Form SD - Specialized disclosure report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM SD

Specialized Disclosure Report

FIRST MAJESTIC SILVER CORP.

(Exact name of registrant as specified in its charter)

British Columbia, Canada	001-34984	Not applicable
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(IRS Employer Identification No.)

Suite 1800 - 925 West Georgia Street Vancouver, British Columbia, Canada	V6C 3L2
(Address of principal executive offices)	(Zip Code)

David Soares

First Majestic Silver Corp.

(604) 688-3033

(Name and telephone number, including area code, of person to contact in connection with this report)

Check the appropriate box to indicate the rule pursuant to which this form is being filed, and provide the period to which the information in this form applies:

☐ Rule 13p-1 under the Securities Exchange Act (17 CFR 240.13p-1) for the reporting period from January 1 to December 31, ___________.

☒ Rule 13q-1 under the Securities Exchange Act (17 CFR 240.13q-1) for the fiscal year ended December 31, 2023.

SECTION 1 - CONFLICT MINERALS DISCLOSURE

Item 1.01 - Conflict Minerals Disclosure and Report

Not applicable

Item 1.02 - Exhibit

Not applicable

SECTION 2 - RESOURCE EXTRACTION ISSUER DISCLOSURE

Item 2.01 Resource Extraction Issuer Disclosure and Report

First Majestic Silver Corp. ("First Majestic") is subject to Canada's Extractive Sector Transparency Measures Act ("ESTMA"). First Majestic is relying on the alternative reporting provision of Item 2.01 and providing its ESTMA report for the year ended December 31, 2023 to satisfy the requirements of Item 2.01. First Majestic's ESTMA report is available on First Majestic's website at https://firstmajestic.com/investors/reports-filings/ or on the Government of Canada's website at https://natural-resources.canada.ca/our-natural-resources/minerals-mining/services-for-the-mining-industry/extractive-sector-transparency-measures-act/links-estma-reports/18198. The payment disclosure required by Form SD is included as Exhibit 2.01 to this Form SD.

SECTION 3 - EXHIBITS

Item 3.01. Exhibits

The following exhibit is filed as part of this report.

Exhibit Number		Description

2.01		Extractive Sector Transparency Measures Act - Annual Report for the year ended December 31, 2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned.

FIRST MAJESTIC SILVER CORP.

By:	/s/ Samir Patel	September 4, 2024
	Samir Patel	(Date)
	General Counsel & Corporate Secretary

UNCLASSIFIED - NON CLASSIFIÉ#

Extractive Sector Transparency Measures Act - Annual Report
Reporting Entity Name	First Majestic Silver Corp.
Reporting Year	From	2023-01-01	To:	2023-12-31	Date submitted	2024-05-10
Reporting Entity ESTMA Identification Number	E313966		Original Submission Amended Report
Other Subsidiaries Included (optional field)

Not Consolidated

Not Substituted

Attestation by Reporting Entity
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above.


Full Name of Director or Officer of Reporting Entity	David Soares				Date	2024-05-10
Position Title	Chief Financial Officer

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	2023-01-01	To:	2023-12-31
Reporting Entity Name	First Majestic Silver Corp.				Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E313966
Subsidiary Reporting Entities (if necessary)

