Electrum Discloses 25.9M Shares (5.3%) in First Majestic Silver (AG)

Rhea-AI Filing Summary

Electrum-affiliated entities disclosed passive stakes in First Majestic Silver Corp., reporting specific share counts, voting power and percent ownership based on 487,254,107 common shares outstanding as of June 30, 2025. The filing lists separate holdings: Electrum Silver US LLC directly holds 15,815,706 shares (3.2%) with 0 sole and 15,815,706 shared voting/dispositive power. A group of related Electrum entities (including Electrum Strategic Management LLC, Electrum Global Holdings L.P., TEG Global GP Ltd. and The Electrum Group LLC) report beneficial ownership of 25,911,248 shares (5.3%) with shared voting/dispositive power and no sole power. Electrum Silver US II LLC and related fund entities report 10,095,542 shares (2.1%). The Reporting Persons state their holdings are not for the purpose of changing or influencing control and disclaim beneficial ownership except to the extent of pecuniary interest. The filing also discloses a joint filing agreement among the Reporting Persons and provides the issuer’s principal office address.

Positive

• Material passive stake disclosed: Electrum-affiliated entities report 25,911,248 shares (5.3%), crossing the 5% reporting threshold.
• Detailed ownership breakdown: The filing lists per-entity share counts and identifies shared voting and dispositive power while showing 0 sole voting/dispositive power for each reporting person.
• Basis for percentages provided: Percentages are calculated on an explicit total of 487,254,107 common shares outstanding, giving transparent context.
• Expressed passive intent: Item 10 certifies the securities were not acquired to change or influence control, consistent with a Schedule 13G filing.

Negative

• None.

Insights

Financial Analyst

TL;DR: Electrum entities hold a material passive stake in First Majestic (5.3% via related entities) with clear shared voting/dispositive power.

The Schedule 13G shows a substantive passive position: 25,911,248 shares (5.3%) held through related entities and an additional 15,815,706 shares (3.2%) held by a separate Electrum vehicle. The report clarifies that sole voting and dispositive power are zero and that voting/dispositive power is shared, which signals coordinated ownership without direct sole-control rights. Percentages are calculated on a disclosed base of 487,254,107 outstanding shares. For investors, this is material disclosure of concentrated passive ownership but not an explicit control or activist intent, given the Item 10 certification of non-control purpose.

Corporate Governance Expert

TL;DR: Electrum’s disclosure is comprehensive and complies with passive-investor Schedule 13G requirements, while preserving disclaimers about group status.

The filing provides a clear ownership ladder showing managers, general partners and fund entities that may be deemed to beneficially own the shares held by underlying vehicles. It also includes explicit disclaimers that the Reporting Persons disavow beneficial ownership beyond pecuniary interest and that they are not acting as a group beyond the joint filing arrangement. From a governance perspective, the presence of shared voting/dispositive power combined with a >5% position warrants monitoring of any future Schedule 13D or amendments that would indicate active engagement. As filed, the disclosure signals passive accumulation with transparent attribution across related entities.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

First Majestic Silver Corp.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

32076V103

(CUSIP Number)

06/30/2025

(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 15,815,706.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 15,815,706.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

15,815,706.00

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)

3.2 %

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 487,254,107 common shares, no par value ("Common Shares"), of First Majestic Silver Corp. (the "Issuer") outstanding as of June 30, 2025, based on information provided by Issuer.

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 25,911,248.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,911,248.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,911,248.00

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)

5.3 %

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 25,911,248.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,911,248.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,911,248.00

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)

5.3 %

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 25,911,248.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,911,248.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,911,248.00

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)

5.3 %

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 25,911,248.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 25,911,248.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

25,911,248.00

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)

5.3 %

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 10,095,542.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,095,542.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,095,542.00

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)

2.1 %

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 10,095,542.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,095,542.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,095,542.00

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)

2.1 %

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 10,095,542.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,095,542.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,095,542.00

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)

2.1 %

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 10,095,542.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,095,542.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,095,542.00

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)

2.1 %

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 June 30, 2025, ESUS directly owned 15,815,706 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 June 30, 2025, ESUS II directly owned 10,095,542 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 487,254,107 Common Shares outstanding as of June 30, 2025, based on information provided by Issuer.
(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.
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:	08/12/2025

Electrum Strategic Management LLC

Signature:	/s/ Andrew M. Shapiro
Name/Title:	Andrew M. Shapiro, Managing Director
Date:	08/12/2025

Electrum Global Holdings L.P.

Signature:	/s/ Andrew M. Shapiro
Name/Title:	Andrew M. Shapiro, Director
Date:	08/12/2025

TEG Global GP Ltd.

Signature:	/s/ Andrew M. Shapiro
Name/Title:	Andrew M. Shapiro, Director
Date:	08/12/2025

The Electrum Group LLC

Signature:	/s/ Michael H. Williams
Name/Title:	Michael H. Williams, Senior Managing Director
Date:	08/12/2025

Electrum Silver US II LLC

Signature:	/s/ Andrew Shapiro
Name/Title:	Andrew Shapiro, Managing Director
Date:	08/12/2025

Electrum Strategic Opportunities Fund II L.P.

Signature:	/s/ Michael H. Williams
Name/Title:	Michael H. Williams, Director
Date:	08/12/2025

Electrum Strategic Opportunities Fund II GP L.P.

Signature:	/s/ Michael H. Williams
Name/Title:	Michael H. Williams, Director
Date:	08/12/2025

ESOF II GP Ltd.

Signature:	/s/ Michael H. Williams
Name/Title:	Michael H. Williams, Director
Date:	08/12/2025

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

FAQ

How many First Majestic (AG) shares does Electrum Strategic Management LLC report owning?

Electrum Strategic Management LLC (and related Electrum entities) report beneficial ownership of 25,911,248 shares, representing 5.3% of outstanding shares.

What stake does Electrum Silver US LLC hold in First Majestic (AG)?

Electrum Silver US LLC directly owns 15,815,706 shares, representing 3.2% of the class.

Does any Electrum reporting person have sole voting or dispositive power over First Majestic (AG) shares?

No. Each reporting person lists 0 sole voting power and 0 sole dispositive power; the disclosed powers are shared.

What is the ownership reported for Electrum Silver US II LLC and related funds?

Electrum Silver US II LLC (and related ESOF II entities) reports 10,095,542 shares, or 2.1% of the outstanding common shares.

On what share count are the percentages based?

All percentages in the Schedule are based on an aggregate of 487,254,107 common shares outstanding as stated in the filing.

Does the filing indicate Electrum intends to influence control of First Majestic (AG)?

No. The filing includes a certification stating the securities were not acquired and are not held for the purpose of changing or influencing control.