Electrum Silver US LLC - 30 Jun 2025 SCHEDULE 13G/A 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	3.2%	15,815,706	15,815,706	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Managing Director
Electrum Strategic Management LLC	5.3%	25,911,248	25,911,248	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Managing Director
Electrum Global Holdings L.P.	5.3%	25,911,248	25,911,248	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Director
TEG Global GP Ltd.	5.3%	25,911,248	25,911,248	/s/ Andrew M. Shapiro	Andrew M. Shapiro, Director
The Electrum Group LLC	5.3%	25,911,248	25,911,248	/s/ Michael H. Williams	Michael H. Williams, Senior Managing Director
Electrum Silver US II LLC	2.1%	10,095,542	10,095,542	/s/ Andrew Shapiro	Andrew Shapiro, Managing Director
Electrum Strategic Opportunities Fund II L.P.	2.1%	10,095,542	10,095,542	/s/ Michael H. Williams	Michael H. Williams, Director
Electrum Strategic Opportunities Fund II GP L.P.	2.1%	10,095,542	10,095,542	/s/ Michael H. Williams	Michael H. Williams, Director
ESOF II GP Ltd.	2.1%	10,095,542	10,095,542	/s/ Michael H. Williams	Michael H. Williams, Director