SCHEDULE 13G/A 0001830153 XXXXXXXX LIVE 2 Common Shares, no par value 06/30/2025 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 15815706 0 15815706 15815706 N 3.2 OO For Box 11 All percentages calculated in this Schedule 13G are based upon an aggregate of 487,254,107 common shares, no par value ("Common Shares"), of First Majestic Silver Corp. (the "Issuer") outstanding as of June 30, 2025, based on information provided by Issuer. Electrum Strategic Management LLC b DE 0 25911248 0 25911248 25911248 N 5.3 OO Electrum Global Holdings L.P. b E9 0 25911248 0 25911248 25911248 N 5.3 OO FI TEG Global GP Ltd. b E9 0 25911248 0 25911248 25911248 N 5.3 OO FI The Electrum Group LLC b DE 0 25911248 0 25911248 25911248 N 5.3 IA Electrum Silver US II LLC b DE 0 10095542 0 10095542 10095542 N 2.1 OO Electrum Strategic Opportunities Fund II L.P. b E9 0 10095542 0 10095542 10095542 N 2.1 PN FI Electrum Strategic Opportunities Fund II GP L.P. b E9 0 10095542 0 10095542 10095542 N 2.1 PN FI ESOF II GP Ltd. b E9 0 10095542 0 10095542 10095542 N 2.1 FI First Majestic Silver Corp. 925 West Georgia Street, Suite 1800, Vancouver, British Columbia V6C 3L2, Canada This Schedule 13G is jointly filed by each of the entities below (collectively, the "Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"): (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 May 12, 2025, a copy of which is attached as Exhibit 99.1 to the first amendment to the Schedule 13G of the Reporting Persons, filed with the Securities and Exchange Commission on May 12, 2025, pursuant to which the Reporting Persons agreed to file any amendments to such Schedule 13G 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 As of June 30, 2025, ESUS directly owned 15,815,706 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. As of June 30, 2025, ESUS II directly owned 10,095,542 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 487,254,107 Common Shares outstanding as of June 30, 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. Electrum Silver US LLC /s/ Andrew M. Shapiro 08/12/2025 Electrum Strategic Management LLC /s/ Andrew M. Shapiro 08/12/2025 Electrum Global Holdings L.P. /s/ Andrew M. Shapiro 08/12/2025 TEG Global GP Ltd. /s/ Andrew M. Shapiro 08/12/2025 The Electrum Group LLC /s/ Michael H. Williams 08/12/2025 Electrum Silver US II LLC /s/ Andrew Shapiro 08/12/2025 Electrum Strategic Opportunities Fund II L.P. /s/ Michael H. Williams 08/12/2025 Electrum Strategic Opportunities Fund II GP L.P. /s/ Michael H. Williams 08/12/2025 ESOF II GP Ltd. /s/ Michael H. Williams 08/12/2025 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