Payments by Payee
Country	Payee Name¹	Departments, Agency, etc — within Payee that Received Payments²	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid to Payee	Notes³⁴
Mexico	Government of Mexico	Tax Administration Service	38,410,000	7,370,000	180,000					45,960,000	Payments related to income taxes, 0.5% extraordinary mining duty (Royalties), and "MAP" (Fees).
Mexico	Government of Mexico	Economy Secretary			8,650,000					8,650,000	Payments related to mining concessions (Fees).
Mexico	Government of Mexico	National Water Commission			1,170,000					1,170,000	Payments related to water rights.
United States of America	State of Nevada	Nevada Division of Taxation	1,120,000							1,120,000	Payments related to mining royalties.
United States of America	Government of the United States of America	Bureau of Land Management			720,000					720,000	Payments related to land claims.
Switzerland	Canton of Zurich	Cantonal Tax Office Zurich	690,000							690,000	Payments related to state taxes.
United States of America	Elko County	Elko County Treasurer	460,000							460,000	Payments related to property taxes.
Mexico	Municipality of Chalchihuites				360,000					360,000	Payments related to property taxes.
United States of America	State of Nevada	Nevada Department of Environmental Protection			290,000					290,000	Payments related to environmental permits.
Mexico	Municipality of Banamichi				280,000					280,000	Payments related to land licenses.
Mexico	Government of Mexico	Energy Regulatory Commission			110,000					110,000	Payments related to city taxes.
Mexico	Municipality of Ocampo				110,000					110,000	Payments related to Mine Safety and Health and Internal Revenue Services fees.
Mexico	Government of Mexico	Secretary of Finance and Administration			60,000					60,000	Payments related to vehicles and property taxes.
United States of America	Elko County	Elko County Recorders Office			50,000					50,000	Payments related to mineral claims.
United States of America	State of Nevada	Nevada Department of Wildlife			40,000					40,000	Payments related to permitting fees.
Mexico	Government of Mexico	Secretary of Communications and Transport			30,000					30,000	Payments related to state taxes.
Mexico	Government of the State of Sonora				30,000					30,000	Payments related to federal income taxes.
Mexico	Government of Mexico	Secretary of Environment and Natural Resources			20,000					20,000	Payments related to environmental permits.
Mexico	Government of Mexico	Treasury of the Federation			20,000					20,000	Payments related to property taxes.
Mexico	Government of Mexico	National Secretary of Defense			10,000					10,000	Payments related to army permissions
Mexico	Government of the State of Durango				10,000					10,000	Payments related to land claims.
United States of America	State of Nevada	Nevada Department of Motor Vehicles			10,000					10,000	Payments related to vehicle registration fees.
Mexico	Government of the State of Coahuila de Zaragoza				10,000					10,000	Payments related to operation permission of SEPIMISA.
United States of America	State of Nevada	State emergency response commission			10,000					10,000	Payments related to Mine Safety and Health and Internal Revenue Services fees.
Additional Notes:	Payments are converted based on an annual average foreign exchange rate of 13.15 MXN to CAD, 0.69 EUR to CAD, 0.67 CHF to CAD and 0.74 USD to CAD

Extractive Sector Transparency Measures Act - Annual Report
Reporting Year	From:	2023-01-01	To:	2023-12-31
Reporting Entity Name	First Majestic Silver Corp.				Currency of the Report	CAD
Reporting Entity ESTMA Identification Number	E313966
Subsidiary Reporting Entities (if necessary)

Payments by Project
Country	Project Name¹	Taxes	Royalties	Fees	Production Entitlements	Bonuses	Dividends	Infrastructure Improvement Payments	Total Amount paid by Project	Notes²³
Mexico	San Dimas Silver and Gold Mine	23,610,000	2,100,000	2,530,000					28,240,000
Mexico	Santa Elena Silver and Gold Mine	5,330,000	4,740,000	3,860,000					13,930,000
Mexico	La Encantada Silver Mine	1,910,000	530,000	420,000					2,860,000
Mexico	La Parrilla Silver Mine			1,940,000					1,940,000
United States of America	Jerritt Canyon Gold Mine	1,580,000		1,120,000					2,700,000
Mexico	La Guitarra Silver Mine			680,000					680,000
Mexico	Del Toro Silver Mine			870,000					870,000
Mexico	San Martin Silver mine	20,000		430,000					450,000
Mexico	La Luz Silver Project			150,000					150,000
Mexico	La Joya Project			70,000					70,000
Mexico	Corporate	7,540,000		100,000					7,640,000
Switzerland	Corporate	690,000							690,000
Additional Notes³:	(a) Taxes relate to income taxes, property taxes and 7.5% mining royalty paid to Servicio de Administracion Tributar (b) Royalties relate to 0.5% extraordinary mining duty paid to Secretaria de Administracion Tributar (c) Fees primarily relate to mining concessions paid to Secretaria de Economia; other fees include water rights, mineral claims, energy rights, environmental permits and aerial permits. (d) All payments are converted based on an annual average foreign exchange rate of 13.15 MXN to CAD, 0.69 EUR to CAD, 0.67 CHF to CAD and 0.74 USD to CAD.

