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      <filer>
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          <ccc>XXXXXXXX</ccc>
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      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


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      <issuerName>FIRST MAJESTIC SILVER CORP</issuerName>
      <secFileNumber>001-34984</secFileNumber>
      <issuerAddress>
        <com:street1>925 WEST GEORGIA STREET</com:street1>
        <com:street2>SUITE 1800</com:street2>
        <com:city>VANCOUVER</com:city>
        <com:stateOrCountry>A1</com:stateOrCountry>
        <com:zipCode>V6C 3L2</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>604-688-3033</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Electrum Silver US LLC</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Recent Affiliate</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Citigroup Global Markets Inc</name>
        <address>
          <com:street1>388 Greenwich St.</com:street1>
          <com:street2>4th Floor Trading</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10013</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>5115706</noOfUnitsSold>
      <aggregateMarketValue>32177790.74</aggregateMarketValue>
      <noOfUnitsOutstanding>484254435</noOfUnitsOutstanding>
      <approxSaleDate>04/11/2025</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>01/16/2025</acquiredDate>
      <natureOfAcquisitionTransaction>Shares of AG received in AG's acquisition of Gatos Silver. Gatos Silver shares acquired in private placements.</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Gatos Silver, Inc.</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>45631412</amountOfSecuritiesAcquired>
      <paymentDate>11/11/2020</paymentDate>
      <natureOfPayment>Cash</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
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      <sellerDetails>
        <name>Electrum Silver US LLC</name>
        <address>
          <com:street1>C/O TEG, 600 Fifth Avenue, FL 24</com:street1>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>02/04/2025</saleDate>
      <amountOfSecuritiesSold>8000000</amountOfSecuritiesSold>
      <grossProceeds>47360000.00</grossProceeds>
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          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
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          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
        </address>
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      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>03/20/2025</saleDate>
      <amountOfSecuritiesSold>2500000</amountOfSecuritiesSold>
      <grossProceeds>17640250.00</grossProceeds>
    </securitiesSoldInPast3Months>
    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Electrum Silver US LLC</name>
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          <com:street1>C/O TEG, 600 Fifth Avenue, FL 24</com:street1>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
        </address>
      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>03/25/2025</saleDate>
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    <securitiesSoldInPast3Months>
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          <com:stateOrCountry>NY</com:stateOrCountry>
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      </sellerDetails>
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      <grossProceeds>2001077.28</grossProceeds>
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    <securitiesSoldInPast3Months>
      <sellerDetails>
        <name>Electrum Silver US LLC</name>
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          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10020</com:zipCode>
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      <saleDate>03/28/2025</saleDate>
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    <securitiesSoldInPast3Months>
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      </sellerDetails>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>04/09/2025</saleDate>
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    <securitiesSoldInPast3Months>
      <sellerDetails>
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      <securitiesClassTitle>Common</securitiesClassTitle>
      <saleDate>04/10/2025</saleDate>
      <amountOfSecuritiesSold>2110011</amountOfSecuritiesSold>
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    </securitiesSoldInPast3Months>
    <noticeSignature>
      <noticeDate>04/11/2025</noticeDate>
      <signature>Citigroup Global Markets Inc as agent and attorney-in-fact for Michael Williams</signature>
    </noticeSignature>
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