceeds from drawdown of Revolving Credit Facility	—	10,000	10,000
Repayments of principal	—	(19,969)	(19,969)
Payments of finance costs	(2,934)	(800)	(3,734)
Balance at December 31, 2020	$142,825	$9,883	$152,708



Finance costs
Interest expense	733	183	916
Accretion	1,582	172	1,754


Payments of finance costs	(1,467)	(197)	(1,664)
Balance at March 31, 2021	$143,673	$10,041	$153,714

Statements of Financial Position Presentation
Current portion of debt facilities	$1,092	$9,883	$10,975
Non-current portion of debt facilities	141,733	—	141,733
Balance at December 31, 2020	$142,825	$9,883	$152,708
Current portion of debt facilities	$359	$10,041	$10,400
Non-current portion of debt facilities	143,314	—	143,314
Balance at March 31, 2021	$143,673	$10,041 </