Electrum Silver US LLC - 16 Jan 2025 SCHEDULE 13G Report for First Majestic Silver Corp. Common Shares, no par value (AG)

Reporting Managers (9)

Name	Ownership	Shares Owned	shared voting power	Signature	Title
Electrum Silver US LLC	9.5%	45,631,412	45,631,412	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Managing Director
Electrum Strategic Management LLC	11.7%	56,111,157	56,111,157	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Managing Director
Electrum Global Holdings L.P.	11.7%	56,111,157	56,111,157	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Director
TEG Global GP Ltd.	11.7%	56,111,157	56,111,157	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Director
The Electrum Group LLC	11.7%	56,111,157	56,111,157	/s/ Michael H. Williams	Michael H. Williams, Senior Managing Director
Electrum Silver US II LLC	2.2%	10,479,745	10,479,745	/s/ Andrew Shapiro, Managing Director	Andrew Shapiro, Managing Director
Electrum Strategic Opportunities Fund II L.P.	2.2%	10,479,745	10,479,745	/s/ Michael H. Williams	Michael H. Williams, Director
Electrum Strategic Opportunities Fund II GP L.P.	2.2%	10,479,745	10,479,745	/s/ Michael H. Williams	Michael H. Williams, Director
ESOF II GP Ltd.	2.2%	10,479,745	10,479,745	/s/ Michael H. Williams	Michael H. Williams, Director