SCHEDULE 13G 0001830153 XXXXXXXX LIVE Common Shares, no par value 01/16/2025 0001308648 First Majestic Silver Corp. 32076V103 Suite 1800 - 925 West Georgia Street Vancouver Z4 V6C 3L2 Rule 13d-1(c) Electrum Silver US LLC b DE 0 45631412 0 45631412 45631412 N 9.5 OO For Box 6, 8 and 9 See Item 4 of this Schedule 13G. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 common shares of the Issuer, no par value ("Common Shares"), outstanding as of January 16, 2025 based on information provided by First Majestic Silver Corp. ("Issuer"). Electrum Strategic Management LLC b DE 0 56111157 0 56111157 56111157 N 11.7 OO For Box 6, 8 and 9 See Item 4 of this Schedule 13G. Consists of (i) 45,631,412 Common Shares held by Electrum Silver US LLC and (ii) 10,479,745 Common Shares held by Electrum Silver US II LLC. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. Electrum Global Holdings L.P. b E9 0 56111157 0 56111157 56111157 N 11.7 OO FI For Box 6, 8 and 9 See Item 4 of this Schedule 13G. Consists of (i) 45,631,412 Common Shares held by Electrum Silver US LLC and (ii) 10,479,745 Common Shares held by Electrum Silver US II LLC. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. TEG Global GP Ltd. b E9 0 56111157 0 56111157 56111157 N 11.7 OO FI For Box 6, 8 and 9 See Item 4 of this Schedule 13G. Consists of (i) 45,631,412 Common Shares held by Electrum Silver US LLC and (ii) 10,479,745 Common Shares held by Electrum Silver US II LLC. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. The Electrum Group LLC b DE 0 56111157 0 56111157 56111157 N 11.7 IA For Box 6, 8 and 9 See Item 4 of this Schedule 13G. Consists of (i) 45,631,412 Common Shares held by Electrum Silver US LLC and (ii) 10,479,745 Common Shares held by Electrum Silver US II LLC. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. Electrum Silver US II LLC b DE 0 10479745 0 10479745 10479745 N 2.2 OO For Box 6, 8 and 9 See Item 4 of this Schedule 13G. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. Electrum Strategic Opportunities Fund II L.P. b E9 0 10479745 0 10479745 10479745 N 2.2 PN FI For Box 6, 8 and 9 See Item 4 of this Schedule 13G. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. Electrum Strategic Opportunities Fund II GP L.P. b E9 0 10479745 0 10479745 10479745 N 2.2 PN FI For Box 6, 8 and 9 See Item 4 of this Schedule 13G. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. ESOF II GP Ltd. b E9 0 10479745 0 10479745 10479745 N 2.2 FI For Box 6, 8 and 9 See Item 4 of this Schedule 13G. For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. First Majestic Silver Corp. 925 West Georgia Street, Suite 1800, Vancouver, British Columbia, Canada, V6C 3L2 This Schedule 13G is jointly filed by each of the entities below pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Act (collectively, the "Reporting Persons"): (i) Electrum Silver US LLC ("ESUS"); (ii) Electrum Strategic Management LLC ("ESM"); (iii) Electrum Global Holdings L.P. ("Global Holdco"); (iv) TEG Global GP Ltd. ("TEG Global"); (v) The Electrum Group LLC ("TEG"); (vi) Electrum Silver US II LLC ("ESUS II"); (vii) Electrum Strategic Opportunities Fund II L.P. ("ESOF II"); (viii) Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."); and (ix) ESOF II GP Ltd. ("ESOF II GP") The Reporting Persons have entered into a Joint Filing Agreement, dated January 22, 2025, a copy of which is attached as Exhibit 99.1 to this Schedule 13G, pursuant to which the Reporting Persons agreed to file this Schedule 13G and any amendments thereto jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act. The address of the principal business office of each of the Reporting Persons is 600 Fifth Avenue, 24th Floor, New York, New York 10020. See responses to Item 4 on each cover page. Y ESUS directly owns 45,631,412 Common Shares. ESM is the manager of ESUS. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. TEG acts as an investment advisor to Global Holdco. As a result, ESM, Global Holdco, TEG Global and TEG may be deemed to beneficially own shares of the Common Shares held by ESUS. ESUS II directly owns 10,479,745 Common Shares. ESOF II owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is ESOF II GP L.P., and the general partner of ESOF II GP L.P. is ESOF II GP. ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. As a result, ESOF II, ESM, Global Holdco, TEG Global, ESOF II GP L.P., TEG and ESOF II GP may be deemed to beneficially own shares of the Common Shares held by ESUS II. Each of the Reporting Persons disclaims beneficial ownership of such Common Shares except to the extent of its pecuniary interest therein, if any. Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this statement shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this statement held by any other person. The Reporting Persons expressly disclaim that they have agreed to act as a group other than as described in this Schedule 13G. See responses to Item 11 on each cover page. All percentages calculated in this Schedule 13G are based upon an aggregate of 479,398,044 Common Shares outstanding as of January 16, 2025 based on information provided by Issuer. See responses to Item 5 on each cover page. See responses to Item 6 on each cover page. See responses to Item 7 on each cover page. See responses to Item 8 on each cover page. Y Y Y Y Y N By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11. Exhibit 99.1 - Joint Filing Agreement Electrum Silver US LLC /s/ Andrew M. Shapiro 01/22/2025 Electrum Strategic Management LLC /s/ Andrew M. Shapiro 01/22/2025 Electrum Global Holdings L.P. /s/ Andrew M. Shapiro 01/22/2025 TEG Global GP Ltd. /s/ Andrew M. Shapiro 01/22/2025 The Electrum Group LLC /s/ Michael H. Williams 01/22/2025 Electrum Silver US II LLC /s/ Andrew Shapiro, Managing Director 01/22/2025 Electrum Strategic Opportunities Fund II L.P. /s/ Michael H. Williams 01/22/2025 Electrum Strategic Opportunities Fund II GP L.P. /s/ Michael H. Williams 01/22/2025 ESOF II GP Ltd. /s/ Michael H. Williams 01/22/2025 Electrum Silver US LLC By: Electrum Strategic Management LLC, its Manager Electrum Global Holdings L.P. By: TEG Global GP Ltd., its general partner Electrum Silver US II LLC By: Electrum Strategic Management LLC, its Manager Electrum Strategic Opportunities Fund II L.P. By: Electrum Strategic Opportunities Fund II GP L.P., its general partner By: ESOF II GP Ltd., its general partner Electrum Strategic Opportunities Fund II GP L.P. By: ESOF II GP Ltd., its general partner