First Majestic sells 17.5 million Sierra Madre shares

Executive Summary

• First Majestic Silver Corp. sold 17.5 million common shares of Sierra Madre Gold and Silver Ltd. in a private transaction outside of the TSX Venture Exchange.
• The transaction generated gross aggregate proceeds of $23,275,000 at a price of $1.33 per share.
• First Majestic reduced its ownership stake in Sierra Madre from approximately 37.13% to 27.72% of the issued and outstanding shares.

Key Details

• Transaction Structure: Share purchase and sale agreement executed off-exchange (not through TSX Venture Exchange facilities).
• Shares Sold: 17,500,000 common shares of Sierra Madre Gold and Silver Ltd.
• Sale Price: $1.33 per share.
• Gross Proceeds: $23,275,000.
• Pre-Transaction Holdings: First Majestic held 69,063,076 shares, representing ~37.13% of Sierra Madre’s issued and outstanding shares (non-diluted basis).
• Post-Transaction Holdings: First Majestic holds 51,563,076 shares, representing ~27.72% of Sierra Madre’s issued and outstanding shares (non-diluted basis).
• Basis for Percentages: Based on issued and outstanding shares as of November 5, 2025.
• Intent: First Majestic states all securities are held for investment purposes and has no current intention to increase or decrease its ownership, though it may adjust positions based on market conditions.
• Regulatory Filing: An early warning report is being filed on SEDAR+ under Sierra Madre's issuer profile in accordance with National Instrument 62-103.