Document Information	12 Months Ended
Document Information	Dec. 31, 2023
Document Information:
Document Type	2.01 SD
Amendment	false
CIK	0001308648
Registrant Name	FIRST MAJESTIC SILVER CORP
Period End Date	Dec. 31, 2023
Reporting Currency	CAD

Payments, by Category - CAD ($)	Taxes	Royalties	Fees	Total Payments
Total	$ 40,680,000	$ 7,370,000	$ 12,170,000	$ 60,220,000

Payments, by Project - 12 months ended Dec. 31, 2023 - CAD ($)	Taxes	Royalties	Fees	Total Payments
Total	$ 40,680,000	$ 7,370,000	$ 12,170,000	$ 60,220,000
Corporate Mexico
Total	7,540,000		100,000	7,640,000
Corporate Switzerland
Total	690,000			690,000
Del Toro Silver Mine
Total			870,000	870,000
Jerritt Canyon Gold Mine
Total	1,580,000		1,120,000	2,700,000
La Encantada Silver Mine
Total	1,910,000	530,000	420,000	2,860,000
La Guitarra Silver Mine
Total			680,000	680,000
La Joya Project
Total			70,000	70,000
La Luz Silver Project
Total			150,000	150,000
La Parrilla Silver Mine
Total			1,940,000	1,940,000
San Dimas Silver and Gold Mine
Total	23,610,000	2,100,000	2,530,000	28,240,000
San Martin Silver Mine
Total	20,000		430,000	450,000
Santa Elena Silver and Gold Mine
Total	$ 5,330,000	$ 4,740,000	$ 3,860,000	$ 13,930,000

Payments, by Government - 12 months ended Dec. 31, 2023 - CAD ($)	Taxes	Royalties	Fees	Total Payments
Total	$ 40,680,000	$ 7,370,000	$ 12,170,000	$ 60,220,000
SWITZERLAND
Total	690,000			690,000
SWITZERLAND \| Canton of Zurich, Cantonal Tax Office Zurich
Total	690,000			690,000
MEXICO
Total	38,410,000	7,370,000	11,050,000	56,830,000
MEXICO \| Government of Mexico, Economy Secretary
Total			8,650,000	8,650,000
MEXICO \| Government of Mexico, Energy Regulatory Commission
Total			110,000	110,000
MEXICO \| Government of Mexico, National Secretary of Defense
Total			10,000	10,000
MEXICO \| Government of Mexico,National Water Commission
Total			1,170,000	1,170,000
MEXICO \| Government of Mexico, Secretary of Communications and Transport
Total			30,000	30,000
MEXICO \| Government of Mexico, Secretary of Environment and Natural Resources
Total			20,000	20,000
MEXICO \| Government of Mexico, Secretary of Finance and Administration
Total			60,000	60,000
MEXICO \| Government of Mexico, Tax Administration Service
Total	38,410,000	$ 7,370,000	180,000	45,960,000
MEXICO \| Government of Mexico, Treasury of the Federation
Total			20,000	20,000
MEXICO \| Government of the State of Coahuila de Zaragoza
Total			10,000	10,000
MEXICO \| Government of the State of Durango
Total			10,000	10,000
MEXICO \| Government of the State of Sonora
Total			30,000	30,000
MEXICO \| Municipality of Banamichi
Total			280,000	280,000
MEXICO \| Municipality of Chalchihuites
Total			360,000	360,000
MEXICO \| Municipality of Ocampo
Total			110,000	110,000
UNITED STATES
Total	1,580,000		1,120,000	2,700,000
UNITED STATES \| Elko County, Elko County Recorders Office
Total			50,000	50,000
UNITED STATES \| Elko County, Elko County Treasurer
Total	460,000			460,000
UNITED STATES \| Government of the United States of America, Bureau of Land Management
Total			720,000	720,000
UNITED STATES \| State of Nevada, Nevada Department of Environmental Protection
Total			290,000	290,000
UNITED STATES \| State of Nevada, Nevada Department of Motor Vehicles
Total			10,000	10,000
UNITED STATES \| State of Nevada, Nevada Department of Wildlife
Total			40,000	40,000
UNITED STATES \| State of Nevada, Nevada Division of Taxation
Total	$ 1,120,000			1,120,000
UNITED STATES \| State of Nevada, State emergency response commission
Total			$ 10,000	$ 10,000

