Early Warning News Release

Rhea-AI Summary

First Majestic Silver Corp (NYSE: AG) sold 17,500,000 Sierra Madre Gold and Silver shares on November 5, 2025 for CAD$1.33 per share, generating CAD$23,275,000 gross proceeds.

Before the sale First Majestic held 69,063,076 shares (≈37.13%); after the sale it holds 51,563,076 shares (≈27.72%) on a non-diluted basis. All Sierra Madre securities are held for investment; the company says it has no current intention to change its position but may review holdings depending on market conditions. An early warning report will be filed on SEDAR+ under Sierra Madre's profile.

Positive

• Gross proceeds of CAD$23,275,000 from the sale
• Stake reduced while retaining a 27.72% investment in Sierra Madre
• Sale executed under a share purchase agreement (off-exchange)

Negative

• Ownership decreased from 37.13% to 27.72% (9.41 percentage points)
• Disposition reduces First Majestic's block holding in Sierra Madre

Insights

Equity stakes analyst

First Majestic sold a material Sierra Madre stake for CAD$23,275,000, reducing ownership to 27.72%.

First Majestic disposed of 17,500,000 Sierra Madre shares at CAD$1.33 per share for gross proceeds of CAD$23,275,000, lowering its holding from 37.13% to 27.72% as of November 5, 2025. The securities are held for investment, and management states no current intention to change the position further.

The business mechanism is straightforward: a partial divestiture realized cash while moving ownership below a significant control threshold. Key dependencies include any change in future intent by the seller, market demand for the remaining shares, and regulatory filing accuracy; these facts alone do not assert strategic motives or future outcomes.

Watch for the filed early warning report on SEDAR+ and any subsequent disclosures about remaining share sales or purchases; near-term signals will appear in filings and announced transactions over the next few weeks to months.

Vancouver, British Columbia--(Newsfile Corp. - November 5, 2025) - First Majestic Silver Corp. (NYSE: AG) (TSX: AG) (FSE: FMV) (the "Company" or "First Majestic") announces that it has today disposed of 17,500,000 common shares (each a "Share") of Sierra Madre Gold and Silver Ltd. ("Sierra Madre") pursuant to a share purchase and sale agreement (and not through the facilities of the TSX Venture Exchange) at a price of CAD$1.33 per Share for gross aggregate proceeds of CAD$23,275,000 (the "Sale").

Immediately prior to giving effect to the Sale, First Majestic held beneficial ownership of, or control and direction over, 69,063,076 Shares of Sierra Madre, representing approximately 37.13% of the issued and outstanding Shares of Sierra Madre on a non-diluted basis. After giving effect to the Sale, First Majestic now holds beneficial ownership of, or control and direction over, 51,563,076 Shares of Sierra Madre, representing approximately 27.72% of the issued and outstanding Shares of Sierra Madre on a non-diluted basis.

All securities of Sierra Madre 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 Sierra Madre. First Majestic reviews its holdings from time to time and may, depending on market conditions and other factors, increase or decrease its position in Sierra Madre as future circumstances may dictate.

All ownership percentages herein are based upon the number of issued and outstanding Shares of Sierra Madre as at November 5, 2025. First Majestic's head office is located at Suite 1800 - 925 West Georgia Street, Vancouver, British Columbia V6C 3L2. Sierra Madre's head office is located at 1455 Bellevue Avenue, West Vancouver, British Columbia V7T 1C3.

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 Sierra Madre's issuer profile in accordance with applicable securities laws. To obtain a copy of such early warning report, please contact Darrell Rae, Manager of Investor Relations at First Majestic, toll-free at 1.866.529.2807 (or by e-mail: info@firstmajestic.com) or refer to Sierra Madre'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/273379

FAQ

What did First Majestic announce about its Sierra Madre share sale on November 5, 2025 (AG)?

First Majestic sold 17,500,000 Sierra Madre shares at CAD$1.33 per share for CAD$23,275,000 gross proceeds on November 5, 2025.

How much of Sierra Madre does First Majestic own after the November 2025 sale (AG)?

After the sale First Majestic holds 51,563,076 shares, representing approximately 27.72% of issued and outstanding Sierra Madre shares.

What was First Majestic's ownership percentage in Sierra Madre before the November 5, 2025 sale (AG)?

Immediately prior to the sale First Majestic beneficially owned or controlled 69,063,076 shares, or about 37.13% of Sierra Madre.

Will First Majestic file an early warning report for the Sierra Madre sale (AG)?

Yes. An early warning report will be filed on SEDAR+ under Sierra Madre's issuer profile in accordance with applicable securities laws.

Did First Majestic sell the Sierra Madre shares on the TSX Venture Exchange (AG)?

No. The sale was completed pursuant to a share purchase and sale agreement and not through the facilities of the TSX Venture Exchange.