First Majestic Silver (AG): Ownership update — Amendment No. 3 to Schedule 13G reports that Electrum Silver US LLC and affiliated entities beneficially own 1,180,000 Common Shares of First Majestic Silver Corp., representing 0.2% of the class as of September 30, 2025. The group reports shared voting and dispositive power over 1,180,000 shares and no sole power.
Percentages are based on 490,028,835 Common Shares outstanding as of September 30, 2025, as disclosed by the issuer. The filers certify the holdings are not for the purpose of changing or influencing control of the company.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
First Majestic Silver Corp.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
32076V103
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Silver US LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,180,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,180,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,180,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person:
For Box 11
All percentages calculated in this Schedule 13G are based upon an aggregate of 490,028,835 common shares, no par value ("Common Shares"), of First Majestic Silver Corp. (the "Issuer") outstanding as of September 30, 2025, as disclosed in the Report on Form 6-K filed by the Issuer with the Securities and Exchange Commission on October 8, 2025.
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Strategic Management LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,180,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,180,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,180,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Global Holdings L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,180,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,180,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,180,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
OO, FI
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
TEG Global GP Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,180,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,180,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,180,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
OO, FI
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
The Electrum Group LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
1,180,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
1,180,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,180,000.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Silver US II LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Strategic Opportunities Fund II L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN, FI
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
Electrum Strategic Opportunities Fund II GP L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
PN, FI
SCHEDULE 13G
CUSIP No.
32076V103
1
Names of Reporting Persons
ESOF II GP Ltd.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
0.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
0 %
12
Type of Reporting Person (See Instructions)
FI
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
First Majestic Silver Corp.
(b)
Address of issuer's principal executive offices:
925 West Georgia Street, Suite 1800, Vancouver, British Columbia V6C 3L2, Canada
Item 2.
(a)
Name of person filing:
This Schedule 13G is jointly filed by each of the entities below (collectively, the "Reporting Persons") pursuant to Rule 13d-1(k) promulgated by the Securities and Exchange Commission pursuant to Section 13 of the Securities Exchange Act of 1934, as amended (the "Act"):
(i) Electrum Silver US LLC ("ESUS");
(ii) Electrum Strategic Management LLC ("ESM");
(iii) Electrum Global Holdings L.P. ("Global Holdco");
(iv) TEG Global GP Ltd. ("TEG Global");
(v) The Electrum Group LLC ("TEG");
(vi) Electrum Silver US II LLC ("ESUS II");
(vii) Electrum Strategic Opportunities Fund II L.P. ("ESOF II");
(viii) Electrum Strategic Opportunities Fund II GP L.P. ("ESOF II GP L.P."); and
(ix) ESOF II GP Ltd. ("ESOF II GP")
The Reporting Persons have entered into a Joint Filing Agreement, dated May 12, 2025, a copy of which is attached as Exhibit 99.1 to the first amendment to the Schedule 13G of the Reporting Persons, filed with the Securities and Exchange Commission on May 12, 2025, pursuant to which the Reporting Persons agreed to file any amendments to such Schedule 13G jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Act.
(b)
Address or principal business office or, if none, residence:
The address of the principal business office of each of the Reporting Persons is 600 Fifth Avenue, 24th Floor, New York, New York 10020.
(c)
Citizenship:
See responses to Item 4 on each cover page.
(d)
Title of class of securities:
Common Shares, no par value
(e)
CUSIP No.:
32076V103
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of September 30, 2025, ESUS directly owned 1,180,000 Common Shares. ESM is the manager of ESUS. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. TEG acts as an investment advisor to Global Holdco. As a result, ESM, Global Holdco, TEG Global and TEG may be deemed to beneficially own shares of the Common Shares held by ESUS.
As of September 30, 2025, ESUS II directly owned 0 Common Shares. ESOF II owns 99% of ESUS II, and ESM is the manager of ESUS II. ESM is wholly owned by Global Holdco, and TEG Global is the general partner of Global Holdco. The general partner of ESOF II is ESOF II GP L.P., and the general partner of ESOF II GP L.P. is ESOF II GP. ESOF II GP is wholly owned by Global Holdco. TEG acts as an investment advisor to ESOF II. As a result, ESOF II, ESM, Global Holdco, TEG Global, ESOF II GP L.P., TEG and ESOF II GP may be deemed to beneficially own shares of the Common Shares held by ESUS II.
Each of the Reporting Persons disclaims beneficial ownership of such Common Shares except to the extent of its pecuniary interest therein, if any. Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this statement shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this statement held by any other person. The Reporting Persons expressly disclaim that they have agreed to act as a group other than as described in this Schedule 13G.
(b)
Percent of class:
See responses to Item 11 on each cover page. All percentages calculated in this Schedule 13G are based upon an aggregate of 490,028,835 Common Shares outstanding as of September 30, 2025, as disclosed in the Report on Form 6-K filed by the Issuer with the Securities and Exchange Commission on October 8, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
See responses to Item 5 on each cover page.
(ii) Shared power to vote or to direct the vote:
See responses to Item 6 on each cover page.
(iii) Sole power to dispose or to direct the disposition of:
See responses to Item 7 on each cover page.
(iv) Shared power to dispose or to direct the disposition of:
See responses to Item 8 on each cover page.
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Electrum Silver US LLC
Signature:
/s/ Andrew M. Shapiro
Name/Title:
Andrew M. Shapiro, Managing Director
Date:
11/05/2025
Electrum Strategic Management LLC
Signature:
/s/ Andrew M. Shapiro
Name/Title:
Andrew M. Shapiro, Managing Director
Date:
11/05/2025
Electrum Global Holdings L.P.
Signature:
/s/ Andrew M. Shapiro
Name/Title:
Andrew M. Shapiro, Director
Date:
11/05/2025
TEG Global GP Ltd.
Signature:
/s/ Andrew M. Shapiro
Name/Title:
Andrew M. Shapiro, Director
Date:
11/05/2025
The Electrum Group LLC
Signature:
/s/ Michael H. Williams
Name/Title:
Michael H. Williams, Senior Managing Director
Date:
11/05/2025
Electrum Silver US II LLC
Signature:
/s/ Andrew M. Shapiro
Name/Title:
Andrew M. Shapiro, Managing Director
Date:
11/05/2025
Electrum Strategic Opportunities Fund II L.P.
Signature:
/s/ Michael H. Williams
Name/Title:
Michael H. Williams, Director
Date:
11/05/2025
Electrum Strategic Opportunities Fund II GP L.P.
Signature:
/s/ Michael H. Williams
Name/Title:
Michael H. Williams, Director
Date:
11/05/2025
ESOF II GP Ltd.
Signature:
/s/ Michael H. Williams
Name/Title:
Michael H. Williams, Director
Date:
11/05/2025
Comments accompanying signature:
Electrum Silver US LLC By: Electrum Strategic Management LLC, its Manager
Electrum Global Holdings L.P. By: TEG Global GP Ltd., its general partner
Electrum Silver US II LLC By: Electrum Strategic Management LLC, its Manager
Electrum Strategic Opportunities Fund II L.P. By: Electrum Strategic Opportunities Fund II GP L.P., its general partner By: ESOF II GP Ltd., its general partner
Electrum Strategic Opportunities Fund II GP L.P. By: ESOF II GP Ltd., its general partner
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