Payments, Details - 12 months ended Dec. 31, 2023 - CAD ($)	Amount	Type	Country	Subnat. Juris.	Govt.	Project
#: 1
	$ 38,410,000	Taxes	MEXICO		Government of Mexico, Tax Administration Service
#: 2
	7,370,000	Royalties	MEXICO		Government of Mexico, Tax Administration Service
#: 3
	180,000	Fees	MEXICO		Government of Mexico, Tax Administration Service
#: 4
	8,650,000	Fees	MEXICO		Government of Mexico, Economy Secretary
#: 5
	1,170,000	Fees	MEXICO		Government of Mexico,National Water Commission
#: 6
	1,120,000	Taxes	UNITED STATES	NEVADA	State of Nevada, Nevada Division of Taxation
#: 7
	720,000	Fees	UNITED STATES		Government of the United States of America, Bureau of Land Management
#: 8
	690,000	Taxes	SWITZERLAND	ZÜRICH	Canton of Zurich, Cantonal Tax Office Zurich
#: 9
	460,000	Taxes	UNITED STATES	NEVADA	Elko County, Elko County Treasurer
#: 10
	360,000	Fees	MEXICO	ZACATECAS	Municipality of Chalchihuites
#: 11
	290,000	Fees	UNITED STATES	NEVADA	State of Nevada, Nevada Department of Environmental Protection
#: 12
	280,000	Fees	MEXICO	SONORA	Municipality of Banamichi
#: 13
	110,000	Fees	MEXICO		Government of Mexico, Energy Regulatory Commission
#: 14
	110,000	Fees	MEXICO	COAHUILA DE ZARAGOZA	Municipality of Ocampo
#: 15
	60,000	Fees	MEXICO		Government of Mexico, Secretary of Finance and Administration
#: 16
	50,000	Fees	UNITED STATES	NEVADA	Elko County, Elko County Recorders Office
#: 17
	40,000	Fees	UNITED STATES	NEVADA	State of Nevada, Nevada Department of Wildlife
#: 18
	30,000	Fees	MEXICO		Government of Mexico, Secretary of Communications and Transport
#: 19
	30,000	Fees	MEXICO	SONORA	Government of the State of Sonora
#: 20
	20,000	Fees	MEXICO		Government of Mexico, Secretary of Environment and Natural Resources
#: 21
	20,000	Fees	MEXICO		Government of Mexico, Treasury of the Federation
#: 22
	10,000	Fees	MEXICO		Government of Mexico, National Secretary of Defense
#: 23
	10,000	Fees	MEXICO	DURANGO	Government of the State of Durango
#: 24
	10,000	Fees	UNITED STATES	NEVADA	State of Nevada, Nevada Department of Motor Vehicles
#: 25
	10,000	Fees	MEXICO	COAHUILA DE ZARAGOZA	Government of the State of Coahuila de Zaragoza
#: 26
	10,000	Fees	UNITED STATES	NEVADA	State of Nevada, State emergency response commission
#: 27
	23,610,000	Taxes	MEXICO			San Dimas Silver and Gold Mine
#: 28
	2,100,000	Royalties	MEXICO			San Dimas Silver and Gold Mine
#: 29
	2,530,000	Fees	MEXICO			San Dimas Silver and Gold Mine
#: 30
	5,330,000	Taxes	MEXICO			Santa Elena Silver and Gold Mine
#: 31
	4,740,000	Royalties	MEXICO			Santa Elena Silver and Gold Mine
#: 32
	3,860,000	Fees	MEXICO			Santa Elena Silver and Gold Mine
#: 33
	1,910,000	Taxes	MEXICO			La Encantada Silver Mine
#: 34
	530,000	Royalties	MEXICO			La Encantada Silver Mine
#: 35
	420,000	Fees	MEXICO			La Encantada Silver Mine
#: 36
	1,940,000	Fees	MEXICO			La Parrilla Silver Mine
#: 37
	1,580,000	Taxes	UNITED STATES			Jerritt Canyon Gold Mine
#: 38
	1,120,000	Fees	UNITED STATES			Jerritt Canyon Gold Mine
#: 39
	680,000	Fees	MEXICO			La Guitarra Silver Mine
#: 40
	870,000	Fees	MEXICO			Del Toro Silver Mine
#: 41
	20,000	Taxes	MEXICO			San Martin Silver Mine
#: 42
	430,000	Fees	MEXICO			San Martin Silver Mine
#: 43
	150,000	Fees	MEXICO			La Luz Silver Project
#: 44
	70,000	Fees	MEXICO			La Joya Project
#: 45
	7,540,000	Taxes	MEXICO			Corporate Mexico
#: 46
	100,000	Fees	MEXICO			Corporate Mexico
#: 47
	$ 690,000	Taxes	SWITZERLAND			Corporate Switzerland