Early Warning News Release

Rhea-AI Summary

First Majestic Silver (NYSE: AG) sold 37,600,000 Silver Storm shares on October 7, 2025 at CAD$0.2318 per share for gross proceeds of CAD$8,715,680.

Before the sale First Majestic held 178,349,350 shares (≈24.16% non-diluted; ≈26.71% partially diluted). After the sale it holds 140,749,350 shares (≈19.07% non-diluted; ≈21.79% partially diluted). All Silver Storm securities are held for investment and ownership percentages are based on issued shares as of October 6, 2025.

Positive

• Realized gross proceeds of CAD 8,715,680 from the sale
• Non-diluted ownership reduced to 19.07% after the transaction
• Partial-diluted ownership remains at 21.79% including warrants

Negative

• Non-diluted ownership fell by 5.09 percentage points from 24.16%
• Share sale reduced influence over Silver Storm below 20% non-diluted

Insights

Equity Portfolio Analyst

First Majestic sold Silver Storm shares for CAD$8,715,680, trimming its stake from 24.16% to 19.07% on October 7, 2025.

The company converted a minority equity holding into cash by selling 37,600,000 shares at CAD$0.2318 per share, reducing its non-diluted ownership to 19.07%. This action changes voting and ownership metrics while preserving an ongoing investment position in Silver Storm.

Key dependencies include the announced holding intention and the planned SEDAR+ early warning filing; these maintain regulatory transparency but do not state future moves. Watch for subsequent SEDAR+ documents and any further purchases or disposals in the near term, starting immediately after October 7, 2025.

Vancouver, British Columbia--(Newsfile Corp. - October 7, 2025) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that it has today disposed of 37,600,000 common shares (each a "Share") of Silver Storm Mining Ltd. ("Silver Storm") pursuant to a share purchase and sale agreement (and not through the facilities of the TSX Venture Exchange) at a price of CAD$0.2318 per Share for gross aggregate proceeds of CAD$8,715,680 (the "Sale").

Immediately prior to giving effect to the Sale, First Majestic, held beneficial ownership of, or control and direction over, 178,349,350 Shares of Silver Storm and 25,671,166 common share purchase warrants of Silver Storm ("Warrants"), representing approximately 24.16% of the issued and outstanding Shares of Silver Storm on a non-diluted basis and approximately 26.71% on a partially-diluted basis. After giving effect to the Sale, First Majestic now holds beneficial ownership of, or control and direction over, 140,749,350 Shares of Silver Storm and 25,671,166 Warrants, representing approximately 19.07% of the issued and outstanding Shares of Silver Storm on a non-diluted basis and approximately 21.79% on a partially-diluted basis.

All securities of Silver Storm owned by First Majestic are held for investment purposes. First Majestic has no current intention of increasing or decreasing its ownership of, or control or direction over, additional securities of Silver Storm. First Majestic reviews its holdings from time to time and may, depending on market conditions and other factors, increase or decrease its position in Silver Storm as future circumstances may dictate.

All ownership percentages herein are based upon the number of issued and outstanding Shares of Silver Storm as at October 6, 2025. First Majestic's head office is located at Suite 1800 - 925 West Georgia Street, Vancouver, British Columbia V6C 3L2. Silver Storm's head office is located at Suite 2020 - 22 Adelaide Street West, Bay Adelaide Centre - East Tower, Toronto, Ontario M5H 4E3.

This news release is being issued in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report regarding the Sale will be filed on the System for Electronic Document Analysis and Review ("SEDAR+") at www.sedarplus.ca under Silver Storm's issuer profile in accordance with applicable securities laws. To obtain a copy of such early warning report, please contact Darrell Rae, Investor Relations at First Majestic, toll-free at 1.866.529.2807 (or by e-mail: info@firstmajestic.com) or refer to Silver Storm's SEDAR+ profile.

FIRST MAJESTIC SILVER CORP.

Keith Neumeyer, President & CEO

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269565

FAQ

What did First Majestic (AG) sell on October 7, 2025?

First Majestic sold 37,600,000 Silver Storm shares at CAD$0.2318 per share.

How much cash did First Majestic (AG) raise from the Silver Storm sale?

The company received gross proceeds of CAD 8,715,680 from the sale.

What is First Majestic's ownership in Silver Storm after the October 7, 2025 sale?

After the sale First Majestic holds 140,749,350 shares, ≈19.07% non-diluted and ≈21.79% partially diluted.

Did First Majestic sell Silver Storm shares on a public exchange?

No, the shares were sold under a purchase and sale agreement and not through the TSX Venture Exchange.

Are First Majestic's remaining Silver Storm securities held for trading or investment?

All securities are stated to be held for investment purposes.

Where are ownership percentages in the filing measured as of?

Ownership percentages are based on Silver Storm issued and outstanding shares as of October 6, 2025.