ELECTRUM SILVER US LLC DISCLOSES OWNERSHIP OF SECURITIES OF FIRST MAJESTIC SILVER CORP. FOLLOWING CLOSING OF FIRST MAJESTIC'S ACQUISITION OF GATOS SILVER, INC.

This press release is issued pursuant to Multilateral Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.

NEW YORK, Jan. 16, 2025 /CNW/ - Pursuant to the Agreement and Plan of Merger (the "Merger Agreement") with Gatos Silver, Inc. ("Gatos") and Ocelot Transaction Corporation, a wholly-owned subsidiary of First Majestic Silver Corp. ("First Majestic"), in respect of the acquisition of Gatos by First Majestic pursuant to a merger under Delaware law (together with the other transactions contemplated by the Merger Agreement, the "Transaction"), which closed on the date hereof, Electrum Silver US LLC ("Electrum") and "joint actors" (as such term is defined in National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues) of Electrum are the owners of 56,111,157 common shares in the capital of First Majestic (the "Shares"), representing approximately 11.7% of the issued and outstanding Shares following the completion of the Transaction.

As at the date of the filing of Electrum's last Form 62-103F1 relating to its securityholdings of Gatos, being February 17, 2023 (the "Prior Report"), Electrum and its "joint actors" owned 22,004,376 shares of common stock of Gatos, representing approximately 31.7% of the issued and outstanding shares of common stock of Gatos.

The securities referred to above were acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Shares or other securities of First Majestic whether in the open market, by privately negotiated agreement or otherwise. The Shares remain subject to a pledge as security for a loan made to Electrum by a third party commercial lender and more fully described in the Prior Report.

First Majestic is located at 925 Georgia St W, Vancouver BC V6C 3L2. Electrum is located at 600 Fifth Avenue, 24th Floor, New York, NY 10020, USA.  A copy of the early warning report to which this news release relates can be obtained from Michael Williams (646-365-1600) or on the SEDAR+ profile of the issuer at www.sedar.com. 

SOURCE Electrum Silver US LLC