Early Warning News Release

Executive Summary

• First Majestic Silver Corp. sold 17,500,000 shares of Sierra Madre Gold and Silver Ltd. for CAD $23.275 million at CAD $1.33 per share.
• The transaction reduced First Majestic’s ownership in Sierra Madre from ~37.13% to ~27.72% on a non‑diluted basis.
• No immediate plans to alter the remaining stake; future adjustments will be considered based on market conditions.

Key Details

• Sale amount: CAD $23,275,000 gross proceeds.
• Share price: CAD $1.33 per share.
• Shares sold: 17,500,000 common shares of Sierra Madre Gold and Silver Ltd.
• Pre‑sale ownership: 69,063,076 shares (~37.13% of Sierra Madre).
• Post‑sale ownership: 51,563,076 shares (~27.72% of Sierra Madre).
• Purpose of holdings: All Sierra Madre securities are held for investment purposes; no current intention to increase or decrease the position further.
• Regulatory filing: Early warning report to be filed on SEDAR+ in accordance with NI 62‑103.

Notable Quotes

• Keith Neumeyer, President & CEO, First Majestic Silver Corp.: “All securities of Sierra Madre owned by First Majestic are held for investment purposes. First Majestic reviews its holdings from time to time and may, depending on market conditions and other factors, increase or decrease its position in Sierra Madre as future circumstances may dictate.”