SCHEDULE 13G/A: Electrum Group Discloses 8.6% Stake in First Majestic Silver Corp.

Electrum Group entities have filed an amended Schedule 13G, disclosing a combined beneficial ownership of 8.6% in First Majestic Silver Corp. as of March 31, 2025.

Summary

• Electrum Silver US LLC, Electrum Strategic Management LLC, Electrum Global Holdings L.P., TEG Global GP Ltd., The Electrum Group LLC, Electrum Silver US II LLC, Electrum Strategic Opportunities Fund II L.P., Electrum Strategic Opportunities Fund II GP L.P., and ESOF II GP Ltd. (collectively, the "Reporting Persons") have jointly filed an amended Schedule 13G.
• The filing indicates that the Reporting Persons beneficially own an aggregate of 41,705,278 common shares of First Majestic Silver Corp.
• This aggregate ownership represents 8.6% of First Majestic Silver Corp.'s outstanding common shares.
• The percentage is calculated based on 484,638,208 common shares outstanding as of March 31, 2025, as disclosed in First Majestic Silver Corp.'s Annual Report on Form 40-F filed on April 1, 2025.
• Electrum Silver US LLC directly owns 31,225,533 shares, representing 6.4% of the class.
• Electrum Silver US II LLC directly owns 10,479,745 shares, representing 2.2% of the class.
• The Electrum Group LLC acts as an investment advisor to Electrum Global Holdings L.P. and Electrum Strategic Opportunities Fund II L.P.
• The Reporting Persons disclaim beneficial ownership except to the extent of their pecuniary interest and state they have not agreed to act as a group other than for the purpose of this joint filing.
• The securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Sentiment

Score: 7

Explanation: The filing indicates a significant and continued institutional investment in First Majestic Silver Corp. by the Electrum Group, suggesting a positive long-term view from a major shareholder. While it's a routine disclosure, the maintenance of a substantial stake is generally a positive signal.

Positives

• A significant institutional investor, Electrum Group, maintains a substantial stake (8.6%) in First Majestic Silver Corp., indicating continued confidence in the company.

Future Outlook

This Schedule 13G filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from First Majestic Silver Corp. or the Reporting Persons regarding the issuer's future performance or strategic direction.

Industry Context

This filing reflects an institutional investor's significant stake in a publicly traded silver mining company. Such disclosures are routine for large shareholders and provide transparency into major ownership positions within the precious metals sector. The continued substantial holding by Electrum Group suggests a long-term investment perspective in the silver industry.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional ownership stake, which can influence market perception and liquidity.
• Company Management: Awareness of a major shareholder's position and potential influence on corporate decisions, although the filing states no intent to change or influence control.

Key Dates

Keywords

First Majestic Silver Corp., Electrum Group, Schedule 13G, Beneficial Ownership, Silver Mining, Mining Company, Institutional Investor, Common Shares