# EDGAR Filing Document

**Accession Number:** 0001308648
**File Stem:** 0000950170-25-107274
**Filing Date:** 2025-8
**Character Count:** 24922
**Document Hash:** f925f79d0ea564e3c19692cb6554ff68
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-107274.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0000950170-25-107274

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIRST MAJESTIC SILVER CORP
- **CENTRAL INDEX KEY:** 0001308648
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-87271
- **FILM NUMBER:** 251206481

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 925 WEST GEORGIA STREET
- **STREET 2:** SUITE 1800
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **BUSINESS PHONE:** 604-688-3033

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 925 WEST GEORGIA STREET
- **STREET 2:** SUITE 1800
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST MAJESTIC RESOURCE CORP
- **DATE OF NAME CHANGE:** 20041115
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Electrum Silver US LLC
- **CENTRAL INDEX KEY:** 0001830153

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 12TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 646-532-2830

**MAIL ADDRESS:**
- **STREET 1:** 535 MADISON AVENUE, 12TH FL.
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Issuer:** First Majestic Silver Corp.

**Title of Class of Securities:** Common Shares, no par value

**CUSIP Number:** 32076V103

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Electrum Silver US LLC | Names of Reporting Persons<br>Electrum Silver US LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>15815706 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>15815706 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15815706 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>15815706 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>3.2% | Percent of Class Represented by Amount in Row (9)<br>3.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>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.

---

| 1. | Names of Reporting Persons<br>Electrum Strategic Management LLC | Names of Reporting Persons<br>Electrum Strategic Management LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>25911248 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>25911248 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Electrum Global Holdings L.P. | Names of Reporting Persons<br>Electrum Global Holdings L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>25911248 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>25911248 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO, FI | Type of Reporting Person (See Instructions)<br>OO, FI |

---

| 1. | Names of Reporting Persons<br>TEG Global GP Ltd. | Names of Reporting Persons<br>TEG Global GP Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>25911248 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>25911248 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>OO, FI | Type of Reporting Person (See Instructions)<br>OO, FI |

---

| 1. | Names of Reporting Persons<br>The Electrum Group LLC | Names of Reporting Persons<br>The Electrum Group LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>25911248 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>25911248 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>25911248 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>5.3% | Percent of Class Represented by Amount in Row (9)<br>5.3% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

---

| 1. | Names of Reporting Persons<br>Electrum Silver US II LLC | Names of Reporting Persons<br>Electrum Silver US II LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>10095542 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>10095542 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.1% | Percent of Class Represented by Amount in Row (9)<br>2.1% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Electrum Strategic Opportunities Fund II L.P. | Names of Reporting Persons<br>Electrum Strategic Opportunities Fund II L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>10095542 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>10095542 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.1% | Percent of Class Represented by Amount in Row (9)<br>2.1% |
| 12. | Type of Reporting Person (See Instructions)<br>PN, FI | Type of Reporting Person (See Instructions)<br>PN, FI |

---

| 1. | Names of Reporting Persons<br>Electrum Strategic Opportunities Fund II GP L.P. | Names of Reporting Persons<br>Electrum Strategic Opportunities Fund II GP L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>10095542 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>10095542 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.1% | Percent of Class Represented by Amount in Row (9)<br>2.1% |
| 12. | Type of Reporting Person (See Instructions)<br>PN, FI | Type of Reporting Person (See Instructions)<br>PN, FI |

---

| 1. | Names of Reporting Persons<br>ESOF II GP Ltd. | Names of Reporting Persons<br>ESOF II GP Ltd. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>E9 | Citizenship or Place of Organization<br>E9 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>10095542 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>10095542 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>10095542 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.1% | Percent of Class Represented by Amount in Row (9)<br>2.1% |
| 12. | Type of Reporting Person (See Instructions)<br>FI | Type of Reporting Person (See Instructions)<br>FI |

---

**Item 1(a). Name of Issuer:**
First Majestic Silver Corp.

**Item 1(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.

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of the Reporting Persons is 600 Fifth Avenue, 24th Floor, New York, New York 10020.

**Item 2(c). Citizenship:**
See responses to Item 4 on each cover page.

**Item 2(d). Title of Class of Securities:**
Common Shares, no par value

**Item 2(e). CUSIP Number:**
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 Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

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. Certification:**

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**

**Date:** 08/12/2025

**By:** /s/ Andrew M. Shapiro

**Name & Title:** Andrew M. Shapiro, Managing Director

**Electrum Strategic Management LLC**

**Date:** 08/12/2025

**By:** /s/ Andrew M. Shapiro

**Name & Title:** Andrew M. Shapiro, Managing Director

**Electrum Global Holdings L.P.**

**Date:** 08/12/2025

**By:** /s/ Andrew M. Shapiro

**Name & Title:** Andrew M. Shapiro, Director

**TEG Global GP Ltd.**

**Date:** 08/12/2025

**By:** /s/ Andrew M. Shapiro

**Name & Title:** Andrew M. Shapiro, Director

**The Electrum Group LLC**

**Date:** 08/12/2025

**By:** /s/ Michael H. Williams

**Name & Title:** Michael H. Williams, Senior Managing Director

**Electrum Silver US II LLC**

**Date:** 08/12/2025

**By:** /s/ Andrew Shapiro

**Name & Title:** Andrew Shapiro, Managing Director

**Electrum Strategic Opportunities Fund II L.P.**

**Date:** 08/12/2025

**By:** /s/ Michael H. Williams

**Name & Title:** Michael H. Williams, Director

**Electrum Strategic Opportunities Fund II GP L.P.**

**Date:** 08/12/2025

**By:** /s/ Michael H. Williams

**Name & Title:** Michael H. Williams, Director

**ESOF II GP Ltd.**

**Date:** 08/12/2025

**By:** /s/ Michael H. Williams

**Name & Title:** Michael H. Williams, Director